Last Updated: 04/18/2025
Inova Federal Credit Union Business Savings Account
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.01%(Verified 06/21/2024)
Minimum Opening Deposit
$0
Minimum Balance to Earn APY
$100
Inova Federal Credit Union Business Savings Account Review
Inova Federal Credit Union Business Savings Account is offered by Inova Federal Credit Union, a credit union founded in 1942 and based in Elkhart, IN. Inova Federal Credit Union Business Savings Account are available in 50 states and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.01%.
- No monthly maintenance fee. Avoid $2.50 monthly service charge by enrolling in eStatements
- No minimum initial deposit. There is no minimum balance required to open an account online.
- No ATM fees. Inova Federal Credit Union Business Savings Account does not charge fees on ATM transactions .
Inova Federal Credit Union Business Savings Account Pros & Cons
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Inova Federal Credit Union Business Savings Account FAQ
Are business savings accounts from Inova Federal Credit Union federally insured?
Yes, your business savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
Does Inova Federal Credit Union offer a signup bonus?
Inova Federal Credit Union Business Savings Account doesn't offer a signup bonus.
What is the minimum initial deposit for Inova Federal Credit Union Business Savings Account?
There is no minimum deposit to open a Inova Federal Credit Union Business Savings Account.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $100.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $0.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Inova Federal Credit Union Business Savings Account offer?
Inova Federal Credit Union Business Savings Account offers an APY of 0.01% (APY stands for annual percentage yield, rates may change).
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Business savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. What fees does Inova Federal Credit Union Business Savings Account charge?
This account charges a monthly service fee of $2.50.
- Outgoing domestic bank transfers come with a $25.00 fee.
- Incoming domestic bank transfers come with a $10.00 fee.
- Outgoing international bank transfers come with a $50.00 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
- Incoming international bank transfers come with a $10.00 fee.
- An overdraft on your account will trigger a $29.00 fee per item.
- Inova Federal Credit Union Business Savings Account charges $2.50 every time you request a paper statement.
Does Inova Federal Credit Union Business Savings Account charge overdraft fees?
Yes, Inova Federal Credit Union Business Savings Account charges a $29.00 overdraft fee. Inova Federal Credit Union Business Savings Account offers overdraft protection at a cost of $3.00 per transaction. This overdraft protection fee is charged every time the bank arranges a transfer from another one of your accounts, typically a savings account, to cover the overdraft.
What features and perks does Inova Federal Credit Union Business Savings Account offer?
This savings account includes the following features:
- Mobile Banking Services - Inova Federal Credit Union Business Savings Account allows you to manage your money online or with a mobile app.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Inova Federal Credit Union Business Savings Account?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Inova Federal Credit Union Business Savings Account?
The customer support email for Inova Federal Credit Union Business Savings Account is socialmedia@inovafcu.org.
Is Inova Federal Credit Union Business Savings Account legit?
Inova Federal Credit Union was founded in 1942; it is a well-established company that has been in business for 84 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:30PM
Saturday
9:00AM - 12:00PM