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
Mutual 1st Federal is great. I had very poor credit and was going on a business trip and they gave me a loan so my daughter could have a car while I was away! I paid that off and when she became old enough they gave her a loan for her own car…her first loan by herself! They help with finances if needed and are great about always having friendly staff. Free checking with dividends on checking and savings!