Business Money Market Account: Compare rates and top options

Business money market accounts are a low-risk way for business owners to make money with idle cash. The annual percentage yield (APY) on these accounts is comparable to (if not better than) traditional business savings accounts, but they often include checking access and debit card access.

Conversely, if you can lock up your funds for a period of time, you may be able to find higher interest rates with a business certificate of deposit.

The best business money market accounts offer interest rates well above the national average (0.63% at the time of this writing) without the need to deposit millions of dollars or manage other restrictions.

First Internet Bank's Business Money Market Account offers one of the highest and most accessible interest rates on the market.Account holders can earn 3.46% Earn 5.46% when your balance exceeds that amount, up to $5 million.

• Monthly fee: If your average daily balance is $4,000, $5 is forgiven.

• Cash card: For sole proprietors only.

• Transaction limits: Up to 6 items per month. There are no fees for additional transactions, but if you regularly exceed the limit, you may need to transfer to a business checking account.

The NBKC Business Money Market Account is very simple.you earn 2.75% With APY, you don't have to worry about monthly fees or transaction fees, regardless of your balance.Furthermore, this online business account You can open it in minutes.

• Transaction limits: There are no trading restrictions.

TD Bank's Small Business Premium Money Market Account offers a surprisingly solid APY for a brick-and-mortar bank. At the high end, he can earn 2.43% APY on balances of at least $250,000. At the low end, balances under $10,000 earn 0.15% APY. Between these markers, you can earn anywhere from 1.00% APY to 1.92% APY depending on your balance.

• Monthly fee: If your average daily balance is $2,500, $15 will be forgiven.

• Transaction limits: Up to 6 additional transfers, withdrawals, or checks per month are subject to a $9 fee.

BMO (formerly BMO Harris) is another brick-and-mortar bank that offers solid money market products. Earn a base rate of 1% APY regardless of balance, and earn a quarterly rate bonus of 0.75% to 2.25% when you maintain a balance of $100,000 or more in all eligible BMO Business Deposit Accounts.

• Monthly fee: $15 is forgiven if the average collection balance is $10,000.

• Transaction limits: Up to 6 times per month (does not include withdrawals or transfers made in person or via ATM). There is a $15 fee for each additional transaction.

US bank Platinum Business Money Market Account The promotional rate elevates this money market account from just OK to an outstanding option, especially if you already have an account (or are about to open one). US Bank Business Checking Account.

Bonus benefits: Subject to certain terms and restrictions, when you open a new Platinum Business Money Market Account and complete qualifying activities, you will receive up to 4.60% APY from the account opening date. Offer valid until June 5, 2024. FDIC Member.

To qualify for the bonus rate, you must make new deposits between $25,000 and $2,999,999.99 and have a business checking account with the bank. It is worth noting that US Bank is currently offering a welcome bonus of up to $.800 For customers confirming new transactions.Offer valid until 2024/06/05. Terms and conditions apply.

• Starting deposit: $100, but you need a balance of at least $25,000 to get the full bonus.

• Monthly fee: $15 is waived if the minimum balance is $10,000.

• Transaction limits: There are no trading restrictions.

A business money market account is a type of business savings account. Most money market accounts offer checking and debit cards, making it easy to withdraw funds when needed.like the others business bank accountmoney market accounts can be FDIC insured up to $250,000 per depositor.

Interest rates on business money market accounts vary widely between financial institutions, ranging from 0.01% to over 4%, depending on the balance held. Unlike business CDs, which lock in your interest rate for the term you choose, the interest rate on these accounts is variable and can rise or fall depending on the interest rate environment.

Business money market accounts are a good option for business owners to save emergency funds or excess working capital. Know what balance you can reasonably deposit and maintain, and shop around for the best rate by comparing Business Money Market Accounts to other high-yield business accounts.

If prices are similar and you're debating which savings vehicle is right for you, accessibility can be a useful deciding factor.

• If you're fine with not touching the money at all, here's what you do: Business CDs often offer higher interest rates than other business savings accounts, and their interest rates are fixed over the term (from months to years). However, this option is best for funds that you won't need for at least 12 months, as the funds will also be locked for that period.

• If you don't want to be completely locked out, do this: standard Business savings account Achieve high-yield returns while ensuring access to your capital. In most cases, you won't be able to accept checks or use ATMs, but you can transfer money from your business savings account if you need to. Business savings accounts have variable interest rates, which is a good thing in the current interest rate environment.

• If you need a check or debit card but make fewer than 6 withdrawals per month: Funds in a money market account are more accessible than in a standard savings account, and you can usually write a check or use a debit card. It is also not locked into a specific period of time like a business certificate of deposit. Most business money market accounts have trading limits and charges a fee if you make more than six withdrawals per month.

• If you need regular access to your money: High-yield business checking accounts typically have lower interest rates than other interest-bearing savings accounts, but they give you easy access to your money.

According to the FDIC, the national average interest rate for money market accounts is 0.63% APY as of this writing. While our picks for the best business money market accounts earn well above that rate, many business money market accounts earn well below the national average.

Interest rates on business money market accounts are often set on a tiered basis, with higher balances resulting in higher interest rates. Some Money His Market accounts may require a balance in the millions to earn the highest level of rates. Interest rates may also vary by location, especially if the bank has a regional or national presence.