Save More, Make More
Money Market accounts typically require a larger opening balance but also benefit from higher interest rates. (See current rates.) All businesses are eligible to open a Business Money Market account at The Bank of Salem.
Business Money Market Features
- Minimum opening balance: $2,500.00
- Minimum daily balance: maintain $2,500.00 or more to avoid $10.00 monthly fee
- Interest paid monthly to depositors who have maintained an average balance of $2,500.00 or more during the month
- Interest rate tier determined by minimum daily balance
- Rates of interest established each month based on prevailing market conditions
- Regulations restrict the number of withdrawals or transfers to another account to six (6) per month for transfers made by means of a preauthorized or automatic transfer by telephone, fax, online banking, check, draft, debit card, or similar order made by the depositor and payable to third parties (THIS REGULATION IS CURRENTLY SUSPENDED, AND THE BANK WILL NOT ENFORCE TRANSACTION LIMITATIONS ON BUSINESS MONEY MARKET DEPOSIT ACCOUNTS)
- No limit to the number of transfers or withdrawals made in person, by mail, by telephone (via check mailed to the customer), or at ATMs
How to Enroll
Visit your nearest branch or call 573-729-3137.