Business Deposit Accounts
Every business is different. So are our business banking products.
We offer a variety of Business Deposit Accounts, so your business has everything it needs to succeed.
Business deposit accounts are essential for managing the finances of any organization. These accounts are designed to help handle day-to-day transactions, maintain cash flow, and keep personal and business finances separate.
When opening a business deposit account, it's essential to consider the potential costs, such as monthly maintenance fees and service fees.
- Monthly Maintenance Fees: Many business deposit accounts charge a monthly maintenance fee. This fee is typically waived if the account meets certain criteria, such as maintaining a minimum balance or making a certain number of transactions. Understanding the conditions under which these fees are waived can help businesses manage costs effectively.
- Service Fees: In addition to monthly maintenance fees, business deposit accounts may also incur various service fees. These can include fees for excess transactions, wire transfers, overdrafts, and other banking services. It's crucial to review the fee schedule of a business deposit account to avoid unexpected charges.
Selecting the most suitable business deposit account is a critical decision. Choose the account that helps you accomplish your business goals.
Current Rates
Effective Date: Sunday, March 23, 2025
| Minimum to Open Account | Minimum Balance to Earn APY | Interest Rate | APY | |
|---|---|---|---|---|
| Non-Profit Plus Variable Rate | $500 | $10,000 | .05% | .05% |
| $50,000 | .20% | .20% | ||
| Business NOW Account | $500 | $500 | .05% | .05% |
| Money Market Account* Variable Rate ¹ | $1000 | $1,000.00-$9,999.99 | .05% | .05% |
| $10,000-$49,999.99 | .15% | .15% | ||
| $50,000-$99,999.99 | .25% | .25% | ||
| $100,000-$499,999.99 | .35% | .35% | ||
| $500,000-over | .40% | .40% |
Annual Percentage Yield (APY) is accurate as of effective date listed above.
All rates are subject to change without notice.
The rate may change on variable rate deposit products after the account is opened.
* Fees could reduce the earnings on the account.
¹ This is a tiered rate account. The interest rate paid will be based on balances defined by tier.
Business Deposit Accounts FAQ
Answer:
We offer a wide range of business deposit accounts tailored to meet the needs of various business types, from small businesses to large corporations. Our deposit account options include:
- Business Checking Accounts: These are ideal for day-to-day operations, providing easy access
to funds with features like online banking, check writing, and payment solutions. - Money Market Accounts: Offering a higher interest rate than regular checking accounts, money
market accounts provide both liquidity and the opportunity to earn more on your deposits. - Certificates of Deposit (CDs): A safe way to grow your business funds over time, CDs offer fixed interest rates for a specified term, making them a great choice for businesses with longer-term
savings goals. - Municipality and Nonprofit Accounts: Specifically designed to meet the unique financial needs of
municipalities and nonprofit organizations, these accounts offer tailored features to support a
municipality's operations.
Whether it is a small business owner, part of a larger corporation, or managing a nonprofit or
municipality, we have a deposit account solution designed to fit our clients financial needs.
In addition to our business deposit accounts, we also offer retirement account options to help
businesses plan for the future. These include:
- SEP IRAs (Simplified Employee Pension): A great option for employers looking to offer
retirement benefits to their employees, SEP IRAs allow for flexible contributions and can be
easily managed, making them an ideal choice for small to medium-sized businesses. - Health Savings Accounts (HSAs): For employers with qualified high-deductible health insurance
plans, HSAs provide a tax-advantaged way for employees to save for medical expenses. This is
a valuable benefit that can help attract and retain employees while offering potential tax savings.
Whether a business is looking to provide retirement savings or healthcare benefits, our account offerings
can help support the financial well-being of their employees and their business.
Answer:
To open a business deposit account, we typically require the following documents:
- IRS Letter with Tax ID Number (EIN): This is the primary document to verify a business's legal
status and federal tax identification number (EIN). The IRS letter issued to a business confirming their EIN is essential for account opening. - Legal Organizational Documents: Depending on the type of business entity, we may also need
to review certain legal documents to confirm the structure and authority of the business, such as:- LLC Operating Agreement (for limited liability companies)
- Partnership Agreement (for partnerships)
- Articles of Incorporation (for corporations)
These documents help verify the legal structure of the business and identify the individuals authorized to
open and manage the account on behalf of the business.
Additional documents may be requested based on specific account types or requirements, but generally,
these are the key documents needed to open a business deposit account.
Answer:
Yes, it is absolutely possible for our customers to manage their business deposit accounts online through our comprehensive Business Online Banking tool. With this platform, they can easily complete a variety of tasks, including:
- View Transactions and Balances: Access up-to-date transaction history and monitor their account
balances in real time. - Bill Pay: Pay bills and manage payments to vendors and service providers directly from their
account. - Fund Transfers: Transfer funds between accounts quickly and securely.
- Loan Payments: Make payments on business loans directly from their account, simplifying the
process.
Additionally, we offer a range of advanced services to further enhance their online banking
experience. These services require an additional application, review, and setup.
- Domestic Wire Transfers: Send domestic wire transfers securely and efficiently.
- Positive Pay: Protect their business from check and ACH fraud by using our Positive Pay service
to verify transaction authenticity. - Remote Deposit Capture: Deposit checks remotely by scanning them through their computer.
These features allow clients to manage their business finances with ease and efficiency, all from the
convenience of the online banking portal.