Business Savings
A simple way to separate reserves from operating cash while keeping funds accessible. Ideal for tax reserves, emergency funds, or short-term business savings goals.
Questions about liquidity or reserve planning? We're happy to help.
At a glance
- Designed for business reserves and short-term savings
- Earns interest quarterly (quarterly statements too)
- Unlimited transfers made in person, by messenger, or to one of our loans
- Up to 6 free withdrawals per month
Terms
- Interest rate is variable and subject to change
- Interest will be compounded quarterly. Interest will be credited to the account quarterly. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the account's principal each day.
- $500 Minimum opening balance
- A service fee of $5.00 will be imposed each quarter if the account balance falls below $1,000 on any day of the quarter.
- Up to six withdrawals may occur if the monthly balance exceeds $1,000. Three withdrawals are allowed for accounts with balances below $1,000. A $3.00 excessive withdrawal fee will be imposed per transaction if the limit is exceeded.
- Fees could reduce the earnings on the account.
- Must provide a business license and a copy of the letter from the IRS issuing the tax ID number.
How businesses structure reserves
Most businesses use business checking for daily operations and savings for reserves.
Maintaining higher balances? Compare Business Money Market for tiered earnings.
Want to build a smarter reserve strategy for your business?
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