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Business Savings Account

Find a smart way to save for the future of your business. Earn valuable quarterly dividends, and enjoy 24/7 access with business online banking. 

Designated savings accounts help me reach my goals.

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  • Features & Benefits
    *Qualification for the Owners’ Dividend is subject to eligibility requirements. Payment of a Dividend is not guaranteed.
     
  • Specifics
    • Available to ESL members.
    • Open an account with a minimum deposit of only $1.
    • Earn quarterly dividends (dividends are earned from date of deposit to date of withdrawal).
    • Get up to six electronic withdrawals and/or transfers per month—that’s the maximum allowed by federal regulation (Federal Reserve Regulation D).
    • Electronic withdrawals and transfers include:
      • Online banking transfers
      • TEL-E$L transfers
      • Automatic Clearing House (ACH) withdrawals
      • Telephone transfers made with help from an ESL representative
      • Transfers made through chat banking with help from an ESL representative
     
  • Rates

    Business Savings Account

    Minimum Balance to Open Account: $1

    Balance Tiers
    Minimum Balance to Obtain APY
    Dividend Rate
    Annual Percentage Yield
    Balance Tier $0 - 9,999.99
    Minimum Balance to Obtain APY $1
    Dividend Rate 0.050%
    Annual Percentage Yield 0.05%
    Balance Tier $10,000.00 and greater
    Minimum Balance to Obtain APY $10,000
    Dividend Rate 0.050%
    Annual Percentage Yield 0.05%

    Rates accurate as of

    All rates subject to change without notice. Annual Percentage Yield (APY) is accurate as of the last dividend declaration date. Fees could reduce earnings in this account.

     
  • Fees

    Learn about the most common fees that are incurred on ESL savings accounts.  Click here for a complete listing of all ESL fees.

    Your ESL Business Savings Account includes free access to and use of business online banking to check accounts, transfer money, or manage your personal information. This includes free use of online Bill Pay.

    ATM Fees

    Fee Type
    Description
    Fee
    Fee TypeESL Owned ATMs
    DescriptionFees for ATM transactions at ESL owned ATMs. These include transactions such as withdrawals, deposits, and balance inquiries.
    FeeFree
    Fee TypeNon-ESL Owned ATMs
    DescriptionFees for ATM withdrawals at non-ESL owned ATMs. You are charged by ESL and potentially the owner of the ATM when you use a non-ESL ATM.
    Ways to avoid fees- Choose the cash-back feature at many retail stores when using your ESL Business Visa Check Card and entering your PIN.View debit card information
    Fee$1.50
    Owner of ATM may also charge a fee.

    Fees may change. 

     

    Insufficient Funds Fees

    Fee Type
    Description
    Fee
    Fee TypeInsufficient Funds
    DescriptionThere is not enough money in the account for the amount of the transaction (checks, automatic withdrawals via ACH, and ESL Bill Pay), and you are charged a fee. The item may be paid, or if not paid it is returned to the Payee.
    - Monitor account activity with ESL business online banking.
    - Set up email alerts to let you know when your balance falls below a certain amount.
    - Transfer funds from another ESL account via an ESL ATM, business online banking, TEL-E$L, chat or telephone banking , or at an ESL Branch.
    - Ask about overdraft options, such as Business Overdraft Line of Credit, CheckOK and Courtesy Pay.
    Fee$37.00
    The Payee may also charge you a fee
    Fee TypeUncollected Fees
    DescriptionYou have deposited funds, but they are not available in your account for withdrawal. Therefore, you do not have enough money for the amount of the transaction (checks, automatic withdrawals via ACH, and ESL Bill Pay). The item is not paid and returned to the Payee and you are charged a fee.
    Ways to avoid fees- Monitor account activity with ESL business online banking.
    - Set up email alerts to let you know when your balance falls below a certain amount.
    - Transfer funds from another ESL account via an ESL ATM, business online banking, TEL-E$L, chat or telephone banking , or at an ESL Branch.
    - Ask about overdraft options, such as Business Overdraft Line of Credit, CheckOK and Courtesy Pay.
    Fee$37.00
    The Payee may also charge you a fee
    Fee TypeDeposited Items Returned
    DescriptionFor each item you deposit or cash that is returned unpaid. This usually occurs because the person who wrote the check doesn’t have enough funds in their account to cover the amount or because a stop payment was placed.
    Fee$10.00
    Fee TypeACH Deposit Item Returned
    DescriptionFor each ACH deposit item returned unpaid.
    Fee$6.00

    Fees may change. 

     

    Stop Payment Fees

    Fee Type
    Description
    Fee
    Fee TypeStop Payments
    DescriptionTo request the stop payment of a check or ACH from your account that has not been deposited or cashed by the payee.
    Fee$30.00

    Fees may change. 

     

     
  • How to Open

    It's easy to open a Business Savings Account:

    We’ll help you open your Business Savings Account right away.

    Learn more about Business Membership Eligibility.