Who Qualifies for a Business Money Market Account?

If you’re a business owner, no doubt you’ve been following all the troubling economic news with a real sense of urgency. For both people and businesses, everyone is wondering if, where, when, and how they might be affected by all the chaos. Is credit really drying up? Will you be able to expand in the way that you had hoped, or is the best-case scenario simply standing still for now? Will demand be affected, and if so, by how much? All of these questions remain relative unknowns, even with our new president in office. What we do know is that common sense stays the same in all time periods – and one principle of business common sense is to make sure you’re getting the best deals wherever you can. And a great deal these days, is in business money market accounts.

Business money market accounts will allow you to maintain easy access to your funds while at the same time earning higher-than-average interest rates. Who qualifies for a business money market account? That will vary from bank to bank and state to state. However, there are some general factors involved which you should take into consideration before you begin your search for the best business money market account. For starters, your volume of business will determine what kind of account you can and should get. Why? Because most business money market accounts will allow you only limited free access to your funds – if you go beyond your allotted number of checks and withdrawals you’ll probably be penalized for it each time, and there goes your benefits. Other factors involved in qualifying for a business money market account include whether you’re a sole proprietor of if your company and if it is non-profit. In both of these instances you could qualify for special business money market accounts.

Before beginning your search for the right business money market account and to determine what your business might qualify for, sit down with your financial advisor or trusted bank representative to go over all your options.