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Certificate of Deposit Business Statement Savings

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Business Savings and CDs

The perfect savings vehicles for your organization.

Savings and Certificate of Deposit options to meet your business needs.

Whether you are looking to keep your business funds separate from your operating account or you are saving for a longer-term goal, we have saving options just right for your business.

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Certificate of Deposit

This insured account from Salem Co-operative Bank yields a higher interest rate than many other types of accounts.

  • Minimum $500.00 investment offers a choice of terms ranging from six (6) to sixty (60) months
  • Higher rate of interest than transaction deposit accounts
  • Interest is accrued daily and compounded monthly
  • A minimum daily balance is required to earn interest
  • Convenient automatic renewals**
  • Penalties are imposed for early withdrawal of principal balances (contact us to learn more)*
  • Check today’s Interest Rates

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Business Statement Savings

Build your business reserves with this no-frills savings account.

  • Minimum opening balance $10.00
  • Offers a competitive interest rate on minimum daily balances of $1.00 or higher
  • No monthly fee
  • Free Online Banking
  • Free monthly online or paper statement
  • Automatic transfers*** to your Salem Co-op account to minimize overdraft fees should your balance fall below $0.00 (ask a Customer Service Representative to set up this feature)
  • Optional combined statement
  • Check Today’s Interest Rates
Ready to Learn More about Our CD Options?

We want to help your business grow, and a Business Statement Savings account or Certificate of Deposit (CD) can be an excellent step forward.
Questions? Contact us today.

CONTACT US

*A withdrawal of principal will reduce earnings.

**You may prevent renewal if you withdraw the funds in the account at maturity or within a ten calendar day grace period.

***Transaction Limitations- On Savings accounts and Money Market accounts, the customer may make no more than six “convenient” transfers or withdrawals per month from the account. “Convenient” transfers and withdrawals, for purposes of this limit include pre-authorized, automatic transfers (including but not limited to transfers from the savings deposit for overdraft protection or the direct bill payments) and transfers and withdrawals initiated by telephone, facsimile, or computer, and transfers made by check, debit card, or other similar order made by the depositor and payable to third parties. Other types of transfers, such as withdrawals or transfers made in person at the bank, by mail, or by using an ATM do not count toward the six-per-month limit and do not affect the account’s status as a savings account. An excess transfer fee of $10.00 may be charged for each third party withdrawal in excess of six during a calendar month. Temporary suspension of Excess Transactions from Savings Accounts and the fees associated with them until further notice: To deal with the pressures of the adverse financial impacts of the coronavirus, the regulation now allows unlimited transfers from your savings accounts, including electronic transfers. A fee of $3.00 will be charged for automatic transfers to cover overdrafts.

1 Must be registered with the state and provide a certificate from the state, a copy from the IRS of the EIN and business documentation (Corporate resolution, etc.)

Additional Resources
Important Information About Opening Accounts
FDIC Insurance estimator
Business Deposit Rates and Fees