Commercial Deposit Solutions
Choose from an array of checking and savings accounts that offer a wide range of services and benefits for businesses of all sizes.
BizSmart™ Checking Solutions
At Altabank, we know that small businesses can be complex, but that doesn’t mean your checking account has to be. Our family of business checking accounts offers a wide range of services and benefits for businesses of all sizes. Whether you’re looking for interest, low fees or easy-to-understand itemized statements, Altabank has an account to fit your needs.
| Features | BizSmart™ SMALL BUSINESS | BizSmart™ COMMERCIAL | BizSmart™ INTEREST |
|---|---|---|---|
| Recommended if you are... | An owner of a small business and need a simple checking account to run your business. | An owner of a mid-sized to large-business with high transaction volumes and cash-management needs. | A business owner who wants an interest-bearing account. |
| Minimum to open | $100 | $100 | $3,000 |
| No below-minimum-balance fee if you maintain a daily balance of | N/A | $500 | $3,000 (or average monthly balance of $6,000) |
| Monthly below-minimum balance fee | N/A | $7 | $15 |
| FREE items † | Up to 200 | Up to 300 | Up to 200 |
| Over-item charge | .10 per item (201–300 items) Over 300 converts to analyzed‡ | Over 300 converts to analyzed‡ | .10 per item (201–300 items) Over 300 converts to analyzed‡ |
| Extra benefits | Reduced fees for remote deposit service
First six months: Only $1 per month for ExpressDeposit™ scanner* After six months, may receive preferred pricing on a small business line of credit; Discount on initial check order† |
Higher balances earn a higher interest rate. |
BizSmart™ Savings, MM & CDs
Our Statement Savings and BizSmart™ Money Market accounts offer our highest-interest-bearing rates specifically for business customers who have low transaction activity and high balances. If you don’t need access to your savings for at least three months, another savings option is a Certificate of Deposit (CD). Use the chart below to determine which account is the best fit for your business.
| Features | Statement Savings | Certificate of Deposit (CD) | ICS® Accounts |
|---|---|---|---|
| Recommended if you are... | A simple, interest-bearing savings account. | An account that is meant to be untouched for a set period of time and earns high interest rates. Terms range from 3 months to 6 years with a fixed rate. | Deposit or savings account solutions that provide multi-million-dollar FDIC insurance coverage. |
| Minimum to open | $100 | $10 or $500 | $40,000 |
| Minimum daily balance to avoid below-minimum-balance fee | $100 | N/A | N/A |
| Limitations | A service charge is assessed if you exceed withdrawal limitations. | Early withdrawal penalties apply. | Early withdrawal penalties apply to CDARS®. |
| Interest Bearing | Yes | Yes | Depends on account type |
ICS® and CDARS®
The Insured Cash Sweep (ICS)® and Certificate of Deposit Account Registry Services (CDARS)® products offer competitive interest rates while providing complete FDIC coverage on amounts over the $250,000 federal limit. When your business places its deposits through the ICS® and/or CDARS® service, that deposit is divided into amounts under the standard FDIC insurance maximum of $250,000, which are placed in demand deposit accounts (using the ICS® demand option), money market deposit accounts (using the ICS® savings option), and/or CDs (using CDARS®) at multiple banks. As a result, clients can access guaranteed multi-million dollar coverage from many institutions while working directly with just one: Altabank. We’ll manage the multi-bank relationship for you without any service fees. You’ll receive a single monthly statement for all your holdings with a consolidated, blended interest rate to ease administrative burdens and get a quick picture of your federally insured savings. Peace of mind, piece of cake.
| Products | Need | The ICS® Solution |
|---|---|---|
| ICS® Demands | Maximize your insurance coverage while maintaining the flexibility of unlimited withdrawals. |
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| ICS® Savings | Maximize your insurance coverage while maintaining an interest-bearing account that provides the flexibility to make deposits and withdrawals. |
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| CDARS® | Have excess funds that you would like to invest in an insured, long-term interest-bearing account. |
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*After first six months, $25 monthly fee for one account associated with the ExpressDeposit remote deposit service will apply
† Discount equivalent to the cost of one box of Altabank-logoed single-copy checks
‡ Additional fees apply to analyzed accounts. Earn credit on account balances to offset fees.
Placement of your funds through the ICS or CDARS service is subject to the terms, conditions, and disclosures set forth in the agreements, including the ICS or CDARS Deposit Placement Agreement, you enter into with us. Limits and customer eligibility criteria may apply. Program withdrawals vary by account.
Insured Cash Sweep, ICS, CDARS, and Certificate of Deposit Account Registry Service are service marks or registered service marks of Promontory Interfinancial Network, LLC.