Business Accounts

It depends on your transaction volume and balances. Local Business Checking is built for smaller operations and opens with just $50. Main Street Checking ($500 to open) suits higher-activity businesses, allowing up to 100 items per month before per-item fees apply. The Total Business Checking lineup (standard, Interest, and Money Market) is designed for larger businesses that benefit from account analysis and earning interest or a credit allowance on balances. We also offer dedicated Nonprofit Checking and Nonprofit Savings accounts. A local business banker can help you match an account to your monthly activity.

Opening deposit requirements vary by account: $50 for Local Business Checking, $500 for Business Savings and Main Street Checking, and $1,000 for Total Business Interest Checking and Total Business Money Market. The required balance to avoid a minimum balance fee matches the opening deposit on those accounts. Talk to a banker to confirm the current requirement for the account that fits your business.

Federal regulations limit the payment of interest on business checking accounts. Instead, accounts on account analysis earn a credit allowance against service fees, calculated on the average investable balance you keep in the account. If earning interest directly is a priority, Business Savings, Total Business Interest Checking, and Total Business Money Market all pay interest once you meet the minimum balance ($500 for Business Savings; $1,000 for the two Total accounts).

It’s a way to offset your service fees based on the balances you maintain. Because federal rules restrict interest on business checking, First Western applies a credit allowance against account analysis fees tied to your average investable balance. The more you keep on deposit, the more of your monthly service charges that allowance can cover. A banker can walk through how it would apply to your typical balances.

Accounts on account analysis carry a $10.00 monthly maintenance fee, $0.15 per debit, $0.06 per item deposited, and $0.05 per roll of coin. These activity-based charges can be partially or fully offset by the credit allowance earned on your investable balance, so your net cost depends on both your transaction volume and the balances you maintain.

Several accounts include a monthly transaction allowance before per-item fees apply. Main Street Checking allows 100 items per month, Local Business Checking allows 25, and Business Savings allows 10; beyond those thresholds, a $0.25 fee applies to each additional debit and/or deposited item. If your monthly volume regularly exceeds your account’s allowance, moving to an account with a higher threshold or to account analysis is usually more cost-effective.

Yes. We offer Nonprofit Checking and Nonprofit Savings accounts designed for the needs of nonprofit organizations. A business banker can review your organization’s activity and balances to recommend the right setup and discuss any documentation needed to open the accounts.

Requirements vary by business structure, but you’ll generally need your business formation documents, your Employer Identification Number (EIN), and a government-issued photo ID for each authorized signer. Federal law also requires us to collect the name, address, date of birth, and other identifying information for the individuals opening the account. Your local banker will confirm exactly what’s needed for your business type.

Visit a branch near you or contact us to get started, and a local business banker will help you choose the right account and complete the paperwork. To compare how balances grow over time, try our savings calculator, and explore Cash Management and Business Online Banking for tools to manage your accounts day to day.