A smart savings strategy can play a key role in business growth
Successful businesses are always looking to the future. Cover unexpected expenses, make important purchases and carry out long-range plans with our income-generating savings accounts.
Traditional Savings
Maintain easy access to your reserve funds as they earn competitive interest.
- Low minimum balance requirement of $200
- $4 monthly fee if balance falls below $200
- Move funds and track balances with Online and Mobile Banking
Money Market Savings
Benefit from higher rates without tying up business funds for months or years at a time.
- Money Markets generally feature higher returns than standard business savings accounts
- Tiered rate system means that bigger balances can earn higher yields
- Fast access to funds through Online and Mobile Banking tools or at First Bank Elk River branches
- Minimum balance requirement of $2,500
- $10 monthly fee if balance falls below $2,500
Premium Money Market Savings
Enjoy investment quality returns on bigger balances while keeping funds in easy reach.
- Balance your business's investment portfolio with a savings tool that offers guaranteed returns
- Tiered rate system means that bigger balances can earn higher yields
- Fast access to funds through Online and Mobile Banking tools or at First Bank Elk River branches
- Minimum balance requirement of $25,000
- $15 monthly fee if balance falls below $25,000
Sweeps Account
Put idle funds to work generating extra income on a daily basis.
- Choose target balances for each of your business checking accounts
- First Bank Elk River will process your daily transactions within each checking account
- All funds above your target balance are automatically swept each day into interest-bearing Overnight Repurchase Agreements