Business Savings

Business savings that help you move your business forward. 

 

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NVE Bank only opens business accounts for businesses registered in New Jersey, with all owners of the business residing or working in New Jersey.

Compare Our Business Savings Accounts
Accounts Statement Savings Liquid Asset Money MarketCertificates of DepositSEP Plans 

Which is Right for You?

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This is a savings account for those customers who do not like the necessity of carrying a passbook to the bank every time they have a transaction to conduct and want to have many options to access their money.

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This is a true money market savings account with a check writing feature that is recommended for those depositors who maintain a balance in excess of $15,000.00. 

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A Certificate of Deposit (CD) is a single deposit savings account that has a fixed rate, a fixed maturity date, and guarantees a rate of return for the time period of the CD. 

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A Simplified Employee Pension (SEP) is a plan wherein an employer can make a contribution to each eligible employee's Traditional IRA (including his or her own Traditional IRA if self-employed). 

Minimum Opening Deposit

$10

$15,000

$1,000

$10

Minimum Balance Requirement

None

$15,000

$1,000

$10

Monthly Service Charge

None 

None 

None 

None 

Earns Interest

Yes 

Yes 

Yes 

Yes 

Checks

N/A 

Yes 

N/A 

N/A

No Charge Online Banking & Bill Pay

Yes

Yes 

Yes, Online Banking Only 

No

No Charge eStatements

Yes

Yes 

N/A 

No 

No Charge Debit Card

Yes 

Yes 

No 

No 

No Charge Telephone Banking

Yes

Yes

Yes

No

Statement Savings

NVE’S Business Statement Savings is a flexible option for customers who want to start a savings plan and earn interest, with convenient online access. 

  • No Maintenance Fees
  • No Minimum Balance Requirements
  • No Charge Online Banking
  • No Charge  eStatements
  • No Charge  Telephone Banking
  • No Charge  Direct Deposit
  • No Charge ATM / Debit Card*

Interest Rate

The interest rate paid on this account is variable and can be found on the current rate sheet. Interest is compounded daily and credited monthly.

Liquid Asset Money Market Savings

NVE’s Liquid Asset Money Market Savings Account provides maximum return, while maintaining liquidity.

  • Check Writing* - 1st Order of Checks at no charge (Pack of 40)
  • Monthly Statement w/Check Images
  • Higher Rate Than Statement Savings
  • No Charge Telephone Banking
  • No Charge Online Banking
  • Transfers are limited as by law*

Interest Rate

The interest rate paid on this account is variable and can be found on the current rate sheet. Interest is compounded daily and credited monthly.

Certificate of Deposit

If you’re looking for higher interest rates, don’t need immediate accesses to your savings, our Certificates of Deposit (CDs) offer a solid saving option.

  • FDIC Insured
  • Fixed Rate
  • Guaranteed Rate of Return
  • Many Maturity Options
  • Low Minimum Opening Balance
  • Online Banking

Interest Rate

The interest rate paid on this account is fixed and can be found on the current rate sheet. Interest is compounded daily and credited monthly.

Minimum to Open Account

The minimum amount to open this account is $1,000.

Early Withdrawal Penalties

CDs with maturities of one year or less will have a 3 month interest penalty for early withdrawals. CDs with maturities greater than one year and less than 3 years will have a 6 month interest penalty for early withdrawals. CDs with maturities greater than 3 years will a have 9 month interest penalty for early withdrawals. Early Withdrawal Penalties may reduce the original principal balance.

Simplified Employee Pension

A Simplified Employee Pension (SEP) is a plan wherein an employer can make a contribution to each eligible employee's Traditional IRA (including his or her own Traditional IRA if self-employed). Any tax deductions apply to the employer**. The tax deferred earnings apply to the employee.

  • FDIC Insured
  • Many Investment Options 0-6 years
  • No Annual Fees
  • Open account with as little as $10

Rates

Rates depend upon the type of investment selected please refer to the rate sheet for current rates.

Process

All SEP accounts are managed by the IRA Dept. An application to participate and beneficiary designation form are required for all new plans. Please contact the IRA Dept. with any questions concerning these products.

*Transfer/Withdrawal Limitations
The depositor is permitted or authorized to make no more than six transfers or withdrawals, or a combination of such transfers and withdrawals, per month to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a pre-authorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, or by check, draft, debit card, or similar order made by a depositor and payable to a third Party.
These limitations also apply to Online Banking Transfers but do not apply to any transactions conducted at an ATM machine or withdrawals made in person. If you exceed these transaction limitations the bank will notify you and you will be charged an excess transaction fee for each Transaction.
This may impact the operation of your accounts.

**Customers must contact their tax advisor to determine eligibility and tax deductibility.

 

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