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Need extra space for your business to expand? Cost-effective account options to manage your finances? Wings Financial Credit Union offers Commercial Lending and Business Checking & Savings Accounts that can give your business a place to grow. See below for more information about Wings’ Business offerings and how to get started.
Wings Financial Credit Union offers flexible account options featuring limited fee structures to make financial management easy and cost-effective. As a member of Wings Financial, you can establish your business accounts with us. See below if your business meets the required criteria.
Business eligibility criteria:
- Your business must meet one of the following criteria:
- The business is located in an eligible county or school district
- 50% of all owners qualify for Wings membership
- Your account must be kept in the complete business name or your professional name
- Special signatory requirements (e.g. two signers) are not available
| Business Checking Account Options | Essential Business Checking | Select Business Checking | Advantage Business Checking |
|---|---|---|---|
|
Minimum Opening Deposit |
$25 |
$25 |
$25 |
|
Monthly Service Fee |
$10 (waived with $1,000 balance or $15,000 in combined loan and deposit balances) |
$15 (waived with $10,000 monthly average balance or $50,000 in combined business loans and deposit balances) |
$20 (waived with $25,000 monthly average balance or $100,000 in combined business loans and deposit balances) |
|
Per-Item Cost |
$0.25 per item over 50 items monthly |
$0.25 per item over 250 items monthly |
$0.25 per item over 500 items monthly |
|
Cash Limits |
$2,500 |
$5,000 |
$7,500 |
For all business types, signatures of each authorized signer are required at account opening. If all authorized signers are not present at account opening, have all required documents signed prior to opening and bring a photocopy of each owner’s and authorized signer’s ID.
| Business Type | Required at Account Opening |
|---|---|
|
Sole Proprietorship |
Tax ID Type: EIN or SSN |
|
Corporation (Inc) |
Tax ID Type: EIN |
|
General or Limited Partnership (LP, LLP) |
Tax ID Type: EIN |
|
Limited Liability Company (LLC) |
Tax ID Type: SSN (1 Owner) or EIN (2+ Owners) |
|
Non-Profit Organization or Association |
Tax ID Type: EIN |
|
Doing Business as (DBA) |
Tax ID Type: Same number as main business |
Business Accounts may be opened in one of our branch locations. Make an appointment online to get prompt service on your schedule. Schedule as far out as 15 days, or as little as 2 hours ahead. Tell us about your needs, so we’re ready to help.
| Account | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
Business Share Savings |
0.15% |
0.15% |
|
Everyday Business Savings |
0.15% |
0.15% |
|
Essential Business Checking |
N/A |
N/A |
|
Select Business Checking |
N/A |
N/A |
|
Advantage Business Checking |
0.05% |
0.05% |
| Premium Business Money Market Account | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
Balances less than $9,999 |
0.10% |
0.10% |
|
Balances $10,000-$24,999 |
0.35% |
0.35% |
|
Balances $25,000-$49,999 |
0.45% |
0.45% |
|
Balances $50,000-$99,999 |
0.55% |
0.55% |
|
Balances $100,000-$249,999 |
0.65% |
0.65% |
|
Balances $250,000-$499,999 |
0.75% |
0.75% |
|
Balances greater than $500,000 |
1.26% |
1.26% |
| Business Certificates - 1 Year | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
0.65% |
0.65% |
|
$10,000 - $99,999.99 |
0.70% |
0.70% |
|
$100,000 - $249,999.99 |
0.75% |
0.75% |
|
$250,000+ |
0.80% |
0.80% |
| Business Certificates - 2 Year | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
0.80% |
0.80% |
|
$10,000 - $99,999.99 |
0.85% |
0.85% |
|
$100,000 - $249,999.99 |
0.90% |
0.90% |
|
$250,000+ |
0.95% |
0.95% |
| Business Certificates - 3 Year | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
0.95% |
0.95% |
|
$10,000 - $99,999.99 |
1.00% |
1.00% |
|
$100,000 - $249,999.99 |
1.05% |
1.06% |
|
$250,000+ |
1.10% |
1.11% |
| Business Certificates - 4 Year | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
1.05% |
1.06% |
|
$10,000 - $99,999.99 |
1.10% |
1.11% |
|
$100,000 - $249,999.99 |
1.15% |
1.16% |
|
$250,000+ |
1.20% |
1.21% |
| Business Certificates - 5 Year Step-Up† | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
1.10% |
1.11% |
|
$10,000 - $99,999.99 |
1.15% |
1.16% |
|
$100,000 - $249,999.99 |
1.20% |
1.21% |
|
$250,000+ |
1.25% |
1.26% |
| Business Certificates - 5 Year | Dividend Rate | Annual Percentage Yield |
|---|---|---|
|
$500 - $9,999.99 |
1.25% |
1.26% |
|
$10,000 - $99,999.99 |
1.30% |
1.31% |
|
$100,000 - $249,999.99 |
1.35% |
1.36% |
|
$250,000+ |
1.40% |
1.41% |
†Step-Up Certificates may be stepped-up one time. The step up rate will be determined by the current 5 year standard term certificate rate and will apply to the remaining term of the certificate.
Annual Percentage Yields disclosed assume quarterly compounding for amounts less than $100,000 and monthly compounding for amounts $100,000 and greater.
Minimum balance to open certificates $500. (Unless noted)
Penalty applies for early withdrawal.
New certificate deposits are limited each month. When new certificate deposit limit is reached each month, new certificate deposits will be discontinued until the beginning of the following month.
Flexible commercial lending solutions
We’re committed to making the financing process simple and hassle-free. You’ll work directly with an experienced commercial lender, who can tailor the right lending solutions to your building purchase, expansion or refinance.
Wings does not currently offer SBA lending. However, we recognize many of our members are seeking assistance from recently announced relief programs. We are actively researching ways to offer these programs, but in the meantime, here are several resources where you can get more information.
The SBA has announced two new programs to assist business owners who are impacted by COVID, the EIDL (Economic Injury Disaster Loan) and the PPP (Paycheck Protection Program).
EIDL is provided directly through the SBA, applications may be submitted here:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
PPP loans are available through current SBA Approved lenders. Information on the program, and a link to SBA Approved Lenders can be found here:
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
We are encouraging business owners to apply quickly for these programs, as funds are limited and are available on a first come, first served basis.
For members in Minnesota, resources are available through the Minnesota Department of Economic Development: https://mn.gov/deed/newscenter/covid/
If you have further questions, please contact: CommercialServices@wingsfinancial.com
