Business Savings Comparison
| Savings Account | Choice Money Market | |
|---|---|---|
Description: | Simple, easy, effective. The best choice if you’ll usually carry a lower to moderate balance in your account. | A great choice if you’ll carry larger balances in your account because it pays higher rates |
Minimum To Open: | $25 | $25 |
Minimum Balance: | $100 | $2,500 |
Monthly Service Charge: | None if $100 minimum daily balance is maintained; $6 per month if balance falls below $100 | None if $2,500 minimum daily balance is maintained; $10 per month if balance falls below $2,500 |
Interest Rate & Annual Percentage Yield (APY): | Variable | Variable |
Compounding: | Quarterly | Monthly |
Interest Payment Tiers: | No | Yes; higher balances earn higher rates |
Deposits: | No limits | No limits |
Withdrawals:* | 25 free per month; then $3 per excess withdrawal* | 25 free per monthly statement cycle, then $3 for any additional withdrawals* |
Statements:** | Quarterly** | Monthly** |
Other Benefits: | Can be used for overdraft protection for a checking account | Can be used for overdraft protection for a checking account. Access by debit card and by check is available; limits apply. |
*Transaction limitations apply. **Free eStatements available. Combined statement option (multiple accounts included on a single statement) available.