At Severn Savings Bank, we understand the complexities of running a business. Even with careful planning, unexpected expenses can arise. A business savings account provides immediate access to funds to quickly pay expenses. We offer two savings options for you to consider, both designed to help you achieve your goals. Our accounts can help your business succeed with minimal fees and options for earning interest.
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Business Savings
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A savings account to earn money for your business
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All you need is a $500 Average Ledger Balance1 to avoid a $5.00 Monthly Service Charge
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Interest Bearing Account2
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Business Money Market
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A savings account that has the potential to earn more money as your balance increases
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All you need is $1,500 Average Ledger Balance1 to avoid a $10.00 Monthly Service Charge
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Tiered Interest Rate on Daily Balance2
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Business Savings Account Features
We understand that running a business keeps you busy. Sometimes it’s hard to get to the bank. That’s why we’re proud to offer easy access to your savings account wherever you are – whether that’s at home, work, or on the go. Online banking is a standard feature of all our savings account offerings. Manage your account history or transfer funds with the trusted security of our convenient online portal. In addition, we offer mobile banking (complete with mobile check deposit) and telephone banking to perform account management tasks over the phone.
Online banking and eStatements allow you to have 24-hour secure access to your financial information, tracking important details like deposits and withdrawals on a regular basis. These updates are environmentally friendly and may help you identify fraudulent activity more quickly.
You’ve worked hard to save, but what happens if you need access to your funds in an emergency? That’s what the money is for. When you need to make a withdrawal, both of our business savings options include an ATM card with access to over 55,000 fee-free ATMs worldwide as part of the Allpoint Network.
Business Savings with Severn Savings Bank
Whether it’s a new location, updated equipment or supplies, or a safety net to keep your business secure, a business savings account from Severn Savings Bank can help you plan for the future of your business and provide financial security. Your goals are our goals. That’s why we strive to exceed all expectations with exceptional service. If you’re ready to open a savings account for your business, try our innovative services and account offerings. Head to your local Severn Savings branch, or contact us for more information.
1 Average ledger balance is calculated by adding the principal in the account for each day of the calendar month and dividing that figure by the number of days in the calendar month.
2 The interest rate and annual percentage yield will depend on the daily balance in the account, as shown on the Rate Chart provided at account opening . At our discretion, we may change the interest rate on the account at any time. Interest begins to accrue on the business day you deposit non-cash items (i.e., checks). Interest will be compounded daily and credited to the account monthly. We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
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