Business Savings
Compare Our Savings Options
| Account Type | Regular Business Savings | Premier Money Market |
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Account Description
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A regular business savings account is the easiest way to start saving, whether it be for a special purpose or setting aside funds for future needs.
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The money market account is our highest-earning savings account and is suited for our customers who maintain higher balances.
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Minimum Opening Deposit
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$50.00
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$5,000.00
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Minimum Balance
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$50.00
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No minimum balance requirement
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Service Charge
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Avoid $3.00 monthly service charge if minimum balance is maintained
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N/A
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Interest
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Rates tiered according to your daily balance
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Rates tiered according to your daily balance.
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Additional Features
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- Mailed Statements and eStatements are available
- Online Banking¹
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- Mailed Statements and eStatements are available
- Check Writing Privileges and Pre-authorized withdrawals (6 per statement cycle)
- Online Banking¹
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¹ Fees, message and data rates may apply.
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Ready Reserve
Attach a demand deposit line of credit to your checking account with Ready Reserve. Ready Reserve helps avoid overdraft fees and return item charges to protect your account from accidental overdrafts or to cover short-term cash needs. Request an advance when needed or an advance will automatically happen whenever your checking account is overdrawn.
Your checking statement will include a recap of your available line, amount outstanding and payment amount.
Fees may apply. Loans subject to approval.
Certificates of Deposit
Invest your funds in a Certificate of Deposit with quality competitive rates in terms ranging from 3 months to 60 months.
- Call for current rates
- Minimum balance is $500.00
- Rates tiered based on certificate amount
Penalties may apply for early withdrawal.
Certificates of Deposit Specials
Premier Bank may have special offers on our Certificates of Deposit. Please contact us to check our current specials.
Penalties may apply for early withdrawal.
Retirement Account
Invest in your employees' retirement through a SEP (Simplified Employee Pension). SEPs are a tax-advantaged retirement plan for small businesses including sole proprietorships.
- Enjoy tax benefits for your company and your employees
- May be able to contribute more to a SEP than you can contribute to an IRA
- Take advantage of flexible funding. As an employer, you can decide every year how much to contribute, and you don’t have to contribute every year.
- Requires less record keeping and is usually easier to administer than other business retirement plans
- Can be established and funded up to the employer's tax filing deadline, including extensions
The information provided in this brochure is not intended to be legal or tax advice. You should consult your attorney or tax advisor for information that relates to your specific circumstances. A penalty may be imposed for early withdrawal on IRA Time Account. $500 minimum deposit required to open an IRA Time Account or IRA Variable Savings.
CDARS & ICS
With ICS® and CDARS®, you can access multi-million-dollar FDIC protection by working directly with just our bank.
- Rest assured. Know that deposits well into the millions are eligible for FDIC insurance protection. Because deposit accounts are not subject to floating net asset values, market volatility will not negatively impact principal.
- Earn interest. Put cash balances to work in demand deposit accounts, money market deposit accounts, or CDs.
- Keep it simple. Avoid opening multiple accounts with multiple institutions to protect your funds. Forego the need to use repo sweeps, track collateral on an ongoing basis, and manually consolidate statements and disbursements from multiple banks.1
- Manage liquidity. Enjoy access to funds placed into demand deposit accounts and money market deposit accounts. With CD placements, select from multiple terms to meet your liquidity needs.
- Support your community. Feel good knowing that the full amount of funds placed through ICS and CDARS can stay local to support lending opportunities that build a stronger community.2
Contact us to learn more.
1 If a depositor is subject to restrictions with respect to the placement of funds in depository institutions, it is the responsibility of the depositor to determine whether the placement of the depositor’s funds through ICS or CDARS, or a particular ICS or CDARS transaction, satisfies those restrictions.
2 When deposited funds are exchanged on a dollar-for-dollar basis with other institutions that use ICS or CDARS, our bank can use the full amount of a deposit placed through ICS or CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor's consent, our bank may choose to receive fee income instead of deposits from other participating institutions. Under these circumstances, deposited funds would not be available for local lending.
Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.
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