Business Savings Account Comparison
|
Features |
Business Savings |
Business Money Market |
Business CD2, 3 |
|---|---|---|---|
|
May suit businesses |
An account earning interest income while maintaining liquidity of funds |
An account with a competitive interest rate which maintains liquidity of funds and with limited check writing capability1 |
An account which is a safe investment with a fixed interest rate through maturity |
|
Interest |
Yes
|
Yes
|
Yes
|
|
Minimum to Open |
$500 |
$10,000 |
$2,500 |
|
Monthly Maintenance Charge |
$5 |
$12 |
N/A |
|
Balance to Avoid |
$500 |
$10,000 |
N/A |
- Transactions from savings accounts are subject to limitations. An excess withdrawal fee of $10 will be charged for each transaction in excess of the federally regulated limitations (no more than 6 per month).
- We use the daily balance method to calculate the interest on these accounts. This method applies a daily periodic rate to the principal in the account each day. The entire balance accrues interest at the rate for the balance tier of the end-of-day balance. The interest rate and Annual Percentage Yield may change after account opening without notice, at our discretion. Fees can reduce earnings on the account.
- A penalty may be applied for early withdrawal.
No ATM or debit card service allowed.
