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Business Share Savings

Our most basic business account can help you save for the unexpected, plan for the future, or increase security for your business. You only need $100 to open and there are no monthly transaction fees. Plus, your $100 is enough to earn dividends and avoid service fees.

0.00%APY*$100 minimum balance to avoid service fee

Advanced Business Money Market

Advanced Business Money Market accounts are insured up to $3.25 million.  This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).

This tiered rate money market account with no monthly service fee, no monthly transaction fee, and no minimum balance to avoid a service fee. Your dividend rate rises as your balance increases.

An Advanced Business Checking Account is required to open this account, minimum opening balance of $100

3.25%APY*$500,000 and above


2.50%APY*$250,000 - $499,999.99


1.99%APY*$100,000 - $249,999.99


0.50%APY*$10,000 - $99,999.99


0.10%APY*Below $10,000

Business Certificates of Deposit

Certificate accounts for business with elective terms and a higher interest rate.

$1,000 minimum opening balance, Bonuses are not available on promotional certificates.

0.50%APY*6-Month Certificate


0.75%APY*12-Month Certificate


0.75%APY*18-Month Certificate


1.00%APY*24-Month Certificate

Other Services

Frequently Asked Questions

Is the money in my business checking or savings account insured?

All deposits at Maps Credit Union are protected by the National Credit Union Administration (NCUA), with deposits insured up to at least $250,000 per individual depositor. If you have a Non-Profit Business with a Maps Advanced Business Money Market Account, you are also entitled to an additional $3 million through private insurance by Excess Share Insurance Corporation (ESI). This additional insurance allows non-profit organizations to combine funds into one account instead of having to open multiple accounts to maximize insurance coverage.

What types of businesses does Maps Credit Union support?

We currently support Sole Proprietorships, Associations, Corporations, C Corporations, S Corporations, General Partnerships, Limited Liability Companies (LLCs), Limited Liability Partnerships (LLPs), Limited Partnerships, Non-Profit Organizations, Non-Profit Corporations, and Partnerships.

What is the minimum amount required to open a business checking or savings account?

To complete the account opening process, a $100 minimum opening deposit is required for all business checking accounts.

Why should I open a small business checking account?

A business checking account is a convenient way to safeguard, manage, grow, and access the funds your small business. Your account will provide liquid funds for the day-to-day management of your small business, as well as for large purchases and expenditures. What’s more, a business checking account can help you keep track of spending through Online Banking and see your balance 24/7.

Why should I open a business savings account?

A business savings account offers an extra cushion to deal with unexpected or future expenses. You can also set aside money for upcoming projects, quarterly or yearly tax payments, or for overdraft protection.

How do I open a business checking or savings account?

To open a business checking account, visit a branch or call 800.688.0181. You will need official documentation of the business and its ownership as well as documentation of the business’s authorized users (see next FAQ for details). When opening your account, all signers must be present and provide current, state-issued photo identification.

What documents do I need to open a business checking or savings account?

Sole Proprietor

Limited Liability Company

Cooperation Profit or Non-Profit

Association

Club

Partnership

If you have any questions, please contact your local branch or the Maps Business Services Department directly at 800.688.0181.

Can I open a business checking account online?

Currently, we do not offer an online option for opening business accounts. Please visit your local branch or call 800.688.0181 for assistance in opening an account. Once your business account is established, you will be able to access your business accounts online or in the Maps mobile app.

Which checking account will work for my business?

The best checking account for your business depends largely on your transactional volume and average balances. For example, Advanced Business Checking is a great fit for a business that has a high volume of transactions, maintains a higher balance, and wants to earn interest on deposits.

Is there a monthly service fee for business checking accounts?

The monthly service fee depends on the type of account you have and your average balance. Non-Profit Checking Accounts do not carry monthly service fees and there is no minimum average balance. For all other business accounts, the monthly service fee is waived if you maintain the required minimum average balance.

What qualifies as a transaction on my business checking account?

A transaction is any check, ACH funds transfer, teller cash withdrawal, ATM withdrawal, debit card purchase, fee, charge or other amount that is added to or subtracted from your balance.

Do business checking accounts come with a debit card?

Every Maps Credit Union business checking account comes with a Maps Debit Mastercard.

Can Maps Credit Union support my business in other ways?

Absolutely! Maps offers business tools and resources to help you manage your daily finances and navigate the future. Other services we offer include Merchant Card Processing, Federal Tax Payments, Business Payroll Service, wire transfer origination, overdraft protection, automated internal funds transfers, online ACH, Business Remote Check Deposit, Employment and Tenet Screening Services, Checks and Business Forms, and Employer/Employee Benefits.

*APY = Annual Percentage Yield. Rates good as of effectivedate and are subject to change at anytime.

Except as specifically described, the following disclosures apply to all accounts:

  1. Rate Information. The Interest Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The APY is a percentage rate that reflects the total amount of interest to be paid on an account based on the Interest Rate and frequency of compounding for an annual period. The Interest Rate and APY are fixed and will be in effect for the term of the account.
  2. Compounding and Crediting. Interest will be computed and credited as set forth above. The Interest Period begins on the first calendar day of the Interest Period and ends on the last calendar day of the Interest Period.
  3. Balance Information. **The minimum balances required to open each account are set forth above. The dividends are calculated and the minimum balances required to earn dividends are determined using the actual daily balance method. Dividends are calculated by multiplying a daily periodic rate to the principal in the account each day.
  4. Accrual of Interest. Interest begins to accrue on cash and noncash (e.g. checks) deposits on the business day you make the deposit to your account.
  5. Transaction Limitations. After your account is opened, you may not make additional deposits to your account until after the maturity date.
  6. Maturity. Your account will mature within the term set forth above or the maturity date set forth on your Account Receipt or Renewal Notice.
  7. Early Withdrawal Penalty. Partial withdrawals are not allowed and a penalty will be imposed if you withdraw the principal before the maturity date. Interest may be withdrawn before the maturity date without penalty, however if the account is compounded, the APY will be reduced.
    1. Amount of Penalty. The amount of the penalty for early withdrawal of the principal is based on the term of your account. The penalty schedule is as follows: Certificates 365 days or less–90 days interest; more than 365 days–180 days interest. The penalty is calculated as a forfeiture of part of the interest that has been earned on the account and is calculated on the original balance of the certificate on the opening or most recent rollover date. How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
  8. Renewal Policy. Your account will automatically renew for another term upon maturity at the then current interest rate. You have a grace period of ten (10) days after maturity in which to make deposits or withdrawals without being charged a penalty. If deposits or withdrawals are made during the grace period your APY may be effected. No interest will accrue after the maturity date if the account is not renewed.
  9. Nontransferable/Nonnegotiable. Your account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any business obligations, except obligations with the Credit Union.
  10. Rate and Fee Schedules are subject to change.
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