Best Business Money Market Accounts of 2024

Compare business money market rates and choose from top accounts that earn up to 4.95% APY.

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Updated · 3 min read
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Written by Kelsey Sheehy
Senior Writer
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Edited by Ryan Lane
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Fact Checked

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.

Best business money market accounts

All of our picks for business money market accounts are chosen by our editorial team without outside input. Only accounts that earn at least 2.00% APY were eligible to be included.

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95+ years of combined experience covering small-business and personal finance.

Objective comprehensive business bank accounts rubric (Methodology).

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

NerdWallet's editorial picks: Best business money market accounts

First Internet Bank Business Money Market Savings

Overall best business money market account
First Internet Bank Business Money Market Savings
First Internet Bank

First Internet Bank Business Money Market Savings

NerdWallet Rating  
4.0
APY  

3.46%

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 4.95% if their balance exceeds that amount.

  • Opening deposit: $100.

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

  • APY: 3.46%-4.95%.

  • 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.

Pros

High APY.

No minimum balance to earn interest.

ATM card access (sole proprietors only).

Cons

Monthly fee.

Minimum opening deposit ($100).

NBKC Business Money Market

Best for no transaction limits
nbkc bank Business Money Market Account
nbkc bank

nbkc bank Business Money Market Account

NerdWallet Rating  
4.5
APY  

2.75%

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.

  • APY: 2.75%.

  • Checks: Yes.

  • Debit/ATM card: Yes. 

  • Transaction limits: No transaction limit.

Pros

High APY.

No minimum balance to earn interest.

No monthly fee or minimum opening deposit.

Includes checks and an ATM card.

Cons

High fee ($45) for international wire transfers.

No weekend or after-hours customer support.

U.S. Bank Platinum Business Money Market Account

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

Platinum Business Money Market Account

NerdWallet Rating  
3.0
APY  

4.34%

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 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.

  • Opening deposit: $100 but you need a balance of at least $25,000 to earn a bonus APY and $250,000 to earn the highest bonus APY.

  • Monthly fee: $15, waived with a minimum balance of $10,000.

  • APY: Base rate of 0.05%-1.15%, with the potential to earn up to 4.34% APY if you qualify for the bonus rate. 

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits: No transaction limit.

Pros

Bonus APY. Terms apply.

Includes checks and an ATM card.

No excess transaction fees.

Cons

Tiered APY structure.

High balance requirement for promotional rate.

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 2.22% 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 1.71% 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.

  • Opening deposit: $25.

  • Monthly fee: $15, waived with a minimum daily balance of $2,500.

  • APY: You must have a balance of $250,000 or higher to earn the top APY of 2.22%. Lower balances earn between 0.15% APY and 1.71% APY.

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits (withdrawals): Up to six per month, $3 fee for additional withdrawals/transfers.

  • Transaction limits (deposits):

    • Cash deposits: Up to $5,000 per month, then $0.30 per $100.

    • Check deposits: Up to 50 per month, then $0.50 for each additional item.

Business must be located in one of the following states to open a TD Bank business account:

  • Connecticut.

  • District of Columbia.

  • Deleware.

  • Florida.

  • Massachusets.

  • Maryland.

  • Maine.

  • North Carolina.

  • New Hampshire.

  • New Jersey.

  • New York.

  • Pennsylvania.

  • Rhode Island.

  • South Carolina.

  • Virginia.

  • Vermont.

Pros

Potential for high APY.

Includes checks and an ATM card.

Weekend customer support.

Cons

Tiered APY structure.

Not available nationwide.

Charges excess transaction fees.

BMO Business Elite Money Market Account

Best for relationship rates

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.

  • Opening deposit: $100.

  • Monthly fee: $15, waived with an average monthly balance of $5,000.

  • APY: 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.

    • $100,000 - $249,999: Base rate + 0.75% APY.

    • $250,000 - $499,999: Base rate + 1.75% APY.

    • $500,000 or more: Base rate + 2.25% APY. 

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits (withdrawals): Up to six per month, $15 fee for additional withdrawals/transfers.

    • Note: Unlimited withdrawals when made via a teller (in person or by phone) or at an ATM.

  • Transaction limits (deposits):

    • Cash deposits: Up to $10,000 per month, then $0.25 per $100.

    • Check deposits: Up to 30 per month, then $0.18 for each additional item.

Business must be located in one of the following states to open a TD Bank business account:

  • Connecticut.

  • District of Columbia.

  • Deleware.

  • Florida.

  • Massachusets.

  • Maryland.

  • Maine.

  • North Carolina.

  • New Hampshire.

  • New Jersey.

  • New York.

  • Pennsylvania.

  • Rhode Island.

  • South Carolina.

  • Virginia.

  • Vermont.

Pros

Potential for high APY.

Includes checks and an ATM card.

Weekend customer support.

Cons

Tiered APY structure.

Charges excess transaction fees.

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.

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American Express® Business Checking
American Express National Bank

American Express® Business Checking

NerdWallet Rating  
5.0
APY  

1.30%

Business money market account rates

The national average rate for money market accounts is 0.64% APY as of Sept. 16, 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.

Rates are current as of Oct. 2, 2024.

APY

First Internet Bank Business Money Market Savings

3.46%-4.95%.

Prime Alliance Bank Business Money Market Account

3.85%-4.25%.

NBKC Business Money Market

2.75%.

Frost Business Money Market Accounts (Texas)

1.20%-2.00%.

BMO Business Prime Money Market Account

1%-3.25%.

Axos Bank Business Money Market

0.20%.

TD Bank Small Business Premium Money Market Account

0.15%-2.22%.

KeyBank Business Select Money Market Savings

0.05%-0.50%.

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%.

🤓Nerdy Tip

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

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.

Methodology
NerdWallet rates business savings and money market accounts on more than a dozen factors, including monthly fee, APY, funds accessibility and access to enhanced FDIC coverage via Insured Cash Sweep networks. Customer support availability, website usability and other account features and restrictions also play a role in out overall rating. Learn more about how NerdWallet rates business bank accounts.

FEATURED

 
American Express® Business Checking
American Express National Bank

American Express® Business Checking

NerdWallet Rating  
5.0
APY  

1.30%