Business Savings

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Business Savings


With a growing and successful business, it is important to save a portion of your prosperity for future needs. Whether it is for growth expansion or simply unexpected turns in the road ahead of you, proper planning is just smart business and Banterra can help.


Preferred Savings

A basic savings account for small businesses.

  • $100 minimum balance to avoid a fee ($2 monthly service charge if balance drops below)
  • Interest - $100 minimum balance required
  • Transactions - transfers from a savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no transfers by check, debit card, or similar order to third parties
  • Fees - a per-item service charge of $2 will be charged for each withdrawal in excess of four per month


Money Market

Liquid cash is a critical asset for a growing company on the move. It facilitates purchases and covers expenses. And while it's important to keep cash on hand to respond to day-to-day demands, it's also important to keep that money working for you as hard as it can. This is a great business account for earning a completive market rate of interest while giving access to your funds.

Money Market Account - Basic

  • $2,500 minimum to open
  • Interest - $2,500 minimum balance required
  • Transactions - transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle
  • $8.50 service charge each statement cycle unless a minimum daily balance of $1,500 or a minimum average daily balance of $2,500 is maintained

Preferred Money Market Account

  • $10,000 minimum to open
  • $10 service charge per statement cycle will be waived with $10,000 minimum daily balance in combination of identified NOW, Savings, Money Market Deposit Account, Certificate of Deposit or Home Equity Line of Credit accounts
  • Higher rate of Interest - $10,000 minimum balance required
  • Transactions - transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle


Health Savings Account

It’s easy to take our health for granted, but unexpected issues can occur that come with large, unplanned expenses. Even with health insurance plans, these plans typically come with high-deductible and out-of-pocket costs that can really add up. At Banterra, we offer a Health Savings Account (HSA) with great benefits and no annual fee that can help you prepare for future health needs.

A Health Savings Account is a savings account that you can contribute money into in order to save for future medical expenses.
Benefits of a HSA

  • Tax-Savings
  • Cost-Savings & Ownership
    • Reduce your insurance premiums by choosing a low-premium, high-deductible healthcare plan. Instead of giving money to a health insurer, put the premium difference in a HSA that you control and will add to your financial portfolio.
  • Control & Flexibility
    • Having an HSA account puts you in control whether it is determining how much money to put in the account, how much to save for future medical expenses or to pay for current medical expenses or which medical expenses to pay from this account.
  • Long-Term Savings
    • Funds in an HSA grow tax-free, including the interest, and withdrawals for eligible medical expenses are also tax-free.

Benefits of Banterra’s HSA

  • NO ANNUAL FEE - No annual fee; many other banks charge fees.
  • FREE DEBIT CARD(S) - Receive a Banterra Visa® HSA Debit Card at no charge to conveniently pay for your qualified medical expenses, as well as a second card for an authorized user of your choice.
  • CHECKS - You can also utilize checks for your HSA with no per-check fee; see representative for printing fee for check order.
  • FREE ONLINE BANKING AND BILL PAY - Pay your health expenses easily through Banterra’s Online Banking or Mobile App
  • FREE ATM - Use your Banterra Visa HSA Debit Card at no charge at Banterra ATMs located in Illinois, Indiana, Kentucky and Missouri.
  • TRANSFER FUNDS EASILY - Easily transfer funds into and out of your HSA.
  • FREE MOBILE BANKING - Banterra’s Mobile App makes it easy to check HSA balance, transfer funds and more.
  • EASY PAYMENT OPTIONS FOR EXPENSES:
    • Use your Banterra Visa HSA Debit Card.
    • Set up payees for free Online Bill Pay.

Requirements for a HSA

  • Must have coverage under an HSA-qualified, high-deductible health plan (HDHP).
  • Have no other first-dollar medical coverage (insurance such as specific injury insurance or accident, disability, dental care, vision care or long-term care insurance are permitted).
  • Cannot be enrolled in Medicare.
  • Cannot be claimed as a dependent on someone else's tax return.
  • $100 is minimum to open the account.
  • To generate interest, a balance minimum of $100 is required.

