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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 NOW Checking

Union Bank’s Municipal NOW 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 NOW checking 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.

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.


Contact for more information.

Stop by or contact a member of our Municipal Services Team to learn more.

Download Deposit Account Comparison Chart