We offer a wide range of specialty accounts to cater to the diverse needs of their customers.
Here are a few examples:
Foreign Currency Accounts: These accounts are designed for individuals or businesses that frequently deal with foreign currencies. They allow you to hold, deposit, and withdraw funds in a foreign currency, which can help to manage exchange rate risk.
Brokerage Accounts: These are investment accounts that allow you to buy and sell securities like stocks, bonds, mutual funds, and ETFs. They may be managed by the customer (self-directed) or by a financial advisor.
Escrow Accounts: These accounts are used when a third party needs to hold funds until certain conditions are met. For example, during a real estate transaction, an escrow account may hold the buyer's funds until the deal is finalized.
Custodial Accounts: These are accounts established by an adult for a minor. The adult manages the account, but the funds belong to the minor and can be used for their benefit.
Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs): These accounts are used in conjunction with certain health insurance plans to allow individuals to save for medical expenses on a pre-tax basis.
Retirement Accounts: These accounts are designed to help individuals save for retirement. They often come with tax advantages.
Trust Accounts: These accounts are managed by a trustee for the benefit of a third party. They can be used for a variety of purposes, including estate planning and managing funds for a minor or an individual with special needs.
Non-Profit or Charity Accounts: These are accounts designed for non-profit organizations, offering features that cater to their specific needs, such as low fees or the ability to accept donations.
Business Accounts: These are accounts designed for businesses, with features like higher transaction limits, business loans, and merchant services.
Trading & Investment Accounts: These are accounts held at a financial institution that are designed for buying, selling, and holding securities such as stocks, bonds, exchange-traded funds (ETFs), and mutual funds. Some of these accounts may also allow for trading derivatives like options and futures. They can be self-managed or managed by a financial advisor.
Precious metal and diamond accounts: These are special types of accounts that allow individuals to buy, sell, and hold precious metals such as gold, silver, platinum, and palladium or diamonds. The bank holds the physical metal or the diamonds on behalf of the customer, and the customer can buy or sell their holdings at market prices. These accounts can be used as a hedge against inflation or currency risk, or as part of a diversified investment portfolio.