Our Municipal Deposit accounts are designed to be flexible and easy, and include Checking with Interest, Money Market and Certificate of Deposit (CD) options. We also offer FDIC Insured Deposit Options.
Earn interest that accrues daily. There’s no service charge, making it an easy-to-manage checking option. A Municipal Checking with Interest account includes:
Municipal Checking with Interest includes:
A minimum deposit of $25.00 is required to open the account.
Gain access to cash reserves, with check-writing capabilities, without sacrificing security, liquidity or flexibility. A Municipal Money Market account includes:
A minimum deposit of $25.00 is required to open the account.
Our Municipal CD offers the ability to reinvest funds locally, at a benefit to both your municipality and your community. Stay local, go far!
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.
Insured Cash Sweep® (ICS) service:
Secure your large deposits while maintaining access to funds. With Union Bank’s 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. This offers unlimited program withdrawals if using the ICS demand option or up to six program withdrawals per month if using the ICS money market savings option.
Federal Home Loan Bank of Boston Letter of Credit
The most common use-cases of Letters of Credit (LOC) issued by the Federal Home Loan Bank of Boston is to secure Public Units of Deposit (PUDs) which allow government entities access to additional FDIC insurance.
As an alternative to the ICS service, we can provide a Letter of Credit, with your town as beneficiary, for an amount needed to protect deposits in excess of $250,000. With the letter of credit, it eliminates the sweep function and provides you with a streamlined approach for accounting.
Stop by any of our branch locations, or contact a member of our Municipal Services Team below so we can discuss your day-to-day needs.
Morrisville, VT & Lincoln, NH
Vice President
Government Banking Relationship Officer
802.888.0488
[email protected]
St. Johnsbury, VT
Assistant Vice President
Commercial Loan Officer
802.748.5969
[email protected]
Vermont & New Hampshire
Government Banking Administrative Specialist
802.527.3225
[email protected]
Working in local government is a complex and demanding job. Union Bank is here to make it easier with a comprehensive list of resources to support your day-to-day municipal operations. From state and national organizations to technology and tools, we cover the most helpful resources as well as the latest municipal funding and financing options. […]