Business Savings Accounts

Morris Bank is always the smart choice in business banking with interest-earning business savings account choices to help you manage your profits. They’re all part of a larger package of business services that keep your business success in mind.

BLUE Business Money Market

BLUE Business Money Market

The right choice for your business with these special features:

  • Minimum deposit to open is $10,000.
  • Minimum daily balance to obtain the annual percentage yield - $10,000.
  • Four withdrawals per month - $3.00
  • Tiered variable rate information equal to or greater than the following daily balances:
  • $10,000
  • $25,000
  • $100,000
  • $250,000
  • $500,000

Certificates of Deposit (CDs)

Certificates of Deposit

By depositing your money into a CD for a specific length of time, called a "term", you lock in a specified interest rate. The longer your term, the higher your rate of interest return will be. Morris Bank offers a guaranteed fixed interest rate on a wide variety of terms. The terms range from 3 months up to 5 years. You can withdraw your funds early if you necessary, but an early withdrawal fee will be imposed.

At the term end, you have a ten-day grace period during which you can:

  • Let your CD renew automatically at the current rate.
  • Withdraw all or part of your deposit.
  • Select a new term.
  • Make one additional deposit.

IRA Deposits

Get more from Morris!

 

Make the most of your retirement savings by putting them in a Morris IRA.

 

Enjoy the highest rates possible along with traditional and Roth IRA tax benefits for those who qualify.

 

Click here to read more about our IRAs.

Beneficial Ownership Information

Your business relationship is important to us. Our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all financial institutions will be subject to new rules under the Bank Secrecy Act that will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

 

EACH time an account is opened for a covered Legal Entity, we will be required to ask you for identifying information (name, address, date of birth, social security number), as well as identification documentation for:


• EACH individual that has 25% or more Beneficial Ownership in the Legal Entity; and,
• ONE individual that has Significant Managerial Control of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide appropriate documentation and to Certify that this information is true and accurate to the best of your knowledge.

 

In order to make this process as efficient as possible, we suggest that you obtain the above, bulleted information, along with [a copy of the current Driver’s License] for EACH identified individual. If your business will frequently be opening new accounts/loans, please keep this information current and available to present EACH time you come in to establish a new account. If you have any questions please don’t hesitate to contact us.

 

Click here for more information.