Commercial CDs: Enhance Your Business's Savings Strategy
FNBCC believes in offering business owners the opportunity to grow their money. If you're looking to save more aggressively for your business, we offer commercial certificates of deposit (CDs) to help your money grow. Commercial CDs typically offer higher interest rates than standard business deposit accounts, with the security of a fixed term to help your money grow faster. Here's what you need to know about commercial CDs at FNBCC:
- $500 minimum opening deposit
- Terms range from 7 days to 60 months
- Interest can be paid monthly or accrued and paid at maturity
- Multiple options available when account reaches maturity, including cashout and reinvestment
- Early withdrawals are subject to penalty
To open a commercial CD, please contact FNBCC to speak with our business banking team.
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IRAs: Offer a Benefit Your Employees Will Value
Every business owner wants to find the best employees. A good staff allows you to maintain effective operations, ensures your clients' needs are met, and allows you to focus on helping your business continue to grow. The individual retirement account (IRA) offerings from FNBCC are a great tool for helping recruit better talent to your business. We offer two IRA options for business owners and their employees to save more effectively for retirement: SEP IRAs and SIMPLE IRAs.
SEP IRA (Simplified Employee Pension)*
Ideal for small businesses and self-employed individuals, a SEP IRA allows employers to make tax-deductible contributions to their employees’ retirement accounts. Contributions are made solely by the employer and can vary year to year, offering flexibility based on business performance.
- Best for sole proprietors, partnerships, and small businesses with few or no employees.
- Employer-funded only
- Higher contribution limits than traditional IRAs
- Easy to set up and administer
- No annual filing requirements for the employer
SIMPLE IRA (Savings Incentive Match Plan for Employees)*
Designed for businesses with 100 or fewer employees, a SIMPLE IRA encourages both employer and employee contributions. Employers must either match employee contributions up to 3% of compensation or make a fixed 2% contribution for all eligible employees.
- Best for small businesses looking to offer a structured retirement plan with employee participation.
- Employer and employee contributions
- Lower administrative costs than 401(k) plans
- Mandatory employer contributions
- Great for boosting employee morale and loyalty