Business Checking Accounts

 

Small Business Checking

Checking

NOW Account

Minimum to open

$100.00 minimum deposit

$100.00 minimum deposit

$100.00 minimum deposit

Minimum balance

$500.00 average
to avoid fees1

$1,000.00 average
to avoid fees1

$1,000.00 average
to avoid fees1

Maintenance Fees
  • $5.003/month if average daily balance falls below $500.001
  • A debit fee of $.203 will be charged for each debit transaction2. This fee applies if average daily balance falls below $500.00 for the monthly statement cycle1.
  • $10.003/month if average daily balance falls below $1,000.001
  • A debit fee of $.203 will be charged for each debit transaction2. This fee applies if average daily balance falls below $1,000.00 for the monthly statement cycle1.
  • $15.003/month if average daily balance falls below $1,000.001.
  • A debit fee of $.203 will be charged for each debit transaction2. This fee will apply if average daily balance falls below $1,000.00 for the monthly statement cycle1.
  • Refer to Maintenance and Debit Fee Exceptions below.
Transaction limitations

If the account activity exceeds 40 items/month, maintenance fee will be based on our regular checking account fee schedule.

Certain restrictions apply to interest bearing checking accounts.  Please check with us to see if you are eligible.

Dormant fee

$3.003/month if average daily balance falls below $200.00 and no activity for 12 months.

Interest rate4

n/a

n/a

See interest rates

Business Savings Accounts

 

Savings

Money Market Savings

Minimum to open

 $100 minimum deposit

$100 minimum deposit

Minimum balance

$100.00 average

 to avoid fees1

$1,000.00 average
to avoid fees1

Maintenance Fees
  • A debit fee of $1.00 will be charged for each debit transaction2 in excess of 6 per month if average daily balance falls below $500.00 for the monthly statement cycle.
    • $5.00/month if average daily balance falls below $100.001.
  • A debit fee of $5.00 will be charged for each debit transaction2in excess of 6 during a monthly statement cycle regardless of balance maintained.
    • $10.00/month if average daily balance falls below $1000.001.
Transaction limitations

Transfers from a savings account to another account or third parties are limited to six per statement cycle5.

Dormant fee

$3.00/month if average daily balance falls below $200.00 and no activity for 12 months.

Interest rate4

See interest rates

1 The average daily balance is calculated by adding the principal in the account each day of the period and dividing that total by the number of days in the period.

2 Debit transaction means any withdrawal, check paid, automatic transfer or payment out of this account.

3 This fee is subject to Iowa State sales tax.

4 At our discretion, the interest rate and annual percentage yield may change weekly. Interest will be compounded daily. Interest will be credited to your account monthly. Interest begins to accrue on the business day you deposit noncash items (ie: checks). We use the daily balance computation method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest rate and annual percentage yield may change.

5 Transfers to third parties include preauthorized, automatic, or telephone transfer, check, draft, debit card, or similar order.