Planning for change, committing to growth, preparing for the unexpected. That's what running a business is all about. Make sure your reserves are working just as hard as you do each day with a business savings account from Androscoggin Bank— Maine's business banking leader.
Business Savings Accounts & CDs
Business Money Market
When you know you have total access to funds, it's easier to commit to investing business dollars. Elevate your savings without tying up assets.
- Tiered rates - the higher your balance the more interest you can earn
- Opening deposit of $25 is required
- Minimum daily balance of $5,000 must be maintained to avoid a $10.00 monthly service charge
- You may make up to six (6) electronic withdrawals or checks per calendar month
- Free Online & Mobile Banking
- FDIC insured
Effective Date: Friday, March 31, 2023
| Tier | Minimum Balance to obtain Annual Percentage Yield | Interest Rate | Annual Percentage Yield |
|---|---|---|---|
| Tier 1 | $0.00 - $4,999.99 | 0.01% | 0.01% |
| Tier 2 | $5,000.00 - $24,999.99 | 0.15% | 0.15% |
| Tier 3 | $25,000.00 - $49,999.99 | 0.20% | 0.20% |
| Tier 4 | $50,000.00 - $74,999.99 | 0.25% | 0.25% |
| Tier 5 | $75,000.00 - $99,999.99 | 0.40% | 0.40% |
| Tier 6 | $100,000+ | 0.60% | 0.60% |
At our discretion, we may change the interest rates and yields on your account at any time.
Business Savings
Whether you need a reliable place to deposit reserves or want to incorporate a simple saving strategy, our basic savings option will be up for the job.
- Tiered rates - the higher your balance the more interest you can earn
- Opening deposit of $25 is required
- Minimum daily balance of $100 must be maintained to avoid a $3.00 monthly service charge
- You may make up to six (6) electronic withdrawals per calendar month
- Free Online & Mobile Banking
- FDIC insured
Effective Date: Friday, March 31, 2023
| Tier | Minimum Balance to obtain Annual Percentage Yield | Interest Rate | Annual Percentage Yield |
|---|---|---|---|
| Tier 1 | $0.00 - $24,999.99 | 0.01% | 0.01% |
| Tier 2 | $25,000.00 - $99,999.99 | 0.05% | 0.05% |
| Tier 3 | $100,000+ | 0.07% | 0.07% |
At our discretion, we may change the interest rates and yields on your account at any time.
Certificates of Deposit
When liquidity isn't a priority and your business needs to put cash reserves to work, CDs give funds plenty of room to grow in a low risk environment.
- Competitive rates
- Term options range from 6 to 60 months
- FDIC insured
Effective Date: Friday, March 31, 2023
| Account Type | Minimum Opening Balance | Interest Rate | Annual Percentage Yield |
|---|---|---|---|
| 6 Month CD | $500* | 0.20% | 0.20% |
| 9 Month CD | $500-24,999* | 0.25% | 0.25% |
| $25,000+* | 0.25% | 0.25% | |
| 1 Year CD | $500* | 3.25% | 3.30% |
| 18 Month Fixed Rate CD | $500* | 0.30% | 0.30% |
| 18 Month Variable Rate IRA CD | $500** | 5.05% | 5.17% |
| 2 Year CD | $500* | 0.75% | 0.75% |
| 3 Year CD | $500* | 3.50% | 3.56% |
| 4 Year CD | $500* | 0.35% | 0.35% |
| 5 Year CD | $500* | 0.45% | 0.45% |
Bank on your time.
Whether you need to monitor accounts while away from the office or take care of transactions outside of business hours, your finances are only a click away.
Online Banking
Check balances, review transactions, transfer funds, pay bills, and much more.
Mobile Services
If your business is enrolled in Online Banking, you can download our app to make banking on-the-go even easier.
Get our Business Mobile app!
