Create a savings account for your business so you have a rainy-day fund or to save for a special project. Many people think of a savings account for their personal use, but overlook it in their business. Choose from a Passbook or Money Market Corporation account to help you reach your business goals and be prepared for the unknown. Specialty savings options such as Health Savings accounts and Retirement accounts are also available to you and your employees to help you prepare for the future.
Passbook Savings
- No minimum to open
- $100 Minimum Daily Balance
- Tiered Interest
- $100.00 – $999.99
- $1,000.00 – $2,499.99
- $2,500.00+
- Fall Below Fee Applies
- Interest Compounded Quarterly
Money Market Corporation
- Minimum of $2,500 to open
- $2,500 Minimum Daily Balance
- Tiered Interest
- $0 – $9,999.99
- $10,000.00 – $499,999.99
- $500,000.00+
- Fall Below Fee Applies
- Interest Compounded Monthly
Specialty Savings Options
Health Savings Accounts
A Health Savings Account (HSA) is a medical savings account. Deposits in an HSA can be post or pre-tax, but either way these funds are not subject to federal income tax and withdrawals are used to pay health-related expenses. For customers to take advantage of an HSA, they must be enrolled in a high-deductible plan.
Health Savings Account Includes:
- Minimum of $100 to open
- No Minimum Daily Balance
- Tiered Interest
- $100.00 – $999.99
- $1,000.00 – $2,499.99
- $2,500.00+
- Monthly Maintenance Fee
- Interest Compounded Monthly
Retirement Accounts
Saving for your retirement can be exciting and overwhelming. Let our knowledgeable staff help you through the process. Various retirement savings accounts are available.
- Simplified Employee Pension (SEP) Plans – Provides business owners a simplified method to contribute to their employee’s retirement as well as their own retirement savings.
Transaction Limitations
Preauthorized transfers are limited to six per month. Transaction limitations apply to our Passbook Savings and Money Market Corporation savings accounts. Types of transactions that fall within the six-month limitation:
- ACH debits
- Transfers from a customer’s savings account pursuant to a preauthorized agreement to cover overdrafts on a transaction account
- Transfers from a savings account at the telephoned request of the customer
- Internet banking transfers
- Electronic funds transfer
We can help you set up your business savings options.
