At Westfield Bank, we offer an array of business deposit account products designed to help municipalities, and escrow managers meet their unique cash management challenges.
Which accounts are right for you?
Municipal Accounts
| Account Type | Ideal For: |
|---|---|
| Municipal Portfolio Interest Checking | Municipalities with a full-service relationship with Westfield Bank |
| Municipal Interest Checking | Municipalities that wish to earn interest to maximize return on taxpayer funds |
| Municipal Checking | Municipalities with low-activity accounts or accounts that are prohibited from earning interest |
| Municipal Analysis Checking | Municipalities with large account balances and a high volume of transactions. This account features Earnings Credits that may be applied to help offset fees for other banking services. |
| Municipal Portfolio Money Market | Municipalities with a full-service relationship with Westfield Bank, offering higher interest |
| Municipal Money Market & Certificates of Deposit | Municipalities seeking to maximize interest on excess deposit balances |
| Investment Sweep Account | Municipalities that want to maximize earning potential by automatically transferring excess cash into an interest-bearing account |
Escrow Management Accounts
| Account Type | Ideal For: |
|---|---|
| Escrow Management Master Checking | Agents who manage escrow funds |
| Escrow Management Sub Savings | Interest bearing account with limit of 6 electronic withdrawals per month |
Managing escrow accounts can be a labor-intensive process for property management companies, assisted living facilities, nursing homes, and social service agencies.
Our Escrow Management accounts simplify that process by setting up a master checking account and separate sub savings accounts designed to hold clients’ escrowed funds. An easy-to-read monthly statement with custom naming is provided for each master and sub account, keeping things organized and providing a snapshot of all relevant account activity.