Business Money Market Accounts: Compare Rates and Top Options

The national average rate for money market accounts is 0.68% APY as of this writing, according to the FDIC.
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Business money market accounts are a low-risk way for business owners to earn money on idle cash. These accounts have an annual percentage yield, or APY, on par with traditional business savings accounts (if not higher), but they often include check-writing and debit card access.

There are still limits on withdrawals, though. Many money market accounts cap transactions at six per month.

Need more than that? Consider a business checking account that also earns interest. Some, like Bluevine Business Checking and the Grasshopper Business Checking Account, offer comparable rates to money market options. Don't need any transactions at all? You may find even higher rates with a business certificate of deposit, but your funds will be locked up for several months to several years.

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Best business money market accounts

The best business money market accounts offer interest rates that are well above the national average (0.68% as of this writing), without requiring you to deposit millions of dollars or manage other restrictions.

APY

Minimum opening deposit

Monthly fee

NBKC Business Money Market

nbkc bank Business Money Market Account
NerdWallet rating 
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at nbkc bank, Member FDIC

2.75%.

$0.

$0.

U.S. Bank Platinum Business Money Market Account

Platinum Business Money Market Account
NerdWallet rating 
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at U.S. Bank, Member FDIC

Ongoing rate: 0.05%-1.15%. Receive up to 4.34% APY when you open a new account and complete qualifying activities, subject to certain terms and limitations. Offer valid through 08/07/2024. Member FDIC.

$100.

$15, waived with a minimum daily balance of $10,000.

First Internet Bank Business Money Market Savings

3.46%-5.46%.

Balance needed to hit top tier: Above $5 million.

$100.

$5, waived with an average daily balance of $4,000.

TD Bank Small Business Premium Money Market Account

0.15%-2.43%.

Balance needed to hit top tier: $250,000 or higher.

$25.

$15, waived with average daily balance of $2,500.

BMO Business Elite Money Market Account

1%-3%.

Balance needed to hit top tier: $500,000 or higher.

$100.

$15, waived with average daily balance of $5,000.

First Internet Bank Business Money Market Savings: Best for high starting APY

First Internet Bank’s Business Money Market account offers one of the highest, and most accessible, interest rates on the market. Account holders earn 3.46% on any balance up to $5 million and can earn 5.46% if their balance exceeds that amount.

  • Opening deposit: $100.

  • Monthly fee: $5, waived with an average daily balance of $4,000.

  • Checks: No.

  • ATM card: Sole proprietors only.

  • Transaction limits: Up to six per month. No fee for additional transactions, but you may need to transition to a business checking account if you regularly exceed the limit.

NBKC Business Money Market: Best for no transaction limits

The NBKC Business Money Market account is as simple as they come. You earn 2.75% APY, no matter your balance, and have no monthly fees or transaction fees to worry about. Plus, this online business account can be opened in a matter of minutes.

  • Opening deposit: $0.

  • Monthly fee: $0.

  • Checks: Yes.

  • Debit/ATM card: Yes. 

  • Transaction limits: No transaction limit.

TD Bank Small Business Premium Money Market Account: Best for brick-and-mortar banking

TD Bank’s Small Business Premium Money Market Account offers a surprisingly solid APY for a brick-and-mortar bank. At the high end, you can earn 2.43% APY with a balance of at least $250,000. At the low end, balances below $10,000 earn 0.15% APY. Between those markers, you can earn anywhere from 1.00% APY to 1.92% APY, depending on your balance.

  • Opening deposit: $25.

  • Monthly fee: $15, waived with an average daily balance of $2,500.

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits: Up to six per month, $9 fee for additional transfers, withdrawals or checks.

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BMO Business Elite Money Market Account: Best for existing BMO customers

BMO (formerly BMO Harris) is another brick-and-mortar bank with a solid money market offering. You earn a base rate of 1% APY, no matter your balance, and you can earn quarterly rate bonuses of 1% to 2.5% if you maintain a balance of $100,000 or higher across all eligible BMO business deposit accounts. 

  • Opening deposit: $100.

  • Monthly fee: $15, waived with average collected balance of $10,000.

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits: Up to six per month (doesn't include withdrawals or transfers made in person or through ATM). Fee of $15 per additional transaction.

U.S. Bank Platinum Business Money Market Account: Best for high promotional APY

U.S. Bank's Platinum Business Money Market Account promotional rate boosts this money market account from just OK to a standout option, especially if you already have (or are looking to open) a U.S. Bank business checking account.

The bonus offer: Receive up to 4.34% APY from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through August 7, 2024. Member FDIC.

To earn the bonus rate, you need to deposit $25,000 - $2,999,999.99 in new money and have a business checking account with the bank. It's worth noting, U.S. Bank is currently offering a welcome bonus of up to $800 for new business checking customers. Offer valid through 08/07/2024. Terms apply.

  • Opening deposit: $100 but you need a balance of at least $25,000 to earn the full bonus.

