Business Savings Accounts

Working on building your savings? Let your balance work for you when you open a BizSmart™ savings account with Altabank.

Compare Our BizSmart™ Accounts

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). For quicker access to your funds, add a Business Checking Account to your suite. Use the chart below to determine which business savings account is the best fit for your company.

Features Statement Savings Certificate of Deposit (CD) ICS® Accounts
You need... 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 multimillion 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 fee is assessed when you exceed a predetermined number for certain types of withdrawals. Early withdrawal penalties apply. Early withdrawal penalties apply to CDARS®.
Interest Bearing Yes Yes Depends on account type

Account Highlights

Easy-to-use online banking portal

24/7 account support

Fraud prevention services

Low ATM withdrawal fees

Business Checking FAQs

What do I need to open a business savings account?

To open a new business savings account, you will need:

  • Proof of business ownership and Tax ID Number. Specific requirements may vary based on your type of business, so call your local branch ahead of time if you have questions.
  • Personal Identification, such as a driver’s license.
  • Cash or check for the account’s minimum to open. See specific amounts in the table above.

How do I open a business savings account?

Bring the proper documentation mentioned above to any Altabank location and a team member will help you set up a new business savings account. While you’re there, consider opening a business checking account for easy access to funds.

 

How do I choose the right business savings account?

Use the comparison table above for information on each of Altabank’s business savings accounts, or an Altabank team member can help you make an informed decision over the phone or in person.

Other Business Services

 

 

Receivables

Collect money on-site, online or remotely with Altabank’s receivables solutions that allow for fast processing and reduced administrative overhead.

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Payments

Send money or spend money in the most efficient way possible with ACH, wires, online bill pay and Visa® cards.

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Information & Cash Flow Management

Maintain liquidity and mitigate risk with insightful data and powerful automated tools.

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