Make the most of your money
A business savings account lets you earn dividends so you can grow your business faster.
Dividends
Earn dividends on your money
With a business savings account, you earn dividends when your balance is $100 or more.
Your hard-earned money is safe
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Received Bauer Financial's 5-star Superior rating for strength based on financial data as of June 30, 2023.
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Rated #1 healthiest credit union in California according to Glatt Consulting’s 2023 Credit Union Industry HealthScore
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Businesses must qualify for Membership with RCU by meeting any of the following criteria:
- Primary operation of business must be in one our fields of Membership: Sonoma County, Marin County, Napa County, Mendocino County, Lake County, San Francisco County, Solano County, or Contra Costa County.
- If the business is a Sole Proprietorship and the owner is an existing Member.
- Existing business Members that will be establishing an additional account for the same business.
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RCU can open accounts for the following entity types:
- Sole Proprietor
- General Partnerships (GP)
- Limited Partnerships (LP)
- Limited Liability Partnerships (LLP)
- Limited Liability Companies (LLC)
- Corporations (Corp / Inc)
- Unincorporated Associations
- Community Organizations
- IOLTA
Corporations, Limited Liability Corporations (LLC), and Limited Partnerships (LP) can be filed in another state and still qualify for Membership. The business’ primary operations must be in one of the qualifying counties and the business must be registered with the California Secretary of State as a foreign company doing business in California.
The business must provide the appropriate TIN depending on type of business (Sole Proprietor, Partnership, LLP, etc.).
Businesses may operate under other names known as DBAs. (Doing Business As.) If the business is using a DBA they must provide us with a Fictitious Name Statement for each DBA. The Fictitious Name Statement may include multiple DBAs. The EIN on the account must match the Primary Business Name.
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Yes. In fact, monthly business checking fees may be waived for qualifying non-profits.
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Earn while you save
Store your money securely, while earning dividends on your account balance.
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*Redwood Credit Union partners with select third-party vendors to provide merchant services as a benefit to our Members. All fees/rates are set and charged by the third-party vendor and are separate from RCU.
Rates
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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