Business Savings Accounts
Earn a higher interest rate with a business savings account from Core Bank. Get in touch with our team today to set up your new account and start compounding more interest on your money today!
Savings Accounts for Your Needs
Core Bank offers competitive interest rates to ensure your excess business funds are working for you. Our team of business experts can help you determine the right savings vehicle to meet your needs and even establish cash sweeps to a Money Market to maximize returns
Savings Account Options
With high interest yields, a minimum daily balance of just $1,000 and a low monthly maintenance fee, Core Bank’s Money Market account is designed with business in mind.
- Minimum daily balance: $1,000
- Interest: Tiered
- Monthly maintenance fee: $15
- Ways to avoid maintenance fee: Maintain a minimum daily balance
- Number of free debits per statement cycle: 6
- Fee for excessive debits: $15
Certificate of Deposit
A business CD can allow for a higher return by establishing a term in which you will keep the funds in the account.
- Variety of terms available
- Interest rate varies based on term
- Fees = none if funds remain in the account for the term
Monthly Maintenance Fee
|Monthly Maintenance Fee||$15|
|Ways to avoid maintenance fee||Maintain A Minimum Daily Balance|
|Number of Free Debits per Statement Cycle||6|
|Fee For Excessive Debits||$15|
Business Savings Account FAQs
What’s the difference between a certificate of deposit (CD) and a Money Market account?
A certificate of deposit account is a savings account that has a fixed term and fixed interest rate. With a Money Market account, you may receive a lower interest rate (rates are variable) but you have more access to your money.
What if I need access to my funds?
You can withdraw from a Money Market account up to six times per statement cycle. Your money market can even be set up as overdraft protection for your checking account. You are permitted to withdrawal funds from a CD, however if outside of the 10 day grace period a penalty is charged. The penalty for early withdrawal is 3-12 months interest dependent upon the term.
How is interest calculated?
CD interest accrues daily. Interest is compounded and credited quarterly. Money Market account interest compounds daily and is credited to your account monthly on the last day of your statement cycle.
How much should I have in reserve funds to consider a savings product?
Both the Business Money Market and Certificate of deposit accounts require a minimum balance of $1,000 to open.
How to Open a Business Savings Account
To open a business savings account today, stop by any Core Bank location or get in touch with a member of our business banking team today!