Best Business Money Market Accounts Of May 2024

Below, you’ll find the best money market accounts for businesses currently available. Annual percent yields (APYs) and account details are accurate as of May 5, 2024.

To create this list of top business money market accounts, Forbes Advisor analyzed 59 money market accounts at 44 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 14 data points within the categories of APY, minimum requirements, customer experience, digital experience, fees, accessibility of funds, compound interest schedule and transaction limits. All of the accounts included in the research and ranked are online-based accounts that can be opened nationwide.

• APY: 40%
• Fees: 10%
• Digital experience: 10%
• Customer experience: 10%
• Accessibility of funds: 10%
• Minimums: 10%
• Compound interest schedule: 5%
• Transaction limits: 5%

Money market accounts with the highest APYs ranked highest, as did those with low fees and easy-to-meet minimum balance and deposit requirements. Accounts with positive customer service ratings and well-rated online and mobile platforms were also ranked higher. Accounts offering check-writing and debit card privileges received better scores as well.

We also took the complexity of tier structures and requirements to earn APYs into consideration. High minimum deposit and balance requirements resulted in lower scores. All accounts on this list can be opened by businesses, but restrictions for entity types and requirements for opening vary.

To learn more about our rating and review methodology and editorial process, read our guide on How Forbes Advisor Reviews Banks.

The national average money market account rate is currently 0.66%, according to FDIC data from April 15, 2024. However, the best business money market accounts pay rates several times greater than the average, with some offering over 4.00% and 5.00% APY.

A business money market account is a low-risk business bank account that lets owners earn interest on their savings. Like personal money market accounts, a business MMA offers the interest-earning potential of a savings account with some of the flexibility of a checking account, often in the form of debit cards and checks. You can open these deposit accounts with many traditional banks, online banks and credit unions.

Money market accounts are FDIC or NCUA insured up to $250,000 per account, per depositor, when opened with insured institutions.

A business money market account is primarily designed for saving but does not restrict access to funds. Unlike time deposit accounts like CDs, money market accounts don’t have maturity terms or charge early withdrawal penalty fees. You can add or remove funds from a business MMA at any time, but accounts may only allow up to six transfers or withdrawals per month before charging fees.

Despite monthly transaction limitations that may apply, business MMAs offer better spending ability than the average business savings account. Similar to a business checking account, these accounts may come with a debit or ATM card and checks to make transacting easier.

To open a business money market account, banks require legal documentation, such as your business licenses, Employer Identification Number (EIN) and articles of incorporation. Required documents vary by business type. Once open, you can fund your MMA to start earning interest.

MMAs earn variable interest rates that may change at any time. Many banks use tiered interest rates for money market accounts, meaning rates are determined by balances. Usually, larger balances earn higher rates with tiered-rate accounts, but some pay more on lower balances. Other MMAs earn the same rate on any balance. Interest for money market accounts often compounds daily or monthly and credits to the account monthly.

There are several advantages and disadvantages of business money market accounts when compared to other saving and banking options.

Pros

• High rates. The best business MMAs pay higher interest rates than savings and checking accounts.
• Flexibility. MMAs offer more flexibility than savings accounts and CDs.
• Insurance. Money market accounts typically offer up to $250,000 in FDIC or NCUA insurance

Cons

• Minimums. Many business MMAs have high minimum deposit requirements to open and may require large cash balances to earn the best rates.
• Fees. Many money market accounts charge monthly maintenance fees.
• Transaction limits. MMAs often have monthly transaction limits and charge penalties for exceeding these.

Some of the most important factors to consider when shopping around for a business money market account include:

• Rates. Since a money market account is largely an account for saving, you want to pick one with the highest interest rate currently available for your given cash balance.
• Fees. Consider monthly maintenance fees as well as your ability to potentially waive these fees by meeting balance minimums. Other fees to consider include excess transaction fees, wire transfer fees, foreign transaction fees, inactivity fees and out-of-network ATM fees.
• Minimum requirements: Money market accounts often have higher minimum deposit requirements than business checking or savings accounts, as well as high minimum balance requirements to earn the best rates.
• Cash access. Many MMAs limit you to six monthly transactions, but some allow for unlimited transactions. Additionally, not every business MMA comes with a debit card or checkbook. If you plan on making in-person transactions, look into cash accessibility features and perks.
• Online and digital features. Most banks have digital banking features like mobile apps and online platforms, making it easy to bank online. But some platforms are much better than others. Read a few customer reviews and ratings for products you might be interested in.

A business money market account is worth it if your business has money to save but wants to maintain the flexibility to spend. These accounts are low-risk and make accessing funds easier than many savings accounts, and they often offer similar rates to high-yield savings accounts.

That said, many business MMAs limit you to six monthly transactions and charge fees for transfers or withdrawals beyond this, so they aren’t ideal for frequent use. They also won’t be ideal if you can’t meet the minimum deposit requirements to open or balance requirements to avoid fees.

If your business needs a safe place to keep extra cash, a money market account might be worth it.

If a business money market account isn’t the right fit for your operation, consider these alternatives.

Business Checking Accounts

Like a personal checking account, a business checking account is intended for daily use. It provides more flexible spending options than an MMA, such as unlimited monthly transactions and debit cards and checks. Some business checking accounts, like the Bluevine Business Checking account, pay interest, but you will often earn a better rate in a money market account than in a checking account.

Use free business checking accounts rather than money market accounts for funds you’ll dip into often.

Business Savings Accounts

If you don’t need to make regular transactions or have less to save, a business savings account might be a better fit for your business than an MMA. This is because you often find lower minimum deposit requirements and higher or comparable interest rates with savings accounts. Savings accounts are also less likely to use tiered rates, so you don’t have to worry about your balance tier.

Certificates of Deposit

Business CDs often pay higher interest rates than business MMAs, but the catch is that you lock in your cash for a fixed period of time. CD terms range from a few months to several years. These accounts lack the spending options money market accounts afford, but they can help you maximize your interest-earning potential and offer the advantage of fixed rather than variable interest. For cash you’re certain your business won’t need for an extended period of time, consider a business CD.

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