Business Interest Checking: Low balance requirements and fees

A checking account that does more for your small business

Do more with your banking with a Patelco Business Interest Checking account. It’s a great option if you regularly maintain an average monthly balance of $5,000 or more and want to earn interest on your account.

We’ll waive the $20 monthly fee if your account meets the $5,000 monthly balance requirement. And with up to 500 free transactions per month² and access to Patelco’s online banking tools, your small business has the flexibility it needs.

Contact the Patelco Virtual Branch™ team to get started today!

Business Interest Checking Benefits

Low Monthly Fee

$20 per month — waived with a $5,000 average daily balance

500 Free Transactions per Month

Pay $0.25 for each additional transaction²

Free Overdraft Protection

Cover unexpected shortages of funds in your account with a linked business savings account, credit card or overdraft protection account

Free Debit Mastercard^®

Use your debit card for recurring payments, subscriptions, and other business expenses

ID	Title	Term	Min. Balance	APY	Rate	Dividends Paid	Effective Date	Monthly Fee	Description
26146	Business Interest Checking-005-005-0	None	$0.00	0.05%	0.05%	Monthly	12/05/2023	$5 waived with minimum daily balance of $500

Term

Min. Balance

APY

Rate

Dividends Paid

26146

Business Interest Checking-005-005-0

None

$0.00

0.05%

Monthly

12/05/2023

$5 waived with minimum daily balance of $500

How to open your Business Interest Checking account

Here are some of the documents you’ll need to get started.

Your business’s Employer Identification number (EIN) or Tax ID number (TIN). Sole proprietorships can use the owner’s Social Security number.
Articles of Incorporation, Articles of Organization or a charter or similar legal document that indicates when your company was formed. (Not required for sole proprietorships.)
A government-issued photo ID and Social Security number for you, any business owner that has 25% or more ownership in the business, and anyone authorized to sign checks or make transactions on behalf of your organization.

When you’re ready, our Virtual Branch™ can help you set up your account.

Frequently Asked Questions

What is an interest-bearing checking account?

An interest-bearing checking account is a type of business checking account that earns interest on the account balance. This means that you can earn money on the money you keep in the account, even if it’s just a small amount.

What fees are associated with the Business Interest Checking account?

The monthly fee for Business Checking is $20, but that fee will be waived if you maintain an average daily balance of $5,000 each month.

If you exceed 500 transactions per month, your account will be charged $0.25 per additional transaction. Business Interest Checking accounts are also subject to a cash fee of $0.50 per $100 deposited or purchased after $10,000.
What do I need to open a Business Interest Checking account?

Our Virtual Branch™ team can help you get started.

To open your account, you’ll need to:

Provide certain documentation related to your business, including government-issued ID and taxpayer information

Make an initial deposit of at least $100

Please note we are unable to provide business banking services to certain types of business. The detailed list is included at the bottom of this page.
How do I make a deposit to or withdrawal from my Business Interest Checking account?

Your Business Interest Checking account works just like any other checking account. Write checks or use your debit card to make payments and ATM withdrawals.

To deposit money into your account, use our top-rated Mobile App to make mobile deposits, visit a Patelco branch, or use one of 30,000+ fee-free ATMs.

How do I transfer money between my accounts?

Patelco Online™ and our Mobile App provide fast, easy ways to move money between your Patelco accounts or other bank accounts. Add your Patelco debit card to the digital wallet on your mobile phone to make payments on the go.
What are the advantages and disadvantages of an interest-bearing checking account?

With a Business Checking account, you get:

The ability to earn interest on your balance

Low monthly service fees that are waived if you meet the $5,000 average daily balance requirements

Access to online banking and mobile app

Some drawbacks to an interest-bearing business checking account may include:

Lower interest rates

Fees for certain transactions

Ultimately, the decision of whether to open an interest-bearing checking account depends on your business needs and financial situation. If you want to earn interest on your money and don’t mind meeting certain requirements, then a Business Interest Checking account may be a good option for you.

¹ APY=Annual Percentage Yield. Variable rates are valid as of 12/05/2023 and are subject to change after account opening without notice.

² Accounts are subject to a $0.25 transaction fee if account exceeds 500 transactions each month. Accounts are subject to an excess cash fee of $0.50 fee per $100 deposited or purchased after $5,000 in cash.

³ Source: over 22,000 five-star reviews on the App Store.

The following is a non-exclusive list of business types that Patelco does not serve: (1) any business subject to any sanctions prohibitions administered by the Office of Foreign Assets Control; (2) medical marijuana dispensaries or any other business involved in the marijuana industry; (3) money services businesses or MSBs (ATM machines, check cashing, vending machines, cash-intensive businesses, etc.); (4) gambling businesses; (5) digital currency businesses; (6) third party payment processors; (7) prostitution businesses, whether legal or not; (8) embassies, consulates, and diplomatic missions; (9) pawn shops or pawnbrokers; (10) anonymous ownership entities; (11) adult entertainment businesses; (12) firearms and ammunition manufacturing businesses; (13) businesses that advocate violence or hate against any group or individual; (14) businesses that are engaged in an activity that is illegal under state or federal law; (15) businesses that present a high degree or risk, and (16) businesses that could be detrimental to Patelco’s reputation or values.

Don’t get spoofed

Business Interest Checking

Interest Rate

Low Monthly Fee

A checking account that does more for your small business