Business Savings Account
A business savings account can be a helpful part of a business’s financial package. Reserving funds for future investments, equipment replacements, taxes, and other infrequent but substantial expenditures is good financial planning. What better way to plan for the future and earn some interest on those funds!
Please visit the “Deposit Rates” link below for the current savings account rates available.
A minimum deposit of $10.00 is required to open the account.
Interest earned is credited and compounded to the account monthly. If you close your account before interest is credited, you will not receive the accrued interest. If the average daily balance of the account for any month is less than $25.00, no interest will be earned for that period.
Interest is calculated on the average daily balance. Such average balance of an account is determined by adding the balance of the account for each day of the month and dividing that sum by the number of days in the month.
Interest begins to accrue on non-cash deposits no later than the first business day following the day on which the deposit posts to the account. Checks are considered non-cash items.
The interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account monthly. The account statement will report the Annual Percentage Yield. You may call the bank anytime to learn the current interest rate your account is earning.
Periodic Account Statements
We mail account statements to you monthly. If you have a checking account or Money Market account with the Brunswick State Bank, your savings statement will be combined with these statements.
You may have your passbook updated at our offices during any business day.
Transfers and Withdrawals
You may make transfers from your savings account to another account of yours within the bank either by a phone call to us or by signing a withdrawal order at our offices. You may withdraw cash by signing a withdrawal order at our offices. On interest bearing accounts, we reserve the right to require at least seven days written notice before any withdrawal or transfer.
You may not have a bank debit card for this account.
We do not allow pre-authorized automatic debits against savings accounts to pay third parties.
During any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer, telephone order or instruction, by check, draft, or electronic means, or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account may be subject to closure by the financial institution.
Your account will be charged $.50 for each withdrawal or transfer in excess of three during a month if the average daily balance is less than $1,000.00.
You may apply for internet banking access to use with this account. If your application is accepted, you may incur charges related to your internet banking activities. These charges are disclosed in a separate agreement upon application for internet banking.
Other charges that you may incur are disclosed in a separate statement given to you at account opening.
If you have questions about this account, please: