Business Savings Accounts
Account options for the short- or long-term, and FDIC protection.
Androscoggin offers business savings accounts that fit the amounts you typically save and the term you save it for.
These savings accounts and CDs offer higher savings rates than checking accounts, but can be less liquid than a business checking account. Our rates change on a weekly basis - check out our savings deposit rates and our CD rates.
The accounts are:
Insured Cash Sweep (ICS) Money Market extends FDIC coverage from the $250,000 single bank limit up to $50 million. This account gives you total liquidity with the convenience of one account and FDIC insurance for every dollar you have on deposit. Other benefits include:
- Competitive rate - earn a competitive Annual Percentage Yield (APY);
- Easy account opening - Androscoggin Bank's Business services officers will come to your office and set up the account if you'd like;
- 24/7/anywhere online account access;
- A single monthly statement;
- No management fees.
The Androscoggin Bank Business Partners Account offers competitive interest rates, unlimited ATM access and FDIC insurance up to $250,000. You can find today's rates here.
Business Money Market - This is an interest earning account for businesses with a very low number of transactions. Find out the details here.
Certificates of Deposit (CDs) feature a higher interest rate and a set term. It does not have the liquidity of other savings accounts. Current CD rates.
Before opening a business account, new documentation is needed. Learn more about the requirements.