Business Savings
Explore MHV business savings accounts designed to help your business save, manage funds, earn dividends, and build a stronger financial future.
share account, share savings
Business savings: where your MHV relationship starts.
The account that makes your business a member-owner, backs your checking, and gives your reserves a place to earn. You can open an account at any of our branches.
What you get
Establishes your business membership with a minimum deposit of $5
Earns dividends on your balance.
No monthly fee.
Overdraft protection for your business checking: transfers cover a shortfall so a vendor check doesn't bounce.
Move money instantly between savings and checking in digital banking, set up automatic transfers, and see everything in one place.
Federally insured by NCUA up to $250,000.
Give every dollar a job.
Tax Reserves
Sales tax, payroll tax, quarterly estimates. Sweep a percentage of every deposit so the money is there when the state wants it.
Operating Cushion
Keep 1 to 3 months of expenses separate from the account you pay bills from, so a slow month is a slow month, not a crisis.
Planned Purchases
The new van, the second location, the lease deposit. Cash flow can change; planned savings help you find balance.
Overdraft Backstop
Linked to checking, so timing mistakes cost you a transfer instead of a returned item and a vendor call.
Bigger balance? Put it to work.
Put your larger reserves to work through a money market or certificate:
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Business Money Market. Higher dividends than regular savings, with tiered rates as your balance grows, and you keep access to the money. Good for reserves you may need on short notice.
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Business Certificates. Lock in a rate for a set term, from 1 month to 5 years, with a $500 minimum. When you know you'll need money ahead of time, a Business Certificate is a great way to save for next year's insurance premium or a planned equipment purchase.
Open your savings account in one visit.
Bring the documents for your business type, and we'll open savings and checking together, usually in under an hour. Find a branch or talk to a business banker.
What you'll need
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MHV business membership application
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Government-issued photo ID for each owner and authorized signer
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EIN confirmation letter from the IRS (sole proprietors may use SSN)
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Formation documents for your business type: DBA certificate, articles of organization or incorporation, partnership agreement, operating agreement, or bylaws
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Beneficial ownership certification for entities
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Business Resolution of Authority naming who can transact on the account.
A credit union that's local like you are.
You're not a customer here. You're an owner. That's why our business bankers pick up the phone, why decisions get made in the Hudson Valley, and why the account that opens the door costs almost nothing to start.
Start with savings. Build from there.
Frequently asked questions
Answers to the questions business owners ask most about Business Savings options. If you want a person instead, talk to a business banker .
Business savings is the membership account. A $5 deposit makes your business a member-owner of MHV, and every other business account and loan builds on it.
Photo ID for each owner, your EIN letter, your business formation documents, and a resolution naming the authorized signer. The exact list depends on whether you're a sole proprietor, partnership, LLC, corporation, or nonprofit.
Yes. Deposits at MHV are federally insured by the National Credit Union Administration (NCUA), a U.S. government agency, up to $250,000 per account ownership category.
Check our current rates.
Yes. Business Money Market accounts pay tiered dividends with continued access, and Business Certificates lock in a rate for a set term. Your business banking expert can help you split reserves across them.
Disclosures: Mid-Hudson Valley Federal Credit Union. Federally insured by NCUA.
Membership eligibility required. Minimum deposit required to open and maintain membership. Dividend rates and annual percentage yields are variable and subject to change; see current rate table. Fees may reduce earnings; see Business Fee Schedule. Certificates: penalty for early withdrawal.