No matter what type of business you own, a business money market account can be used to grow your savings. If you have excess cash, you’ll be able to deposit it and earn interest. Money market accounts offer a low-risk way to save for a planned purchase or to build emergency savings for any unexpected expenses.
Business Money Market also allows easy access to your cash while providing a higher rate of return. At Presence Bank, we’ll make sure you have access to the tools and support you need to earn money on your excess cash.
Money market accounts for businesses are essentially a type of savings account. Compared to other types of accounts or investments, you’ll have access to your funds. There are certain parameters on everything from the minimum deposits to the required balance to avoid fees. These accounts offer checks or debit cards so you can easily access your funds as needed.
Our Prosper Business Money Market account requires a minimum deposit of $1,000 to open and a $10,000 minimum balance to avoid fees. If the balance falls below that minimum, there will be a $10 maintenance fee.
To earn interest, you’ll need to have a minimum balance of $2,500. Here’s how we divide our interest tier structure:
Interest is compounded daily and credited to your account on a monthly basis. For non-cash deposits like checks, interest will begin to accrue on the business day you deposit the items.
As part of our business money market account, you’ll be able to take advantage of several convenience services, including:
