Business Prime Account
A competitive rate of interest is earned on your average daily balance for business savings as follows:
EFFECTIVE July 26, 2023.
Determination of Rate โ The interest rate applied to Tier 2 is 15% of United States Prime.
Prime Account Rate Information:
Tier 1- If your average daily balance is $34,999.99 or less, the interest rate paid on the entire balance will be the Exchange Savings Rate of 0.10% with an annual percentage yield of 0.10%.
Tier 2 โ The interest rate applied to Tier 2 is 15% of the United States Prime Rate at 8.50%. An interest rate of 1.275% will be paid only for that portion of your average daily balance that is greater than $34,999.99. The annual percentage yield for this tier will range from 0.10% to 1.28% depending on the balance in the account. The portion of the balance below $35,000.00 will earn interest at the tier 1 rate.
Prime Interest is compounded monthly and will be paid on the account every month.
Currently United States Prime is 8.50%
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 $25.00 service charge if your average daily balance falls below $2500.00.
A minimum initial deposit of $2500.00 to establish relationship.
Municipalities are not eligible for a Prime Account.
Call and speak to an EXBA personnel today 256.547.2572
