Business Savings
Business Savings are an essential component of business success in today’s economic environment. At City First, we recognize that maximizing return on your funds is a critical component of the success of your business and we can offer you an array of options to meet this objective.
Business Savings Accounts
Business Savings Accounts are the simplest way to earn a higher rate of return than checking account products. With only a minimum balance of $500 required to open your account, you will have convenient access to your funds.
Benefits of Business Savings Accounts
- No monthly maintenance fee with minimum balance requirement
- Up to six pre-authorized transfers, including phone, overdraft, computer transfers, or ATM transactions each month
- Premium rate of interest* credited monthly
- Free First Business Online internet banking, including PayFirst online bill payment, and online statements
- No maturity dates
Business Money Market Accounts
Business Money Market Accounts are a safe and secure way to get a competitive rate of return on excess funds while still maintaining your liquidity.
Benefits of Business Money Market Accounts
- No monthly maintenance fee with minimum balance requirement
- Competitive, tiered interest rates* – the more you save, the more you earn
- No maturity dates
- Limited check-writing
- Unlimited deposits, transfers, and withdrawals made in person or by mail
- Up to six pre-authorized transfers, including phone, overdraft, computer transfers, or ATM transactions each month
- Free First Business Online internet banking, including PayFirst online bill payment, and online statements
Mission Money Market Accounts
Mission Money Market Accounts are City First’s way of recognizing that your mission is as important too. We offer a premium rate on high balance money market accounts to qualified non-profit organizations. It is a safe and secure way to get a competitive rate of return on your excess funds while still maintaining your liquidity.
Benefits of Mission Money Market Accounts
- No monthly maintenance fee with minimum balance requirement
- Premium tiered interest rates * – the more you save, the more you earn
- No maturity dates
- Limited check-writing
- Unlimited deposits, transfers, and withdrawals made in person or by mail
- Up to six pre-authorized transfers, including phone, overdraft, computer transfers, or ATM transactions each month
- Free First Business Online internet banking, including PayFirst online bill payment, and online statements
Money Market Sweep
Money Market Sweep is an automated cash management tool that helps you maximize your earnings. Daily, this account automatically sweeps excess funds over a specified balance from your commercial checking account into a money market savings account, allowing you to make the most of your funds by earning a higher rate while maintaining your liquidity. This is a smart choice for businesses whose account balances typically significantly exceed their daily operating expenses.
Benefits of Money Market Sweep Accounts
- No monthly maintenance fee with minimum balance requirement
- Competitive, tiered interest rates* – the more you save, the more you earn
- Immediate access to funds – funds are swept back into your commercial checking account to pay checks presented and to replenish target balance
- Up to six transfers per month from your money market savings account to your commercial checking account, in compliance with federal regulations
- Free First Business Online internet banking, including PayFirst online bill payment, and online statements
- Monthly reports summarizing daily transfer activity and interest earned
- Saves you time by automatically transferring idle cash to and from higher yielding savings accounts
Certificates of Deposit
Certificates of Deposit (CDs) offer competitive fixed interest rates that are higher than typical savings accounts. Terms ranging from three months to five years allow you to choose the term that is right for you. This type of account is best suited for businesses that have funds on hand that aren’t immediately needed.
Fixed Rate CD gives you a guaranteed rate of interest for the term you select.
- Automatically renewable CDs with maturities ranging from three months to five years with a minimum deposit of $500
- Earn higher jumbo CD rates on deposits of $100,000 or more
CDARS®
CDARS® allows you to deposit up to $50 million with full FDIC insurance coverage. When you place a large deposit with us, your funds are instantly exchanged with more than 2000 FDIC insured banks in the CDARS network. Because these CDs are in increments of less than $100,000, both principal and interest is eligible for complete FDIC insurance protection (up to $50 million), with the convenience of working with one bank: City First.
Benefits of CDARS Accounts
- Safety of full FDIC insurance coverage up to $50 million per depositor
- No need to spend time managing multiple banking relationships as you have the convenience of working with one bank
- One Bank, one statement, one 1099 tax summary
- No need worry about changing collateral values associated with collateralized repurchase agreements.
- Superior returns
- Satisfaction of knowing your money housed at City First is at work in our community
How Your Deposit Works for the Community
As the city’s first and only bank solely dedicated to community development finance, City First Bank is focused on building the economic health of underserved communities in the Washington, DC area.
We are especially skilled in financing the acquisition and renovation of affordable housing, providing loan facilities and working capital for nonprofits and faith based social service organizations and providing loans to small business owners. Through our New Market Tax Credit (NMTC) program, City First has provided financing to several large community facilities in Washington, DC, including:
- the Atlas Theatre for the Performing Arts on the H Street corridor in NE;
- THEARC on Mississippi Avenue, SE in Congress Heights;
- the Tivoli Theatre in Columbia Heights; and
- Thurgood Marshall Academy Public Charter School on Martin Luther King Jr. Avenue in Anacostia
While it's banked with us, City First will put your deposit to work where it's needed most. Take advantage of the double bottom line - the satisfaction of knowing you're growing your own investment while helping to develop DC's underserved communities.
Funds on deposit are combined with other accounts of the same depositor and insured by the FDIC up to $250,000 through December 31, 2013.
* Rates subject to change