Statement Savings
Recommended if:
- Have $100 or more to invest, or cannot commit your funds for a specific amount of time
- Want to separate your excess funds from those you keep in your checking account for day-to-day business expenses
- Are saving for a large business purchase
- Want to earn interest and don't need check access
Benefits:
- Offers maximum liquidity
- Unlimited use of Telebank or Online Banking, which makes it easy to transfer funds to checking account for check access
Important Facts:
- Minimum to open: $100
- Can make up to two withdrawals per statement cycle before fee is incurred
- Can make 6 transfers by preauthorized or automatic transfers to third parties
- Monthly statements
- Interest compounded and is paid quarterly
Fees:
- Monthly maintenance fee: $3, if average daily collected balance falls below $200
- Withdrawal fee: $2 each after two per statement cycle