Business Savings Accounts: Allows you to earn a competitive interest rate on all balances. A $100.00 average daily balance is required to avoid a $3.00 monthly service charge.
Business Money Market Accounts: Allows you to earn a higher interest rate based on a tiered balance structure. A $1,000.00 average daily balance is required to avoid a $10.00 monthly service charge. Federal regulations limit a total of six (6) “Pre-authorized withdrawals” during each statement period. “Pre-authorized withdrawals” include automatic transfers, electronic telephone transfers, on line banking transfers and debits. Regulations also require that no more than three (3) checks may be paid during each cycle; however, there are no limits on the number of deposits or in-person withdrawals.
Certificates of Deposit: When daily liquidity is not a concern, certificates of deposit are the best option to earn the highest interest rate. The annual percentage yield earned depends on the length of time you choose. A penalty will be imposed for withdrawals before maturity.