Money Market Account
Recommended if:
- Can invest at least $1,000
- Cannot commit your business funds for a specific period of time
- Want limited check access to your investment fund
- Want to earn higher interest as you increase your balance.
Benefits:
- You can earn interest on your business deposits.
- Good liquidity with no minimum investment period and limited check access.
- In-person withdrawals do not count in six-debit limit, which provides more access to funds.
Important Facts:
- Minimum to open: $1,000
- Interest is compounded and paid monthly
- Can make 6 transfers by preauthorized, automatic, check or draft to third parties
- Monthly statement
- For average daily balances of $1000 or more, there will be no monthly maintenance fee
Fees:
- Maintenance Fee: $6 per month maintenance fee if average daily collected daily balance falls below $1000.
- Withdrawal fee: $5 each after 6 per statement cycle.