A Safer Way to Save

Lock in Your Savings with a Business Certificate of Deposit

With a business CD from Independent Bank, you can typically enjoy a higher rate of return than a traditional savings account.

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Why Invest in a Business Certificate of Deposit?

Competitive Interest Rates

To help you steadily grow your business savings.

Flexible Terms

Choose from varying terms and different minimum balances.

No Surprises

Your rate stays locked, so your savings grow predictably.

Business Certificate of Deposit FAQs

Answers to Common Questions About Business Certificates of Deposit

What do I need to open a business account?

All applicant(s) will need to provide their Social Security number, date of birth, occupation, and physical address. Applicant(s) must be an authorized officer of the business and a U.S. resident.
The business should be legally formed in the U.S. and have operations in Michigan.
The applicant(s) will need to provide the legal business name, address, business tax ID number, the date the business was established, as well as any supplemental business documents requested.

What is a CD?

A CD or certificate of deposit is an account that typically offers you a higher rate of return than a traditional savings account in exchange for depositing your money into a bank account for a fixed period of time, also referred to as a term. You may receive an early withdrawal penalty on your earnings if you withdraw your funds before the term is complete.

How do CDs work?

The total amount of interest you earn on a CD is determined by the term length and your initial deposit. Typically, the longer your term length and the greater your deposit, the higher the interest you’ll earn. Different CD products offer you different term length options and require different initial deposits. CDs are FDIC insured.

What factors affect the rate you earn on a CD?

CDs come in varying terms and may require different minimum balances. The rate you earn typically varies by the term and how much money you have in the account. Generally, the longer the term and the more money you deposit, the higher the rate you are offered.

What’s the difference between interest rate and APY on a CD?

With a CD, just like a savings account, you earn compound interest—meaning that periodically, the interest you earn on your balance is added to your principal. This new total amount then earns interest of its own. The interest rate represents the fixed rate you receive, while the Annual Percentage Yield (APY) refers to the amount you earn, including compound interest.

Is this account insured by the FDIC?

Yes, this account is FDIC insured — for details on what types of accounts and balances are covered, please visit fdic.gov.
Calculate your specific limits at: edie.fdic.gov.