Business Savings and Money Markets
We know you are ambitious and passionate about your business and that is why we offer savings accounts to get your business where you want it to be. Bristol Morgan Bank has a basic business savings as well as a money market so it doesn’t matter if you’re a new business just starting to save or if you have extra funds that you want to gain more interest. Our business savings accounts help you to achieve your savings goals.
View our full business deposit product offering in a side by side comparison.
Terms and conditions outlined in the attachment.
Business Money Market
Save to reinvest back into your business. Bristol Morgan Bank’s Business Money Market account offers higher interest rates to make you one step closer to reaching your business goals. Start saving now—you’ll receive higher interest with a higher balance.
| Open with | $500 |
|---|---|
| Earns interest | Yes 1 -Credited quarterly |
| Minimum balance | $2500 2 |
| Transaction limitations | No limit |
| Rate information | Rates fluctuate with the market so your interest rates are subject to change, but we always make sure we are offering highly competitive interest rates. |
| How we calculate interest | Daily balance computation method-applies a daily periodic rate to the principal in the account each day. |
- $2500 is the minimum balance to obtain APY
- There is a monthly service charge of $10 if account falls below $2500 any day of the cycle.
Business Savings
Does your business have temporary cash flow during a certain time of year? You can park that money into a business savings. Our Business Savings account makes this easy because you don’t have to keep a high balance all year long.
| Open with | $100 |
|---|---|
| Earns interest | Yes-Credited quarterly |
| Minimum balance | $100 1 |
| Transaction limitations | No limit. |
| Rate information | Rates fluctuate with the market so your interest rates are subject to change but we always make sure we are offering highly competitive interest rates. |
| How we calculate interest | Daily balance computation method-applies a daily periodic rate to the principal in the account each day. |
- There is a monthly service charge of $5 if account falls below the daily minimum balance.
Direct Deposit & Payroll Services
Bristol Morgan Bank offers direct deposit for all consumer and business deposit accounts. Set up your own direct deposit or offer your employees the convenience to electronically deposit paychecks right into their own bank account. Simply create and present your NACHA formatted payroll file through an internet-based software program—from there we will do the work. Bristol Morgan Bank sends the ACH files, so they are ensured to be delivered into your employees’ accounts on payday.
Talk to our Relationship Banker to get started!