Business Savings

Business Savings 2017-03-30T19:47:38+00:00

Drake Bank has three ways you can put excess funds to work for your business. All accounts include the following benefits:

  • Free Online Banking
  • Mobile Banking with Mobile Deposit
  • Free e-statements (paper statements available for $5 per statement)

  • 24 hour Bank-By-Phone

Basic Business Savings

The right choice for smaller balances

Preferred Business Savings

The right choice for larger balances

Business Investor Savings

When you can save $25,000 or more

Interest is paid when the minimum monthly balance exceeds $50.

None when the minimum monthly balance is $50 or more.

$5 fee if balance falls below $50.

5 free withdrawals; then $1 per withdrawal be over 5.

Monthly, if combined with a Drake checking account. Otherwise, quarterly.

Pays a variable rate based upon the following tiers:

  • $0-$999.99
  • $1,000-$9,999.99
  • $10,000-$24,999.99
  • $25,000+

None when the monthly minimum balance is $1,000 or more. $10 fee if balance falls below $1,000

5 free withdrawals; then $1 per withdrawal over 5.

Monthly if combined with a Drake checking account. Otherwise, quarterly

Pays a variable rate based upon the following tiers:

  • $0-$24,999.99
  • $25,000-$49,999.99
  • $50,000+

None when the monthly minimum balance is $25,000 or more. $25 if balance falls below $25,000.

6 withdrawals allowed per month allowed, 3 of which may be made by check.

Monthly

Fraud Protection for your debit card

If we suspect you may be a victim of debit card fraud we will…

  • send an email to you and you may reply either “fraud” or “no fraud”
  • send a text message to you one minute after the email with the same reply options
  • call you if we do not get a response; it will be an automated call with the option of speaking to a fraud analyst

Remember, we will never ask for your PIN or account number.

NOTE:

$100 minimum opening deposit required for all savings accounts; $500 minimum required for CDs.
1Interest will be compounded and paid monthly based on the daily collected balance. Please refer to our deposit account rates for current rate information on our interest bearing accounts. At our discretion, interest may change daily. Interest begins to accrue no later than the business day we receive credit for the deposit of checks.
2See separate miscellaneous fee schedule for other charges that may apply to these accounts.
3Transfers from a savings account to another account or to third parties by pre-authorized automatic or telephone transfers are limited by Federal regulation to six per statement cycle. No more than three of the six transactions may be made by check, wire transfer or made payable to third parties.
4There is a substantial penalty for early withdrawal of CD funds.

Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

QUESTIONS ABOUT A BUSINESS BANKING ISSUE?

ASK OUR EXPERTS.

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