Start Saving for Your Business
With all of the day-to-day things you have to manage as a business owner, it can be difficult to develop a savings strategy for your business. That’s why it’s important to have the right business savings account to allow you to save the way you want. At Oak Bank, we give business owners the ability to choose the account that allows you to save the way that makes the most sense for your business. If you have questions about which business savings account is the right choice for your business, please contact us. Our business banking team is ready to answer your questions.
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Business Savings Accounts at Oak Bank
| Business Savings | Certificate of Deposit (CD) | Money Market | IntraFi Network Deposits (CDARS) | |
|---|---|---|---|---|
| Best If You Want: | Fast, easy access to your funds while earning a good interest rate on your savings. A great way to save for business upgrades including equipment, fleet vehicles, or computer systems. | A low risk investment with a fixed interest rate. Earn a steady fixed income while feeling secure about making a wise investment that is insured up to $250,000.00 by the FDIC*. | A higher interest rate than a savings account with access to your funds. Maximum flexibility and tiered interest to give you a greater return on larger collected balances. | An account for your business that allows you to fully protect your deposits, even if your balance totals more than $250,000. By using IntraFi Network Deposits/CDARS, Oak Bank can break up your large deposit into multiple FDIC-insured deposits placed at separate banks in the IntraFi/CDARS network. |
| Earns Interest: | Yes; Tiered | Customized terms to fit your individual needs. Please call 608.441.6000 for a rate quote and other details. | Yes; Tiered | Yes |
| Maintenance Fees: | To avoid the monthly $2.00 service fee, maintain a $200.00 average daily balance. | N/A | $7.95 monthly maintenance fee unless the account holder maintains a $2,500.00 average daily balance. | |
| Extras | $200.00 minimum deposit to open. | $5,000.00 minimum balance. | N/A | Funds are divided into multiple deposit account options below the $250,000 FDIC threshold to give your funds full protection. |
| Extras (cont.) | N/A | Choose the length of time you want your money to be invested. | N/A | Funds can be placed into Demand Deposit Accounts, Money Market Accounts, or Business CD accounts to match your liquidity needs |
| Rate Details | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. | Choose your method of receiving interest: add interest to the Certificate balance, have the interest automatically deposited to another Oak Bank account. CD term determines interest payment schedule. | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. |
| Rate Details (cont.) | Interest begins to accrue on the business day you deposit non-cash items (for example, checks) to your account. | Interest begins to accrue on the day the CD is opened through maturity. | Interest begins to accrue on the business day you deposit non-cash items (for example, checks) to your account. | For CDs: Interest begins to accrue on the day the CD is opened through maturity. For other accounts: Interest begins to accrue on the business day you deposit non-cash items (for example, checks) to your account. |
| Rate Details (cont.) | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. |
| Rate Details (cont.) | If you close your account before interest is credited you will not receive the accrued interest. | If you close your account before interest is credited, you will not receive the accrued interest. Early withdrawal penalties will apply. | If you close your account before interest is credited, you will not receive the accrued interest. | If you close your account before interest is credited, you will not receive the accrued interest. Early withdrawal penalties will apply for CDs. |
Business Large Deposit Accounts/IntraFi Network Deposits (CDARS)
With Oak Bank, your money and your business is safe. Oak Bank is an FDIC-insured member of the IntraFi Network Deposists/Certificate of Deposit Account Registry Service (CDARS), a nationwide network of financial institutions. The FDIC can only insure up to $250,000 per depositor, but with IntraFi/CDARS, any large deposit over $250,000 is protected. By using IntraFi/CDARS, Oak Bank can break up your large deposit into multiple FDIC-insured deposits placed at separate banks in the IntraFi/CDARS network.
Each of your multiple deposits will earn the same great rate, and will be insured by the FDIC. Oak Bank will work with you to deposit your money safely and conveniently, providing options for interest payments and maturity dates. You’ll work with a single Oak Bank investment specialist, receive a single monthly statement on all deposits, and file only one tax form annually.
Insured Cash Sweep (ICS)
If you prefer to have more immediate access to your funds, Oak Bank offers Insured Cash Sweep (ICS).
The same guarantees apply as with a IntraFi/CDARS account. Your multiple deposits will be in different, FDIC-insured savings accounts where they will earn interest at the same great rate. The difference with this account is that it is a money market account so you can withdraw funds up to six times per month, plus you can get an unlimited number of deposits as long as you stay within the withdrawal limits. This allows you to access your funds faster. An Oak Bank investment specialist will provide you with all the information you need including options for interest payments, and you will receive a single statement on all of your deposits.
