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Business Banking Rates

 

Rates are for retail business customers only and are effective as of October 2, 2013

For other inquiries, please contact us at 203-656-3500

 

Business Checking

Product

Minimum Opening Deposit

Minimum Daily Balance to Earn Interest

Annual Percentage Yield

Interest Rate

Business NOW Checking & IOLTA

$500

$500

0.250%

0.250%

Annual Percentage Yield (APY) may change without notice.

 

Business Savings

Product

Minimum Opening Deposit

Minimum Daily Balance to Earn Annual Percentage Yield

Annual Percentage Yield

Interest Rate

Statement Savings

$100

$250

0.250%

0.250%


Business Max Savings with Checking*
Tier I
$500 to $24,999
$500 $500 0.350% 0.350%
Tier II
$25,000 to $49,999
$500 $25,000 0.500% 0.499%
Tier III
$50,000 and over
$500 $50,000 0.650% 0.648%

Business Max Savings without Checking
Tier I
$500 to $24,999
$500 $500 0.250% 0.250%
Tier II
$25,000 to $49,999
$500 $25,000 0.300% 0.300%
Tier III
$50,000 and over
$500 $50,000 0.450% 0.449%

Money Market Accounts

Tier I
$1,000 to $49,999

$500

$1,000

0.250%

0.250%

Tier II
$50,000 to $99,999

$500

$50,000

0.500%

0.499%

Tier III
$100,000 to $999,999

$500

$100,000

0.550%

0.549%

Tier IV
$1,000,000 and over
$500 $1,000,000

0.600%

0.599%

 

               Annual Percentage Yield (APY) may change without notice.

* A minimum average daily balance of $500.00 in the checking account must be maintained.

 

Certificates of Deposit

Terms of Deposit

Minimum Opening Deposit Required

Minimum Daily Balance to Earn Annual Percentage Yield

Annual Percentage Yield

Interest Rate

 

3 Month CD

$500

$500

0.500%

0.499%

6 Month CD

$500

$500

0.550%

0.549%

12 Month CD

$500

$500

0.700%

0.698%

24 Month CD

$500

$500

1.000%

0.996%

25 Month CD

$5000

$5000

1.000%

0.996%

36 Month CD

$500

$500

1.200%

1.194%

48 Month CD

$500

$500

1.300%

1.293%

60 Month CD

$500

$500

1.600%

1.589%
  • Annual Percentage Yield (APY) may change without notice. The APY assumes that principal and interest will remain on deposit for one year.
  • Interest begins to accrue on the business day a CD account is opened. If a CD is closed before interest is credited, the accrued interest is not earned.
  • There may be a penalty for early withdrawal which could reduce the earnings on the account.
  • After an account is opened, deposits into the account and withdrawals of deposited funds are not permitted until the maturity date.
  • Renewal policy for Certificates of Deposit: Accounts will automatically renew at maturity. There is a grace period of ten (10) calendar days after the maturity date to withdraw the funds without being charged a penalty.

*** A minimum average daily balance of $5000.00 in the checking account must be maintained.

Rates are subject to change without notice.

 

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