Business
Business accounts at a great rate.
View our current rates for business deposit accounts. Florence Bank is dedicated to helping Businesses in Western Massachusetts strengthen their finances.
Cash Management
Rates as of 10/26/2020
All rates subject to change without notice.
| Product Name | Annual Earnings Credit Rate | Minimum Deposit To Open | Minimum Balance To Obtain The Earnings Credit Rate |
|---|---|---|---|
| Cash Management Checking | 1.25% | $100 | $0.01 |
*Credit accumulated each month will only be applied to that month's service charges. The earnings credit rate may change after the account is opened.
IOLTA
Rates as of 10/26/2020
All rates subject to change without notice.
| Product Name | Annual Percentage Yield (APY) | Annual Interest Rate | Minimum Deposit To Open | Minimum Balance To Obtain APY |
|---|---|---|---|---|
|
IOLTA Checking
|
2.75% | 2.72% | $100 | $10 |
*Fees may reduce earnings. The interest rate and APY may change after the account is opened.
Client Escrow Savings
Rates as of 10/26/2020
All rates subject to change without notice.
| Product Name | Annual Percentage Yield (APY) | Annual Interest Rate | Minimum Deposit To Open | Minimum Balance To Obtain APY |
|---|---|---|---|---|
| Client Escrow Savings | 0.05% | 0.05% | $100 | $10 |
*A Client Escrow Account is required to open the Client Escrow Savings Account. Fees may reduce earnings. The interest rate and APY may change after the account is opened.
Business Money Market
Rates as of 10/26/2020
All rates subject to change without notice.
| Business Money Market | Annual Percentage Yield (APY) | Annual Interest Rate | Minimum Deposit To Open | Minimum Balance To Obtain APY |
|---|---|---|---|---|
| Tier 1 | 0.15% | 0.15% | $1,000 | $10 |
| Tier 2 | 0.20% | 0.20% | $1,000 | $25,000 |
| Tier 3 | 0.30% | 0.30% | $1,000 | $100,000 |
| Tier 4 | 0.40% | 0.40% | $1,000 | $500,000 |
*Fees may reduce earnings. The interest rate and APY may change after the account is opened.
Certificates of Deposit
Rates as of 10/26/2020
All rates subject to change without notice.
| Term | Annual Percentage Yield (APY) | Annual Interest Rate | Minimum Deposit To Open | Minimum Balance To Obtain The APY |
|---|---|---|---|---|
| 3 Month CD | 1.00% | 1.00% | $500 | $500 |
| 5 Month CD | 4.25% | 4.17% | $500 | $500 |
| 6 Month CD | 1.50% | 1.49% | $500 | $500 |
| 7 Month Easy-Out CD* | 3.30% | 3.25% | $5,000 | $500 |
| 12 Month CD | 0.20% | 0.20% | $500 | $500 |
| 16 Month CD | 3.25% | 3.20% | $500 | $500 |
| 17 Month Easy-Out CD* | 0.15% | 0.15% | $5,000 | $500 |
| 18 Month CD | 0.20% | 0.20% | $500 | $500 |
| 24 Month CD | 0.30% | 0.30% | $500 | $500 |
| 30 Month CD | 0.35% | 0.35% | $500 | $500 |
| 36 Month CD | 3.00% | 2.96% | $500 | $500 |
| 48 Month CD | 0.75% | 0.75% | $500 | $500 |
| 60 Month CD | 1.00% | 1.00% | $500 |
$500
|
Maximum of $1,000,000 is allowed per account.
Certificates of Deposit earn a fixed interest rate for the entire term. A penalty may be imposed for withdrawals prior to maturity. Fees may reduce earnings on these accounts.
*Our Easy Out CDs allow for withdrawals of the principal, penalty free every 7 days. See Truth in Savings Account Disclosure for full details.
*Our Easy Out CDs allow for withdrawals of the principal, penalty free every 7 days. See Truth in Savings Account Disclosure for full details.
Business Savings
Rates as of 10/26/2020
All rates subject to change without notice.
| Product Name | Annual Percentage Yield (APY) | Annual Interest Rate | Minimum Deposit To Open | Minimum Balance To Obtain APY |
|---|---|---|---|---|
| Statement Savings | 0.05% | 0.05% | $10 | $10 |
Fees may reduce earnings on these accounts. The interest rate and APY may change after these accounts are opened.
