Business Savings Accounts

Just like a personal savings account does, a business savings account lets you set money aside for future needs and growth. 

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Business Savings

This business savings account is ideal for small-saving businesses. 

  • Minimum to open: $50
  • When your average daily balance is under $500, there’s a $10 monthly fee
  • Earns interest
  • Includes 5 free transfers; $3 for each additional transfer
  • Access it through Online Banking and your Mobile Banking app
  • Free monthly eStatements

A business savings account lets you earn interest on money deposited into the account. Maximizing your cash flow, saving for taxes and funding growth needs are easier when you have money that’s not only set aside but also growing on its own.

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Business Money Market

A business money market account can offer a higher interest rate by requiring a higher minimum balance while still giving your business easy access to capital. 

  • Minimum to open: $10,000
  • Earns interest
  • When your average daily balance is under $10,000, there’s a $10 monthly fee 
  • Includes 5 free transfers; $3 for each additional transfer
  • Access it through Online Banking and your Mobile Banking app
  • Free monthly eStatements

If you’re able to maintain a larger balance, a money market account will give you a higher interest rate. Higher interest rates means your money grows faster while still offering you access to your capital if you need it.

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Health Savings Account

A health savings account (HSA) gives your employees a way to save for out-of-pocket medical, dental, vision and mental health services (including prescriptions and over-the-counter medications).

  • Minimum to open: $50
  • Minimum required balance: $0
  • Set-up fee: $10
  • Monthly service charge: $0
  • Earns interest
  • Access it through Online Banking and your Mobile Banking app
  • Free monthly eStatements
  • Use Online Bill Pay through this account 
  • Receive a debit/ATM card

HSAs are a beneficial investment choice, both for the person investing and the employer who offers it. There are numerous tax advantages. For the investor, funds go in tax free. Those pre-tax dollars then earn interest as they grow, plus they aren’t included in income taxes. Depending on the employee’s situation, they can adjust contributions to help determine their taxable income bracket. Our accounts feature competitive interest rates plus low set-up fees and minimum balance requirements. 

When eligible medical expenses arise, the fund is there to pay for them. Qualifying employees can easily access HSA funds with debit cards, and the withdrawals are tax free. Unused funds continue to grow just like they do in other retirement accounts like a 401(k).

The employer who offers an HSA offers their employees the opportunity to participate in a financial product designed to help make medical expenses more affordable and contribute to their retirement investments. Better compensation options help in recruiting and retaining better employees. Everybody wins!

Helpful links:

Reasons to choose a health savings account for your employees

Compensation Basics

Attracting and Retaining Quality Employees

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Business Savings

Business Money Market

Health Savings

Minimum Balance$50 to open$10,000 to open$50
Interest Rate*Balances under $10,000 – 0.05%; Balances of $10,000 – $24,999 – 0.10%; Balances of $25,000 – $49,999 – 0.15%; Balances of $50,000 or more – 0.25%Balances under $10,000 – 0.05%; Balances of $10,000 – $24,999 – 0.15%; Balances of $25,000 – $49,999 – 0.25%; Balances of $50,000 to $99,999 – 0.35%; Balances of $100,000 or more – 0.45%Balances under $25,000 – 0.25%; Balance $25,000 to $49,999- 0.35%; Balances of $50,000 or more 0.50%;
Free Transaction–––
FeesAverage Daily Balance Under $500 = $10/monthly $500 or more = none Excessive transfers (6+) = $10/eachAverage Daily Balance Under $10,000 = $10/monthly Excessive transfers (6+) = $10/each$10/monthly
Online Banking PlatformOnline Banking requires a checking accountOnline Banking requires a checking accountYes
Ideal ForSmall saving customerLarge business accounts–
APY*Balances under $10,000 – 0.05%; Balances of $10,000 – $24,999 – 0.10%; Balances of $25,000 – $49,999 – 0.15%; Balances of $50,000 or more – 0.25%Balances under $10,000 – 0.05%; Balances of $10,000 – $24,999 – 0.15%; Balances of $25,000 – $49,999 – 0.25%; Balances of $50,000 to $99,999 – 0.35%; Balances of $100,000 or more – 0.45%Balances under $25,000 – 0.25%; Balance $25,000 to $49,999- 0.35%; Balances of $50,000 or more 0.50%

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    Connect directly to your QuickBooks® Account

    Direct Connect will automatically download transactions from your Business Online Banking into your QuickBooks account, saving you time and preventing duplicate transactions. 

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