If you’re ready to earn a higher rate of interest for your business without compromising liquidity, a Business Money Market Account may be right for you.* This low-risk account is FDIC-insured and keeps your funds accessible as operating cash. There are different advantages to each of our Business Money Markets; however, all offer the following:
- $200 required to open
- $200 minimum daily balance required
- Tiered Interest Rates
- Free Online & Mobile Banking
- Free E-Statements
- Free Telephone Banking
- Free Check Safekeeping
- Unlimited in person transfers and withdrawals
- Maintain the minimum $200 daily ledger balance required, and we’ll waive the monthly $2.50 plus tax service charge.
Contact us today or visit one of our locations and let us help you choose a Business Money Market that best fits your needs.
What is a money market account for businesses?
A money market account is an interest-bearing account that typically requires a higher opening deposit and minimum balance than a traditional business savings account. MMAs offer more liquidity than other high-interest accounts and provide low risk and FDIC coverage. MMA interest is compounded daily, resulting in a higher return on your savings. At Peoples Bank, our Business Money Market Accounts feature tiered-interest rates. When you invest more money in your account, you receive a higher rate of interest.
Business Money Market v Business Savings
Money Market Accounts earn a higher rate of interest than normal savings accounts and the interest is compounded daily. Both MMAs and savings accounts are FDIC-insured, low-risk accounts.
What types of businesses can benefit from a MMA?
If you have the business capital available to meet the opening deposit of $200 and want to maintain access to your funds while earning interest, a Business Money Market Account at Peoples Bank may be the right account for you. While your business is limited to six debits per month, you can transfer or withdrawal money in person as much as you’d like. Store your operating cash in a Business MMA and transfer it to a business checking account when needed. For funds you need to access occasionally, an MMA is a great way to store and grow your money.
Why should I partner with Peoples Bank?
Our experience helps us understand the needs of those in our communities. Whether your business is part of the agriculture industry or simply calls Northwest Iowa and Southwest Minnesota “home,” we’ve got the local expertise to help you thrive. Our products and services are tailored to the needs of the communities we serve. We always take the time to find the best banking products for your business. Stop by or call us today! Peoples Bank offers nine convenient locations to serve you.
*Dormant Accounts – Accounts with daily ledger balances below $1,000.00 will be charged $2.50 per month if dormant for one year or more.