Business Savings Accounts
Saving for your Business' Future
Our Business Savings and Money Market accounts require low minimum balances for any non-personal organization or business. Once your business' excess operating funds exceed $10,000, the Central Money Market Account may be the perfect savings option while providing easy access to your balances. Withdrawals, pre-authorized transfers and automatic transfer from the account are limited by regulation to six per statement cycle of which no more than three may be by third-party check.
- Pays a variable rate of interest, compounded daily and paid monthly on collected balances.
- Monthly maintenance fee of $2 if the daily balance falls below $200.
- $1 for each withdrawal/transfer in excess of 6 per month.
- Minimum opening balance is only $10.
- Item or check safekeeping is required.
Central Business Money Market Account
- A tiered money market account featuring excellent rates and a low minimum balance to open.
- Opening Balance to earn stated APY is $2,500.
- Monthly maintenance fee is $10 if the daily balance falls below $2,500 any day of the monthly statement period.
- The account will allow up to six transfers/withdrawals per statement period, no more than three of which may be by check or draft to third parties.
- Fees may reduce earnings.
| Potential Customer | Minimum Opening Deposit | Interest Terms | Number of Withdrawals Allowed at No Charge per Month | Service Fees | |
|---|---|---|---|---|---|
| 1Collected balances less than $2,500 earn the Interest Checking rate 2Collected balances less than $10,000 earn the Regular Savings rate | |||||
| Business Savings | Nonpersonal Organizations and Businesses | $10 | Variable, Compounded Daily and Paid Quarterly on Collected Balances1 | 6 Transfers/ Withdrawals per Month | Monthly Maintenance Fee of $2 if the Daily Balance Falls Below $200 Any Day of the Monthly Statement Period $1 for Each Withdrawal/Transfer in Excess of 6 per Monthly Statemen |
| Central Money Market Account | Sole Proprietors, Partnerships, Nonprofit Businesses and Corporations | $2,500 | Variable, Compounded Daily and Paid Monthly on Collected Balances2 | 6 Transfers/ Withdrawals per Month | Monthly Maintenance Fee of $10 if the Daily Balance Falls Below $2,500 Any Day of the Monthly Statement Period Fee of $10 for Each Withdrawal/Transfer in Excess of 6 per Monthly Statement Period |
| CD Management | $2,500 | Variable rate of interest and annual percentage yield may change on the first business day of each calendar month and is based upon the interest rate on Six-month Treasury Bills issued at the final auction of the prior month. | Permits a single penalty-free withdrawal after seven days. | Account will be closed if the balance falls below $500. | |
| CD | $500 | Fixed rate. Interest is compounded daily and paid at least annually, unless otherwise designated on the CD account agreement. | None. Each withdrawal will be assessed a penalty according to the chart below. | ||
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