Business Savings

Savings Accounts

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Regular Savings

Money Market Deposit Account

Simple IRA

SEP IRA

Certificate of Deposit

Product Features Regular Savings Money Market Deposit Account SIMPLE IRA SEP IRA Certificate of Deposit

Description

Designed for people who wish to save for a general or specific financial goal.**

Designed for customers who have larger sums of cash available.**

Savings Incentive Match Plan for Employee.

A simplified Emplyee Pension is a type of traditional IRA for self-employeed individuals or small businesses.

Certificate terms from as little as 91 days to 60 months to meet most investor needs.

Minimum Balance to Open

$100

$2,000

$10

$10

$500

Monthly Maintenance Fee

$2 if balance falls below $200

$8 if balance falls below $2,000

None

None

None

Minimum Balance To Avoid Maintenance Fees

$200*
Minimum daily balance

$2,000
Minimum daily balance

None

None

None

Activity Fees

None

$5 fee per item in excess of 6 debits

Early withdrawal penalty may apply

Early withdrawal penalty may apply

Early withdrawal penalty may apply

Earns Interest

Checkmark

Checkmark

Checkmark

Checkmark

Checkmark

Interest Paid

Calculated daily; Compounds when paid

Tiered calculated daily; Compounds when paid

Compounds quarterly

Compounds quarterly

Compounds quarterly

Benefits

  • Automatic Direct Deposit
  • Combined Statement
  • FDIC Insured
  • Automatic Direct Deposit
  • Competitive Rates
  • Combined Statement
  • FDIC Insured
  • Allows employees and employers to contribute to traditional IRAs set up for employees
  • FDIC Insured
  • Provides business owners with a simplified method to contribute toward their employees' retirement as well as thier own retirement savings.
  • FDIC Insured
  • Earns higher rate than regular saving accounts
  • Automatic Interest Direct Deposit
  • FDIC Insured

 

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* Fee waived for individuals 18 years or younger.

** Federal Reserve Bank Regulation D requires all banks to limit the number of withdrawals and transfers from these accounts. Refer to "Your Deposit Account" Truth inSavings Disclosure.