Welcome to Business Money Market
Your Path to Finacial Growth
Competitive
Interest Rates
Liquidity &
Flexibility
Secured
Storage
Flexible Account
Management
With our competitive tiered rates, you gain a distinct advantage over standard savings options. The more you invest, the higher your interest rate, allowing you to maximize returns and effectively support your business growth.
Our Business Money Market Account provides a secure way to store your funds with the flexibility your business needs. With FDIC insurance, your deposits are protected, allowing you to manage your cash reserves confidently.
Balance | Interest Rate | APY** |
|---|---|---|
$5,000 – $19,999.99 | 1.25% | 1.26% |
$20,000 – $49,999.99 | 1.75% | 1.76% |
$50,000 – $249,999.99 | 2.25% | 2.27% |
$250,000 – $499,999.99 | 2.50% | 2.53% |
$500,000 and Above | 3.00% | 3.04% |
Business Money Market Details?
Business Money Market
Minimum balance requirement to earn interest – $10,000
When is interest paid – Interest will be compounded and credited to your account every month
How is interest paid – Variable interest rate, tiered based on daily balance
Monthly Fees –A $5 print statement fee per month; this will be waived for customers who are enrolled in e-statements
Transaction limit – You are permitted six (6) debit transactions (withdrawal, check paid, automatic transfer, or payment out of his account) per month. Excess of six (6) will result in a service charge of $5 per additional debit transaction.
Monthly Statements – E-Statements or mailed to customer monthly (check images not included).
Identification Required to Open a Business Money Market
Each signor will need one of each primary and secondary forms of identification to open a Business Money Market at our financial institutions. Additional address verification may be required if current address does not match that on the ID.
● Unexpired Driver’s License bearing the individual’s photograph
● Unexpired Passport bearing the individual’s photograph
● Unexpired State Photo Identification Card
● Current Military Identification Card
● Alien Registration Card
● Social Security Card
● Medicare, Medicaid or other insurance card
● Voter Registration Card
● Property Tax Bill
● Major Credit Card
Along with personal identification, please ensure you bring documentation that confirms the type of entity you operate.
To learn more about the documentation required and find helpful resources please click here.
● Social Security Number
● One of the following:
1. Trade Name Certificate
2. Insurance paperwork with DDA (Doing Business As) listed
3. Another official document bearing the DDA name
● Employee Identification Number (EIN), or Tax Identification Number (TIN)
● Certificate of Organization (Secretary of State)
● Operating Agreement – If the entity consists of two or more members
The bank will confirm with Secretary of State the entity is in good standing.
● Employee Identification Number (EIN), or Tax Identification Number (TIN)
● Certificate of Limited Partnership (Secretary of State)
● Partnership Agreement
The bank will confirm with Secretary of State the entity is in good standing.
● Employee Identification Number (EIN), or Tax Identification Number (TIN)
● Articles of Incorporation
● One of the following:
1. Corporate Charter
2. Corporate Bylaws
The bank will confirm with Secretary of State the entity is in good standing.
Benefits of a Business Money Market Account: Start letting your hard-earned money, earn you more!
One of the standout features of business money market accounts is their rich array of benefits tailored to meet the needs of your growing enterprise. When you open an account with us, you can enjoy a competitive annual percentage yield, all while benefiting from easy and flexible withdrawal options to access your funds when you need them. Our secure online and mobile banking systems, protected by multi-factor authentication, ensure that your financial transactions are safeguarded. Additionally, the convenience of mobile and online banking allows you to effortlessly oversee your cash flow, track expenses, and make transfers on the go.
Liquidity
| Money market accounts provide easy access to your funds, allowing you to make up to six withdrawals or transfers per month without incurring a fee. |
|---|---|
Interest Rates | Money market accounts offer competitive interest rates, with rates varying depending on the account balance. |
Check-Writing Privileges | Unlike traditional savings accounts, money market accounts may allow a limited number of check-writing transactions, offering a convenient way to access your funds. |
Safety |
Money Market Accounts are viewed as a low-risk option, making them a prudent choice for individuals seeking to earn interest on their savings while prioritizing the preservation of their capital |
FDIC Insurance | Similar to regular savings accounts, our money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC), offering an added layer of protection for your deposited funds. |
Our team of dedicated professional bankers is always ready to assist you with personalized support and expert advice, ensuring you have the resources and guidance to help your business thrive. With our business money market accounts, you can focus on what matters most—growing your business.
Stop in, or give us a call at (641) 648 – 5171, to help you find the best accounts for your needs!
How To Video's: Navigating the Mobile Banking App
Below are helpful how-to videos for enrolling in e-statements and making a basic transfer using our mobile banking app. These tutorials are designed to guide you through each process step by step, ensuring you can easily navigate all the features of your account. We encourage you to explore our full library of how-to videos here, where you’ll discover a wide range of topics aimed at enhancing your banking experience. Whether you’re looking to manage your finances more efficiently, learn about new services, or gain insights into account management, our resources are here to support you every step of the way.
The Patriot Act
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. In addition, we may also ask to see your unexpired driver’s license or other identifying documents.
Account Opening for a Legal Entity
We are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for:
➣ Each individual that has beneficial ownership (25% or more)
➣ One individual who has significant managerial control of the Legal Entity
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.