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Business Savings Plans
There’s no time like now to set some money aside for those unexpected “hiccups” in the business world and local economy. FirstBank has designed some savings plan accounts with the small business in mind.
Money Market Accounts allow you to write checks on a very limited basis while earning a competitive interest rate based on tiered balances- the higher the balance, the higher the rate.
Money Market accounts are more flexible than Certificates of Deposit because there is no penalty for early withdrawal and the account permits investment for an unspecified period of time. Open this account with a $1,000.00 deposit, and maintain a $1,000.00 minimum daily balance to avoid a $10.00 monthly maintenance fee.
Interest will be compounded daily and credited to your account monthly. The interest rate and annual percentage yield on your account may change at any time at our discretion. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example checks).
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfers are limited to six per monthly statement cycle with no more than three by check, draft, debit card, or similar order to third parties. A fee of $5.00 will apply to each debit transaction
in excess of six during the cycle.
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Certificates of Deposit (CDs) are the perfect investment if you are seeking a higher interest rate and do not need immediate access to your funds.
FirstBank Financial Services offers a wide variety of Certificates of Deposit to suit your business needs. Our customer service representatives will be happy to assist you in finding a term that is right for you.
There is a penalty for early withdrawal and a minimum opening deposit of $500.00.
Interest is compounded daily.
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Individual Retirement Accounts (IRAs)
Smart retirement planning should begin early in order to live the American dream after retirement. The chances are good that government and employer pension support won’t carry retirees through the later years.
And, as you plan, don’t forget that traditional IRAs are considered a good tax-deferred option for most people because you pay no taxed on the income earned until the money is withdrawn, which is usually after retirement.
If you have questions, we’re here to help. Please ask any of our customer service representatives and they’ll be glad to assist you.
There is a penalty for early withdrawal from an IRA and a minimum opening deposit of $500.00. Interest is compounded daily.
If you withdraw funds from your IRA before you reach age 59½, certain Internal Revenue Service penalties may apply. Please consult your tax advisors before you make early withdrawals from your IRA.
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Premier Money Market Accounts are designed for you if you maintain a higher than average account balance, but still want the flexibility of a money market account. This tiered balance account provides the opportunity for you to earn an excellent return on your short-term money. Open this account with a deposit of $10,000.00, and maintain a $10,000.00 minimum daily balance to avoid a $15.00 monthly maintenance fee.
Interest will be compounded daily and credited to your account monthly. The interest rate and annual percentage yield on your account may change at any time at our discretion. We use the daily balance method to calculate interest on your account. This method applies the daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit noncash items (for example checks). You must maintain a minimum of $50,000.00 to earn interest on your account.
Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, or telephone transfers are limited to six per monthly statement cycle with no more than three by check, draft, debit card, or similar order to third parties. A fee of $5.00 will apply to each debit transaction in excess of six during the statement cycle.
Other Features:
- Free FirstBank Online account access
- Free Telephone Banking
- Free first order of checks (printed by
FirstBank)
- ATM/Debit Card
- No fee travelers’ checks
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