The best business money market accounts in March 2024

U.S. Bank Platinum Money Market Account

Prime Alliance Bank Business Money Market Account

Best for unlimited deposits

NBKC Bank Business Money Market Account

Best for Trustpilot ratings

Service Credit Union Business Money Market Account

Best for no minimum deposit requirement

Navy Federal Credit Union Money Market Savings Account

Best for military members

First Internet Bank Business Money Market Savings Account

Wings Financial Credit Union Premium Business Money Market Account

Best for no monthly maintenance fee

Axos Bank Business Money Market Account

Best for customer service availability

Our picks at a glance

Why get a business money market account?

• Competitive rates: Depending on the financial institution, a business money market account may offer better rates than a traditional savings account.

• Liquidity: Although MMAs sometimes have transaction limits, you can still access the money through transfers, withdrawals and sometimes with a debit card or checks.

• Safety: When held at an FDIC or NCUA-insured financial institution, a money market account is a safe place to keep excess cash for your business.

What is a business money market account?

A business money market account is a type of deposit account that you can use to set aside money for your company’s future. Money market accounts combine the features of savings and checking accounts, giving you generally good interest rates with more ways to make transactions.

Money market accounts typically deliver higher interest rates than regular savings accounts. However, watch out for any minimum balance requirements. If you don’t keep the required amount in your account, you may receive a lower APY or incur a service fee from your bank or credit union.

While there may be limits to the amount of transactions you can make every month, some financial institutions give you a debit card or checks so you can draw straight from the account.

Importance of business money market accounts

Saving money can help your business prepare for the future. Your company may need extra cash to cover an emergency expense, seasonal downtimes, expansion or other business needs.

However, you may not want your funds to be locked up as they would be with a certificate of deposit. A business MMA is a liquid account where you can hold these savings until needed.

While the money sits in the account, you can receive a competitive APY and regular interest payments back from your balance.

A money market account also offers a convenient way to manage your business’s expenses. You can often make payments with checks or a debit card, which may come in handy when buying supplies, inventory or other essentials for your business.

Evaluating the business money market accounts

When looking at business MMAs, there are a few aspects you’ll need to evaluate before opening an account.

Finding an account with a high APY should be one of your top priorities. It will ensure you optimize the returns you receive from your savings.

However, always check for balance requirements or monthly maintenance fees associated with the MMA. Extra charges can eat into your earnings and may even cost you money to hold the account.

You should also consider how much access your business will need to the funds. Some banks have transfer, deposit and withdrawal limits on their MMAs and may charge a fee if you exceed them.

Business money market account rates

As mentioned earlier, money market accounts often have higher APYs than traditional savings accounts. The national average rate for MMAs is 0.67% compared to 0.47% for regular savings accounts, according to FDIC data.

Like other types of savings accounts, financial institutions typically pay compounding interest, earning you a return on both your principal and any interest it accrues. The more often a bank compounds interest, the better returns you will see.

Some MMAs require a certain balance to earn interest, while others have a tiered-rate system, meaning higher balances earn a greater APY. However, some banks have balance caps, so you can only earn the promotional rate up to a certain amount.

Pros and cons of business money market accounts

Opening an MMA can provide many benefits for your business:

• Safety: An MMA can be a safe investment for your business’s savings. When held at a federally insured bank or credit union, your funds are covered up to $250,000 if the financial institution fails or experiences a bank run.

• Competitive rates: Money market accounts often yield better returns than traditional savings accounts. You can earn an excellent rate on your capital with virtually no risk or loss of access to the funds.

• Accessibility: When you open a business MMA, you can still access the money when needed. Although some banks have transaction limits, you don’t have to worry about early withdrawal penalties like you would with a CD.

• Convenience: Many financial institutions offer a debit card or checkbook with their money market accounts. It can provide more convenience than a savings account because you can pay your business’s expenses straight from the account.

While MMAs have their advantages, they also have some drawbacks and may not be ideal for all businesses:

• Balance requirements: Some business MMAs require a certain balance to earn the promotional APY. The financial institution might also have a monthly service charge if your balance is under their required amount.

• Minimum deposit requirements: Business MMAs also may require a substantial initial deposit to open an account. However, many banks and credit unions have low or zero deposit requirements on their business money market accounts.

• Transaction limits: Similar to regular savings accounts, MMAs tend to limit the number of transfers, withdrawals, checks and debit transactions to six per month because of Regulation D. However, since this federal rule was suspended during the pandemic, some banks have eliminated their transaction limits.

• Lower rates: While MMAs can offer fantastic rates, you may see lower returns than you would with other investments. CDs and the stock market may prove a better investment if you can afford to lock away funds for a specific timeframe or have a higher risk tolerance. 

Methodology

Our team of experts at CNN Underscored Money analyzed 14 accounts to determine the rankings for the best business money market accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We ranked each account on 14 data points across six categories.

Here are the categories we analyzed and how we weighted each:

APY (45%)

The amount of interest you earn on your savings is the most important part of choosing a business money market account for many consumers, so we weighted this highest of all factors.

Fees (20%)

Fees are a critical factor to consider with your business money market account because they can eat away at any interest earnings, especially if an account has a high monthly maintenance fee.

Access (15%)

A business money market account must work with you, so we rewarded accounts with links to business checking, debit cards, checks and large branch/ATM networks.

Minimums (10%)

A high minimum deposit makes a business money market account less accessible, so we rewarded accounts that more people can use. We also rewarded accounts that don’t make you carry a minimum balance to avoid fees.

Customer experience (5%)

It’s important to have a bank that’s trustworthy and easy to reach when you need help.

Digital experience (5%)

You’ll want a bank with a usable app and plenty of online features so that it’s easy to bank from anywhere.