If you're looking to start saving for your business, there's no better place to start than a small business CD from Seacoast.
Small Business CD Accounts
Certificates of Deposits (CDs) allow you to set aside money and let it grow with a fixed interest rate over a set term. They are great for increasing your savings without too much risk.
Guaranteed Fixed Interest Rate for the Term of the CD
Multiple CD Terms Available
May Offer Higher Interest Rates Than Other Savings Options
Online & Mobile Banking*
Opportunity to open multiple CD Accounts simultaneously
*You may be charged fees by the provider of the wireless network you are using to access mobile banking and mobile deposit services.
Things to Know
Early withdrawal penalties apply. With the maturity period of one year or less, the penalty equals the loss of simple interest for three months. With the maturity period greater than one year, the penalty equals the loss of simple interest for six months.
Transfers are not allowed. You can make an initial deposit to a CD, but transferring additional funds typically isn't an option.
Depending on how it's structured, your CD may automatically renew at the end of its term. When this occurs, you may receive a different interest rate than your initial term.
Separate CDs may be opened to achieve different goals, such as purchasing new equipment, giving employees bonuses or getting ahead on business expenses.
Opening Your Business Account Online is Simple
Provide Your Info
We'll need the business address, phone, email, date of birth and Social Security number (or taxpayer ID) for each individual that has 25 percent or more beneficial ownership in the legal entity and one individual with significant managerial control.
Fund Your Account
We'll need a bank account and routing number for your initial deposit.
Submit
Once your account has been set up, you'll be ready to start saving.
Seacoast Bank has numerous expert bankers to assist you opening an account or making changes to existing accounts. Find your local branch to make an appointment.
A CD, which stands for Certificate of Deposit, is a specific type of savings account that has a fixed interest rate and a fixed withdrawal date (maturity date). Just like with personal CDs, Seacoast Bank does not charge a monthly fee on our Business CD accounts. CDs are also insured by the FDIC up to $250,000 per account.
How often do CDs pay out interest?
Interest earnings depend on the term of your Business CD. Some CDs pay out interest monthly, while others payout semi-annually or annually. Some CDs even pay out in full at the end of the term.
Are CDs considered risky investments?
Just like personal CDs, business CDs are known for their stability. Because CDs are insured by the FDIC up to $250,000 per account, they are considered a low-risk investment. Additionally, you lock in your interest rate, so there is no chance of the rate changing over the CD term. One of the only risks associated with the CD is the penalty against early withdrawal, so an important thing to consider is the ability to put that amount of money away for the entire term of the CD.
How do I choose the best savings account type for my business?
Before opening an account, assess your business needs. Look for features that make your operations easier, such as mobile banking access, Remote Deposit Capture and online banking with variable user settings. Ideally, you'll also want a savings account that returns a fair percentage each year.
How will a Certificate of Deposit (CD) account benefit my small business?
A business CD account may help you reach your business savings goals quicker by offering a guaranteed fixed interest rate, fixed maturity date for withdrawal, FDIC protection and a potentially higher return on investment than a savings account.
What businesses can open a small business savings account?
In general, any business with an Employee Identification Number (EIN) or Social Security number for sole proprietors can open a small business savings account. Keep in mind that you may need to submit documentation for your business as well.
What are the typical terms for business CDs?
Business CDs typically have terms ranging from one month to five years or more. Your interest rate is fixed for the term of the CD, so there is no chance of the rate changing over the CD term.
Can I withdraw money from a business CD before it matures?
Yes; you can withdraw money from a business CD before it matures; however, you will generally incur an early withdrawal penalty.
Are business CDs FDIC-insured?
Yes; business CDs are FDIC-insured up to $250,000 per account.
What happens when a business CD matures?
You typically have a grace period of about 7 to 14 days to decide what to do with the funds once a business CD matures. Options include withdrawing the money without penalty, reinvesting it in a new CD, or transferring it to another account. If no action is taken, the CD may automatically renew for another term.
Connect with a Local Banker.
Are you interested in contacting a local, Florida banker to discuss your individual financial needs? We’d love to speak with you. Schedule a consultation today.
Access your business accounts from your mobile device anytime, anywhere using the Seacoast Mobile Banking app.
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At Seacoast Bank, everything we do is based upon core beliefs summarized in the Four Promises we make to you. When you entrust your banking to us, we promise to:
Get you comfortable with the right products and the right team to serve you
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