Business Money Market Accounts
For businesses that are looking for a simple and secure way to grow savings, we offer five solutions that can help you achieve your goals. And of course itís all delivered with the personal expert service you have come to expect from us since 1820.
|Business Money Market Account||Premium Money Market Account||Premium Money Market/CD Combo||Gold Money Market/Savings Combo Account||Platinum Money Market/CD Combo*|
|Description||Traditional||Pays higher rate of interest||Maximizes long and short-term savings||
Earns higher rates on higher balances
||Earns higher rates on higher balances|
|Minimum balance to open||$2,500||$75,000||A 6 month Combo CD of $25,000 and a Money Market Account of $75,000.||A Gold Savings Account of $25,000 and a Gold Money Market Account of $100,000||A Platinum Money Market of $250,000 and a Platinum 48-Month CD of $250,000|
|Maximum balance||n/a||n/a||Combined balance of $1 million||Combined balance of $1 million||Combined balance of $11.5 million|
|Monthly service charge if minimum balance not maintained||$10 if balance falls below $2,500||$10 if balance falls below $75,000||$10 if money market balance falls below $75,000||$10 if savings balance falls below $25,000||$10 if money market balance falls below $250,000|
|No charge for first order of checks|
|24-Hour Automated Telephone Banking|
|No-fee Internet Banking|
|No-fee Mobile Banking|
|No-fee ATM Card and Point-of-Sale Transactions|
|Surcharge free withdrawals at SUM ATMs (other banks may charge a fee outside of SUM network)|
|Choice of monthly statements by mail or electronically|
|Direct Deposit available|
|Additional information||A $5 fee will be charged for each third party transaction in excess of 6 per month. Transfers from a money market account including those to third parties are limited to 6 per month. These transactions include preauthorized, automatic, telephone or computer transfers, checks, drafts, debit card or ATM point-of-sale purchases, or similar orders to third parties. All Money Market accounts are variable and subject to change without notice, which means that the rate of interest and Annual Percentage Yield may change after the account is opened. Fees could reduce earnings.|
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*If the CD portion of the combined account is closed or falls below $250,000, the Platinum Money Market will revert back to the Bank's Traditional Money Market APYs. In addition, if minimum balances are not maintained in both accounts at all times, the APY on the Certificate of Deposit will change for the remainder of the term to a predetermined rate disclosed at account opening. Maximum combined balance is $11.5 million dollars. Transaction limits apply. Account title must be the same on all accounts. Fees may reduce earnings. Penalty will be imposed for early withdrawal on the Certificate of Deposit. Combined statements required.