Business Savings Account

Strong sales are one path to profitability. But you can also create revenue streams with investment and saving accounts that provide your business with the resources to meet future needs.

There are many ways to add something extra to your bottom line

A hard-working checking account is key to your day-to-day business operations. But it also makes sense to set aside funds for expansion planning, equipment upgrades, unexpected repairs and other long-term needs. From simple savings accounts to high-return share certificates, CoVantage offers business owners in Wisconsin, Michigan, Illinois and elsewhere a wealth of ways to earn dividends now and prepare for whatever lies ahead.

CoVantage Business Savings Options

  • Membership Share Savings Accounts: A $10 deposit in a regular share account establishes your ownership share in the credit union. Dividends are compounded daily and credited quarterly.
  • Miscellaneous Share Savings Accounts: Businesses can open multiple share accounts to separate funds for different purposes.
  • Term Share Certificate: Certificates offer higher returns for your investment. Terms range from 3 months to 5 years. Dividends are compounded and paid quarterly. Penalty for early withdrawal.
  • Individual Retirement Account: We offer two options. There's an Open Deposit Account, which requires only a $10 minimum deposit. Dividend compounded monthly and is paid on the daily balance. Or invest in a Share Certificate with a $1,000 minimum deposit.
  • Money Market Accounts: With six different tiers, you can earn higher returns with bigger balances. These accounts also offer liquidity not found in some other investment accounts.
  • Share Deposit Insurance: The National Credit Union Administration insures the first $250,000 in deposits. In Wisconsin, amounts between $250,000 and $400,000 are protected by the Public Deposit Guaranty Fund administered by the State Treasurer. Beyond $400,000, CoVantage can provide collateral for additional coverage.
  • Savings Bonus: At CoVantage you have an opportunity to participate in the savings bonus we may pay at year-end to members who have deposit accounts with us.

Before you open your business account, take a look at this checklist to ensure you have the documents needed.

Next Steps