Business
Savings
Accounts
Solutions to Help Your Business Save money
If you’re looking for a safe place to put your business’s hard-earned money, whether it’s for a future expansion project or you’re just trying to save every penny in case unexpected expenses come up, Honor Credit Union has an account for you. From money markets to certificate of deposits with competitive rates, check out our account options and let us help you start saving today. Click one of the products below to learn more about them.
Get Started
One of our local business experts will help you from start to finish.
Membership Savings
A business savings account is a safe place to build your business’s savings with easy access and up to 6 free withdrawals per month. Save Smarter by saving with Honor.
- Free online banking and e-Statements
- Free transfers to other Honor accounts
- Transparent account terms with convenient access to your money anywhere 24/7
- NCUA insured up to $250,000
Business Savings Account Rates
| Type | Interest Rate | APY* |
|---|---|---|
| Share Savings(for balances on $5.00 or more) | 0.01% | 0.01% |
| Health Savings (HSA) | 0.25% | 0.25% |
| Rates accurate as of Nov 21, 2024 | ||
| *APY = Annual Percentage Yield. Rates are variable and subject to change without notice after account is opened. Fees can reduce earnings. Federally insured by NCUA. | ||
Money Market
A money market account is a great way for your business to earn a little extra interest on that money you’re already saving.
Advantages
One advantage of a money market account is after you make your initial deposit you still have access to the funds. Money markets are idea for business owners who need access to their funds, but are determined to save money.
- Start earning interest on any positive balance!
- No minimum balance fees
- No monthly fees
- Earn more interest as your balance increases
Business Momentum Money Market Rates
| Amount | Interest Rate | APY* |
|---|---|---|
| $0.01 - $24,999.99 | 0.30% | 0.30% |
| $25,000.00 - $99,999.99 | 0.450% | 0.45% |
| $100,000.00 - $249,999.99 | 0.750% | 0.75% |
| $250,000.00 - $499,999.99 | 0.99% | 1.00% |
| $500,000.00 - $999,999.99 | 1.24% | 1.25% |
| $1,000,000.00 - $1,999,999.99 | 1.49% | 1.50% |
| $2,000,000.00 - $10,000,000 | 1.78% | 1.80% |
| Rates accurate as of Nov 21, 2024 | ||
| *APY = Annual Percentage Yield. Rates are variable and subject to change without notice after account is opened. Fees can reduce earnings. Federally insured by NCUA. | ||
*$10 fee for each electronic withdrawal after six. Members can make unlimited withdrawals in person at a member center.
Certificate of Deposit
Certificates of deposit (CDs) are a popular and easy way for your business to save some money and Honor has made it as easy as can be. We offer a wide range of terms and competitive rates for our members. Watch your business’ savings grow with an Honor certificate of deposit.
- We offer a variety of terms to match your business savings goals
- Fixed rates on all Certificates, with an option to bump your rate one time during the term of your certificate
- No monthly fees
- Earn higher interest rates on longer term certificates
Health Savings Account
Health savings accounts (HSA’s) are a great way to offer an increased benefit to your employees while keeping your overall health care costs lower. A type of pre-tax savings account, HSA’s let your employees set aside pre-tax money to pay for qualified medical expenses.
- Interest-bearing account
- Funds roll over each year and grown until retirement
- Free HSA debit card with no annual fee
- Earnings are tax-free when used for qualified medical expenses (consult your tax advisor)
- Great not only for the business owner, but also for your employees
Business Savings FAQs
Yes! We can help you set up these accounts for your employees. We can even come to your business to help employees open these accounts. Please contact one of our business team members to get started.
Yes. You can have up to two Momentum accounts.
CD laddering is a common occurrence with opening certificates of deposit. You take your lump sum of money and divide it up between multiple CD’s with a variety of term lengths. This allows you to still earn higher rates of interest, but also to have the flexibility and access to your funds as they renew at different times.
Yes. You can download a QBO file to use. However, we recommend you check out our Autobooks tool. It’s a simple tool that integrates with your Online Banking, so you can keep everything organized in one place.
