Business Banking
Every business has unique goals, challenges, and opportunities. Whether you're launching a startup, managing an established company, or planning for future growth, Glenwood State Bank offers business banking solutions designed to help you manage cash flow, earn on deposits, and stay focused on what matters most. Rooted in west-central Minnesota. Serving customers wherever life takes them.
Checking Accounts
Business Checking
A straightforward account designed to help businesses manage day-to-day operations with flexibility and convenience.
- No minimum balance requirements
- No FDIC assessment charges
- Use of deposit bags (zipper or lock style)
- Treasury Management tools available
- Free imaged eStatements
- Other fees may apply*
Business Checking with Interest
Earn interest on eligible balances while maintaining access to the funds you need to run your business.
- Earn competitive interest rate
- Interest compounded and credited monthly
- Treasury Management tools available
- Free imaged eStatements
- Other fees may apply
*Fees may be offset based on your average monthly collected balance and your potential monthly earnings credit.
Talk With a Business Banker
Whether you're opening a new account, improving cash flow management, or planning for future growth, our team is ready to help you find the right banking solutions.
Savings Accounts
Building reserves is an important part of running a successful business. Our savings solutions help you keep funds accessible while earning competitive returns on the money you're setting aside for future opportunities.
Business Savings
A flexible savings option designed to help businesses build reserves while maintaining easy access to funds.
- $5.00 minimum opening deposit required
- No minimum balance requirements
- Interest compounded daily and credited quarterly*
- Free quarterly imaged eStatements
- Utilize an ICS or CDARs account for balances that exceed FDIC insurance limits
Money Market Savings
Earn higher interest on larger balances while maintaining liquidity for future business needs.
- $2,500.00 minimum opening deposit required
- $2,500.00 minimum daily balance to maintain Money Market rates*
- Interest paid on collected balance and compounded monthly
- Free imaged eStatements
- Higher interest rates paid for balances over $10,000, $50,000, $100,000, and $200,000
- Utilize an ICS or CDARs account for balances that exceed FDIC insurance limits
Certificates of Deposit
Lock in a fixed rate for a set term and put excess cash to work while preserving principal.
- Time Deposits with terms starting at 7 days, up to 5 years
- $500.00 minimum opening deposit required
- Tiered interest rates available based on total deposits for balances over $10,000, $25,000, and $50,000
- Utilize an ICS or CDARs account for balances that exceed FDIC insurance limits
*Rates are subject to change at any time.
Additional Business Services
ICS & CDARS: Protect Large Business Deposits
Keep large cash balances secure without the hassle of managing multiple bank relationships. If your business regularly holds deposits that exceed standard FDIC insurance limits, Insured Cash Sweep® (ICS) and CDARS® can provide access to multi-million-dollar FDIC insurance coverage while allowing you to work directly with a single bank.
With ICS, eligible funds are placed into money market accounts across a network of participating banks, helping maintain liquidity and access to funds. CDARS offers similar FDIC protection for larger balances that you would like to invest in Certificates of Deposit (CDs), allowing you to earn fixed rates while protecting your deposits.
Benefits for Businesses:
- Access to multi-million-dollar FDIC insurance coverage
- Maintain a single banking relationship
- Receive one consolidated statement
- Simplify cash management and recordkeeping
- Keep operating funds accessible through ICS
- Earn competitive fixed CD rates through CDARS
- No need to open accounts at multiple financial institutions
- No additional service fee
Whether you're holding proceeds from a business sale, preparing for a major equipment purchase, managing seasonal cash flow, or maintaining larger operating reserves, ICS and CDARS can help protect your deposits while keeping your banking simple.
Interested in learning more? Contact our team to discuss the solution that's right for your business.
Looking for Current Interest Rates?
We offer competitive rates on business savings accounts, money markets, certificates of deposit, and other deposit solutions. Contact our team for current rates and account details.
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Business owners value responsive service, local expertise, and banking solutions designed around their needs. We're committed to helping businesses grow while supporting the communities they serve.
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The right account depends on your business size, transaction volume, cash flow needs, and whether you want to earn interest on balances.
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Yes. Interest-bearing checking, savings, money market accounts, and certificates of deposit may be available for qualifying businesses.
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Requirements vary based on your business structure, but may include formation documents, tax identification information, and ownership details.
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Yes. Business customers can access digital banking tools designed to help manage finances conveniently and securely.
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Yes. While we're rooted in west-central Minnesota, we proudly serve businesses wherever opportunity takes them through personalized service and convenient digital banking tools.