  • Monthly fee: $15, waived with a minimum balance of $10000

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits: No transaction limit.

What is a business money market account?

A business money market account is a type of business savings account. Unlike traditional savings accounts, though, most money market accounts offer checks and/or debit cards so you can easily withdraw funds as needed. Money market accounts are FDIC insured up to $250,000 per depositor, like other business bank accounts.

Interest rates on business money market accounts vary widely from one financial institution to the next: anywhere from 0.01% to more than 4%, depending on the balance you keep. Unlike business CDs, which lock in rates for a selected term, interest rates on these accounts are variable and can rise and fall depending on the rate environment.

Should you open a money market account for your business?

Business money market accounts are a good option for business owners to save emergency funds or excess operating funds. Figure out what balance you can reasonably deposit and maintain, then shop around for the best rates, comparing business money market accounts with other high-yield business accounts.

If rates are similar and you're debating which savings vehicle is right for you, accessibility can be a useful deciding factor.

  • If you're OK not touching your money at all: Business CDs often offer the highest rates of any business savings tool, and that rate is locked in for your term (anywhere from a few months to a few years). Your funds are also locked up for the term, though, so this option is best for money you don’t need for at least 12 months.

  • If you don't want to be locked out entirely: A standard business savings account can deliver high-yield returns while still giving you access to your funds. You won’t get checks or even ATM access in most cases, but you can transfer money out of your business savings account if needed. Interest rates on business savings accounts are variable, which is a good thing in the current rate environment.

  • If you want checks or a debit card, but you make six or fewer withdrawals per month:  Funds in a money market account are more accessible than a standard savings account — you can typically write checks or use a debit card — and you’re not locked in for a specific term, like with a business certificate of deposit. Most business money market accounts do impose transaction limits and charge fees if you exceed six withdrawals per month.

  • If you need frequent access to your money: High-yield business checking accounts typically have lower rates than other interest-bearing deposit accounts, but your money is easily accessible.

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Bluevine Business Checking

Bluevine Business Checking

Deposits are FDIC Insured

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.7

/5

Monthly fee 

$16.00

Monthly fee 

$0

Monthly fee 

$0

APY 

N/A

APY 

2.25%

With $0 min. balance for APY

APY 

2.00%

With $0 min. balance for APY

Bonus 

$200

See offer page for more details

Bonus 

N/A

Bonus 

N/A

Learn More

at Bank of America, N.A., Member FDIC

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at Grasshopper Bank, Member FDIC

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at Bluevine, Deposits are FDIC Insured

Business money market account rates

The national average rate for money market accounts is 0.68% APY as of this writing, according to the FDIC. While our picks for the best business money market accounts earn well above that rate, many money market accounts for businesses fall far below the national average.

🤓Nerdy Tip

Use our compound interest calculator to see how much you could earn at various interest rates.

Interest rates on business money market accounts are often tiered: The bigger your balance, the higher your interest rate. You may need a balance in the millions to earn the top-tier rate with some money market accounts.

Rates can also vary depending on your location, particularly if a bank has a regional or national footprint. And if you have an existing relationship with the bank, you may qualify for a higher rate.

Compare business money market account rates

APY

First Internet Bank Business Money Market Savings

3.46%-5.48%.

Prime Alliance Bank Business Money Market Account

3.85%-4.25%.

NBKC Business Money Market

2.75%.

Frost Business Money Market Accounts (Texas)

1.40%-3.75%.

BMO Business Prime Money Market Account

1%-3.5%.

Comerica Bank Small Business Money Market Accounts

0.50%-2.10%.

Axos Bank Business Money Market

0.20%.

TD Bank Small Business Premium Money Market Account

0.15%-2.43%.

KeyBank Business Select Money Market Savings

0.05%-1.01%.

Wells Fargo Business Market Rate Savings Account

0.01%.

U.S. Bank Business Money Market Accounts

0.01%-1.15%.

PNC Premium Business Money Market Account

0.01%.

Frequently asked questions

Yes, a business can open a money market account to earn interest on savings. Several online and brick-and-mortar banks offer business money market accounts that earn upward of 3% APY, depending on your balance.

Business money market accounts are FDIC-insured accounts. These business bank accounts are backed by the Federal Deposit Insurance Corp., up to $250,000 per depositor.

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Best Banks for Small Business
ProductMonthly feeAPYMin. opening depositLearn more
Axos Bank® Basic Business Checking

Basic Business Checking

NerdWallet Rating 
4.9
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at Axos Bank®

$0 N/A $0
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at Axos Bank®

Grasshopper Business Checking Account

Grasshopper Business Checking Account

NerdWallet Rating 
4.5
Learn more

at Grasshopper Bank

$0 2.25% 

With $0 min. balance for APY

$100
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at Grasshopper Bank

Chase Business Complete Banking®

Chase Business Complete Banking®

NerdWallet Rating 
4.5
Learn more

at Chase

$15.00 

Waived with $2,000 minimum balance

N/A $0
Learn more

at Chase