Best Business Money Market Accounts

1.    Prioritize a High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a money market account. So focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.

2.    Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.

3.    Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.

4.    Take Advantage of Benchmark Bonuses: Many money market accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.

5.    Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to money market accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.