There are many ways to add something extra to your bottom line
A hard-working checking account is key to your day-to-day business operations. But it also makes sense to set aside funds for expansion planning, equipment upgrades, unexpected repairs and other long-term needs. From simple savings accounts to high-return share certificates, CoVantage offers business owners in Wisconsin, Michigan, Illinois and elsewhere a wealth of ways to earn dividends now and prepare for whatever lies ahead.
CoVantage Business Savings Options
- Membership Share Savings Accounts: A $10 deposit in a regular share account establishes your ownership share in the credit union. Dividends are compounded daily and credited quarterly.
- Miscellaneous Share Savings Accounts: Businesses can open multiple share accounts to separate funds for different purposes.
- Term Share Certificate: Certificates offer higher returns for your investment. Terms range from 3 months to 5 years. Dividends are compounded and paid quarterly. Penalty for early withdrawal.
- Individual Retirement Account: We offer two options. There's an Open Deposit Account, which requires only a $10 minimum deposit. Dividend compounded monthly and is paid on the daily balance. Or invest in a Share Certificate with a $1,000 minimum deposit.
- Money Market Accounts: With six different tiers, you can earn higher returns with bigger balances. These accounts also offer liquidity not found in some other investment accounts.
- Share Deposit Insurance: The National Credit Union Administration insures the first $250,000 in deposits. In Wisconsin, amounts between $250,000 and $400,000 are protected by the Public Deposit Guaranty Fund administered by the State Treasurer. Beyond $400,000, CoVantage can provide collateral for additional coverage.
- Savings Bonus: At CoVantage you have an opportunity to participate in the savings bonus we may pay at year-end to members who have deposit accounts with us.
Before you open your business account, take a look at this checklist to ensure you have the documents needed.