Business Savings & Money Market Accounts
At Central Bank, you can link many savings accounts to your checking account, so you can both save and earn money for your company and monitor it all with three options for online banking.
Savings Account Features
Our Business Savings, Central Money Market and Business Money Market Sweep accounts cater to nonpersonal organizations and businesses. And every account comes with these great features:
Earn variable rate of interest compounded daily on collected balances and paid monthly
Up to six transfers/withdrawals per monthly statement cycle
Minimum Opening Deposit
$10
Key Features
You may make six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions (withdrawals/transfers) from your account per monthly statement period.
Monthly Service Fee
None if you maintain a daily balance of $200 each day of the monthly statement period – otherwise, it’s $21
Transaction Limitations
You may make unlimited deposits to your account. You may make six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions (withdrawals/transfers) from your account per monthly statement period without incurring an excessive withdrawal fee.
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Minimum Opening Deposit
7–31 Days: $20,000
32–89 Days: $5,000
90–179 Days: $2,500
180–364 Days: $1,000
1 Year or More: $500
Transaction Limitations
After the account is opened, you may not make deposits into this account until the maturity date.
Early Withdrawal Penalties
Withdrawals before the maturity date will be assessed a penalty as described below:
Maturity term of 7-179 days: $50 plus simple interest on the number of days in the maturity term of the amount withdrawn.
Maturity term of 180 days or more: $50 plus simple interest on the amount withdrawn.
Specifics
Withdrawal of Interest Prior to Maturity – The “Annual Percentage Yield” assumes interest remains on deposit until maturity and that a withdrawal will reduce earnings.
Compounding and Crediting Frequency – Interest will be compounded daily and paid at least annually (unless otherwise designated on the CD Account Agreement).
Accrual of Interest on Noncash Deposits – Interest begins to accrue no later than the business day we receive credit for deposit of non-cash items (for example, checks).
Daily Balance Method Computation – We use the daily balance method to calculate your interest, applying a daily periodic rate to the collected balance plus earned interest.
Automatically Renewable Time Account – This account automatically renews at maturity at the then current interest rate for the term selected. For CDs with terms of 15 days or more, you will have ten (10) calendar days from the maturity date to withdraw your funds without being assessed a penalty, or to notify the bank if you wish to change the rate and/or term of your certificate. For CDs with terms of 14 days or less, you can withdraw your funds on the maturity date without being assessed a penalty.
CD Specials – If the Time Account is a “CD Special,” it will renew for the exact term originally purchased. If the original maturity term of the CD is one year or less, it will renew at the current interest rate for the one-year CD. If the original maturity term of the CD is more than one year, it will renew at the current interest rate for the next highest maturity term unless the original term is disclosed on the rate sheet.
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Minimum Opening Deposit
$2,500
Key Features
Tiered interest rates, so the more you save, the more you earn.2
Monthly Service Fee
None if you maintain a daily balance of $2,500 each day of the monthly statement cycle – otherwise, it's $10.1
Monthly Excessive Withdrawal Fee
None if you make six or less withdrawals/transfers per monthly statement period. Otherwise it’s $10 for each excessive transfer/withdrawal.
Transaction Limitations
You may make unlimited deposits to your account. You may make six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts and debit card or other similar transactions (withdrawals/transfers) from your account per monthly statement period without incurring an excessive withdrawal fee.
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Sweep Options
Minimum Opening Deposit
$2,500
Key Features
A Business Checking account that automatically moves excessive collected balances into a linked Central Money Market Account to maximize earnings
Funds sweep back into the Business Checking Account as needed to cover daily activity; on the sixth transfer in the monthly statement cycle, all remaining balances are swept back into the checking account and transfer activity is suspended for the remainder of the statement cycle
You may make six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions (withdrawals/transfers) from your account per monthly statement period.
Monthly Service Fee
The Money Market Sweep feature fee is $10 per month, charged to the checking account. This account is not subject to a minimum balance requirement after account opening.
Monthly Excessive Withdrawal Fee
An excessive withdrawal fee of $10 for each withdrawal/transfer in excess of six per monthly statement period will be assessed.
Transaction Limitations
You may make unlimited deposits to your account. Unlimited transfers are permitted from checking to the linked money market account. You may make six preauthorized withdrawals, automatic or telephonic transfers, checks, drafts, and debit card or other similar transactions (withdrawals/transfers) from your account per monthly statement period without incurring an excessive withdrawal fee.
Minimum Opening Deposit
None
Key Features
Automatically invests excess investable balances in an overnight Repurchase Agreement – daily confirmation notices are provided, identifying assigned collateral and other information
Interest is variable and based upon balance level maintained
Simple interest is accrued daily and paid monthly
Funds invested in your Sweep Account are not deposits and, therefore, are not FDIC insured, but are collateralized by bank-owned government securities.
Monthly Service Fee
$75
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