Business Prime Account
A competitive rate of interest is earned on your average daily balance as follows:
EFFECTIVE MARCH 1, 2015
TIER 1- Balances $34,999.99 or less will be paid .10% with an annual percentage yield of .10%
TIER 2- Balances $35,000.00 and greater will be paid 20% of New York Prime for the portion of your average balance that is $35,000 or greater. Currently (as of 12/16/2015) the interest rate is .70%. The annual percentage yield for this tier will range from .10% to .70% depending on the balance in the account. The portion of the balance below $35,000 will earn interest at the tier 1 rate.
Prime Interest is compounded monthly and will be paid on the account every month.
Transactions and Fees:
Six debit transactions per statement cycle
Unlimited transactions in person
$10.00 per item charge for additional transfers and checks.
Balance and Deposit Requirements:
A $10.00 service charge if your average daily balance falls below $1000.00.
A minimum initial deposit of $2500.00 to establish relationship.