Business Money Market
Deposit excess cash into this account to earn a competitive rate. A low minimum balance is required each month to avoid a small monthly fee.* Corporations/LLC, Partnerships/LLP, Sole Proprietor/DBA and Non Profit organizations can utilize this savings option.
- Provides liquidity
- Minimum opening balance of $100
*$6 monthly maintenance service charge, waived with a minimum daily balance of $500
First Choice Business Money Market
Save Big and Earn Bigger! Stash your excess cash to earn a competitive interest rate with the ability to access your funds when you need them!
- 0.20% Annual Percentage Yield (APY)
- This is a variable rate account and the rate may change at any time.
- Minimum balance to open account is $500.
- Minimum daily balance to obtain APY is $0.01.
- $500 minimum balance required to avoid $6 monthly maintenance fee.
- Fees may reduce earnings. Not available for IRAs.
*$6 monthly maintenance service charge, waived with a minimum daily balance of $50
Term Certificates
Diversify your portfolio with term certificate options that deliver a guaranteed rate of return. When your certificate matures, you can access the money for business expenses or reinvest to continue building your savings.
- 6 month to 5 year terms
- Competitive interest rates
- Interest rate subject to change when term is complete
- Minimum opening and deposit balance of $1,000
Retirement Accounts (SEP)
Set aside money in a retirement account for yourself and or your employees with a Simplified Employee Pension* (SEP). Two options are available for businesses.
- Annual contributions of up to 25% of eligible earned or net income*
- Maximum contribution of up to $56,000*
- Tax deductible expense*
*Certain restrictions may apply. Consult your tax advisor. Substantial penalty for early withdrawal.
- Discretionary annual contributions made by employer up to 25% of compensation*
- In any year an employer contribution is made, all eligible employees must receive a non-discriminatory contribution
- Tax deductible expense*
*Certain restrictions may apply. Consult your tax advisor. Substantial penalty for early withdrawal.
