Money Market
Keep your investable funds liquid with our limited transaction money market accounts. We will generally have several different money market options to choose from our business customers, including Business Money Market Checking and Ultimate Business Money Market.
Business Money Market Checking
This account is open to ALL business customers. The monthly service charge for balances less than $2,500 is only $15.00. Accountholders are allowed unlimited in-person transactions -- Checks and other non-personal withdrawals (including online transfers) are limited to no more than six each month. $10.00 each over six. Open a Business Money Market Account with as little as $1,000 and you can begin earning interest on balances of $2,500 and above.
Ultimate Business Money Market Checking
Our Ultimate Business Money Market Checking account is open to ALL business customers. The interest rate and annual percentage yield (APY) on this account are higher than for our regular Business Money Market Account. The account is designed for customers who intend to keep larger money market balances. The monthly service charge for balances less than $25,000 is $20.00. Accountholders are allowed unlimited in-person transactions -- Checks and other non-personal withdrawals (including online transfers) are limited to no more than six each month. $10.00 each over six. Open an Ultimate Business Money Market Account with at least $25,000 and you can begin earning interest on balances of $2,500 or more.
Savings
One of the promises we make to our customers is that we will do everything we can to help them achieve their dreams. Whether you want to save for a rainy day or have a special goal in mind, we offer Business Savings Solutions to help you.
Business Savings
Designed for smaller businesses that typically maintain low to moderate balances and have minimal account activity. Use your Business Savings account to earn interest on your balances until they're needed in checking or set aside for specific purpose - taxes perhaps. You can even use this account to build up a deposit base for a higher yielding money market account or certificate of deposit.
Health Savings
A Health Savings Account (HSA) is a convenient avenue to put money away for future medical expenses, including those not covered by health insurance, dental insurance, or vision care. An HSA combines a high-deductible health insurance plan (HDHP) with a tax-advantaged* savings account. HDHPs usually are less expensive than traditional plans because the insurance company does not have to process and pay claims for routine, lower-dollar claim amounts.
Who Can Have an HSA?
- Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified HDHP
- Have no other first-dollar medical coverage
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
Why include HSAs with business products?
Contributions to an HSA can be made by individuals, or employers, or both. An HDHP combined with an employee-funded HSA may be the best health care alternative for your company. We recommend that you consult your tax advisor to determine the retirement plan options that best suit your company.
HSAs at Progressive Bank
Our HSA is offered as an interest-bearing checking account to:
- Provide easy access to HSA funds through our HSA Debit Card
- Earn interest on your HSA funds
We also have separate service charge schedules for our HSAs depending on whether the HSA is set up by the individual or by the employer.
For more information about HSAs, or to find out if you participate in a HDHP, contact any Progressive Bank Financial Center or Deposit Account Services.
*Always consult your tax advisor to determine HSA deductibility for your situation.
Certificates of Deposit
For a greater return on your investment, Progressive Bank Certificates of Deposit (CDs) are an excellent solution. Certificates of Deposit are ideal for today's investor because they are FDIC insured (up to current FDIC insurance limits), allow you to earn competitive interest rates, and offer terms to meet your individual savings needs. With maturities ranging from 3 months to 60 months, our CDs give you the opportunity to lock in an interest rate that is guaranteed for the term of the certificate. Interest Rates and Annual Percentage Yields (APYs) vary depending on the time commitment associated with the CD.
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