Money Market Accounts, Online Banking, and More
Money Market Accounts
Sonabank has two Money Market Plans to help your business reach its investment goals. Interest on Money Market accounts is posted and statements are issued monthly.
Corporate Tiered Money Market Account
We pay Money Market interest rates on your business balances with the flexibility of check writing. You are allowed six withdrawals on this account during the statement period. A lower rate of interest is paid if the daily minimum balance falls below $10,000, and a low monthly service charge is assessed. This account will pay a higher rate of interest if the accounts daily minimum balance is $25,000 or higher at statement cycle date.
Premium Yield Account
A Premium Yield Account is a type of Money Market Savings Account offered to business customers who have an operating or payroll account with Sonabank. This account pays an interest rate based on the IBC Money Fund Index as reported each Thursday in The Wall Street Journal. You are allowed six withdrawals, no more than three by check, during each statement period. A fee will be imposed on each transaction above these limits during each statement period. A monthly service charge will be imposed if the daily collected balance falls below $25,000 during the statement period.
Sonabank makes online banking fast and convenient for businesses. SonaOnline, our Internet banking service, gives you 24 hour access to your accounts! With SonaOnline, you will be able to bank anytime from anywhere! SonaOnline puts you in control.
Cash Management Products
No more trips to the bank! Save money on travel time and bookkeeping expense with Sona InHouse! Sonabank will provide your business with a check scanner and using your existing Internet connection you can scan checks right from your desk into your bank account.
Alternatively Sonabank will open a lockbox in your company name, retrieve your incoming checks, and deposit them directly into your account! The images of the checks will then be available for you to view online at your leisure. This makes bookkeeping for your business fast and easy, and because Sonabank is checking your box daily, your funds will often be available sooner! Big businesses have been using lockboxes for decades as a cash management tool. Now Sonabank is making this service cost effective for all small and medium sized businesses as well.
Sona Cash Manager
Sona Cash Manager is a funds transfer initiation system that allows commercial customers to originate ACH transactions. With Sona Cash Manager, you can use your PC to initiate transactions such as direct deposit of payroll, consumer debits and credits, and vendor payments.
Put Sona Cash Manager to work for your business today!
Contact Us at a bank location in Maryland or Virginia