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Deposit Accounts

Checking and Savings Accounts to Fit your Business’s Cash Flow Needs

Having your business funds in an easy-to-access account is important not only for your business’s finances, but also because the right business deposit accounts allow you to focus more on managing your business. The communities Putnam Bank serves are full of businesses of all kinds and sizes with a range of deposit account needs. By offering a wide selection of business checking and business savings accounts, Putnam Bank is catering to the needs of our local business owners and helping them succeed.

Business Checking Account Options

 

Business Success Checking*

Small Business Choice Checking

Commercial Checking

501cSmart Choice Checking**

Minimum to Open

$50

$50

$50

$50

Minimum to Avoid Monthly Service Fee

None

$1,500

Fees may be offset by an earnings credit

No Minimum

Monthly Fee

None

$10

$12

None

Free Transactions

First 75 transactions

First 200 transactions

N/A

None

Additional Transactions

$0.25 > 75 items

$0.25 > 200 items

$0.15 per check paid

$0.12 per item deposited

$0.25 per deposit ticket

None

*Must have an active Business Debit Card on the checking account. $5 monthly inactive Business Card fee. **Must be Non-Profit Organization and provide proof of 501c status.

Business Savings Account Options

  • Health Savings Accounts (HSAs)- provide attractive healthcare benefits and get out from under the high costs of health insurance. A Putnam Bank Health Savings Account, combined with a High Deductible Health Plan (HDHP), can help you share the cost of healthcare with employees in a way that benefits both your employees and your business.
  • 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 NOW Checking 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.
  • Prestige Money Market 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.

 

Contact us online for more information about our business banking products.