- Competitive rate to grow your money faster
- Interest compounds and is credited monthly
- FDIC-insured to the legal maximum for your protection and peace of mind
First Utah Bank’s High Yield Business Money Market account gives you easy access to your funds while earning a higher rate on your larger balances. If the daily balance in your account remains above $25,000, you will not pay a monthly service fee.
Rate Information: This account is an interest bearing account. The interest rate and annual percentage yield will depend upon the daily balance in the account as shown on the Rate Chart. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account weekly. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Interest will be compounded monthly and will be credited to the account monthly.
Balance Information: We use the simple balance method to calculate the interest on the account. This method applies a daily periodic rate to the principal in the account each day.
Limitations: You must deposit $25,000 to open this account. Because business service charges for the collection of deposited items do not apply to this account, business deposit items must be deposited to a business operating account. Transfers drawn from another account at First Utah Bank must be collected funds. Per Federal Regulation D, you may make a combination of six (6) limited transfers or withdrawals from your accounts per calendar month or statement cycle, or a similar period of at least four weeks. There will be a service charge of $15 per check written in excess of six (6). There will also be a service charge of $15.00 per transfer/withdrawal in excess of six (6) total. Limited transfers include preauthorized transfers through ACH or EFT, automatic transfers for overdraft protection, telephone, facsimile and computer transactions to transfer funds to another account at the same institution and withdrawals initiated by telephone where the proceeds are paid to third parties.
Account Fees: There is a $25.00 monthly service charge if the daily balance drops below $25,000.