Individuals, municipalities, and all organizations, associations and corporations that are organized as not-for-profit and can invest at least $1,000 are eligible for a NOW account, which offers interest-bearing opportunities depending on the account balance:
- Average available balance of $1,000 or more earns the going interest rate and unlimited checking
- Average available balances below $1,000 earn no interest, are charged a $10 monthly service fee.
- Variable interest rate provides interest income
- Convenient for paying creditors and collecting checks
- Provides a complete record of expenditures for payroll and budgeting purposes