Flexible Options Built for Iowa Businesses
Looking for a high-yield savings account for your business in Iowa? FSB offers strong rates, local support, and no monthly fees when balance requirements are met. Whether you're growing reserves, earning interest on excess cash, or planning ahead, our local team helps your business make the most of every dollar.
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Why Iowa Businesses Choose FSB for Saving Accounts
Every FSB business savings account includes features that help you manage money efficiently while supporting you with local expertise.
Waived Maintenance Fees
Meet the balance requirements to waive monthly fees.
Overdraft Protection
Link your checking account for overdraft protection.
Easy Access to Funds
Access your funds through ATMs, online banking, or at any branch.
Compare FSB's Business Saving Accounts
Explore our high-yield business savings accounts, built for growth and flexibility across Iowa.
BEST FOR YOUR BASIC NEEDS
Regular Business Savings
Start simple with a reliable savings account designed for small to mid-sized businesses.
Min. Opening Deposit: $50
Min. Balance: $100
Monthly Fee:
(if minimum not met)
$31(if minimum not met)
Free Withdrawals: 63
Open Account →BEST FOR HIGH BALANCES
Business Ultimate Account
Earn more with a tiered-rate savings account and easy access to your funds.
Min. Opening Deposit: $10,000
Monthly Maintenance Fees: None
APY: Up to 3.00%†
Withdrawals: One free/month
(first 5 business days)1
(first 5 business days)1
Early Withdrawal
Penalty: $50 or 7 days
Open Account →Penalty: $50 or 7 days
BEST FOR LIQUIDITY
Business Money Market
A high-yield savings account for businesses with check-writing and liquidity.
Min. Opening Deposit: $1,000
Min. Balance: $1,000
Monthly Fee:
(if minimum not met)
$61(if minimum not met)
APY: Up to 2.00%†
Transfers per
Statement Cycle: 6
Statement Cycle: 6
Unlimited Transactions: In-person & ATM
Open Account →BEST FOR GUARANTEED RETURNS
Business Certificate of Deposit
Earn guaranteed returns with flexible terms and competitive CD specials.
Min. Opening Deposit: $1,000
Terms: 1-60 months
Pick Your Term
9-18 Month: 3.55% APY†
9-18 Month: 3.55% APY†
Interest Paid: Quarterly
Open Account →Not Sure Which Account Is Right?
Connect with a local FSB banker to find the perfect fit for your business.
Advanced Treasury Services For Your Business
Level up your cash flow and payment processes with these powerful business services:
ACH Services
Get a contactless debit card instantly at account opening. Learn more ›
Wire Transfers
Send money securely with same-day processing. Learn more ›
Remote Deposit
Deposit checks from your office using a desktop scanner. Learn more ›
Fraud Mitigation Services
Protect your business with tools like Positive Pay and ACH filter services. Learn more ›
What You Need to Open a Business Account
Looking to open a business account with FSB? Have these documents ready:
1
Tax identification: Provide your EIN or tax identification number for accurate reporting.
2
Formation papers: Bring your official organizational documents to verify your business structure.
3
Signer identification: Provide a photo ID and Social Security number for all signers.
Frequently Asked Questions: Business Saving Accounts in Eastern Iowa
Opening the right account is one of the most important steps in managing your business finances, here are some of the most search questions from our customers.
What are the benefits of a business savings account vs. a checking account?
A business savings account is designed for capital preservation and growth, whereas a checking account is for daily transactions. The primary benefits of a business savings account include earning interest on idle cash, protecting funds with FDIC insurance, and creating a dedicated reserve for taxes or emergencies.
At Farmers State Bank, our savings accounts also offer optional overdraft protection for your linked business checking, ensuring your operation remains fluid.
How much should a small business keep in a savings account?
Financial experts typically recommend that small businesses maintain a cash reserve of three to six months of operating expenses in a high-yield savings or money market account. This liquidity buffer helps Iowa businesses manage seasonal fluctuations, bridge gaps in accounts receivable, and fund unexpected equipment repairs without relying on debt.
Using an account like the Business Ultimate, which offers tiered interest, ensures your larger reserves earn the most competitive yields.
What is the difference between a business money market and a regular savings account?
The main difference lies in interest rates and accessibility. A business money market account typically offers higher, tiered interest rates than a regular savings account but requires a higher minimum balance (e.g., $1,000 at FSB). Money market accounts also provide the added flexibility of limited check-writing capabilities, making them a "hybrid" solution for businesses that need both growth and occasional direct access to funds.
What documents are needed to open a business savings account in Iowa?
To open a business account at Farmers State Bank, you will generally need to provide your Employer Identification Number (EIN), business formation documents (such as Articles of Organization or Incorporation), and a government-issued ID for all owners with 25% or more stake. Depending on your business structure, you may also need an Operating Agreement or a Corporate Resolution. Providing these documents upfront ensures a smooth setup for businesses in the Marion and Cedar Rapids area.
Can a business savings account help with tax preparation?
Yes. A dedicated business savings account simplifies tax season by segregating tax obligations from daily operating funds. By automatically transferring a percentage of gross revenue into a savings account, business owners avoid the risk of spending money earmarked for the IRS or the Iowa Department of Revenue. This separation provides a clear audit trail and ensures the necessary capital is available when quarterly estimated payments are due.
Protect Your Business Against Fraud
Safeguard your accounts by preventing check and ACH fraud with Positive Pay, detecting and stopping unauthorized transactions before they occur.
Business Saving Account Disclosures
Accounts subject to approval. Must be 18 to apply. Some services may have fees. See the fee schedule or contact the bank for additional information
†All rates are subject to change without notice. FSB is not responsible for typographical errors or omissions.
1Plus applicable sales tax.
2Must transfer to an FSB checking account.
†All rates are subject to change without notice. FSB is not responsible for typographical errors or omissions.
1Plus applicable sales tax.
2Must transfer to an FSB checking account.
3A fee of $0.25 (plus applicable sales tax) per transaction applies after the free transaction limit is reached. Plus applicable sales tax.
4Fees may apply.
5Message and data rates may apply.
4Fees may apply.
5Message and data rates may apply.
