Business Savings Accounts
Verus Business Savings*
Our business savings account that delivers service, affordability, convenience and security.
- No monthly maintenance fee if a $100 minimum daily balance maintained ($3 if below)
- No charge for first three withdrawals per month ($1 each if over three)
- $100 initial deposit
Rates effective as of:
08/01/08 |
| |
Interest Rate |
Annual Percentage Yield |
| $0 - 4,999.99 |
.40 |
.40 |
| $5,000.00 - 9,999.99 |
.50 |
.50 |
| $10,000.00 - 24,999.99 |
.73 |
.73 |
| $25,000.00 - 49,999.99 |
.73 |
.73 |
| $50,000.00 - 99,999.99 |
.85 |
.85 |
| $100,000.00+ |
.85 |
.85 |
We use the daily-balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The rate on your account is determined at bank discretion and may change daily. The period we use is quarterly and interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items. Interest will be compounded and credited to the account quarterly. Fees could reduce earnings.
*Pursuant to Federal Regulation D, transfers to another account or to third parties by pre-authorized, automatic, or telephone transfers are limited to six per statement cycle with no more than three by check, debit card or similar order to a third party.
Money Market*
The money market account that delivers maximum flexibility, fast cash and great returns.
- No monthly maintenance fee if $1,000 daily balance or $2,500 average daily balance of maintained ($5 if below)
- No charge for first six withdrawals or debits per statement cycle ($2 per debit after six)
- Tiered interest rates
- $1,000 initial deposit
Rates effective as of:
08/01/08 |
| |
Interest Rate |
Annual Percentage Yield |
| $0 - 4,999.99 | .60 | .60 |
| $5,000.00 - 9,999.99 | .60 | .60 |
| $10,000.00 - 24,999.99 |
.83 |
.83 |
| $25,000.00 - 49,999.99 |
1.03 |
1.03 |
| $50,000.00 - 99,999.99 |
1.15 |
1.16 |
| $100,000.00+ |
1.15 |
1.16 |
We use the daily-balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The rate on your account is determined at bank discretion and may change daily. The period we use is a statement cycle and interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items. Interest will be compounded and credited to the account each statement cycle. A minimum average daily balance must be maintained to obtain the disclosed annual percentage yield.
*Pursuant to Federal Regulation D, transfers to another account or to third parties by pre-authorized, automatic, or telephone transfers are limited to six per statement cycle with no more than three by check, debit card or similar order to a third party.
Certificates of Deposit
Verus Bank offers Certificates of Deposit ranging from 91 days to 5 years in maturity. Our Certificates of Deposit may be opened with a minimum deposit of $1,000. You may choose a short term Certificate of Deposit or lock in an attractive rate for a longer period of time.
Rates effective as of:
08/01/08 |
| CD Term |
Interest Rate |
Annual Percentage Yield |
| 3 Months | 1.20 |
1.21 |
| 6 Months |
2.49 |
2.50 |
| 12 Months |
2.57 |
2.60 |
| 18 Months |
2.48 |
2.50 |
| 24 Months |
2.72 |
2.75 |
| 36 Months |
2.97 |
3.00 |
| 48 Months |
3.06 |
3.10 |
| 60 Months |
3.06 |
3.10 |
A penalty may be imposed for early withdrawal.
To open your account, call for details.
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