July 21, 2024

Best Business Money Market Account

What is a Business Money Market Account?

A business money market account is a type of savings account that allows businesses to earn interest on their excess cash while still having easy access to their funds. It offers higher interest rates compared to traditional savings accounts, making it an attractive option for businesses looking to maximize their earnings.

The Benefits of a Business Money Market Account

There are several benefits to opening a business money market account:

1. Higher Interest Rates: Business money market accounts typically offer higher interest rates compared to regular savings accounts, allowing your business to earn more on its idle cash.

2. Easy Access to Funds: Unlike certificates of deposit (CDs), business money market accounts provide easy access to your funds. You can withdraw or transfer money when needed, making it a flexible option for managing your business’s cash flow.

3. FDIC Insurance: Most business money market accounts are FDIC-insured up to $250,000 per depositor, providing peace of mind knowing that your funds are protected.

4. Tiered Interest Rates: Some banks offer tiered interest rates, meaning the more money you have in your account, the higher the interest rate you’ll earn. This incentivizes businesses to maintain higher balances, maximizing their earnings.

How to Choose the Best Business Money Market Account

When selecting a business money market account, consider the following factors:

1. Interest Rates: Compare the interest rates offered by different banks and choose the one that offers the best return on your investment.

2. Fees and Minimum Balance Requirements: Be aware of any monthly maintenance fees or minimum balance requirements associated with the account. Look for an account with low or no fees and reasonable balance requirements.

3. Account Access: Ensure that the account provides convenient access to your funds through online banking, mobile apps, and ATMs.

4. Additional Services: Some business money market accounts come with additional perks such as free checks, online bill payment, or cash management tools. Consider these extra services when making your decision.

The Top Business Money Market Accounts in 2022

Here are some of the best business money market accounts available:

1. XYZ Bank: XYZ Bank offers competitive interest rates and a low minimum balance requirement. They also provide convenient online banking and ATM access.

2. ABC Credit Union: ABC Credit Union offers tiered interest rates, allowing businesses to earn more as their balance grows. They have no monthly fees and provide excellent customer service.

3. DEF Bank: DEF Bank offers a business money market account with no monthly fees and a high-interest rate. They also provide cash management tools for better financial management.


A business money market account is an excellent option for businesses looking to earn higher interest on their excess cash while maintaining easy access to their funds. Consider the benefits and factors mentioned above when choosing the best account for your business’s financial needs. Remember to compare different banks and their offerings to find the perfect fit.