Business Savings Accounts
As a business owner, managing your savings accounts is not at the top of your list. Set up your business savings account or business money market account with us and your money will grow so you don’t have to think about it until you need it.
| Statement Savings Account | Commercial Money Market Account | |
|---|---|---|
| Business Size | Smaller businesses looking for a simple way to grow their money | Businesses with larger reserves looking for a higher dividend rate |
| Dividend Rate | 0.10% APY* | Tiered rates maximize savings; up to 0.55% APY* |
| Dividends Paid | Quarterly | Monthly |
| Minimum balance required to earn dividends | $0 | $25,000 |
| Monthly fee | No monthly fees when enrolled in estatements | $10, waived on balances over $25,000 and with enrollment of estatements |
| Withdrawals or transactions | 4 free transfers per month; 2 free ACH withdrawals or checks per month* | 4 free transfers per month; 2 free ACH withdrawals or checks per month* |
| Access funds | Via check, ACH or transfers using online or mobile banking | Via check, ACH or transfers using online or mobile banking |
| Online banking | Free | Free |
| Mobile banking with desktop or mobile deposit | Free | Free |
| Direct deposit | Free | Free |
Your business accounts are safe and secure, insured up to $250,000 by the National Credit Union Administration (NCUA).
*APY = Annual Percentage Yield. Rates as of 01/19/2021. Rates are variable and may change after the account is opened. Statement Savings Account will receive a $5.00 fee for each transfer exceeding 4, or after 6 combined electronic transfer, ACH and check transactions. Rate tiers for Commercial money market accounts are as follows: 0.00% APY applies to balances between $0.01 - $24,999.99; 0.10% APY applies to balances between $25,000.00 - $49,999.99; 0.15% APY applies to balances between $50,000.00 - $99,999.99; 0.25% APY applies to balances between $100,000.00 - $249,999.99; and 0.35% APY applies to balances between $250,000.00 – $9,999,999.99. Commercial Money Market Account will receive a $5.00 fee for each transfer exceeding 4, or after 6 combined electronic transfer, ACH and check transactions. Fees may reduce earnings. Minimum to open account is $5. Mobile banking is free; data and other wireless carrier charges may apply.
Our Members, Their Stories
I have been a member of Mutual 1st Federal for over 25 years and since then my whole family has also joined. The credit union offers a vast array of great products and our family has used most of them including mortgages, car loans and savings products. We’ve enjoyed the relationship with our credit union friends and will continue to do business long into the future.