Business Savings

At MidWestOne, we truly believe that the most gratifying part of our job is helping people, just like you, to realize their dreams. Our commercial banking staff is serious about your business’ success. That's why we’ve developed Business Savings accounts for your varied needs. So go on and say it like you mean it...I am my own boss!

Savings Built to Suit

Services Business Savings Business Money Market
Minimum Daily Balance
$200
$2,500
Monthly Service Fees
$9 if fall below minimum
$8 if fall below minimum
Withdrawal Availability
6 per statement cycle
6 per statement cycle
Third-Party Transfers
6 per Statement Cycle (none by check)***
6 per Statement Cycle ***
Interest Earned & Compounded Monthly
Yes
Yes
Monthly Statements
Yes
Yes
Basic Online Cash Manager
FREE
FREE

Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (e.g. checks). Interest is compounded and paid monthly on the last day of your statement. All accrued, unpaid interest will be paid to you at account closing.

We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the available balance in the account each day.

The interest rate is variable and subject to change at the bank’s discretion reflecting current market conditions. The annual percentage yield may vary due to interest rate changes and fees. Please refer to our Deposit Rates Page for current interest rates and annual percentage yields.

MidWestOne Bank will deem your non-transactional account inactive if you do not make any deposits to, or withdrawals from, the account for a 24-month period. An inactive account remains subject to service charges and may be assessed a non-refundable monthly $5 inactivity fee. The statement cycle may also change to semi-annual with June 30 and December 31 statements.


*** Transfers from these accounts to another account or to third parties by preauthorized, automatic, online or telephone transfer are limited to six per statement cycle. If these transaction limitations are exceeded three times in a 12-month period, the account may be closed or converted to another type of transaction account allowing unlimited third-party transfers.

Interest charged on overdrawn balances and uncollected funds are calculated each day based on MidWestOne Commercial Loan base rate plus 1.50% per annum, unless the account is a Sole Proprietorship, in which case the interest charge is waived. Applicable sales tax also applies.