This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
When you own a business, you need savings as a buffer when you need cash immediately. Money market accounts (MMAs) are savings accounts that are similar to a checking account. It maximizes your business savings so you can maintain financial stability and growth. MIDFLORIDA Credit Union can help you navigate your lending options and money management to make your business more successful.
Understanding Business Money Market Accounts
At MIDFLORIDA Credit Union, we offer a Business Money Market account for our business clients. We help by offering competitive interest rates while keeping funds accessible. You enjoy the benefits of a higher interest than a savings account. You can also use your funds whenever you need them without a penalty.
Accessible Assets
If you place your money in a Certificate of Deposit (CD) or another type of savings instrument, it can take longer to access your funds. With a money market account, you gain the perks of a higher interest rate, and you can access your cash anytime it's needed. Most money market accounts don't have a monthly fee, making it a great way to realize your savings goals. You need to open a money market account after you consider interest rates, fees, and minimum balance requirements.
Benefits of Business Money Market Accounts
You can explore the benefits of a business money market account. These include:
Earning Interest
With a Business Money Market account, your business earns competitive interest on its funds. The competitive interest rates allow you to maximize your savings and watch your balance soar. The MIDFLORIDA's Savings Calculator can help you determine earnings based on opening deposit, rate, and monthly contributions.
Accessibility
The funds in your money market accounts are accessible when you need them. You can access your cash the same way you would a checking or savings account. It's a great way to enjoy a higher interest rate without losing access.
NCUA Insurance
Like your checking and savings accounts, your money market accounts are insured by the NCUA for up to $250,000, offering a safe way to save.
Other Perks With MIDFLORIDA's Business Money Market Account
You get other perks, including:
- Enjoy 24/7 access to savings through online banking.
- Personalized, face-to-face service at any of MIDFLORIDA's branches.
- Enjoy convenient branch accessibility with extended drive-thru hours and full-service Saturday hours.
- No appointment is required for account opening.
Comparing Business Money Market Accounts to Other Savings Options
Before you make a final decision about opening a money market account, you should compare it to other accounts.
Business Savings Accounts
MIDFLORIDA Credit Union's Business Savings Accounts can help you to grow your business's bottom line with interest-bearing options. However, the interest rate isn't as high as with a money market account but neither is the minimum balance.
Business Checking Accounts
A business checking account offers features to keep your business running smoothly. In some cases, you can receive interest on these accounts. You can access your accounts online or through an app. Remote deposit capture may be available, and more.
Certificates of Deposit (CDs)
CDs offer both short- and long-term options. These deposits usually have an Annual Percentage Yield (APY) that is higher than a regular savings account. However, if you remove the funds early, you'll find there's a penalty.
Tips for Maximizing Savings in a Business Money Market Account
There are ways to make the most of your savings opportunities. Here are a few to get you started.
Maintaining Minimum Balance
To avoid a monthly service fee, you want to meet the account requirements. At MIDFLORIDA Credit Union, the account requirements are a minimum average daily balance of $10,000 in your Business Money Market, or $50,000 in cumulative daily deposits, or $75,000 in business loans.
Automated Savings
You can arrange to have a set amount each week or month transferred into your money market account. This way you never forget to add money to your account.
Regular Contributions
You should routinely contribute to your money market account. You can use our MIDFLORIDA's Savings Calculator to see how much you can earn.
MIDFLORIDA's Business Savings Accounts
At MIDFLORIDA, we want to help grow your bottom line with interest-bearing savings and money market accounts.
Additional Products and Services
We offer a range of services and products for your small business. These include:
Business checking accounts
We have both free and interesting-bearing checking accounts to help your business thrive. You can choose the one that best meets your needs.
Business Credit Cards
MIDFLORIDA can issue your company a business credit card. These accounts come with low rates or reward options for the occasional boost to cash flow when needed.
Business Lending
You can find a host of business lending options at our credit union. These include lines of credit, equipment financing, vehicle loans, and commercial mortgages.
Contact Information and Resources
One of our Business Bankers can help you get started by calling (863) 284-5626 or toll-free at (855) 560-5626. We offer financial calculators and online banking tutorials.
MIDFLORIDA Credit Union Helps You Build a Money Market Account
A business money market account helps you realize higher interest rates that maximize your savings, so you can meet your financial goals. MIDFLORIDA's Business Money Market Account options can help you develop a savings goal and path to thrive. Contact a Business Representative for personalized assistance today.
