Business Savings Accounts
Business Savings
• $100 minimum deposit to open
• $1 monthly service charge if balance falls below $10
• 6 withdrawals per month, $1 service charge for each withdrawal over 6
• Interest is paid in May & November
Business MMDA
• $5000 minimum deposit to open
• Interest bearing with $500 minimum balance
• Interest is tiered and subject to change weekly
• $5 monthly service charge if balance falls below $5000
• $300 minimum withdrawal amount per transaction
• Maximum 6 withdrawals per month, all may be by check
Business Certificate of Deposit
• A certificate of deposit (CD) is a time deposit, similar to savings account. A CD has a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.
