business Savings



At Southern Bank, we want to see your business grow. No matter how small your business is, we have options that are guaranteed to satisfy your saving needs. Let us worry about your money while you expand your organization. Save stress, time, and money. Ask us how we can serve you through a Business Savings account today. Learn more about your savings options:

Below are 5 sections vertically aligned. You may browse those sections by clicking on one of the links below.

Commercial Savings



This account provides the fundamental benefit of savings with liquidity and a stable source of interest-bearing funds. Business Savings is a practical, no-nonsense account. With a low initial deposit requirement, it's perfect for even the smallest businesses.

Account is subject to approval.

All checking accounts are subject to approval.


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CIMM



Commercial Insured Money Market Savings is a commercial analysis account, which means that the account is charged a service charge on analysis basis. This method of determining service charges takes into consideration account balance and account activity.

  • A business savings account paying a higher tiered interest rate, tiers based on daily collected balance
  • This account offers limited check-writing privileges, but unlimited withdrawals in person or at any ATM
  • Commercial Insured Money Market Savings - Minimum opening deposit $1,000
  • Premium Insured Money Market Savings - Minimum opening deposit $25,000
  • Federal regulations impose certain withdrawal limitations on Money Market Savings Accounts. You are not permitted to make more than six (6) preauthorized transfers, automatic or telephonic transfers or withdrawals from a Money Market Savings Account per statement period. "Telephonic" transfers or withdrawals include those made through a phone system, an online banking service, or personal computer. No more than three (3) of the six (6) may be payments by check, draft, debit card, or similar order payable to a third party. There is an additional charge for excessive transfers or withdrawals. You may make unlimited withdrawals in person or through an ATM (non-Southern Bank ATM fees will apply). We are required by law to close or change your account if you repeatedly exceed these limits.

    Account is subject to approval.


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    PIMM



    Commercial Insured Money Market Savings is a commercial analysis account, which means that the account is charged a service charge on analysis basis. This method of determining service charges takes into consideration account balance and account activity.

  • A business savings account paying a higher tiered interest rate, tiers based on daily collected balance
  • This account offers limited check-writing privileges, but unlimited withdrawals in person or at any ATM
  • Commercial Insured Money Market Savings - Minimum opening deposit $1,000
  • Premium Insured Money Market Savings - Minimum opening deposit $25,000
  • Federal regulations impose certain withdrawal limitations on Money Market Savings Accounts. You are not permitted to make more than six (6) preauthorized transfers, automatic or telephonic transfers or withdrawals from a Money Market Savings Account per statement period. "Telephonic" transfers or withdrawals include those made through a phone system, an online banking service, or personal computer. No more than three (3) of the six (6) may be payments by check, draft, debit card, or similar order payable to a third party. There is an additional charge for excessive transfers or withdrawals. You may make unlimited withdrawals in person or through an ATM (non-Southern Bank ATM fees will apply). We are required by law to close or change your account if you repeatedly exceed these limits.

    Account is subject to approval.


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    Employee Pension (SIMPLE)



    Implementing a SIMPLE, an employee salary deferral plan that requires a limited employer contribution, is a smart choice for many businesses. The flexibility afforded the employer and the peace of mind for employees makes a SIMPLE program attractive and beneficial. See your Customer Service Representative for more details.


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    Employee Pension (SEP)



    Establishing a Simplified Employee Pension (SEP) account is an excellent alternative to other retirement plans. Any size company is eligible, and this is an inexpensive, effective way to build tax-deferred savings for your employees' retirement. Deductible contributions go directly into individual IRA accounts instituted for all eligible employees. See your Customer Service Representative for more details.


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