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Business Savings

Lake Region Bank offers two business savings accounts for businesses that want to put away a little money or build a wealth management solution.

Business Basic Savings

A basic business savings account for new businesses or businesses with a modest amount of capital to invest. Your savings can grow while being conveniently accessible.

  • Minimum to open: $200.00.
  • Interest-bearing.
  • No monthly service fee when you keep an average daily balance of $200.00 or more.
  • Accounts with average daily balances below $200.00 assessed a $2.00 monthly service charge.
  • Interest compounds quarterly.

Business Premier Money
Management Savings

A savings account with competitive yields and tiered interest rates for larger balances.

  • Minimum to open: $2,500.00.
  • Interest-bearing.
  • Tiered rate account.
  • No monthly service fee when you keep a daily balance of $2,500.00 or more.
  • Accounts with balances below $2,500.00 assessed a $15.00 monthly service charge.
  • Interest compounds monthly.

Health Savings

An interest-bearing account with variable tiered interest rates. Great way to save while using the funds to pay for qualified medical expenses.

  • $50 minimum account opening deposit.
  • Interest bearing account with variable tiered rates.
  • Interest compounds monthly.
  • If qualified, you can deduct contributions that you make to your HSA on your federal income tax return.
  • Any HSA contributions made through payroll deduction reduce your federal income tax liability, Social Security, and Medicare taxes.
  • Earnings in your HSA grow tax-deferred.
  • HSA distributions that you use to pay for qualified medical expenses are tax-free.
  • You are in charge of your HSA assets.
  • You can withdraw money from your HSA any time.
  • You can carry over your HSA balance from year to year.
  • You own the HSA and can take it with you even if you change health plans or employers.
  • $25 account setup fee.
  • Electronic statements.
  • Account accessible through Online Banking.
  • HSA debit card issued to pay for your medical expenses.

Certificates of Deposit & IRAs

Term-based, interest-bearing accounts for long-term saving or retirement.

  • Minimum to open: $1,000.00.
  • Time deposit account with fixed term and interest rate.
  • Early withdrawal fees.
  • Higher rate of interest than a traditional savings account.
  • 6 month to 5 year terms for CDs, terms vary for IRA plans.
  • Online and mobile banking.
  • Receive yearly 1099 for interest credits.
  • Early withdrawal penalties imposed.
Midwestern Electrical Seminars Logo
For many years, we have counted on Lake Region Bank to provide us with service that often needed to be customized and personalized to meet our ever changing business and personal banking demands. We know, that when we contact Lake Region Bank, we will be assisted by their knowledgeable, friendly, and helpful staff, who always meet or exceed our banking needs.
Don & Linda N.
Midwestern Electrical Seminars

Additional Resources

Lake Region Bank offers business checking and savings customers a premier E-Corp business online suite that includes remote deposit, mobile banking, and mobile deposits. We also offer business debit and credit cards. Get in touch with our business banking team to learn more.

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