Coronavirus Update: Banks are essential services and will remain available to help

Please understand that banking is an essential service -- and we will continue to be available to help you even when states or localities issue stay-at-home guidance. As a measure to slow the spread of the coronavirus, our drive-up service has replaced lobby service. Lobbies will continue to remain closed to walk-in visitors without an appointment. Find additional information at bankmidwest.com/coronavirus/.

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Farm Banking

Business Savings, Sweeps and CDARS®

Make your cash work harder.

Stop in to open your account

Here's what you need to know about

Statement Savings

  • Minimum Opening Deposit

    $100

  • Minimum Balance

    $100

  • Monthly Fees*

    $0

    *Provided minimum balance requirements are met.

     

 

6

Maximum limit of pre-authorized, automatic, internet, or phone transfers allowed per month

Interest Rate

  • 0.05%

    APY*

     

*Annual Percentage Yields (APYs) effective as of March 10, 2020, and subject to change without notice. $100 minimum opening deposit. Fees may reduce earnings.

Set the Rules and Go

Sweep Accounts

At the end of each business day, we’ll automatically transfer extra cash in $1,000 increments above your target balance from your business checking account into an interest-bearing sweep account. Interest is paid according to daily balance levels and credited after each statement cycle.

If your daily cash needs exceed the amount of deposits, your funds will automatically be swept back to your business checking account to cover checks presented and return your account to your target balance.

We’ll send email confirmations in addition to your combined monthly statements.

Interest rates on the sweep account are determined by the bank and are subject to change on a daily basis*.

*The larger the balance you maintain, the higher your rate of interest.

FDIC Protection on Higher Balances

We partner with CDARS® and other network solutions to protect your cash.

Enjoy full FDIC insurance on deposits larger than $250,000**. Avoid the hassle of working with multiple banks and accounts to insure your funds. We have services that can provide you with peace of mind protection and the convenience of working with one bank.

**Limits apply.

 

CDARS®

The Certificate of Deposit Account Registry Service® (CDARS) is the easiest way to enjoy full FDIC insurance on deposits larger than $250,000***. You’ll also get the benefit of one bank, one rate, and one statement. Avoid the hassle of working with multiple banks and accounts to insure your funds. We have services that can provide you with peace of mind protection and the convenience of working with one bank.

***Limits apply. Funds may be submitted for placement only after a depositor enters into an agreement with a network member bank. This agreement contains important information and conditions regarding the placement of funds. With your consent, the bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending, which may not satisfy your local investment goals/mandates. CDARS is a registered service mark of Promontory Interfinancial Network, LLC.

Plant your savings here.

We’re happy to talk to you about how to grow your savings.

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