Bridge Bank adds benefits for start-up banking customers, including a high-yield money market account

SAN FRANCISCO–(BUSINESS WIRE)–Bridge Bank is bringing even more benefits to Startup Banking customers with a new Bridge to Growth Money Market Account with a 3.00% interest rate (3.04% APY)1 and a $1,000 bonus for new customers of the analyzed Bridge to Growth business checking account.2

“Our Bridge to Growth Money Market Account is an exciting extension of Startup Banking, designed specifically to help startups and early-stage founders maximize their cash flow and achieve their goals,” said Kelly Caviglia, vice president of the Bridge Bank’s Startup Banking program. “Particularly in an environment of market uncertainty, we recognize the need for startups to make every penny count. That’s why we offer one of the most competitive money market products in the industry with this great rates for our start-up and start-up customers, as well as our brand focus on personalized, relationship-based banking services for every customer.

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 interest rate of up to 3.00% (3.04% APY) for customers with at least $1 million in funds stands out in the industry, where most banks offer rates 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 customers with lower 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 month. Businesses 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 early stages of the growth and pre-IPO phase,” Caviglia added. “Our startup banking relationship managers understand the growth challenges and opportunities that emerging startups face. In addition to financial products, lending capabilities and venture debt offerings, we offer the power of connections, including connecting startups to the best resources in the industry for their needs.

Bridge to Growth is available for technology and innovation startups in the pre-seed and seed stage who will benefit from working with an experienced team. Bridge Bank Startup Banking includes deposit account and tools at no cost for three years3, savings and advice from Bridge Bank and its technology ecosystem partners. The Startup Banking program offers personalized credit facilities and a full suite of cash management capabilities. For more details on how to become part of Bridge to Growth, visit https://www.bridgebank.com/startupbanking.

About Bridge Bank

Bridge Bank, a division of Western Alliance Bank, Member FDIC, offers relationship banking services that put customers at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers companies a better way to manage their banking operations, with specialized expertise for technology and innovative companies at every stage of their life cycle, as well as for the private equity community. . Bridge Bank offers a full range of bespoke banking solutions and exceptional service, with offices in the country’s major markets. A member of the top performing Western Alliance Bancorporation, with over $65 billion in assets, Bridge Bank has the reach, resources and deep industry knowledge that makes the difference for clients. For more information, visit Bridge Bank.

Disclosures

1 The Introductory Money Market Account offer is 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 (“MMA”) account as of July 1, 2022 to qualify for the promotional rate. Unless otherwise stated, the BTG MMA is an interest-bearing escalating rate account. An interest rate of 3.00% (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. An interest rate of 1.00% (1.00% APY) is available for MMA deposit balances in the balance level of $5,000,000.01 to $10,000,000.00. Contact your relationship manager for the most recent rates on deposit balances in balance levels below $1,000,000.00 and above $10,000,000.00. Rates are accurate as of July 1, 2022. The promotional interest rate and APY on BTG MMA may change at any time. New accounts will be eligible for the promotional rate for 12 months from the opening date of BTG MMA. 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 of the account each day. Interest will be compounded monthly and credited monthly to the account. If the account is closed before interest is credited, you may not receive accrued interest. This account is on a monthly statement cycle. Offer ends June 30, 2023. Offer subject to change or withdrawal without notice. Fees and/or withdrawals may reduce account earnings. Withdrawal transaction limits apply. For additional terms and conditions, please refer to the Deposit Account Agreement and Disclosure provided upon account opening.

2 The Analyzed Business Checking Account Bonus offer is 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 after account funding to receive a one-time bonus in the amount of $1,000. The three-month qualification period begins on the first day of the month following the date the account is funded. Your account must be open when the bonus is credited. The bonus will be provided 60 days after the client has met the requirements described above and credited to the eligible BTG Analyzed Business Checking. The value of this bonus will constitute taxable income for you. To the extent required by law, Western Alliance Bank may withhold taxes or other amounts from payment. Please consult your tax advisor, as neither Western Alliance Bank, its subsidiaries or affiliates, nor their employees provide tax advice. Offer ends June 30, 2023. Offer subject to change or withdrawal without notice. For additional terms and conditions, please refer to the Deposit Account Agreement and Disclosure provided upon account opening.

3 Bridge to Growth (“BTG”) is a suite of banking products and services specifically designed for technology and innovation start-ups that have not raised institutional funding. Eligibility conditions apply to BTG and any customer participation is subject to Bank approval. BTG Benefits are available for 3 years from the date the BTG Analyzed Business Chequing Account is opened or until the Client has secured institutional funding, whichever comes first (“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 BTG’s introductory period. After the expiration of BTG’s introductory period, standard rates and fees, as disclosed in the business checking account information analyzed and the fee schedule then in effect, will apply. The BTG Analyzed Business Checking Account is a non-interest bearing account and BTG customers are not eligible to receive Earnings Credits on the BTG Analyzed Business Checking Account during the BTG Introductory Period. Additional fees or charges may apply depending on the products or services selected. Please contact your account manager for more details.

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