Rates
Business Savings Account Products
Business Savings1 2
| Tier | Rate | APY* |
|---|---|---|
| $500 + | 0.099% | 0.10% |
* APY (Annual Percentage Yield) is effective as of June 14, 2013 . APY for this account is a variable rate and is subject to change at any time. APY reflects daily compounding of interest.
1 Business Savings requires a minimum opening deposit of $500 and a minimum daily balance of $500 to earn interest on balances of $500 and over. If the daily balance during the monthly statement cycle period falls below $500, a $5 monthly maintenance fee will be assessed. As a result, fees may reduce earnings on this account.
2 Federal Regulations limit this account to no more than six electronic transfers per monthly statement cycle, either to another account held by the depositor at the same institution or to a third party (such as pre-authorized, automatic, computer and/or telephone transfer). Pre-authorized transfers also include, but are not limited to, overdraft protection "sweeps" to other NJM Bank deposit accounts; individual and/or scheduled/periodic transfers/payments to other NJM Bank deposit or loan accounts; and externally-initiated transfers such as ACH debits. There is a fee for each electronic funds transfer transaction exceeding the six permitted per statement cycle. As a result, fees may reduce earnings on this account. Further, exceeding six transfers could also lead to the elimination of transfer capabilities or closure of the account.
Business Money Market3 4
| Tier | Rate | APY* |
|---|---|---|
| $2,000+ | 0.049% | 0.05% |
| $25,000+ | 0.149% | 0.15% |
| $50,000+ | 0.249% | 0.25% |
* APY (Annual Percentage Yield) is effective as of June 14, 2013 . APY for this account is a variable rate and is subject to change at any time. APY reflects daily compounding of interest.
3 Business Money Market requires a minimum opening deposit of $2,000 and a minimum daily balance of $2,000 to earn interest on balances of $2,000 and over. If the daily balance during the monthly statement cycle period falls below $2,000, a $15 monthly maintenance fee will be assessed. As a result, fees may reduce earnings on this account.
4 Federal Regulations limit this account to no more than six electronic transfers per monthly statement cycle, either to another account held by the depositor at the same institution or to a third party (such as pre-authorized, automatic, computer and/or telephone transfer). Pre-authorized transfers also include, but are not limited to, checks written that are paid within the statement cycle; overdraft protection "sweeps" to other NJM Bank deposit accounts; individual and/or scheduled/periodic transfers/payments to other NJM Bank deposit or loan accounts; and externally initiated transfers such as ACH debits. There is a fee for each electronic funds transfer transaction exceeding the six permitted per statement cycle. As a result, fees may reduce earnings on this account. Further, exceeding six transfers could also lead to the elimination of transfer capabilities or closure of the account.
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