32Promotion is for a 7-month CD with an APY of 4.75% or a 13-month CD with an APY of 4.50%. Annual percentage yield (APY) accurate as of 04/01/2024. Minimum balance of $500 to open certificate and obtain APY. Fees may reduce earnings. Early withdrawal penalty may apply. Offer may end at any time, contact OCCU for more details.
How to boost your business savings
OCCU -
03.21.2023
Running a business takes a lot of prioritizing. With so many different needs and goals demanding your attention, you’ve got some difficult decisions to make about where to spend your money.
Equipment needs updating, unforeseen expenses arise when you least expect them, and you never know when a great opportunity for expansion might arise. On top of all that — you’re working hard to keep your business profitable and running smoothly from day to day.
A sound business savings strategy can help you stay on top of these competing needs. It also ensures you have the funds available to meet any challenges or opportunities that come your way.
At OCCU, we’ve put a lot of thought into how we can help local businesses build up enough reserves to sustain them through periods of growth as well as the lean times. One of the ways you can keep your finances secure is to invest in a business certificate of deposit (CD).
What is a business certificate of deposit?
A business certificate is a type of savings account into which you deposit funds for a set period of time, or term — typically from six months to five years. You won’t be able to access the funds during this time, but they’ll earn higher interest than a traditional savings account. The longer the term, the higher the interest rate you can earn.
Once the CD matures, you’ll regain access to your money and can decide what to do with it next.
A business certificate is a great way to put your extra savings to work. If you keep enough cash on hand to cover emergencies as well as your regular expenses, you can stash additional funds in a CD to give your savings a boost.
Business certificates are ideal for partitioning funds that are earmarked for short-term savings goals. With a fixed interest rate over a fixed period of time, they can help you grow your money faster. It’s a financial tool that allows you to plan ahead and calculate exactly how much you’ll have once the CD
matures. You can choose a term that fits your timeline and let your money do the work while you focus on your more pressing business needs.
Business certificate options at OCCU
Whatever you’re saving for — whether it’s new equipment, a new location or a rainy day — an OCCU business CD is ideal for investing in your short-term plans. With flexible options and interest rates as high as 4.75% APY32, we can help you target your savings for maximum impact and business success.
With a business certificate from OCCU, you can:
· Secure a fixed interest rate and select the right term for your goal, from six months to 60 months.
· Take advantage of our bump up certificate option, which allows you to bump up your rate once per term to match any rate we have. You can also bump your balance with an additional deposit, up to the original amount, once per term.
· Receive special pricing and flexible maturity options with 24-month certificates when your business uses more than one OCCU product or service (such as our business money market account or other OCCU savings account options).
At OCCU, we recognize how hard you’re working to make your business profitable. Our focus is to help ensure sure your money is working as hard as it can for you. Our member business services team is here to partner with you and help your business grow. Discover more about our business certificate of deposit account options and contact our team today.