How to enroll

  • Enrollment is easy and won’t take long. Simply stop by your local Banterra Bank branch and a representative can assist you.

HSA Contributions

  • Maximum annual contribution is the contribution limit based on high-deductible health plan (HDHP) coverage as shown in the chart below:
    HSA Table

    * Subject to annual cost-of-living adjustments, if any.

  • Alcoholism Treatment
  • Ambulance
  • Birth Control Pills
  • Breast Reconstruction
  • Chiropractors
  • Contact Lenses
  • Dental Treatment
  • Dermatologist
  • Eyeglasses
  • Gynecologist
  • Hearing Aids
  • Home Care
  • Hospital Services
  • Laboratory Fees
  • Lodging (for out-patient treatment)
  • Long-Term Care
  • Meals (associated with receiving treatments)
  • Nursing Care
  • Pediatrician
  • Prenatal Care
  • Prescription Medicine
  • Psychiatric Care
  • Surgeon/Surgical Room Costs
  • Therapy
  • Vaccines
  • Wheelchair
  • X-Rays


CDs & IRAs

If you’re striving to build a nest egg or save for a comfortable retirement, our CDs & IRAs are a smart choice.

Details


CDARS

CDARS® is the Certificate of Deposit Account Registry Service®. And it is the easiest, most convenient way to enjoy multi-million-dollar FDIC insurance on CD deposits.

One Bank

Everything is handled through Banterra Bank. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network. Then, those member banks issue CDs in amounts under the standard FDIC insurance maximum, so that your investment is eligible for FDIC insurance.

One Rate

You earn one rate per maturity on your entire investment - so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.

One Statement

You receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there’s no need to manually consolidate statements, track changing collateral values on an ongoing basis, or use private surety bonds.

It's that simple.

When you’re ready to take advantage of CDARS, here’s what happens:

  • You enter into one agreement.
  • You sign one simple CDARS Deposit Placement Agreement with Banterra Bank.
  • You select an interest rate and a maturity.
  • Based on our current CD options, you decide on a rate and a maturity that best matches your investment goals.
  • Funds are deposited.
  • Using CDARS, Banterra Bank will submit your funds for placement at member banks.
  • CDs are issued.
  • Member banks issue CDs in denominations under the FDIC maximum, so your investment is eligible for FDIC insurance coverage.
  • Confirmation is received.
  • You receive written confirmation of your deposits and a listing of all of your CDs.

That’s it! Using CDARS is just that easy.

Contact us to learn more or stop by a Banterra location.

*Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.


Business Savings Account Comparison

Preferred Savings Money Market Preferred Money Market Certificate of Deposit CDARS®(Certificate of Deposit Account Registry)
Who Would Benefit from This Account Great for earning interest on higher balances accounts that may occasionally have a lower balance The right account if balances are between $2,500 and $10,000 Perfect for a $10,000 minimum balance account while earning more as the balance grows A great way to have options for rates and terms on your money The right CD for you if you want a single statement yet have large deposits needing FDIC coverage through multiple banks
Interest Bearing Tiered Tiered
Minimum Opening Balance and Balance Required to Earn Interest $100 $2,500 $10,000 Varies based on product selected Varies based on product selected
Service Charge $2 per statement cycle if balance falls below $100 None if you maintain a minimum daily balance of $1,500 or a minimum average balance of $2,500; otherwise $8.50 per statement cycle None if you maintain a $10,000 minimum daily balance in combination of identified Preferred Money Market, NOW, Savings, Money Market Deposit Account, Certificate of Deposit or Home Equity Line of Credit accounts; otherwise $10 fee per statement cycle Penalties assessed for early withdrawal Penalties assessed for early withdrawal
Per Item Charge $2 per item for withdrawals in excess of 4 per cycle None None None None
Additional Information Withdrawal limitations apply Withdrawal limitations apply A variety of terms are available A variety of terms are available

Compare our savings products or stop by one of our Locations and a Banterra representative can assist you with the right checking product for your financial needs.