If you have excess capital that you won’t need to utilize in the near term, it makes sense to invest it safely until you need it.
A certificate of deposit, or CD, is a type of savings account with a fixed interest rate that is higher than a regular savings account. To earn this higher rate means locking the funds in the account for a fixed term length. The money is not available to you without a penalty until the withdrawal date, also known as the maturity date.
With terms as short as three months, it is easy to earn more on your excess business funds while keeping them available for future needs. (InTouch CDs don’t have monthly fees, but you may be assessed a fee if you withdraw the money before the maturity date.)
Like regular savings accounts, certificates of deposit are federally insured. You don’t have to deposit large amounts of money into a CD account. You can open a CD account with as little as $1,000 and can open multiple CDs at different terms to “ladder” the availability of your funds.
InTouch Credit Union offers three different kinds of savings account for our business members to help you maximize your earnings. Our regular Business Savings Account offers the most flexibility, while our tiered-rate Business Money Fund account provides higher rates for higher balances. If you have funds you can commit for more time, then you might prefer a higher rate option like a Business Certificate of Deposit (CD). We also offer options for nonprofit 501(c)(3) organizations
|Feature||Regular Business Savings||Business Money Fund Account||Business Certificate of Deposit|
|Minimum Required to Open Account||$25.00||$100.00||$1000.00|
|Monthly Service Fee||None||Yes2||None|
|Tiered Rate Account||Single Rate||Yes||Single Rate based on certificate term|
|Minimum Daily Balance to Earn Annual Percentage Yield||$25 – Single Rate||Tiered1||$1000.00|
|Premium Dividend||No||Yes (based on Tier)||No|
1 $0 – $4,999.99 Tier 1, $5,000 – $24,999 Tier 2, $25,000 to $99,999.99 Tier 3, $100,000 to $349,999.99 Tier 4, $350,000 to $699,999.99 Tier 5, $700,000 to $999,999.99 Tier 6, $1,000,000 & greater Tier 7
2$5.00 if monthly balance is below $2,500.00
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