Answer:
The only restriction on interest bearing accounts for businesses is the antiquated Negotiable Order of Withdrawal (NOW) (as defined by 12 U.S.C. 1832(a)) which restricts account ownership to natural persons, government organizations, funds held in a fiduciary capacity for the benefit of natural persons and not-for-profit and civic organizations. With the repeal of Regulation Q in 2011, the restriction of having an interest bearing checking account for businesses was lifted. (Note: you still cannot offer NOW accounts to for-profit businesses, but interest bearing checking is now allowed. Make sure the accounts are appropriately referenced on the call report.)
Additionally, [during my 24 year career] there has never been a restriction for businesses to have savings accounts (including money market) and time accounts as defined by Reg D 204.2(c) & (d).
Rumor has it that there may have been some archaic restriction back when dinosaurs roamed the earth.
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