Business Savings
The Baytree Business Savings account allows you to earn interest on their deposits based on current market rates.
A Business Savings Account is a good way to earn more on your money and compliment your Business Checking Account. A Business Savings account can be opened as a “Sweep” Account, automatically transferring funds into and out of the savings account to and from the checking account when certain deposit thresholds are met. This way, the majority of your money can be earning interest, while keeping the liquidity you need in you Business Checking Account. Interest rates on this product are variable and are subject to change without notice.
Collected funds can be withdrawn from a business savings account at any time
The Business Savings Account does have some transfer restrictions set in place by the Federal Reserve. Savings Accounts allow you to make an unlimited amount of withdrawals by mail or ATM (Automated Teller Machine). However, federal regulations permit only six pre-authorized automatic or telephone transfers from your savings account per monthly statement cycle to a third party. Transactions that exceed the limitations may be rejected and a $20 service charge may be imposed per statement cycle.
However, there is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Baytree. Also, there is no limit on transfers to another one of your deposit accounts at Baytree or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a banker and paid via cashiers check mailed to you.
Statements are generated quarterly unless a transaction takes place, in which a monthly statement will be prepared.
The Baytree Business Savings Account:
- Minimum to Open: $100.00
- Monthly Fee: $5.00 if average collected monthly balance falls below $500.00. Otherwise, no fee.
- ATM (Automated Teller Machine) – allowed for deposits and withdrawals, within the specified federal regulations, with no annual fee. ATM transactions within the STAR no fee network do no incur a charge, but other bank machines may.
- Internet Banking – On-Line banking is available on the account allowing you to monitor your business 24 hours a day. All that is need is a login and password. This is a useful tool to help you manage your checking needs and make transfers between Baytree accounts on your own within the federal restrictions. There is no fee for this feature. Although, internet banking may incur charges by internet providers not associated with Baytree.
Please see Banking Services for other charges you may incur.
