Your business banking needs differ from your personal needs and keeping your ducks in a row with separate business and personal finances is essential for any business owner. Our business deposit accounts allow for the transaction volume that comes with running a busy business. Interested in earning dividends? Spirit of Alaska has a dividend bearing business account option as well.
Our low $10 monthly fee is waived for accounts with balances over $1,000, and we don’t require a minimum balance to start an account. You will also have the choice of adding overdraft protection** on business transactions for those who would benefit from that added feature. See our “Rates” tab for current rates and breakdowns.
Transaction account solutions for your business
- Comes with debit card, and online account access through e-Teller
- Low monthly fees, waived on some accounts*
- No required opening balance
- Competitive rates
- Overdraft protection**
"I wanted to let J.O. know how amazing her customer service is and how excellent it was working with her. I appreciate everything J. did, and want to MAKE SURE J. knows how great and sweet she is." S.D.
*Minimum daily balance must be above $1,000 and activity fees must be less than $10 for the month.
**We do not offer our regular overdraft protection for Business Checking. Overdraft transfers from savings and our Overdraft Line of Credit are available options.
Account Type Min. Bal. to avoid fee Min. Bal. to Earn Dividends Dividend Rate APY*
$1000.00 N/A N/A N/A
Dividend Bearing Business Checking
N/A $0.01 0.25% 0.25%
*Annual Percentage Yield. Current as of 23 May 2017.
**Federal law requires us to verify all identities when opening new accounts. If you are applying with a joint applicant, their consent is implied when the application is submitted with the on-line loan application.
Frequently Asked Questions
What will I need to bring to open a business account?
Exactly what you need to bring will depend on the structure of your business. In general, to open an account you will need the following:
- Business License
- Proof of EIN
- Corporate documentation
- Resolution with authorized signers.
Will I need to have a savings account too?
Yes. Because we are member owned, a minimum “share” in the credit union must be established before opening a business checking account. The share can be held in a savings or money market account.
Can my non-profit business open an account?
Yes. Spirit of Alaska business accounts can meet the needs of all types of businesses.
What are the features of a business checking account?
These are the primary account features. There are also dividend bearing options available (see rate tab).
- Low activity fees
- $10 monthly fee waived with balance over $1000*
- Overdraft protection available
- No minimum balance to open
- Access to Shared Branching network
- Telephone Account Access
- Online services with e-statements
How much are the activity fees?
20¢ per deposit, 5¢ per item, and 20¢ per debit item.
- What will I need to bring to open a business account?