Business Savings Accounts
Business Savings Accounts
As a savvy business owner, you understand that effective cash management is the cornerstone of a thriving enterprise. Sunwest Bank, a premier financial institution, recognizes this critical aspect and has crafted a comprehensive suite of business savings account solutions to cater to the unique needs of companies like yours. We offer a diverse array of business savings accounts with high-yield savings options and a robust business checking account selection for businesses with higher transaction activity to choose the best business savings account for you. Sunwest Bank is the go-to banking partner for businesses seeking secure, rewarding, and comprehensive financial management.
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| Product Information | Business Tiered Super Savings Money Market | Fortress Money Market | Business Savings | Business Freedom Time Account No Risk (CD) |
|---|---|---|---|---|
| Monthly Service Charge | $15 | Personal – $15 Business – $25 |
$15 per Quarter | No charge |
| How To Avoid Monthly Service Charge | Monthly service charge waived for maintaining a $2,500 minimum daily balance or more, or $5,000 Average Daily Balance1 or more | Waived with a minimum daily balance of $10,000 | Quarterly service charge waived for maintaining a $1,000 minimum daily balance or more | Not applicable |
| Minimum Balance to Open | $100 | $1,000 | $100 | $500 |
| Features and Account Benefits | Tiered interest and higher interest rates available compared to Business Savings | Higher interest rates than typical savings accounts
Insured by the FDIC up to $250,000 |
Tiered Interest | Unlimited deposits available, one penalty-free withdrawal allowed during the term of the account, automatically renews at maturity after grace period |
| Transaction Restrictions and Limitations | Regulations prohibit more than six (6)2 withdrawals or electronic transfers per month
Product not offered in Idaho Market |
Funds used to open the account must be new money, not on deposit or held at Sunwest Bank | Regulations prohibit more than six (6)2 withdrawals or electronic transfers per month | Substantial penalty for early withdrawal may apply after 1 penalty-free withdrawal, during the term |
1. Average Daily Balance: The Average Daily Balance is calculated by adding the principal in the account for each day of the month and dividing that figure by the number of days in the month.
2. Six (6) covered transactions per calendar month (including preauthorized debits, online banking transfers, payments to 3rd parties, telephone transfers, and point of sale transactions).
Business Savings, Money Market – Idaho
No matter what amount you deposit, put your money to work for you with one of Sunwest Bank’s business savings accounts.
| Product Information | Business Business Money Market | Select Business Savings |
|---|---|---|
| Monthly Service Charge | $12 | $5 |
| How To Avoid Monthly Service Charge | Monthly service charge waived for maintaining a $3,500 Average Daily Balance1 or more | Monthly service charge waived for maintaining a $500 Average Daily Balance1 or more |
| Minimum Balance to Open | $100 | $100 |
| Features and Account Benefits2 | Tiered interest and higher interest rates available compared to Business Savings | Tiered Interest |
| Transaction Restrictions and Limitations | Regulations prohibit no more than six (6)3 withdrawals or electronic transfers per month | Regulations prohibit no more than six (6)3 withdrawals or electronic transfers per month |
1. Average Daily Balance: The Average Daily Balance is calculated by adding the principal in the account for each day of the month and dividing that figure by the number of days in the month.
2. Fees and additional Bank approval may apply to products and services.
3. Six (6) covered transactions per calendar month (including preauthorized debits, online banking transfers, payments to 3rd parties, telephone transfers, and point of sale transactions).
Elevate Your Savings with Tailored Business Banking Solutions
At Sunwest Bank, we believe every business is unique and that its financial needs should be met with customized solutions. That’s why we offer diverse business accounts, each designed to cater to specific goals, cash flow requirements, and growth trajectories.
Business Tiered Super Savings Money Market: High-Yield Flexibility
For businesses seeking a business money market account option with the flexibility of limited withdrawals, the Business Tiered Super Savings Money Market Account is an attractive choice. This account offers tiered interest rates, meaning your earnings grow as your balance increases, with the potential for a competitive annual percentage yield (APY). With a minimum opening deposit of $100 and the ability to waive the $15 monthly service charge by maintaining a minimum daily balance of $2,500 or an average daily balance of $5,000, this account strikes the perfect balance between accessibility and profitability. NOTE: This account is not available in the Idaho branches.
