Choosing a Business Checking Account
Just like choosing a personal checking account, you should select a business checking account, or a series of accounts, that match your needs. Start by considering how you use your business checking account:
- How many checks do you write each month?
- How many and what types of deposits do you typically make?
- How large of an average balance do you maintain?
- Is there a convenient branch or ATM close by, especially if you make daily deposits?
Business Checking Account Options at Timberland Bank
We offer a basic Business Checking Account, which features no minimum balance or monthly maintenance fee. This account also includes 550 free monthly items, with anything over 550 available at just $0.20 each.
Most institutions will restrict the number of checks that can be written on a low or no fee account to prevent a business from having an account with very low balances and writing a large number of checks. For instance, most institutions would not allow an account with a very low balance to be used to process payroll checks for a business with hundreds of employees. Our Business Checking Plus Interest option offers competitively priced checks, no matter the size of your business or number of employees. This account can also be opened with no minimum balance or monthly maintenance fee.
Premier Business Checking is our best option for businesses with higher balances and offers an earnings credit tied to the 13 week T-bill.
Increase Your Earnings with Sweep Options
To get the most from your Business Checking Account, consider a Business Sweep Account, which will allow you to earn higher rates on your everyday cash. Here's how it works:
- Together we will determine a minimum balance to set for your Business Checking Account.
- We will monitor your account for you daily. Funds above your set minimum balance will be "swept" into a Business Money Market Account.
- Once in the Business Money Market Account, your funds will earn competitive interest rates.
Consider Online Banking for Business
Online Banking for Business is available with all Business Checking Accounts and provides access to tools that can save your business time and money. Through Online Banking for Business, you can:
- Check your accounts and balances quickly and easily in one stop
- Conveniently access your account history and quickly organize all transactions that originated online
- Create a robust virtual filing system to view and save statements electronically
- Schedule payments—you determine the payday and we'll handle the rest!
- Send funds through the ACH transfer system
- Conveniently process payments to all your employees from one screen
- Initiate Federal or State tax payments up to 30 days in advance