Making it easy to reach new goals

Tobias Dengel and Michael Prichard, Willow Tree Apps

Deposit Accounts

VNB offers ultimate flexibility with commercial checking and savings accounts for large and small businesses alike. Our commercial checking accounts start with opening deposits as low as $100, and our commercial savings accounts offer varying levels of commitment, flexibility, and return.

Commercial Checking Accounts

Account Learn More Opening Deposit Minimum Balance Maintenance Fee Check writing and Withdrawals Interest Earned
Economy Checking More $100.00 $1,000.00 Yes if balance under minimum First 225 free No

ECONOMY CHECKING

  • Minimum opening deposit of $100
  • No per-item fee on the first 225 transaction items (including items deposited, ACHs received and all electronic credits and debits) per month
  • Per-item fee of $0.25 on each transaction item over 225 per month
  • $1,000 average daily balance to avoid monthly maintenance fee
  • Monthly statements
Full-Analysis Business Checking More $100.00 None Yes Credit tiered based on average investable balance No

FULL-ANALYSIS BUSINESS CHECKING

  • Minimum opening deposit of $100
  • No average balance required; monthly maintenance fee
  • Earnings credit tiered based on average investable balance
  • Monthly maintenance fee
  • Per-item fees include the following:
    Each debit paid - $0.16
    Each deposit - $0.40
    Each item deposited - $0.11
    Each electronic credit - $0.18
    Each electronic debit - $0.20
  • FDIC insurance monthly fee of 0.12% on average ledger balance
  • Use of uncollected funds will be charged based on the prevailing Wall Street Journal Prime Rate plus 3.00%
  • Analysis statements provided for any month in which a charge is incurred
  • Monthly statements
Business Interest Checking
(Sole Proprietors and Non-Profit Organizations)
More $100.00 $1,000.00 Yes if balance under minimum First 225 free Yes

BUSINESS INTEREST CHECKING

  • For use by Sole Proprietors and Nonprofit Organizations
  • Minimum opening deposit of $100
  • No per-item fee on the first 225 transaction items (including items deposited, ACHs received and all electronic credits and debits) per month
  • Per-item fee of $0.25 on each item over 225 per month
  • $1,000 average daily balance to avoid monthly maintenance fee
  • Market interest rates earned on all balances
  • Interest paid monthly
  • Monthly statements
IOLTA (Lawyer's Trust Account) More $100.00 None Yes Not applicable Yes

IOLTA (LAWYER'S TRUST ACCOUNT)

  • Minimum opening deposit of $100
  • Monthly maintenance fee
  • Market interest rates earned on all balances
  • Interest earned, after deducting any monthly fee, is remitted to Legal Services Corporation of Virginia
  • Monthly statements

Commercial Savings Accounts

Account Learn More Opening Deposit Minimum Balance Maintenance Fee Check writing and Withdrawals Interest Earned
Business Money Market Account More $500.00 $500.00 Yes if balance under minimum 6 free per statement cycle Yes

BUSINESS MONEY MARKET ACCOUNT

  • Minimum opening deposit of $500
  • 6 withdrawals allowed per statement cycle period
  • $5 per withdrawal after 6 withdrawals
  • $500 average daily balance to avoid monthly maintenance fee
  • Interest paid monthly
  • Tiered interest rate structure
  • Monthly statements
Phoenix Account More $1,000.00 $1,000.00 None 10 day grace period after maturity Yes

PHOENIX ACCOUNT

  • Minimum opening deposit of $1,000
  • Deposits permitted at any time
  • Maturity every 90 days
  • 10 day grace period after maturity for withdrawals
  • Automatically renews
  • Interest paid every 90 days at maturity
  • Early-withdrawal penalty equal to 90 days' forfeiture of interest, regardless if earned
  • Market interest rate is tiered by age of account:
    1-12 months                  6 month CD rate
    13-24 months                1 year CD rate
    25-36 months                2 year CD rate
    37 months or longer      3 year CD rate
  • Calendar quarter statements
Certificate of Deposit More $500.00 $500.00 None 10 day grace period after maturity Yes

CERTIFICATE OF DEPOSIT

  • Minimum opening deposit of $500, unless otherwise stated
  • Term of 3 months to 5 years
  • 10 day grace period after maturity for withdrawals
  • Penalty for early withdrawal, forfeiture of interest, regardless if earned, as follows:
  • 3 months' forfeiture for CD with term of 1 year or less
  • 6 months' forfeiture for CD with term greater than 1 year
  • Automatic renewal
  • Interest paid quarterly
  • Calendar quarter statements
CDARS® More $10,000.00 if more than $250,000 in other VNB accounts $10,000.00 None Not applicable Yes

CDARS® CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICES®

  • Full FDIC Insurance on CDs up to $50 million
  • Work with 1 bank on all CD deposits from $10,000 to $50,000,000
  • 1 interest rate on CDs placed through CDARS®
  • Monthly statement detailing your CD balances
  • Wide variety of maturities ranging from 4 weeks to 5 years
Funds Management Certificate of Deposit More $50,000.00 $50,000.00 None Not applicable Yes

FUNDS MANAGEMENT CERTIFICATE OF DEPOSIT

  • Minimum opening deposit of $50,000
  • Terms of 7 to 365 days
  • Interest paid at maturity
  • Penalty for early withdrawal, forfeiture of all interest that would be paid if held until maturity
  • Single maturity, no automatic renewal

CASH MANAGEMENT OPTIONS

  • Repurchase Agreement
  • Money Market MAX Account
  • Details, including associated fees, are available from your Virginia National Banker