Best Business Money Market Accounts of 2024

The best business money market accounts offer interest rates of 2.00% or higher, with minimal restrictions or stipulations, and easy access to your funds via checks, debit cards and ACH transfers.

While many money market accounts still limit "convenient" withdrawals (via ACH, ATM, online banking or wire transfer ) to six per month, few charge fees for exceeding that amount. And some have done away with transaction limits, altogether.

» OTHER HIGH-YIELD ACCOUNTS: Business savings | Business CDs | Business checking

NerdWallet's editorial picks: Best business money market accounts

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% APY on any balance up to $5 million, and can earn 4.69% APY if their balance exceeds that amount.

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.

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 3.56% 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 December 20, 2024. Member FDIC. U.S. Bank also has a welcome bonus of up to $400 for new business checking customers. Offer valid through 12/20/2024. Terms apply.

Grasshopper Bank's Innovator Savings Account earns 3.30%, but you need an average balance of at least $25000 to start earning interest. While you won't get a debit card or ATM access with this money market account, you will get wire and ACH transfers (including free same-day ACH). And business owners can pay vendors by check via Bill Pay and order checks for their account through a third-party service.

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 2.12% 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 1.61% APY, depending on your balance.

Note: Only businesses located in a state where TD Bank operates can open an account. See account details below for eligible states.

BMO (formerly BMO Harris) is another brick-and-mortar bank with a solid money market offering. Earn a base rate of 1.00% APY. Eligible accounts can earn a relationship bonus of 0.75% to 2.25% APY with a quarterly combined balance of $100,000 or more across BMO Elite Business Money Market and Elite Business Checking accounts.

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. See our top picks.

• 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. See our top picks.

• 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. See our top picks.

Business money market account rates

The national average rate for money market accounts is 0.60% APY as of Nov. 18, 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.

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.