Savings accounts – Business
Main Bank offers a variety of convenient Business Accounts to meet the needs of local businesses of all sizes.
Business Savings 1,2,3
The Business Savings account is designed to keep your cash reserves working – yet readily available when you need them.
| Business Savings | |
|---|---|
| Requirements | Minimum to open ~ $500
Minimum daily balance to earn interest ~ $500 |
| Benefits | Interest is compounded and paid quarterly
One withdrawal at no charge per month** |
| Cost | Monthly maintenance fee with daily balance under $100 ~ $7
Excessive activity fee for each withdrawal after one at no charge ~ $1 |
**Includes pre-authorized/automatic ACH withdrawals and mobile phone/computer transfers to a third party or another account of a depositor of Main Bank.
MainStay Savings Account 1,2,3
This account is perfect for businesses that have the capital to make their money work for them in an account that pays a higher yield.
| Savings Account Business | |
|---|---|
| Requirements | Minimum to open ~ $2,500
Minimum daily balance to earn higher yield ~ $2,500 |
| Benefits | Higher yield than most savings accounts
One withdrawal at no charge per quarter** Monthly maintenance fee ~ waived with daily balance of $2,500 or more Interest is compounded and paid quarterly |
| Cost | Monthly maintenance fee with daily balance under $100 ~ $3
Excess activity fee for each withdrawal after one at no charge ~ $1 |
**Includes pre-authorized/automatic ACH withdrawals and mobile phone/computer transfers to a third party or another account of a depositor of Main Bank.
1. Interest Rates and Annual Percentage Yields (APY) are variable and may change at any time at the Bank’s discretion. No floor or ceiling has been established. A minimum daily balance must be maintained to obtain the APY. The minimum daily balance that must be maintained is equal to the “Minimum Daily Balance to Earn Interest” amount disclosed for each product. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. We use an interest accrual basis of 365 days for each day of the year. Interest begins to accrue no later than the business day after the bank receives credit for the deposit of non-cash items such as checks. Accrued but unpaid interest may not be paid if the account is closed. Seven Days’ notice of withdrawal may be required. Fees could reduce the earnings on all accounts.
2. Pre-authorized automatic and telephonic transfers to a third party or another account of the depositor of this Bank are limited by Federal Regulation to six per statement.
3. Federal eligibility requirements apply. This Applies to Money Market Accounts and Business Savings Accounts only.