Business Accounts

• A basic checking account ideal for small to mid-sized businesses
• No monthly maintenance fee
• First 300 items (checks, debits, deposits, deposited items) per statement cycle are free; each additional item is $.50
• Treasury Management bundling, online cash management, and remote & mobile teller available

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• A basic interest-bearing checking account ideal for nonprofits and public funds with low transaction volume
• Earn interest on balances over $100
• No monthly maintenance fee
• First 100 items (checks, debits, deposits, deposited items) per statement cycle are free; each additional item is $.50
• Online cash management and remote & mobile teller available

• An interest-bearing checking account or higher activity and balances with advanced cash management tools
• Earn interest on all balances
• $10 monthly maintenance fee
• Checks written are $.15 per item; $.15 per deposit; Deposited item not on us $.10; Deposited item on us $.03; ACH Transaction $.05
• Online cash management and remote & mobile teller available

• A checking account for higher activity and balances with advanced cash management tools
• Earnings credit rate to offset service charges
• $10 monthly maintenance fee
• Checks written are $.15 per item; $.15 per deposit; Deposited item not on us $.10; Deposited item on us $.03; ACH Transaction $.05
• Online cash management and remote & mobile teller available

• Simplified savings solution
• $50 minimum to open
• Earn interest on all balances
• Avoid the $3.00 monthly fee by maintaining a $100 minimum balance
• Free business online banking
• Free eStatements

• Earn higher interest with a relationship
• Avoid $14.97 monthly service fee by maintaining a $10,000 minimum daily balance
• Free online and mobile banking
• Free eStatements

• Competitive, tiered interest rates
• Enjoy flexibility with access to funds including checking writing privileges
• Avoid the $10.00 monthly fee by maintaining a $10,000 average collected balance
• Free business online banking
• Free eStatements

• Earn higher interest with a relationship
• Avoid $8.00 monthly service fee by maintaining a $2,500 minimum daily balance
• Free online and mobile banking
• Free eStatements

• Fixed rates are typically higher than savings and money market investments
• $1,000 minimum deposit to open
• Provides FDIC insurance security up to $250,000 compared to other investments
• Wide range of terms available from 6 months to 5 years
• No set-up or maintenance fees
• Early withdrawals are subject to penalty

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Let employees know you care with a way to save for healthcare costs. Your staff will love the employer contributions as much as you'll enjoy the tax deductions.* Expand your company's benefits package with Health Savings Accounts.

Health Savings Accounts are designed to help individuals save for qualified medical and retiree health expenses (as defined by the IRS) as well as for businesses to be able to provide affordable health insurance plans with income tax benefits. The HSA consists of two parts: (1) a qualified, high-deductible health insurance policy (HDHP) that covers substantial medical expenses, and (2) a savings or investment account from which one can withdraw money tax-free for qualified medical expenses. Any adult who is covered by a qualified high-deductible health plan (HDHP), and is not covered by any other plan, including Medicare, may establish an HSA. (Please contact your tax advisor for further eligibility requirements.)

HSAs are portable. The account can travel with an employee from job to job, and funds can accumulate without the annual use-it-or-lose-it requirement of a Flexible Spending Account, enabling contributions and earnings to accrue tax-free, just like an Individual Retirement Account (IRA). Funds distributed from the HSA are not taxed if they are used to pay qualified medical expenses. To encourage saving for health expenses after retirement, individuals age 55 and older are allowed to make additional catch-up contributions to their HSAs.

Employee Details

• Greater personal control over healthcare management and expenses
• Prepare for qualified medical expenses
• Earn competitive interest on entire balance
• Make tax-free withdrawals for qualified medical, dental, vision expenses, and more*
• Accessibility to funds**
• Additional personal contributions may be made, tax-free
• Unused funds remain in the account and can complement your retirement
• Keep your HSA in your name, regardless of career or life changes
• No service fee checking account
  • Must make a deposit into the account within 30 days of opening
  • Federally insured by FDIC
  • Includes Visa® debit card
  • Free online banking and e-statements 

Business Details

• Provide great benefit to employees
• Helps retain and attract good employees
• Contributions are tax-deductible*
• Reduced insurance premiums
• Little administrative burden

We also offer non-FDIC insured investment options via Alliance Benefit Group of Illinois for your HSA from multiple mutual fund families. There are no front-end or back-end sales commissions. Website tools can be used to make investment elections, move money between funds, and access educational tools. Log in to MyHSA to manage your account online and view current contribution limits.

