As you save for things to help your business grow, look to The First National Bank of Monterey for savings options that are secure and convenient to use.
Business Savings Account
- Rate Information
- Your interest rate and annual percentage yield may change.
- Frequency of rate change
- We may change the interest rate on you account at any time.
- Determination of rate
- At our discretion, we may change the interest rate on your account.
- Compounding & crediting frequency
- Interest will be compounded every quarter. Interest will be credited to your account every quarter.
- Minimum balance to open
- A service charge fee of $1.00 per quarter and $.50 per withdrawal will be imposed each quarterly statement cycle if the daily balance falls below $300.01 any day of the cycle. Individual account holders under 18 years of age may be excluded.
- Daily balance computation method
- We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
- Accrual of interest on non-cash deposits
- Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
- Transaction limitations
- Transfers from a Savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.