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Business Savings

Traditional savings and money markets

Whether you want to set aside a little for emergencies or save a lot for what lies ahead, The Peoples Bank has the savings or money market account for your business!

Business Savings Comparison Table
  Regular Savings Money Market Money Market Plus
Who is it for? Businesses of all sizes in any industry that want a simple way to earn interest while setting money aside Businesses that want to earn a better interest rate than a traditional business savings account Businesses that want to earn a better interest rate than an ordinary business money market account
Minimum balance to open $50.00 $1,000.00 $2,500.00
Minimum balance to maintain $50.00 $1,000.00 $2,500.00
Monthly fee1

$5.00

(waived if minimum balance requirement is met; waived for nonprofit organizations)

$5.00

(waived if minimum balance requirement is met)

$7.00

(waived if minimum balance requirement is met)
Earns Interest2 Yes Yes Yes
Withdrawal limits

6 per month

($5.00 fee for each withdrawal beyond 6)

6 per month

($5.00 fee for each withdrawal beyond 6)

6 per month

($5.00 fee for each withdrawal beyond 6)
Online Banking & Bill Pay Yes Yes Yes
Mobile Banking Yes Yes Yes
Telephone Banking Yes Yes Yes
P2P transfers3 Yes Yes Yes

 

Savings Account Rates

Comparison table of Savings Account Rates
Account Type Minimum Balance To Open Minimum Required Balance to Obtain APY Interest Rate APY* Footnote 
Regular Savings $50 $0.01 0.08% 0.08% (1), (2), (3)
Steady Saver $5 $0.01 0.10% 0.10% (1), (7)
Money Market $1,000 $0.01 0.05% 0.05% (1), (3), (4)
Money Market $1,000 $1,000.00 0.10% 0.10% (1), (3), (4)
Money Market Plus $2,500 $0.01 0.10% 0.10% (1), (3), (5)
Money Market Plus $2,500 $2,500.00 0.25% 0.25% (1), (3), (5)
Money Market Plus $2,500 $10,000.00 0.25% 0.25% (1), (3), (5)
Money Market Plus $2,500 $25,000.00 0.30% 0.30% (1), (3), (5)

Certificates of deposit (CDs)

Let your businesses’ balance earn better interest rates than traditional savings accounts and money markets with a CD. Get started with either a $500.00 or $5,000.00 opening deposit; rates of standard CDs are tiered based on the balance.

Your interest is compounded daily and posted every quarter. Each of these CDs also benefits from Online Banking, Mobile Banking and Telephone Banking.

Certificate of Deposit Rates

Comparison table of Certificate of Deposit Rates
Account Type Minimum Required Balance to Earn Interest Interest Rate APY* Footnote / Penalty
60 Month CD $5,000.00 0.60% 0.60% Loss of 6 months simple interest
60 Month CD $500.00 0.50% 0.50% Loss of 6 months simple interest
48-59 Month CD $5,000.00 0.55% 0.55% Loss of 6 months simple interest
48-59 Month CD $500.00 0.50% 0.50% Loss of 6 months simple interest
36-47 Month CD $5,000.00 0.45% 0.45% Loss of 6 months simple interest
36-47 Month CD $500.00 0.40% 0.40% Loss of 6 months simple interest
24-35 Month CD $5,000.00 0.40% 0.40% Loss of 6 months simple interest
24-35 Month CD $500.00 0.38% 0.38% Loss of 6 months simple interest
18-23 Month CD $5,000.00 0.30% 0.30% Loss of 6 months simple interest
18-23 Month CD $500.00 0.25% 0.25% Loss of 6 months simple interest
12-17 Month CD $5,000.00 0.25% 0.25% Loss of 3 months simple interest
12-17 Month CD $500.00 0.20% 0.20% Loss of 3 months simple interest
6-11 Month CD $5,000.00 0.15% 0.15% Loss of 3 months simple interest
6-11 Month CD $500.00 0.12% 0.12% Loss of 3 months simple interest
3-5 Month CD $5,000.00 0.10% 0.10% Loss of 3 months simple interest
3-5 Month CD $500.00 0.08% 0.08% Loss of 3 months simple interest

Special CDs

Our special CDs do not have tiered rates:

  • Peoples Choice CD (36-month) — minimum balance of $1,000.00; 1 optional rate increase allowed throughout the term
  • Peoples Choice CD (60-month) — minimum balance of $1,000.00; 2 optional rate increases allowed throughout the term
  • The Peoples Community First CD (60-month) — minimum balance of $5,000.00; 1 withdrawal allowed (loss of 6 months’ simple interest for additional withdrawals); for nonprofit organizations only

Special CD Rates

Comparison table of Special CD Rates (Business)
Account Type Minimum Required Balance to Earn Interest Interest Rate APY* Footnote / Penalty
60 Month Community First CD (must be non-profit organization) $5,000.00 0.40% 0.40% No penalty for 1 withdrawal. If further withdrawals are taken, there is a loss of 6 months simple interest.
60 Month Peoples Choice CD (2 optional rate increases available) $1,000.00 0.60% 0.60% Loss of 6 months simple interest based on the rate in effect on the date of withdrawal
36 Month Peoples Choice CD (1 optional rate increase available) $1,000.00 0.45% 0.45%
11 Month Special CD $5,000.00 3.00% 3.05% Loss of 3 months simple interest

Get started

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