Choosing the right type of account—whether it's a checking account, savings account, high-yield money market account, or certificate of deposit (CD)—depends on your financial goals and needs. Coulee Bank offers each of these accounts, but they differ in terms of interest rates, accessibility, and features.
Business and Personal Checking Accounts
Coulee Bank offers six different checking account options tailored to meet the unique needs of both personal and business banking customers. Annie Peterson, Business Banking Assistant at Coulee Bank in Rochester says, “We provide an account analysis to identify the most suitable product for every customer. This personalized service is one the main benefits of working with a community bank.”
Each checking account requires a minimum balance of $50 to open. These products have lower interest rates and allow for flexibility. The accounts we offer are:
- Confidently Free Checking
- Confidence Plus Checking
- Premium Confidence Checking
- Confident Commercial Checking
- Confidence Plus Business Checking
- Confidently Free Business Checking
While most of these accounts are free, some have a nominal fee, and fees are applied if the account balance drops below a certain dollar amount.
Business and Personal Savings Accounts
A Coulee Bank savings account known as Confidence Savings Account allows you to watch your money grow at 0.25% annual percentage yield. There is a minimum opening deposit of $50, and a $200 minimum balance to avoid monthly service charges.
Coulee Bank also offers high-yield money markets and business money markets in a tiered system. Joshua Herrmann, Universal Banker at Coulee Bank in St. Paul says, “A money market known as Confident Business Money Market is a cross between a checking and savings account and usually requires a larger minimum balance.” This money market is for business owners who want to earn higher rates with convenient access to their funds. The Confident Business Money Market offers four tiers for flexibility. The more money housed in the account the more interest earned.
For personal savings accounts, customers can open a high-yield savings account that offers higher interest rates than the Confidence Savings Account. Like a money market account, it earns higher interest rates. However, it can be a bit trickier to access funds without multiple accounts within the bank. “Typically, a high-yield account is used for an emergency fund or a protection account for your checking account. It is important to have access to online banking and a checking account with the same institution to access the funds,” says Herrmann. He recommends having a variety of accounts with the same institution to give you the most flexibility.
The tiered system is a great way to earn more interest, however, it’s important to monitor your account and not let the minimum balance drop below a certain requirement. If your balance falls below the minimum, you might lose out on the interest your money would earn.
As a reminder, Herrmann says, if you monitor the money market account or the high-yield savings account often and keep the minimum balance at the required rate, there aren’t fees associated with the accounts. You can make as many transactions per month as you would like. He also noted your money is FDIC-insured in these types of accounts.
What is a Certificate of Deposit?
If you are looking for an account offered by the term, a certificate of deposit (CD) may be right for you. Maureen Stark, says, “CDs are high-yield accounts with a minimum opening balance ranging from $1,000 to $2,500 and offer terms ranging from three to forty-two months.” While the higher interest rates are appealing, there is a penalty for early withdrawal.
Each of these accounts presents unique advantages, making them suitable for different financial goals and needs. We recommend talking with a Coulee Bank banker for details.