Business Money Market Accounts | St. Johns Bank
Our money market accounts are just another of the wonderful options we have for businesses to invest for the future and improve their financial footing now. They provide an opportunity for your business’ money to keep working, even when you aren’t.
We offer attractive rates that increase as your balance does and have a low required minimum. So here’s the deal on our money market accounts and why one might be the perfect option for your business.
What Is a Business Money Market Account?
These accounts basically combine the benefits of a checking account with a savings account, providing the opportunity to earn interest on the money your business uses to cover expenses.
Here are the important things you should know about a business money market account with St. Johns Bank:
- They earn more the higher your balance.
- At those higher levels, they typically beat the rates on traditional savings accounts.
- They offer the convenience of savings and checking, though the number of checks is limited per month.
- Interest is earned on the collected balanced, and paid and compounded monthly.
- Allow for 50 free deposits per month, with a 9 cent charge for each item above that.
- Require at least a $1,000 opening balance.
- Require a $1,000 balance, with a $10 fee charged if the account drops below that in a monthly statement cycle.
- Provide overdraft privilege that helps cover expenditures beyond the balance amount. There is a $32 fee for every overdraft instance.
Is a Money Market Account Right for Your Business?
Our business money market accounts are a great option for operators who only need to make a limited number of withdrawals or transfers per month and those with separate checking accounts who want to earn interest.
They frequently provide higher rates of return than other options, particularly at higher balance tiers, so they also make sense for operators who have significant funds they can put into a less-flexible account than standard checking.
Need more information or help weighing this option? The financial experts at St. Johns Bank are ready to help!