*When used for qualified medical expenses according to IRS Publication 969. Consult a tax adviser. **Consult a tax adviser. You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses prior to age 65, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty tax.

Investing and insuring your large bank deposit has never been easier. With CDARS and ICS you can rely on Town and Country Bank and Peoples Prosperity Bank, the financial institutes you know and trust, to handle your investment while still receiving FDIC insurance on the entire amount.

Learn More about CDARS

Learn More about ICS

What is CDARS and ICS for Business?

Town and Country Bank and Peoples Prosperity Bank are members of CDARS® (Certificate of Deposit Account Registry Service) and Insured Cash Sweep^SM (ICS). These services give you the security to obtain FDIC insurance and earn competitive interest rates in both liquid and term investments. This additional insurance can eliminate collateralization requirements and make accounting procedures more efficient. CDARS is used for investing large amounts in CDs, while ICS allows you to place large amounts into liquid deposit accounts.

Benefits of CDARS and ICS

When we place your deposit within the network, the deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 at other well-capitalized banks. As a result, you can access coverage from many institutions while working directly with just us. You receive one easy-to-read statement from our bank summarizing all your money market and CD holdings. Town and Country Bank and Peoples Prosperity Bank now offer automatic program deposits and withdraws from ICS. You can set sweep thresholds for your account that will automatically generate program deposits and withdrawals.

Why Choose Town and Country Bank and Peoples Prosperity Bank?

When looking for CDARS banks and ICS banks, look no further than Town and Country Bank and Peoples Prosperity Bank. Our Central Illinois and Metro East business teams are comprised of experienced professionals who have spent their careers getting to know the business leaders in our community. In addition to their expertise in corporate finance, they understand the day-to-day issues that all business owners face. Town and Country Bank and Peoples Prosperity Bank offer a full range of modern business lending services, all tailored to meet the individual needs of your company. Locally owned and operated, we treat our clients like family.

Insuring your Large Deposits

We specialize in helping businesses succeed! Town and Country Bank and Peoples Prosperity Bank serve and empower local communities in Central Illinois and Metro East, one person or business at a time. Our branch locations include Springfield, Jacksonville, Lincoln, Decatur, Bloomington, Edwardsville, Fairview Heights, and Quincy. When you need to insure large bank deposits, Town and Country Bank and Peoples Prosperity Bank proudly offer CDARS and ICS products. Don’t hesitate to contact us or request a consultation with our business team today to learn more!

As an attorney, if you handle nominal or short-term funds belonging to a client or third-person, you need a Lawyer Trust Account (IOLTA) for their deposits. This trust account helps attorneys protect themselves and their clients.

When an attorney receives funds from clients such as retainer fees, the money is supposed to go into a lawyer’s trust account. As work is performed, the money is paid to the attorney from the trust account.

As an eligible financial institution offering the Lawyer Trust Account (IOLTA), Town and Country Bank and Peoples Prosperity Bank make managing the account easy by sending interest earned directly to the Lawyer Trust Fund of Illinois program.

Most attorneys may not be aware that mismanaging a trust account can have serious consequences and potentially lead to disbarment. Here are three tips for operating an IOLTA:

1. DON'T BORROW MONEY: You cannot use the trust account money before the work is performed, though some attorneys try as they may be struggling with cash flow. When taking the money before the work is performed, it’s considered “borrowing” with the intention of putting it back, but this type of situation can snowball and may be unrecoverable.
2. DON'T COMINGLE ATTORNEY FUNDS WITH CLIENT MONEY: Understanding what type of funds should go into the trust account is important. The trust account is not intended to be used as an operating account, savings account, or a place to hide assets.
3. DON'T FAIL TO PROPERLY TRACK CLIENT FUNDS: Detailed records of each client’s trust account transactions must be maintained. All trust account checks should note the client’s name and file number on each check as it is issued. Attorneys are required to keep records showing how much each client has in trust at any given time.

For more information about an IOLTA, contact one of our business bankers or call our Customer Service Solution Center at (866) 770-3100 today!