Commercial Savings & CDs

Commercial Savings FAQs

What is the difference between a business savings account, CD and money market account?

• A business savings account is a flexible option designed to help businesses grow their savings. It features a tiered interest structure, allowing you to earn more as your balance increases, along with free online and mobile banking for convenience.

  A Certificate of Deposit (CD), on the other hand, offers a fixed interest rate over a set term. CDs are ideal for businesses looking for guaranteed returns without the need for frequent access to their funds. Lastly, a business money market account combines the benefits of high interest rates with check-writing privileges, offering increased flexibility while still growing your savings.

Are there transaction limits for business savings or money market accounts?

• Yes, there are limits. A business savings account permits up to six withdrawals per quarter without incurring any fees. However, any additional withdrawals beyond this limit will result in a $3 fee per transaction. Similarly, business money market accounts allow up to six withdrawals per statement cycle. Exceeding this limit results in a $10 fee per transaction.

Can I use a Money Market Account for overdraft protection on my business checking?

• Yes, you can. A business money market account can be linked to your business checking account to provide overdraft protection. This setup ensures seamless management of your funds while avoiding overdraft fees.

Can I access my Seacoast commercial accounts online?

• Absolutely. Seacoast Bank provides secure Online & Mobile banking platforms for all commercial accounts, including savings, money market accounts and CDs. These platforms make it easy to manage your accounts anytime, anywhere, with features like fund transfers, balance tracking and account monitoring.

Does a commercial savings account allow check writing?

• No, commercial savings accounts typically do not offer check-writing capabilities. They are designed for saving and earning interest, with limited withdrawal options.

Why should a business open a commercial savings account?

• A commercial savings account helps businesses grow funds with interest while keeping savings separate from daily operating expenses. It’s ideal for managing reserves or saving for future goals.