Online Banking
Personal/Small Business
Business Banking
Deposit Products
Putnam Bank offers the following Business Banking Deposit Products:
- Commercial Checking
- 501(c) Smart Choice Checking
- Small Business Choice Checking
- Prestige Money Market Statement Account
- Prestige Money Market Passbook Account
- IOLTA Accounts
- IORETA Accounts
- Certificates of Deposit
- Retirement Accounts
- Health Savings Accounts
- Funds Availability Policy
- FDIC Coverage
Commercial Checking
Our Commercial Business Checking Account offers a very attractive earnings credit based on your average collected balance. The earnings credit can be used to offset some or all of the service charges on the account.Features include a Free Putnam Bank Check Card and Telephone Banking Service. Minimum deposit to open is $50.00. Fees for Commercial Business Checking (can be reduced or even eliminated with the earnings credit) are:
- $8.00 Monthly Maintenance Fee.
- $0.15 for each Check Paid.
- $0.08 for each Item Deposited.
501 (c) Smart Choice Checking
If you are a nonprofit organization, this is the account for you. Earn interest and pay no fees.
You must provide proof of 501 (c) status.
Click here for current rates. (refer to rates for Smart Choice Checking)- Minimum balance to open the account is $50.00.
- No service fees associated with a minimum daily balance.
- Minimum daily balance to earn APY* disclosed is $10,000.
* APY-Annual Percentage Yield.
Small Business Choice Checking
Our Small Business Choice Checking Account is for small businesses with a limited amount of monthly transactions. This non-interest bearing checking account is a breakthrough from high fees. Minimum deposit to open is $50.00.1
- 200 FREE transactions per statement cycle (up to 100 debits and 100 credits)2
- FREE Putnam Bank VISA® Check Card
- FREE Telephone Banking Service
- FREE Personal/Small Business Online Banking
- FREE Online Bill Payment Service3
- FREE DeluxeTM Business Success Kit while supplies last
1A fee of $6.00 will apply if daily minimum balance falls below $1,000 during the statement cycle. Link your Small Business Checking to a Savings account (CDs not included), and maintain a $1,000 daily minimum balance is in either account to avoid the monthly service fee.
2Credit transactions and/or debit transactions over 100 during each statement cycle are .25 each. Normal account fees apply.
3 If registered for Bill Payment and you don't make any bill payments in two consecutive months, a $5 monthly fee will be assessed to your checking account at the start of the third month.
Business Savings Account
Our Business Savings Account offers easy access to your funds with a monthly statement to facilitate accurate record keeping. Interest is compounded daily to maximize earnings potential. Transfers may be made between this Savings Account and your Business Checking Account.
Prestige Money Market Statement Account
This is a tiered money market account which enables you to earn higher rates of interest depending on the balance you carry. Transfer excess cash from your Business Checking Account into a Prestige Money Market Account to maximize your interest earnings.
Maintain a minimum daily balance of $1,000.00 to avoid $12.00 monthly service fee,- A fee of $9.50 per transaction is imposed for exceeding transfer limitations*,
- Maintain a minimum daily balance of $1,000.00 to earn interest,
- Free Putnam Bank Check Card (certain restrictions apply),
- Free Telephone Banking Service
*Transfers from a Money Market Statement Account to another account or to third parties by preauthorized, automatic, computer or telephone transfer are limited to six per month, with no more than 3 by check, debit card or similar order to third parties.
Prestige Money Market Passbook Account
This is a tiered money market passbook account which enables you to earn higher rates of interest on larger balances.- Maintain a minimum daily balance of $1,000.00 to avoid $12.00 monthly service fee,
- A fee of $9.50 per transaction is imposed for exceeding transfer limitations*,
- Maintain a minimum daily balance of $1,000.00 to earn interest,
- Free Putnam Bank Check Card (certain restrictions apply),
- Free Telephone Banking Service
*You may not make any transfers from a Money Market Passbook Account to third parties by preauthorized, automatic, computer or telephone transfer. You may make transfers from your Prestige Money Market Passbook Account to another account of yours with Putnam Bank by preauthorized or automatic but are limited to six per month.
IOLTA Accounts
An interest-bearing NOW Checking Account specifically designed for law firms to hold client funds. For your convenience, interest generated is automatically sent to the Connecticut Bar Association for you. Monthly service charges are waived.IORETA Accounts
An interest-bearing Statement Savings Account specifically designed for real estate agencies to hold client funds. For your convenience, interest is automatically sent to the Connecticut Housing Finance Authority (CHFA) for you. Monthly service charges are waived.Certificates of Deposit
Our Certificates of Deposit offer consistently competitive rates of interest. Terms range from 91 days to 5 years; minimums start as low as $500. Jumbo CDs are also available.Retirement Accounts
Choose the right retirement account to fit your needs: Traditional, Roth, Simple, Education and SEP products. Various investment terms are available, including Certificates of Deposit and our IRA Statement Savings Account.Additional retirement programs are available through Infinex Investments, Inc. located at Putnam Bank.
Health Savings Accounts
Health Savings Accounts are tax-favored consumer savings arrangements for individuals and families subject to high deductible health insurance plans. HSAs can provide significant tax benefits related to paying qualified medical expenses, they also provide benefits similar to many traditional retirement plans.If you have any questions, feel free to Contact Us via our secure guestbook.
