The Bank of Coral Gables Business Tiered Savings account allows you to earn interest on savings deposits based on current market rates.
This product pays different interest rates for specific levels of deposit balances. Rates fluctuate according to market conditions and are subject to change. Interest is compounded and credited monthly. Interest begins to accrue the day cash items are deposited and the business day that non-cash items are credited. We use the daily balance method to calculate interest on accounts. This method applies a daily periodic rate to the principal in the account each day.
Collected funds can be withdrawn from a business savings account at any time. A Business Savings Account is a good way to earn more on your money and compliment your Business Checking Account. A Business Savings account can be opened as a "Sweep" Account, automatically transferring funds into and out of the savings account to and from the checking account when certain deposit thresholds are met. This way, the majority of your money can be earning interest, while keeping the liquidity you need in you Business Checking Account.
The Business Savings Account does have some transfer restrictions set in place by the Federal Reserve. Savings Accounts allow you to make an unlimited amount of withdrawals by mail. However, federal regulations permit only six pre-authorized automatic or telephone transfers from your savings account per monthly statement cycle to a third party. A $10.00 excess item fee will be charged to your account for each transaction that exceeds the maximum allowance of transfers per statement cycle.
However, there is no limit on the number of transfers for the purpose of repaying a loan and related expenses at Bank of Coral Gables. Also, there is no limit on transfers to another one of your deposit accounts at Bank of Coral Gables or withdrawals paid directly to you when such transfers are made in person, by mail, by messenger service. Similarly, there is no limit on the withdrawals requested by telephone to a banker and paid via cashiers check mailed to you.
Statements are generated quarterly unless a transaction takes place, in which a monthly statement will be prepared.
Online Banking and Bill Payment services are also available with no annual fees and no transaction charges. Internet banking may incur charges from your Internet Service Provider (ISP) that are not associated with Bank of Coral Gables.
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Bank of Coral Gables Business Tiered Savings Account:
- Minimum to Open: $500.00
- Monthly Fee: $15.00 if the daily balance falls below $1,000.00. Otherwise, no fee.
