Business Savings
Does your business want to maintain some liquidity while still earning interest on all excess funds? Our Business Savings account is for you.
- Earns interest quarterly (quarterly statements too)
- $500 opening balance
- Unlimited transfers made in person, by messenger or to one of our loans
- Up to 6 free withdrawals per month
Contact i-bank for current interest rates and annual percentage yields.
Terms: You must deposit at least $500 to open this account. A service fee of $5.00 will be imposed every quarter if the balance in the account falls below $1,000 any day of the quarter. The interest rate for this account is variable. At our discretion, we may change the interest rate on your account. 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 principal in the account each day. Up to six withdrawals may occur if the monthly balance is over $1,000 and over. Three withdrawals are allowed for accounts with balances below $1,000. A $3.00 excessive withdrawal fee per transaction will be imposed if 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.