Fortress Money Market Account
The Fortress Money Market Account from Sunwest Bank is a premier business savings solution designed to offer attractive returns. With higher interest rates than typical savings accounts, this account ensures your funds grow faster while remaining fully insured by the FDIC up to $250,000. To avoid the $25 monthly service charge, maintain a minimum daily balance of $1,000. The account requires a minimum balance of $100,000 to open, and the initial funds must be new money not already on deposit with Sunwest Bank. While regulations limit withdrawals or electronic transfers to six per month, the Fortress Money Market Account provides businesses with the flexibility and liquidity they need. At Sunwest Bank, we pride ourselves on our Fortress Balance Sheet, holding nearly 50% more capital and double the reserves of our competitors, ensuring your deposits are exceptionally secure.
Business Savings Account: Simplicity and Convenience
Simplicity and convenience are the hallmarks of the Business Savings Account. With a quarterly service charge of $15, which can be waived by maintaining a minimum daily balance of $1,000, this account provides a straightforward solution for businesses seeking a basic savings option. While offering tiered interest rates and the opportunity to earn interest, the Business Savings Account also allows for limited withdrawals, making it an ideal choice for storing emergency funds or setting aside reserves for future investments.
Business Freedom Time Account (CD): Low-Risk, High-Yield Savings
For businesses seeking a low-risk, high-yield savings option, the Business Freedom Time Account (CD) is an excellent choice. With a minimum opening deposit of $500, this account offers the security of a fixed interest rate for a predetermined term, allowing you to earn interest with confidence. One of the key advantages of this account is the ability to make one penalty-free withdrawal during the term, providing flexibility in case of unexpected expenses. Additionally, the account automatically renews at maturity after the grace period, ensuring seamless continuity of your savings strategy.
Comprehensive
Business Banking Solutions
While Sunwest Bank’s business savings accounts provide powerful tools for growing your business’s financial reserves, our comprehensive business bank account solutions extend far beyond traditional savings options.
Robust Business Checking Accounts
To complement your savings strategy, Sunwest Bank offers a range of business checking accounts designed to streamline your daily financial operations. From basic checking solutions to interest-bearing accounts and advanced cash management tools, our checking accounts provide the flexibility and functionality to keep your business running smoothly.
Treasury Management Services
For businesses with more complex financial needs, Sunwest Bank’s treasury management services offer a suite of powerful tools and resources. From advanced cash management solutions to fraud protection and risk mitigation strategies, our treasury management services are tailored to help you optimize your financial operations, minimize risks, and maximize profitability.
The Advantages of Sunwest Bank’s
Business Banking
Choosing Sunwest Bank as your financial partner offers distinct advantages tailored to the unique needs of businesses:
Dedicated Financial Expertise
Our business banking solutions are designed with the specific cash flow patterns and operational requirements of companies in mind. From higher deposit limits to specialized features like cash management tools and dedicated support, our accounts and services provide a comprehensive financial management solution for businesses of all sizes.
Separation of Personal and Business Funds
Maintaining a clear distinction between personal and business finances is essential for legal and tax purposes. Sunwest Bank’s business accounts facilitate this separation, ensuring your company’s funds are managed independently and accurately, simplifying record-keeping and compliance. Additionally, Sunwest Bank offers a range of personal checking and savings accounts, allowing you to keep your business and personal finances entirely separate and organized.
Access to Business-Focused Services and Resources
By partnering with Sunwest Bank, you gain access to a range of business-focused services and resources. From online banking and mobile apps tailored for commercial clients to administrative controls, user management features, and financial education resources, we ensure your financial operations run smoothly and securely.
Experience the Sunwest Bank Advantage
At Sunwest Bank, we understand that your business’s success is intrinsically tied to effective financial management. That’s why we’ve crafted our business banking solutions to empower you with the tools and resources to make informed decisions, maximize your savings potential, and achieve your growth aspirations.
Take the first step towards securing your business’s financial future by contacting Sunwest Bank today. Our dedicated team is ready to assist you in navigating the world of business banking, ensuring that your hard-earned profits are working as hard as you do.
Unleash the full potential of your business with Sunwest Bank – your trusted partner in financial success.