|Business Savings Account||Business Money Market|
|Amount Required to Open||$25||$25|
|Minimum Daily Balance||$100 or $5 Service Charge||$1,500 or $10 Service Charge|
|Interest||Paid Monthly||Tiered Interest Rates|
|In Person Transfers & Withdrawals||Unlimited||Unlimited|
Is a Business Savings Account right for my company?
The Peoples Bank Business Savings Account is a great way to add to your business’s bottom line when you have extra funds lying around. Our competitive interest rates put your money to work for you. Transfers and withdrawals are unlimited when conducted in person at a Peoples Bank location. Online debits are limited to six per month.
What is a Business Money Market?
A Business Money Market is an interest-bearing account that typically requires a higher minimum daily balance than a Business Savings Account. A Business Money Market offer more liquidity than other high-interest accounts and provide low risk and FDIC coverage. Interest is compounded daily with a Business Money Market Account, resulting in a higher return on your savings. At Peoples Bank, our Business Money Market Account features tiered-interest rates. When you invest more money in your account, you receive a higher rate of interest.
Business Money Market vs. Business Savings
A Business Money Market earns a higher rate of interest than a Business Savings Account, and the interest is compounded daily. Both Business Money Market and Business Savings Accounts are FDIC-insured, low-risk accounts.
What types of businesses can benefit from a Money Market?
If you have the business capital available and want to maintain access to your funds while earning interest, a Business Money Market at Peoples Bank may be the right account for you. While your business is limited to six debits per month, you can transfer or withdrawal money in person as much as you’d like. Store your operating cash in a Business Money Market and transfer it to a Business Checking Account when needed. For funds you need to access occasionally, a Business Money Market is a great way to store and grow your money.
Why should I partner with Peoples Bank?
Our experience helps us understand the needs of those in our communities. If your business calls Northwest Iowa, Southwest Minnesota, or Southeast South Dakota “home,” we’ve got the local expertise to help you thrive. Our products and services are tailored to the needs of the communities we serve. We always take the time to find the best banking products for your business. Stop by or call us today! Peoples Bank offers ten convenient locations to serve you.