Business Checking and Savings Accounts in Minnesota

It comes down to how much activity runs through the account and how much balance you carry. Small Business Checking is the startup business checking account; it is designed for businesses with limited depository needs and balances. Analyzed Checking is designed for businesses with a high volume of business activity. Edge Checking is for businesses that keep healthy balances, have moderate transaction account activity, and want to earn interest on those balances. Non-Profit Checking is an interest-bearing checking account for nonprofit entities. Public Funds Checking is an interest-bearing checking account for government and public fund entities. Still not sure? All we need is a conversation and three months of statements, and within three business days we will give you our best recommendation. Often you will hear back within 24 hours.

It depends on the account and your balance. Small Business Checking, Non-Profit Checking and Edge Checking carry no service charge at all if you stay above the average available balance shown in the table above. Public Funds Checking has no service charge, no paper statement fee and no per item fees. Analyzed Checking carries a $10 service charge per statement cycle and prices each item individually, with an earnings credit used to offset those fees, which usually works out better for high volume accounts than a flat structure. Paper statements add $3 per statement cycle on four of the five accounts and that fee is waived with eStatements.

We do not offer a no-strings free account, because in practice those accounts recover the cost somewhere else. What we offer instead is accounts with a fee you can avoid: keep the average available balance shown in the comparison table and the monthly service charge does not apply. Public Funds Checking carries no service charge at any balance. Switch to eStatements and the paper statement fee comes off. If you want to know what you would actually pay, send us three months of statements and we will calculate it.

We can review your account to find savings and walk you through how the charges work. Send us three months of your current bank statements and within three business days we will calculate what your average monthly service charge will be at Security Bank & Trust Co. and discuss other saving strategies. Often you will hear back within 24 hours, and often the answer is simply that you are in the wrong account for your transaction volume.

Yes. Edge Checking, Non-Profit Checking and Public Funds Checking all earn interest. Small Business Checking and Analyzed Checking do not. To learn more about how much interest you can earn, please see our rates page for more information.

We offer several ways of making deposits including: at the branch, through our 24/7 night depository, by mail, through our mobile app, and through remote deposit scanners.

Our general policy is to make funds available from cash and check deposits on the first business day after the day we receive your deposit. There are a few exceptions that may delay your funds' availability, such as check deposits for large dollar amounts or into an account for a new customer open for less than 30 days. If you have any questions about your funds' availability, talk to a Security representative by phone at 320-864-3171 or in one of our branches.

Yes. It is the most convenient way to manage your accounts, giving you access to monitor your account 24 hours a day, view check images, view statement history, download statement and transaction history, and transfer funds from one Security account to another. It is scaled to meet your specific business needs, and with Security Bank & Trust Co. it is easy to ask questions about your account activity. Contact us to learn more.

Yes. Our online banking allows you to sync to Excel, Quicken^®, and QuickBooks^®.

You are busy enough without worrying about your accounts. We offer several treasury management options, including but not limited to: Online Banking, ACH Origination, Business Bill Pay, Remote Deposit, Merchant Credit Card Processing, Sweeps, and more. The treasury management guide covers each one in detail.

Switching your accounts to Security does not have to be complicated. Contact us and we will walk you through it step by step, including moving your direct deposits and automatic payments across, so nothing gets missed in the changeover.

The business savings is the perfect account for new businesses just starting out to help manage money while earning interest. Our business money market targets businesses with larger deposit balances with limited check writing ability. The money market has a higher tiered interest rate based on balance.

Yes. Security Bank provides a sweep service that can also be set up to help streamline this process. Contact us today.

Savings accounts, money market accounts, or certificate of deposits can provide different benefits for your business. And chances are, life circumstances might change which is best for your business. If you need to start small with a minimal deposit, a regular savings account is likely the best place to start. You will get the security of FDIC insurance and immediate access to your money when you need it. If you have access to a larger amount of money that is required for regular business operating expenses, a money market account may be best for your business, but please keep in mind that this type of account also requires a higher initial deposit and minimum balance. Feeling confident you will not need your savings for a while? A certificate of deposit may be the option since it will generally offer higher interest rates among savings accounts, but the tradeoff is that it will have early withdrawal penalties if immediate access to the money is needed. Learn more about certificate of deposit options on our rates page.

It takes a $100,000 minimum balance to open and is built for businesses carrying substantial operating reserves. It is the account designed to get our most competitive interest rate. The ongoing daily balance requirement is the same $2,500 that applies to the standard business money market.

Online Banking uses strong encryption and authentication, and lets you give each employee only the permissions their job requires. MyCards, inside the mobile app, lets you control debit card usage and spending and turn a card off or on yourself. Check images are included in monthly statements so you can review what cleared. Positive Pay is available as an added layer for businesses that want unauthorized items stopped before they post rather than caught afterward.

Positive Pay is the tool built for exactly this. It is a fraud detection tool that can help protect your company against unauthorized ACH activity, altered checks and counterfeit fraud. You provide the list of items that should clear, and anything that does not match is presented to you for a decision before it is paid. Pairing it with user permissions in Online Banking, so that no single person can both create and release a payment, closes the two most common openings.

Yes. Security Bank & Trust Co. is a Member FDIC institution and business deposits are insured to the maximum amount allowed by law, on the same terms as personal deposits. Coverage is calculated by ownership category, so a business entity's accounts are insured separately from the owner's personal accounts at the same bank. If your balances run above the insurance limit, ask us about deposit placement services, which can extend coverage across a network of banks while your relationship stays here.

Yes, and you control it yourself rather than calling us to change it. Online Banking lets you give users the permissions that they need to perform their jobs and nothing more, and lets you change or remove access in real time. Business credit cards carry no fee for additional employee cards, and the online expense reporting tools show you what each card is being used for.

Call us at 320-864-3171 or come into a branch. If it is a debit card, turn the card off yourself in MyCards first, then call. For a business credit card, Cardmember Service is available 24 hours a day, 365 days per year, and you can find more detail on our fraud prevention page.

Small business owners benefit from using a small business credit card by separating business expenses from your personal expenses. This can help you manage your cash flow, help protect you from fraudulent charges, maintain control over your employee spending and help make tax preparation easier. Plus you will get the convenience of using a credit card for everyday purchases while earning cash or travel rewards (most cards) for your business. Finally, established businesses can use a small business credit card to start building credit for the business.

For ownership types of Sole Proprietor or Trust, either a TIN or SSN are acceptable. For all other ownership types a TIN is required.

Yes, you can find out more about the cards we offer and apply for one that fits your needs on the online application website.

• Name of Business
• Tax ID
• Address
• Contact information for the business
• Expected monthly cash and international transactions
• Business Owner's personal information

Yes. We offer a variety of cards to fit your business needs. More information on the cards we offer can be found in our detailed card overview and application website.

Reward points are earned on net purchases only. Net purchases include all purchases minus any credits posted to the account for returns during the billing cycle.

No. Unlike other reward cards, your Bonus Rewards card gives you more rewards, not more rules. You will earn bonus points every month, automatically. There is no need to opt in to the program, and no limit on the spend categories that qualify.