The more you can save, the more your business will grow. At MidWestOne Bank, we offer two business savings accounts. The chart below will help you choose the savings account that's right for your business.
If you have any questions, don’t hesitate to reach out. Our knowledgeable staff would be happy to help you understand the features of each option, and find the account type that is just right for you and your business.
|SERVICES||BUSINESS SAVINGS||BUSINESS MONEY MARKET|
|MINIMUM TO OPEN||$100||$2,500|
|Minimum Daily Balance||$200||$2,500|
|Monthly Service Fees¹||
$9 if fall below minimum
|$8 if fall below minimum|
|WITHDRAWAL/Third-Party Transfer AVAILABILITY||6 Free (none by check), then $10 per Statement Cycle³||6 Free, then $10 per Statement Cycle³|
|Interest Earned & Compounded Monthly²|
|Basic Online Cash Manager (Business ONline banking)||FREE||FREE|
|Other||$0.10 per deposited item over 25 per month.|
(1) MidWestOne Bank will deem your non-transactional account inactive if you do not make any deposits to, or withdrawals from, the account for a 24-month period. An inactive account remains subject to service charges and may be assessed a non-refundable monthly $5 inactivity fee. The statement cycle may also change to semi-annual with June 30 and December 31 statements.
(2) Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (e.g. checks). Interest is compounded and paid monthly on the last day of your statement. All accrued, unpaid interest will be paid to you at account closing. We use the Daily Balance Method to calculate interest on the account. This method applies a daily periodic rate to the principal balance in the account each day. The interest rate is variable and subject to change at the bank's discretion reflecting current market conditions. The annual percentage yield may vary due to interest rate changes and fees. Please refer to our deposit rates for current interest rates and annual percentage yields.
(3) Transfers from these accounts to another account or to third parties by preauthorized, automatic, online or telephone transfer, or by check or similar order to third parties, are limited to six per statement cycle. If these transaction limitations are exceeded three times in a 12-month period, the account may be converted to another type of transaction account allowing unlimited third-party transfers.