You work hard and so should your money. Discover three ways your business savings can start earning for you.

Smart business owners know that one of the best ways to weather the ups and downs of business cycles is to have money set aside in a business savings account. A cash cushion can also protect your business when unexpected expenses come up. Here are three savings options that can help you better manage expenses and earn interest on your hard-earned money.

Business savings accounts

The easiest option is a business savings account. It works just like a personal savings account except it’s for your business. At Consumers, business savings earn interest on balances over $50. Our business saving accounts work just like personal savings accounts and they offer:

• unlimited deposits and withdrawals
• 24/7 online access to your account
• NCUA insurance up to $250,000*

A business savings account is an ideal place to park funds you need easy access to. Many businesses use them to cover unexpected expenses and save for taxes while earning interest.

Business CDs

Business CDs (certificates of deposit) are another financial saving tool. CDs are the place to save money you don’t need to use for at least six months. During the CD’s term, you can’t access your money without incurring fees but you can earn higher interest rates than with business saving accounts.

Typically, the longer the term, the better the interest rate. Consumers’ CD terms range from six months to five years with opening deposits as low as $1,000. From time to time, we also offer promotions with special terms and rates.

Money invested in CDs is safe because it’s backed by NCUA insurance–up to $250,000.*

Some business owners stagger their CD investments so they mature on a rotating basis. This allows them to earn higher interest than a savings account and still access their money as the CDs mature. If they don’t have an immediate need for the money when the CDs mature, they reinvest in a new one.

Money market accounts

Some business owners opt to deposit funds in money market accounts. Money market accounts typically pay higher interest than business saving accounts. They also have higher minimum deposits.

Money market accounts have three key differences from business saving accounts.

First, money market accounts are considered an investment. Funds you deposit are used by your financial institution to invest in stable, short-term securities. Second, the interest rate is variable; as your money market balance goes up, so does your rate of return. Third, to earn the higher interest offered by a money market account, you have to meet minimum deposit requirements.

At Consumers, business money market accounts earn interest on daily balances over $2,500. These investments are very low risk and are NCUA insured up to $250,000.*

Some financial institutions limit the number of transactions allowed each month for business money market accounts. At Consumers, you get unlimited deposits and withdrawals.

Choose one or all

Your business savings plan can utilize all three savings tools: a savings account, CDs and a money market account. To get started with any of these savings options, can talk directly with one of our commercial loan officers or start the process online.

Do you have business checking or other banking questions? Contact our knowledgeable commercial loan officers or call 800-991-2221. We’re here to help grow your business!

*For more information about NCUA’s insurance coverage and its limits, please view this resource.