Business Savings Accounts & CDS
Business Savings Account
Maximize profits and track every cent along the way. Our business savings account is the perfect solution for businesses looking to grow their funds with solid returns. NCUA-insured and designed to meet the unique needs of businesses, this account offers a safe and effective way to save while earning competitive business savings account rates.
Whether you’re saving for a rainy day or long-term goals, our savings account is a reliable tool for your business. Work with one of our commercial professionals to create a savings strategy tailored to your needs.
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Business Share Certificate (CDs)
Share certificates – commonly known as CDs – work for people, so why can’t they work for your business, too? Our Business Share Certificates are an exceptional alternative to traditional business savings accounts because they give you Greater returns on your money. We understand the business world is an ever-changing environment, so our Business Share Certificates come with access to your funds without the added fees and penalties. Speak to one of our member service representatives about structuring a Business Share Certificate that works in your favor.
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Open an Account
Opening a Business Account
To open a business account, the following documents are required at account opening. Please note, GICU will verify that your business entity is properly filed with the Iowa Secretary of State.
- IRS Tax ID verification or copy of Social Security Card
- Items as listed below, based on your organization type.
Sole Proprietorship
- Fictitious Name Certificate filed with the county (required if the individual’s last name is not included in the business name)
General Partnership
- Partnership Agreement
- Fictitious Name Certificate filed with the State or county (required if the individual’s last name is not included in the partnership name)
Limited Partnership
Limited Liability Partnership
- Partnership Agreement (if applicable)
Limited Liability Company
Corporation
Nonprofit Associations, Clubs, or Organizations
- Articles of Association filed with State of Iowa (if the organization is registered with the state)
Why Choose Greater Iowa Credit Union for Your Business Savings?
At Greater Iowa Credit Union, we’re committed to offering the best savings solutions for your business. Our small business savings account options are designed to fit your needs, whether you’re just starting out or looking to expand. With our team of experts, we can help you find the right savings plan to meet your goals, all while providing local support and personal service. We understand your business and are here to help it grow.
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Business Savings Account FAQs
- What is a business savings account?
A business savings account is a deposit account that helps your business set aside money while earning returns on the balance. Our Business Savings account is designed for businesses that want a safe place to grow funds, track savings, and plan for future needs. It can support short-term reserves, longer-term goals, or money your business wants to keep separate from everyday operating funds.
- Why should I have a business savings account?
Keeping a business savings account can make it easier to separate day-to-day cash flow from funds reserved for taxes, emergencies, equipment, expansion, or seasonal expenses. With GICU’s Business Savings account, you can work toward your goals while earning competitive business savings account rates. A dedicated account also gives your business a clearer view of what is available to spend and what should stay saved.
- How do I open a business savings account?
To open a business savings account with us, your business will need to complete the account-opening process and provide the required documentation based on your organization type. We also verify that business entities are properly filed with the Iowa Secretary of State when applicable. Our commercial professionals can help you understand what is needed and create a savings strategy tailored to your business goals.
- What documents do I need to open a business account?
The documents needed to open a business account with GICU depend on your business structure. GICU requires IRS Tax ID verification or a copy of a Social Security card, plus organization-specific documents. Sole proprietorships may need a Fictitious Name Certificate, partnerships may need a Partnership Agreement, LLCs need an Operating Agreement, corporations need Bylaws, and nonprofit associations may need Articles of Association if registered with the State of Iowa.
- Can multiple owners or signers access the account?
Yes, business accounts can have authorized signers. We may rely on signatures listed on the business account application or signature card for transactions and account instructions. You may add, remove, or change authorized signers by following our procedures and providing the required written form. Each joint account owner has equal access, but we do not accept accounts that require more than one authorized signer’s signature on checks or other instructions.