Business Savings Accounts

For today. And tomorrow.

Every business needs a strong foundation. Our savings accounts give you a multitude of ways to secure your present and build for the future. Rest assured, our business bankers will work with you to find the right savings solutions for your needs. Options include:

Low balance savings accounts: Straightforward and flexible, this type of account gives you a competitive interest rate, easy access to your money, and the chance to grow your business savings without worrying about maintaining a hefty balance.

Tiered interest savings accounts: This type of account usually requires a higher balance. As your savings grow and reach pre-determined tiers, your interest rate will increase as well.

Money market account: A smart option to a business savings account, our money markets provide a competitive interest rate and access to your money via checks or withdrawals.

BUSINESS SAVINGS ACCOUNTS

OUTLOOK BUSINESS SAVINGS ACCOUNT

This Account Is Best For You If: Your business prefers simplicity and doesn’t want to worry about fluctuating balances.

The Outlook Business Savings Account offers businesses the simple, hassle-free features you want in a money-building account with a low opening balance requirement. It’s ideal for the business or organization that wants to grow savings without worrying about fluctuating balances.

$100 minimum opening deposit
Interest earned on entire balance at tiered rates
- $0.01 to $4,999.99
- $5000.00 & Over
$5 monthly service charge if average balance falls below $200
Online banking
$3 per withdrawal when withdrawals exceed four (4) per month

Disclaimer

Limit of six (6) withdraws or transfers from a savings or money market account, during any four week or similar period, to another of your accounts with us or to a third party by any means.

All new account applications are subject to approval; a review of your credit history may be used.

What You Need To Apply:

Tax ID Number
Street address of the principal place of business
Evidence of Existence (Articles of Organization, Operating Agreement, etc.)\

COMMUNITY SAVINGS ACCOUNT

This Account Is Best For You If: You are a non-profit organization that would like a lower daily balance requirement, but still save for the future.

The Community Savings Account is specifically designed for non-profit organizations. It gives you access to all of the features that make saving easy while allowing you to maintain a lower daily balance. Also, it pairs well with our Community Interest Business Checking Account.

$100 minimum opening deposit
Earn interest on entire balance
$5 monthly service charge if average balance falls below $200
Online banking

Disclaimer

Limit of six (6) withdraws or transfers from a savings or money market account, during any four week or similar period, to another of your accounts with us or to a third party by any means.

All new account applications are subject to approval; a review of your credit history may be used.
Non-profits or municipalities only

What You Need To Apply:

Tax ID Number
Street address of the principal place of business
Evidence of Existence (Articles of Organization, Operating Agreement, etc.)

MONEY MARKET ACCOUNTS

QUEST BUSINESS MONEY MARKET

This Account Is Best For You If: You have long-term savings goals, but want the flexibility to increase your balance through tiered interest earning.

The Quest Business Money Market Account is a premium money market account for those businesses or organizations that have a higher opening balance and want to grow their savings from there. There are four tiers of interest rates, making this money market account a great way to realize your long-term savings goals, and get the flexibility and accessibility you need.

$5,000 minimum opening balance
Limited check access to funds
$10 monthly service charge if average balance falls below $5,000.
Online banking
Earn interest on entire balance at tiered rates
- $0.01 to $49,999.99
- $50,000.00 to $99,999.99
- $100,000.00 to $199,999.99
- $200,000.00 and over

Disclaimer

Limit of six (6) withdraws or transfers from a savings or money market account, during any four week or similar period, to another of your accounts with us or to a third party by any means.

All new account applications are subject to approval; a review of your credit history may be used.

What You Need To Apply:

Tax ID Number

Your previous financial institution information is needed for you to close your previous accounts.

A list of any automated debits (ACH) Gather all information on companies that make electronic withdrawals from your account.
This includes automatic debits (ACH) or automatic charges to your debit and/or credit card. Common uses of automatic debits include rent/mortgage, utilities, and phone and cable bills.

Any Direct Deposits.
List any companies who regularly deposit funds into your account. Some common uses of Direct Deposit include payroll, taxes, or expense reimbursements. Social Security customers need to call the Social Security Administration at 1-800-772-1213 or go to www.ssa.gov/deposit/howtosign.htm.

Your new Prospect Bank account number.
If you don’t have an account with Prospect Bank you will need to open one before switching. If you have both a checking account and a savings account you will have the option to select which account your Direct Deposits, Electronic Payments, and Payroll funds are transferred to.

Electronic Payments (Online Bill Pay)
If you use an online bill pay service at your previous financial institution, be sure to cancel each payee and add them to your Prospect Bank online bill pay service BillPay. If you have not yet signed up for BillPay, sign up online. Questions? Call our Customer Service Department at 877-465-4154 or stop by any branch and we’ll be glad to help

What You Need To Apply:

Tax ID Number
Previous Financial Institution Info
ACH Information
Direct Deposit Information
Prospect Bank Account Number
Electronic Payment Information