Credit Union Savings Accounts for Business
If you’re looking at one of our business savings options at Resource One Credit Union, then congratulations are in order. Getting your business to a point where you’re not just making money but making enough to put some into savings is a significant milestone that many business ventures never reach. The question at this point is which savings option is best for you. There are three credit union business account options available at R1CU: our standard Business Savings account; our Business Money Market account; and our Business Flex Term CDs. Read on to learn more about each type of business savings strategy.
Our Business Savings account at Resource One is a fairly standard savings account. In other words, it’s a place to put excess cash to accrue interest and earn you some extra money. Unlike your Business Checking account, your savings account is intended for frequent transactions. You won’t be writing checks from it, nor will you have it linked to a company debit card. Instead, it’s the place where you put extra money when you have more than enough cash in your checking account.
At Resource One Credit Union, our Business Savings account only requires an initial deposit/balance requirement of $25. Interest tiers kick in at $250 and over. These factors make the Business Savings account the ideal place to start saving money for your business. If you have more cash to work with, you might look at another one of our business accounts. For smaller savings needs, though, the Business Savings account provides a nice balance between interest rates, cash liquidity, and easy-to-follow rules.
A Business Money Market account might be the ideal option for businesses that want the cash liquidity of a savings account but the higher-interest-rate growth of higher-level accounts (such as CDs). A Business Money Market account will earn you higher interest rates on your cash, depending on the amount of money you have in savings. Unlike the Business Savings Account, it will also allow you to make a small number of check or debit card transactions each month. The trade-off is that Money Market accounts require higher deposit and balance requirements. At R1CU, our Business Money Market account demands an initial deposit and minimum balance of $2,500. Higher interest tiers kick in at $10,000, $50,000, and $100,000.
CDs have higher interest rates than savings accounts but provide less liquidity. With a CD, you agree to keep the money you deposit in the account for a certain number of months or years. In return, you get a consistent interest rate that is higher than what most savings accounts can offer. The drawback is that you will be penalized if you need to withdraw your money from a CD before the agreed-upon amount of time has passed. For this reason, CDs typically aren’t as popular among smaller businesses, which prefer to be able to access their savings if necessary.
At Resource One, we make our CDs more attractive to businesses of all sizes with flex term features. Terms range from 1-24 months, and you can deposit additional funds into your account (from $50 to $50,000) during that period. The minimum deposit/balance requirement is $250, while interest tiers kick in for accounts with $1,000 balances or higher.
Get Help Choosing the Right Account for You
If you’ve been looking for a Dallas Credit Union that offers competitive savings solutions for businesses, you’ve come to the right place. Resource One Credit Union, with our three options for business savings, offers something to fit every business with excess cash on hand. Contact us today if you need help deciding which account is right for you.