Business Savings Account — First BanCorp

Grow your company’s cash reserves with the Business Savings Account from First BanCorp — a smart, flexible, and secure place to park funds you don’t need for daily operations. Designed for small and mid-sized businesses, nonprofits and growing enterprises, this account combines competitive, market-driven returns with digital convenience and the reliability of a full-service banking partner.

Why choose First BanCorp Business Savings?

• Earn interest on idle cash: Put surplus funds to work with a savings option that delivers competitive yields. Interest is compounded regularly to help your balance grow.
• Preserve liquidity: Maintain easy access to funds when opportunities or unexpected expenses arise, while keeping your operating accounts uncluttered.
• Safe and insured: Deposits are insured up to applicable limits — providing dependable protection for your business savings.
• Seamless cash management: Effortlessly transfer between checking and savings, automate recurring transfers, or create a short-term reserve for taxes, payroll contingencies, or planned investments.
• Tailored for business use: Features, statements, and reporting designed for company bookkeeping and reconciliation.

Key features

• Competitive, tiered interest rates: Rates may vary by balance tier so larger balances can benefit from higher yields. Contact your First BanCorp relationship manager for current rates and tiers.
• Monthly statements and robust reporting: Detailed statements and exportable transaction history make accounting simple and audit-ready.
• Online and mobile access: Manage balances, initiate transfers, and view statements via First BanCorp’s secure online banking and mobile apps.
• Automated transfers: Schedule recurring transfers to build reserves automatically from operating accounts or payroll inflows.
• Linked accounts and sweep capabilities: Link to your business checking account for instant transfers or set up a sweep arrangement to optimize liquidity and earnings.
• No-nonsense fee structure: Transparent pricing and fee disclosures; certain fee waivers may apply based on relationship balances or bundled services.
• Access to treasury and payment solutions: Combine your savings with First BanCorp’s treasury, payroll, ACH and merchant services for an integrated cash management platform.

Benefits for your business

The Business Savings Account is built to support prudent financial management. Whether you’re setting aside tax reserves, establishing a capital cushion, or building a fund for equipment purchases, this account helps you:

• Improve cash discipline: Separate operating cash from strategic reserves to avoid accidental overspending and simplify forecasting.
• Reduce risk: Keep a predictable buffer against revenue volatility, late payments, or unexpected costs.
• Optimize returns: Earn interest on surplus funds without sacrificing liquidity needed for short-term obligations.
• Support growth planning: Accumulate capital for expansion, marketing campaigns, or new hires while maintaining easy access.

Security and compliance

Your funds and information are protected by industry-standard security measures, including encryption, multi-factor authentication, and continuous fraud monitoring. First BanCorp complies with applicable banking regulations and reporting requirements and provides documentation needed for audits and compliance reviews.

Who is eligible?

The Business Savings Account is available to a wide range of legal entities, including:

• Corporations (C and S)
• Limited liability companies (LLCs)
• Partnerships and joint ventures
• Nonprofit organizations and associations
• Sole proprietorships

Required documentation typically includes government-issued IDs for authorized signers, business formation documents (articles of incorporation, operating agreement, partnership agreement), tax identification information (EIN or SSN), and proof of business address. Specific requirements may vary; confirm details with a banker.

How to open an account

1. Prepare documents: Gather identification, business formation papers, and tax ID information.
2. Contact First BanCorp: Visit a branch, call a business banking representative, or start the process online.
3. Complete the application: Provide required information and designate authorized signers.
4. Fund the account: Make an initial deposit via transfer, check, or cash to activate the account.
5. Set up services: Link accounts, enable online access, and schedule recurring transfers or sweep arrangements as needed.

Common questions

Can I make unlimited transfers? Savings accounts are intended for reserve balances rather than daily transactions. Certain regulatory or account limits may apply to the number of transfers per statement cycle — your banker will explain current rules and available options for higher transaction needs.

Are there minimum balances or monthly fees? Minimum balance requirements and fee structures depend on the specific business savings product and relationship package you choose. Fee waivers or preferential pricing may be available if you maintain qualifying balances or pair services with business checking or treasury solutions.

How quickly can I access funds? Transfers to linked checking accounts are typically fast and can be same-day or next-business-day depending on the transfer method and cut-off times. Emergency access options can be discussed with your relationship manager.

Partner with First BanCorp

A Business Savings Account at First BanCorp helps you manage surplus funds thoughtfully and securely while keeping your business nimble. With experienced relationship managers, integrated digital tools, and customizable cash management options, First BanCorp supports the financial stability and growth of your enterprise.

Ready to strengthen your company’s financial foundation? Contact a First BanCorp business banker to learn about current rates, personalized solutions, and how a Business Savings Account can fit into your financial strategy.