Business Savings Account
Account Overview – The business savings account offers free access to your money with low minimum balance requirements.
Rate Information – Your interest rate and annual percentage yield may change at any time.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $100 to open this account
Minimum balance to avoid imposition of fees – A service charge fee of $2 will be imposed every month if the balance in the account falls below $100 any day of the month.
Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $100 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day you deposit non-cash items (for example, checks).
Transaction limitations - Transfers from a Business Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft card, or similar order to third parties. There are no limits on over-the-counter transactions.
