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Municipal Deposit Accounts

Municipal deposit accounts are designed to be flexible and easy, with no required minimum balance to open a checking account, and the option ability to access cash reserves via check writing for our money market accounts. Additionally, Municipal CDs give you the option of reinvesting funds locally, at a benefit to you and to your community.


Municipal Checking with Interest

Union Bank’s Municipal Checking with Interest account earns interest that accrues daily. There’s no service charge associated with this account and no minimum balance requirement to open, making it an easy-to-manage checking option.

Municipal Checking with Interest includes:


Municipal Money Market

A Municipal Money Market account gives you access to cash reserves with check-writing capabilities without sacrificing security, liquidity or flexibility. A minimum deposit of $1,000 is required to open the account, and the service fee is waived when you maintain a daily balance of $1,000. Variable-tiered earned interest accrues daily on your deposit balance of $500 or more and is compounded and credited monthly.

Transfers from your account are limited to six per statement period via check, debit card, electronic banking or telephone and electronic withdrawals. Transfers and withdrawals in person are unlimited. Union Bank offers Deposit Collateralization for municipalities whose deposits exceed the FDIC insurance threshold.


Municipal Certificate of Deposit (CDs)

Periodically, a municipality may have funds in excess of current expenses. Rather than sweeping excess funds into “government-issued instruments,” excess funds may be reinvested locally. Municipalities have an opportunity to earn a “spread” between the interest rate earned on funds invested in a CD and the interest rate the municipality pays on a loan. In effect, this “spread” reduces the cost of borrowing.


FDIC Insured Deposit Options

Certificate of Deposit Account Registry Service (CDARS®)
Deposits up to $250,000 are insured by the FDIC. When you sign a Certificate of Deposit Account Registry Service (CDARS) agreement with Union Bank, you also receive full FDIC insurance for high-dollar deposits over $250,000.

Watch the video below, for an overview of the CDARS program.

CDARS Video Thumbnail

Insured Cash Sweep® (ICS) service:

With Union Bank you can secure your large deposits while maintaining access to funds. With the ICS service, you can earn interest on funds placed into checking (demand deposit) accounts or money market deposit accounts, while receiving multi-million-dollar FDIC insurance. Access funds through unlimited program withdrawals(using the ICS demand option) or up to six program withdrawals per month (using the ICS money market savings option).

ICS Video Thumbnail

With both ICS and CDARS , you benefit from:

Simplicity: Work directly with Union Bank and eliminate the need to manage multiple bank relationships in order to insure your deposits above the normal FDIC $250,000 limit. We manage the placement of your funds at participating banks to maximize your FDIC insurance coverage. You receive just one monthly statement from us summarizing  your account activity and balances. And, if you manage finances for an organization accustomed to deposit collateralization, you will reduce the need to track collateral on an ongoing basis.*

Safety: Make even large deposits eligible for protection that’s backed by the full faith and credit of the federal government.

Earnings: Put excess cash balances to work by placing funds into demand deposit accounts or money market deposit accounts using the ICS savings option, or interest bearing certificates of deposit (CDs) using CDARS. Earn one rate on your ICS savings deposits, one rate on your ICS demand deposits, and one rate per maturity on your CDARS deposits.

Access: Enjoy unlimited withdrawals using the ICS demand option, or make up to six program withdrawals per month using the ICS savings option. With CDARS, select from a range of CD maturities (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years).


For more information Stop by  any of our branch locations, or contact a member of our Municipal Services Team to learn more.