Northway Bank offers your business multiple ways to earn interest on excess operating funds.
Business Money Markets provide immediate access to your money. Consider Certificates of Deposit for cash reserves you can afford to set aside for a while.
Keep your cash cushion safe. A Business Money Market account from Northway Bank is a secure holding place for your extra operating cash. Your money remains immediately accessible, while you earn a competitive interest rate that rises with your balance.
Business Money Market Features
- $1,000 minimum opening balance
- Earn interest on balances of $1,000 or more
- Tiered interest rates offer the potential to earn a higher interest rate with a larger account balance
- $8 monthly fee waived if you maintain an average collected balance per statement cycle of at least $1,000
Business Money Market Benefits
- Convenience of checks, debit card and online access
- Anytime-access that comes with having a liquid account
- Stronger earnings potential that comes with tiered interest rates
- Peace of mind that comes from knowing your deposits are fully insured up to FDIC limits
Convenient Ways to Access Your Business Money Market Account
- Unlimited ATM and Northway Bank over-the-counter teller withdrawals.
- Make up to six withdrawals per monthly statement cycle via check, debit card, or other electronic or pre-authorized debit.* Effective April 25, 2020, this limit has temporarily been suspended due to the COVID-19 pandemic. You can make unlimited withdrawals or transfers and will not incur an Excess Withdrawal/Transfer Fee until further notice.
*Unlimited Northway Bank ATM and Northway Bank over-the-counter teller withdrawals are allowed on this account. Federal regulation prohibits more than 6 pre-authorized, telephone, or automatic transfer withdrawals per monthly statement cycle from this account; no more than 6 withdrawals or transfers from this account may be by check, draft, debit card, online banking, mobile banking, bill payment, telephone transfer, ACH payment, or other similar item. An excess transaction fee of $12 will be imposed for each transaction in excess of the limit established by federal regulation.
CDs are insured like checking and savings accounts, but offer fixed terms and higher earnings. They're a safe choice for cash you don't expect to need immediately. Terms range from a few days to a few years.
Certificates of Deposit Features
- Terms range from seven days to five years
- Fixed interest rate makes it easy to plan for coming expenses
An early withdrawal penalty may be imposed.