Savings & CDs
Open a Business Savings Account or an Investment CD
| Investments | ||
| Business Savings | CDs | |
|---|---|---|
| Amount to Open | $100 | $500 |
| Online Banking |  |
|
| Withdrawal Limit | 6/month | at maturity |
| Fees | $3/withdrawal in excess of 3 per statement cycle | penalty may apply |
| Statements | quarterly | at maturity |
| E-Statements | |
|
Business Savings Account
Businesses need to save for rainy days, too.
- Interest-bearing account*
- Monthly statement if you have electronic transactions; quarterly statements if there are zero electronic transactions during a cycle
- $100 minimum to open
- No minimum balance required
- Withdrawals limited to 6 per calendar month
- An excess debit fee of $3 for each withdrawal in excess of three per calendar month
- The account earns interest based on the average collected daily balance
- Quarterly statements (or E-Statements)
- *Interest is compounded and credited to account every statement cycle
*Interest is calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calcuation is quarterly.
**Interest compounded and credited quarterly. Interest rate and annual percentage yields subject to change at any time. Interest is calculated by the average daily balance method. Interest will begin to accrue the business day credit is received for the deposit of non-cash items. Accounts closed prior to interest paid will forfeit accrued interest.
Investment CDs
Grow your savings with compound interest
- Variety of terms available
- $500 deposit required to open
- Automatically renews at maturity
- A grace period of 10 calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty
- Interest can be:
- Compounded back to CD monthly, quarterly, semi-annually, or annually
- Paid monthly, quarterly, semi-annually, or annually by a deposit to checking, savings accounts or check
- Early withdrawal penalties*
Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
**Interest compounded and credited quarterly. Interest rate and annual percentage yields subject to change at any time. Interest will begin to accrue the business day credit is received for the deposit of non-cash items.
*A penalty may be imposed for withdrawals before maturity. The penalty will equal six months interest on the amount withdrawn subject to penalty for 3, 6, 12, 18, 24, and 36 month CDs. The penalty will equal 12 months interest on the amount withdrawn subject to penalty for 48 and 60 month CDs. In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. See your plan disclosure if this account is part of an IRA, Keogh or other tax qualified plan.
