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Business Accounts

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Setting up a checking account for your business is the first step toward financial success. Link it to a debit card, savings account, credit card processing, or even our Cash Management and Remote Deposit Capture services, and you’re ready for a convenient and seamless banking experience.

NonprofitBusinessBusiness RewardsMoney Market


Description

Nonprofit


An interest-bearing account for nonprofits, organizations, and associations.

Business


Our classic account for any business size.

Business Rewards


A high-interest business checking account.

Money Market


A higher-yield, higher-minimum savings with tiered interest rates.


Transaction limit

Nonprofit


none

Business


none

Business Rewards


none

Money Market


6 per cycle*


Interest

Nonprofit


Tiered interest rates
Tier 1: $0-$24,999.99
Tier 2: $25,000- $99,999.99
Tier 3: $100,000- $249,999.99
Tier 4: $250,000+
Calculated on average daily balance. Inquire for current rate.

Business


Non-Interest bearing business account.

Business Rewards


Tiered interest rates
Tier 1: $0-$4,999.99
Tier 2: $5,000-$24,999.99
Tier 3: $25,000-$99,999.99
Tier 4: $100,000-$249,999.99
Tier 5: $250,000+
Calculated on average daily balance. Inquire for current rate.

Money Market


Tiered interest rates
Tier 1: $0-$999.99*
Tier 2: $1,000-$24,999.99
Tier 3: $25,000+
Calculated on average daily balance; compounded & paid monthly. Inquire for current rate.


Minimum Average Daily Balance to Obtain APY

Nonprofit


$0

Business


N/A

Business Rewards


$25,000

Money Market


$0


Monthly Fees

Nonprofit


none

Business


none

Business Rewards


none

Money Market


none


Checks

Nonprofit


Price varies

Business


Price varies

Business Rewards


Price varies

Money Market


Free basic checks


Statements

Nonprofit


yes

Business


yes

Business Rewards


yes

Money Market


yes


Digital Banking + Bill Pay

Nonprofit


yes

Business


yes

Business Rewards


yes

Money Market


yes


Minimum Opening Deposit

Nonprofit


$100

Business


$100

Business Rewards


$25,000

Money Market


$1,000


Business Debit Card + Fraud Monitoring

Nonprofit


yes

Business


yes

Business Rewards


yes

Money Market


n/a

*Transactions that qualify towards the limitations: Pre-authorized transfers, automatic transfers, telephone transfers, internet banking transfers, check, draft, or debit card transfers.

All Business Checking Accounts Include

  • Debit card (access cash via thousands of fee-free ATMs and add your card to your mobile wallet for convenience and security)
  • Digital banking (includes services such as bill payment, mobile deposit, P2P, e-statements, and more!)
  • Learn more about all of our business services

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Required Business Documents

In order to open your new business account, please bring the following documents:

  • Certificate of Assumed Name filed with the state of Minnesota
  • 1 page Articles of Incorporation/Organization
  • Official Federal Tax ID number confirmation
  • Certificate of Beneficial Ownership (read more below)
  • Authorized signers for the account should plan to stop by the bank with their valid US driver’s license (or other form of ID) within 3 days of account opening, if possible.

Important Information About Opening a Legal Entity Account

Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

Learn more about beneficial ownership

Coffee with a Banker Videos
Business Resource: Small Business Development Center

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SBDC Pt. 3

SBDC Pt. 4

SBDC Pt. 5

 

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