Youâ€™ve poured your heart and soul into the small business you founded, but when it comes to financing day-to-day operations, youâ€™ll need to strictly separate your personal wealth from your business funds. A business money market account can help provide a safe place for your companyâ€™s cash, allowing it to earn relatively high interest while still remaining liquid enough to take care of business expenses.
Scouring our database for the business money market accounts that earn the highest APY and are available nationwide, weâ€™ve come up with the best places for you to keep the money that funds your business.
|Institution||APY||Minimum balance to earn APY||Maximum balance to earn APY|
Service Credit Union
Premier America Credit Union
Wings Financial Credit Union
First Internet Bank
Bethpage Federal Credit Union
Affinity Federal Credit Union
Pawtucket Credit Union
Lake Michigan Credit Union
For a minimum investment of $25,000, your money will earn at this APY. If you need to scale that back, youâ€™ll still get a rate that still makes our top 10 for any amount of $2,500 and over. This is just one business savings product offered by Service Credit Union. You can also get a savings, secondary savings or CD for your business funds.
Membership is open to active duty military, veterans and their families, as well as employees and former employees of the Department of Defense and their families. Youâ€™re also eligible for membership if you join the American Consumer Council; if you use the promo code â€śService,â€ť membership is free.
Axos Bank offers this APY to accounts with balances ranging from $0 to $5 million. However, there is a $1,000 minimum opening deposit, and youâ€™ll need to maintain an average daily balance of at least $5,000.
As with the other accounts on the list, youâ€™ll be allowed up to six transactions per month. This account is targeted to small business owners who want to grow their funds quickly.
Axos Bank is a digital bank with headquarters in San Diego, California.
The more you can contribute to this tiered money market account, the higher APY youâ€™ll earn. To get this APY, youâ€™ll need to invest between $25,000 and $100,000. Anything less (but still above $2,500) will still get you an APY that would make this list.
Premier America has been around since 1957 and can easily be joined outside California through membership to the Thousand Oaks Alliance for the Arts.
Wings Financial Credit Union offers this attractive APY on balances of $25,000 and up. The higher your balance is, the higher your APY will climb. To open a business money market account at Wings, your business must be located in an eligible county or school district or 50% of all owners must qualify for a Wings membership.
Wings Financial Credit Union opens its membership to people who are also members of the Wings Financial Foundation.
This online-only bank has a real knack for offering customers competitive rates with its money market accounts, and its business product doesnâ€™t stray from the pattern. Account holders can expect this competitive 0.40% APY as long as they make the minimum deposit of $100 to open the account. Thereâ€™s no minimum balance needed to earn the APY, but the bank will charge a $5 monthly fee if the average daily balance for that month falls below $4,000.
Based in Bethpage, N.Y., the most accessible and easiest way to join this credit union for everyone in the country is to simply open a special $5 savings account that makes you a member. This will allow you to open the product you really came here for â€” the Business Money Market Account.
With a minimum deposit of $500, customers opening this account earn the full APY on the entire balance. While the minimum balance required for this APY is only $500, customers will be charged a $20 monthly fee for not having an average daily balance of at least $2,500.
A balance of just $2,500 earns you the APY on Affinity Federal Credit Unionâ€™s Business Money Manager Account. You need at least $2,500 to open this account, and youâ€™ll get hit with a $10 monthly fee if your average daily balance falls below that amount on any given day.
As a credit union, Affinity requires you to become a member before you can open an account, including the Business Money Manager Account. One way to join is by making a $5 donation to the New Jersey Coalition for Financial Education or Connecticut Jump$tart.
Youâ€™ll earn this rate on any amount from one cent all the way up to $2 million. Past that amount, the rate takes a dive. Youâ€™ll want to keep at least $1,000 in the account, though, because if it dips below that threshold, youâ€™ll be charged a $10 monthly service fee.
Based in Philadelphia, Hyperion was established in 2006 to support Philly neighborhoods.
Pawtucket Credit Unionâ€™s Business Money Market account is currently offering its competitive rate on balances of at least $10,000. Accounts with balances lower than $10,000 will earn a much lower APY that wouldnâ€™t make this list. There is a $2,500 minimum deposit required to open this account.
Based in Rhode Island,, Pawtucket Credit Union offers its services nationwide, online. Membership to the credit union is open to anyone who opens and maintains a share savings account with a minimum of $5.
In addition to a $5 minimum fee to open a membership with Lake Michigan Credit Union, youâ€™ll need to maintain a $2,500 balance to earn interest on this account. The listed APY is for any amount between $25,000 and $49,999. Contributing a little less or a little more will lower or increase the rate by 0.50 percentage points, respectively. Interest is accrued daily and paid monthly.
Anyone can join Lake Michigan Credit Union by making a $5 donation to the ALS (amyotrophic lateral sclerosis) Foundation if you donâ€™t live in Florida or Michiganâ€™s Lower Peninsula, or are not family of an existing member.
Since both business money market accounts and business savings accounts earn a comparatively high interest rate and give you a place to deposit your business funds separate from your personal money, how should you go about choosing between the two products? While nothing is wrong with a business savings account, money market accounts hold two distinct advantages over them:
While a business money market account earns a high APY and â€” if it comes with perks such as online banking, checks and/or a debit card â€” allows easy access to funds, it canâ€™t have the same liquidity as a checking account. For regular business expenses you need to pay with any sort of frequency, youâ€™ll need a checking account from which youâ€™ll pay vendors, staff, etc. However as with personal checking accounts, donâ€™t expect to earn a high APY.
Certificates of deposit (CDs) are the most restrictive product in terms of liquidity â€” unless youâ€™re dealing with the relatively-rare CD, which incurs no penalty for early withdrawals, the money youâ€™ve deposited is untouchable until the certificate matures. However, CDs do have the advantage of locking in your money at fixed interest rates (whereas the bank can change how much interest the money in a money market or savings account earns whenever it wants) and earning the highest APY.
Thereâ€™s nothing explicitly stopping you legally from funding your business with your personal money, but doing so is generally frowned upon for the following reasons:
While the exact materials and information needed to open one of these accounts varies by institution, you should probably have on hand the following information when youâ€™re ready to open an account:
You may need additional information depending on how your company is structured (if you arenâ€™t the sole proprietor, for example, youâ€™ll probably need to provide ownership papers to the bank), but the above is a good place to start when gathering the materials youâ€™ll need to open one of these accounts.