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Business Savings

This business savings account is ideal for small-saving businesses. 

  • Minimum to open: $50
  • When your average daily balance is under $500, there’s a $10 monthly fee
  • Earns interest
  • Includes 5 free transfers; $3 for each additional transfer
  • Access it through Online Banking and your Mobile Banking app*
  • Free monthly eStatements

A business savings account lets you earn interest on money deposited into the account. Maximizing your cash flow, saving for taxes and funding growth needs are easier when you have money that’s not only set aside but also growing on its own.

*Message and data rates may apply

Business Money Market

A business money market account can offer a higher interest rate by requiring a higher minimum balance while still giving your business easy access to capital. 

  • Minimum to open: $10,000
  • Earns interest
  • When your average daily balance is under $10,000, there’s a $10 monthly fee 
  • Includes 5 free transfers; $3 for each additional transfer
  • Access it through Online Banking and your Mobile Banking app*
  • Free monthly eStatements

If you’re able to maintain a larger balance, a money market account will give you a higher interest rate. Higher interest rates means your money grows faster while still offering you access to your capital if you need it.

*Message and data rates may apply

Health Savings Account

A health savings account (HSA) gives your employees a way to save for out-of-pocket medical, dental, vision and mental health services (including prescriptions and over-the-counter medications).

  • Minimum to open: $50
  • Minimum required balance: $0
  • Set-up fee: $10
  • Monthly service charge: $0
  • Earns interest
  • Access it through Online Banking and your Mobile Banking app*
  • Free monthly eStatements
  • Use Online Bill Pay through this account 
  • Receive a debit/ATM card

HSAs are a beneficial investment choice, both for the person investing and the employer who offers it. There are numerous tax advantages. For the investor, funds go in tax free. Those pre-tax dollars then earn interest as they grow, plus they aren’t included in income taxes. Depending on the employee’s situation, they can adjust contributions to help determine their taxable income bracket. Our accounts feature competitive interest rates plus low set-up fees and minimum balance requirements. 

When eligible medical expenses arise, the fund is there to pay for them. Qualifying employees can easily access HSA funds with debit cards, and the withdrawals are tax free. Unused funds continue to grow just like they do in other retirement accounts like a 401(k).

The employer who offers an HSA offers their employees the opportunity to participate in a financial product designed to help make medical expenses more affordable and contribute to their retirement investments. Better compensation options help in recruiting and retaining better employees. Everybody wins!

Helpful links:

Reasons to choose a health savings account for your employees

Compensation Basics

Attracting and Retaining Quality Employees

As of 4/18/2024

BalanceAPY*
under $2,5000.10%
$2,500 – $4,9990.15%
$5,000 or more0.20%

*Interest rates and Annual Percentage Yield (APY) are subject to change. Fees could reduce earnings.

*Message and data rates may apply

Gain Control with Online Banking

First Federal Lakewood‘s new online banking is streamlined, secure, and flexible. It makes your life easier in ways you never knew you needed.

Now is the time to invest in a Certificate of Deposit.

Pair an interest bearing account with a Certificate of Deposit and watch your balance take off. By investing in your future, you invest in your community. It’s the mutual bank difference.

Invest the mutual way

As a mutual bank customer, your money goes to work in our communities. Every dollar helps people buy homes and grow local businesses. It’s the mutual bank difference.

Business Knowledge Hub

Get financial insights, education and advice to help you run your business. 

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