Yes, the Master Account can be interest bearing if the account is an interest bearing account. Any business or public transaction account may be designated as a Key Accounts Manager master. Key Accounts Manager does not cause any changes to the Master account properties.
Sub-accounts are money market savings accounts other than Rental Security which uses statement savings accounts. Yes, the money market savings accounts are interest bearing.
Interest is accrued daily and credited to the sub-account on a monthly basis.
Yes, Key sends 1099s via postal mail to sub-account holders if earned interest in the account is $10 or more per year.
No, a sub-account owner cannot go into a Key branch and withdraw funds out of the sub-account. Key Accounts Manager sub-accounts may only be accessed by the Key Accounts Manager account owner.
Once required documents are received by the Key Accounts Manager Support Team, new sub-accounts will be opened within 24 hours. If an opening deposit amount is specified on the setup form, Key will make that transfer for you.
Please refer to the Key Accounts Manager User Guide for report examples and details.
