Business Savings
Make the smart move and put your unused assets in this interest bearing account. Withdraw funds as you need them, and earn a healthy return until that time comes. You can access your online eStatements every month and download your account information, making end of the month bookkeeping easy.
Summary
- Interest bearing account
- 6 withdrawals allowed per month; $5 each thereafter
- Interest paid quarterly
- $5 maintenance fee waived with $100 minimum balance
- Free online banking and eStatements
- ATM card
- $100 deposit to open
- FDIC insured up to $250,000
Money Market Savings
In business, it's all about making money. This account helps make that happen, earning a good interest rate that goes up as your balance does. Maintain easy access to funds should you need them. Interest is compounded monthly, and you pay no fee when you maintain the minimum balance.
Summary
- Higher interest rates than regular savings
- Tiered rates maximize returns
- Limited check writing
- 6 free withdrawals/debits per month
- Interest paid monthly
- $5 maintenance fee waived with $1,000 balance
- Free online banking and eStatements
- Free ATM card
- $100 deposit to open
- FDIC insured up to $250,000
Certificates of Deposit (CDs)
Invest your idle assets in a First State Bank Southwest CD and lock in an excellent return. You pick the term and get a guaranteed rate with no risk. Federal insurance means you can rest easy knowing your money is safe and growing steadily until maturity.
Summary
- Competitive interest rates
- Fixed rates, guaranteed returns
- Terms 3 months to 60 months
- $1,000 deposit to open
- Penalty for early withdrawal
Health Savings Account (HSA)
Your employees are a vital part of your business. Let them know they're appreciated by adding an HSA to their benefits package. This free, tax-advantaged account helps them save for future medical costs without costing you a thing. It's easy to set up, and employees maintain it, meaning you have no administrative costs. Get them started today.
Summary
- Help employees save for medical expenses
- Increase your company's benefits package
- Interest bearing account
- Tax-free interest earnings
- Contributions are tax free or tax deductible
- Easy to set up
- Employee maintains account
- No administration fees
- Funds may be used for approved medical expenses
- High deductible health plan (HDHP) required
Simple IRA
Help secure your workers' future by offering them a SIMPLE IRA. This salary deferral plan is similar to a 401(k) but is significantly easier to set up. They can contribute a portion of their paycheck so it's easy to grow the balance. A limited employer contribution is required. This is a valuable benefit your employees will truly appreciate.
Summary
- Help employees save for retirement
- Interest bearing account
- Employees can contribute on a tax-deferred basis
- Employer contributes as well
- Lower cost than other plans
- Available for self-employed individuals
- No discrimination testing
- Maximum 100 employees
- Easy to get started and run
Simplified Employee Pension (SEP) IRA
Improve your benefits package and provide a valuable savings tool for yourself and your employees. A Simplified Employee Pension (SEP) plan is a business retirement plan that uses individual retirement account (IRAs) as the investment vehicle. The business contributes a portion to the account. The company gets a tax deduction, and the contribution is not taxed as income for the employee until distributed from the IRA.
Summary
- Help employees save for retirement
- Ideal for self-employed individuals
- Interest bearing account
- Higher contribution limits
- Employer contributions are tax deductible
- Employee funds are tax deferred
- Lower cost than other plans
- Easy to get started and run
Any employer (whether incorporated or unincorporated; full-time or part-time) is eligible to establish an SEP plan.
Our Switch Kit provides the forms you need to switch your accounts. Click here to download it.
