You may open a Business Money Market Account with an initial deposit of $1,000.* Your money market account will earn a variable rate of interest based on the daily periodic rate and the principal in the account each day. Rates are set periodically and may change at any time.
The following tiers determine the rate of interest earned:
- Less than $2,500
- $2,500 – $9,999
- $10,000 – $24,999
- $25,000 or more
The higher your balance, the higher your rate of interest earned. Interest is compounded and credited to your account monthly, and for maximum benefits, interest begins to accrue on the business day you deposit non-cash items, such as checks.
Though in-person transactions are unlimited (including ATM transactions), government regulations require monthly account activity to be limited to six transfers from a money market account to another account or to a third party. This includes transfers that are preauthorized, automatic, by telephone or computer, with no more than three by check, draft, debit card or similar order to third parties. An excess withdrawal fee of $5 will be charged for each third-party debit transaction in excess of six during a statement cycle.
*If your balance falls below $1,000 on any day of the statement cycle, a $5 maintenance fee will be assessed on your statement.
Contact us for more information.