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Basic Business Savings

Basic Business Savings

A worry-free way to set aside extra funds for when you need them.

It makes good business sense to segregate your extra business funds until you need them. Whether you own a small business or help manage a nonprofit organization, government or public agency, you'll earn interest and gain peace of mind when you place your excess operating cash into our FDIC-insured Basic Business Savings account.

Start Saving with a Basic Business Savings Account

This low-fee, high-confidence savings option is a great place to let your money grow. And with 24-hour ATM and online access to your funds, you’ll never be without access.

  • Earn interest on your balances
  • Avoid a monthly maintenance fee with a minimum average collected balance
  • Transfer funds to your U.S. Bank checking account by phone or with our overdraft protection service
  • View your business checking and savings accounts on a combined monthly statement

How to Open a Basic Business Savings Account

With these documents, you can open an account today.

To open a U.S. Bank business account, just bring the following documents to any U.S. Bank branch office. Find a Branch Near You
Employer Identification Number (EIN) or tax ID number
 

Your business’s Employer Identification Number (EIN) or tax ID number (Sole proprietors can use owner’s Social Security number)

Document showing when organization was formed
 

Articles of Incorporation, Articles of Organization, charter, or a similar legal document that shows when your company was formed (not required for sole proprietors)

Government-issued photo ID
 

A government-issued photo ID and Social Security Number for you and anyone else authorized to sign checks or make transactions on behalf of your organization

We’ll also need the following legal documentation specific to the legal structure of your business.

  • Sole Proprietorship – Assumed Name Certificate (Doing Business As)
  • Partnerships (all types) – A partnership agreement listing the name of the partnership and the general partners
  • Limited Liability Corporation (LLC) – Articles of Organization listing the names of members and managers
  • Corporation – Articles of Incorporation
  • Nonprofit Organization – A charter or other governing documents listing each member-elected officer

Federal Regulations Governing Savings and Money Market Transaction Limitations
Preauthorized withdrawals (transfers by telephone, wire or PC, overdraft protection, automatic payments or checks) are limited to a combined total of six per account cycle as prescribed by federal regulations governing savings accounts. Transactions which exceed federal regulations will be charged $15 per transaction. If account limitations are continuously exceeded, the savings account will be closed or converted to a checking account as required by federal regulations.

Additional Savings and Money Market Disclosures
The average collected balance is calculated by adding the principal in the account for each day of the month and dividing that figure by the number of days in the period. Unlike checking accounts, checks written on money market accounts are not returned with your statement. For additional disclosures on rates, fees, compounding and crediting, and other balance information, call 800-673-3555 or visit your local branch.

Get Started

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800-673-3555

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