Pre-seed and seed-stage companies can receive up to 3.00% interest rate (3.04% APY) or $1,000 bonus
SAN FRANCISCO, August 10, 2022--(BUSINESS WIRE)--Bridge Bank is adding even more benefits for Startup Banking clients with a new Bridge to Growth Money Market Account featuring a 3.00% interest rate (3.04% APY)1 and a $1,000 bonus for new Bridge to Growth Analyzed Business Checking Account clients.2
"Our Bridge to Growth Money Market Account is an exciting extension of Startup Banking, designed specifically to help early-stage startups and founders maximize their cash flow and achieve their goals," said Kelly Caviglia, vice president in Bridge Bank’s Startup Banking program. "Especially in an environment of market uncertainty, we recognize the need for startups to make every penny count. That’s why we’re offering one of the industry’s most competitive money market products with this advantageous rate for our startup and early-stage clients, along with our trademark emphasis on relationship-based, personalized banking for each client."
Money market accounts allow founders to grow their money faster than a basic savings account without the insecurity of traditional investment accounts. Bridge Bank’s rate of up to 3.00% interest rate (3.04% APY) for clients with at least $1 million in funds stands out in the industry, where most banks offer rates of 2% or less for high-balance accounts. Nationally, as of July 18, 2022, money market accounts averaged 0.12% APY, according to the Federal Deposit Insurance Corporation (FDIC).
New Bridge to Growth clients with smaller balances will receive a one-time $1,000 account credit for maintaining a balance of at least $250,000 in their Bridge to Growth Analyzed Business Checking Account for at least three months. Companies can take advantage of both offers if they meet each requirement.
"We believe young startups benefit significantly from working with bankers who focus on startups, offering tailored services for the earliest phases through the growth stage and pre-IPO," Caviglia added. "Our specialized Startup Banking relationship managers understand the growing pains and opportunities that emerging startups face. Along with financial products, lending capabilities and venture debt offerings, we deliver the power of connections, including linking startups to the best industry resources for their needs."
Bridge to Growth is available to pre-seed and seed stage tech and innovation startups that will benefit from working with an experienced team. Bridge Bank Startup Banking includes a deposit account and tools with waived fees for three years3, savings and advice from Bridge Bank and its partners across the tech ecosystem. The Startup Banking program offers customized debt facilities and a full suite of treasury management capabilities. For more details on how to be part of Bridge to Growth, visit https://www.bridgebank.com/startupbanking.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers businesses a better way to bank, with specialized expertise for technology and innovation companies at every stage in their life cycle, as well as the private equity community. Bridge Bank provides a full spectrum of tailored banking solutions and outstanding service, with offices in major markets across the country. Part of top-performing Western Alliance Bancorporation, with more than $65 billion in assets, Bridge Bank has the reach, resources and deep industry knowledge that make a difference for customers. For more information, visit Bridge Bank.
1 Introductory Money Market Account offer only available to new Western Alliance Bank customers who qualify and are approved for BTG benefits. Must open a BTG Analyzed Business Checking Account and a BTG Money Market Account ("MMA") on or after July 1, 2022, to qualify for the promotional rate. The BTG MMA is a tiered rate interest-bearing account unless otherwise stated. A 3.00% interest rate (3.04% Annual Percentage Yield ("APY")) is available for MMA deposit balances in the balance tier of $1,000,000.00 to $5,000,000.00. A 1.00% interest rate (1.00% APY) is available for MMA deposit balances in the balance tier of $5,000,000.01 to $10,000,000.00. Contact your Relationship Manager for the most current rates on deposit balances in the balance tiers of less than $1,000,000.00 and over $10,000,000.00. Rates are accurate as of July 1, 2022. The promotional interest rate and APY on the BTG MMA may change at any time. New accounts will be eligible for the promotional rate for 12 months from the date the BTG MMA is opened. You must deposit and maintain a balance for the respective interest rate tier in order to earn the disclosed rate for that tier. The daily balance method is used to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest will be compounded monthly and will be credited to the account monthly. If the account is closed before interest is credited you may not receive the accrued interest. This account is on a monthly statement cycle. Offer ends on June 30, 2023. Offer may be modified or withdrawn without notice. Fees and/or withdrawals could reduce the earnings on the account. Withdrawal transaction limits apply. For additional terms and conditions, please refer to the Deposit Account Agreement and Disclosure provided at account opening.
2 Analyzed Business Checking Account bonus offer only available to new Western Alliance Bank customers who qualify and are approved for BTG benefits. Must open a new BTG Analyzed Business Checking Account on or after July 1, 2022, deposit funds into the account within 30 days of account opening, and maintain an average monthly balance of $250,000.00 for 3 months following account funding to receive a one-time bonus in the amount of $1,000. The three-month qualification period starts the first day of the month following the date of account funding. Your account must be open when the bonus is credited. The bonus will be provided 60 days after client meets the requirements outlined above and credits to the qualifying BTG Analyzed Business Checking. The value of this bonus will constitute taxable income to you. To the extent required by law, Western Alliance Bank may withhold tax or other amounts from the payment. Please consult your tax advisor, as neither Western Alliance Bank, its subsidiaries or affiliates, nor their employees provide tax advice. Offer ends on June 30, 2023. Offer may be modified or withdrawn without notice. For additional terms and conditions, please refer to the Deposit Account Agreement and Disclosure provided at account opening.
3 Bridge to Growth ("BTG") is a suite of banking products and services specifically designed for start-up technology and innovation companies who have not raised institutional equity rounds of funding. Eligibility requirements apply to BTG and all client participation is subject to Bank approval. BTG benefits are available for 3 years from the date the BTG Analyzed Business Checking Account is opened or until the client has obtained institutional funding, whichever occurs earlier ("BTG Introductory Period"). Monthly maintenance fees, excluding Reverse Positive Pay and ZBA Master fees, and fees for online wire transfers, mobile deposits and ACH transactions are waived during the BTG Introductory Period. Following the expiration of the BTG Introductory Period, standard rates and fees, as disclosed in the then-current Analyzed Business Checking Account Information and Fee Schedule, will apply. BTG Analyzed Business Checking Account is a non-interest bearing account and BTG clients are ineligible to receive earnings credits on the BTG Analyzed Business Checking Account during the BTG Introductory Period. Additional fees or charges may apply based on the products or services selected. Please contact your Relationship Manager for additional details.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005253/en/