Business savings
Mennonite Financial has a variety of savings products for small businesses and self-employed individuals operating their own business.
To take advantage of our financial services, a business first opens a membership account by depositing $25 into a regular share savings account. This $25 remains the property of the business, but it must stay in Mennonite Financial for the term of the membership. You may add to this $25 in any amount you wish.
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On our regular share savings account, we pay the highest rate on the first $500, which we call Jubilee Dividends™. Other dividend rates vary according to account balance.
Mennonite Financial has certificates available in maturities from three to 60 months with minimum balances of $500-$100,000. Dividends are compounded quarterly. Penalties apply for early withdrawal.
Our money market accounts for businesses earn dividends with limited check writing privileges. And there is no monthly fee if the average daily balance does not fall below $1,000. Three free check withdrawals permitted each month; fees apply for more withdrawals. Dividend rates vary according to monthly balance.
Mennonite Financial members can set up club accounts for a variety of business purposes. There is no limit to the number of different accounts a business may have in addition to the regular share savings account.
In addition to IRA accounts—traditional, Roth, and educational—Mennonite Financial also offers SEP accounts for self-employed individuals and businesses. Dividend rates vary according to balances.
For more information or to secure an application to open a Mennonite Financial SEP, call 800-322-0440 and ask to speak with the IRA representative. Or send an email to: IRAs@mennonitefinancial.com.