Commercial Money Market
A Commercial Money Market account lets you access your cash reserves with check-writing capabilities while maintaining security, liquidity and flexibility.
The main difference between a business money market account and a business savings account is the higher minimum balance requirement, which is rewarded with a higher interest rate. Transfers from your Commercial Money Market account are limited to six per statement period via check, debit card, electronic banking, or telephone and electronic withdrawals. Transfers and withdrawals in person are unlimited.
While you may use your commercial checking account for most of your business’s cash flow needs, a commercial money market savings account provides additional flexibility and competitive interest rates. You could use your Commercial Money Market account for unexpected or emergency expenses, so that funds are there when you need them but meanwhile your balance grows with accrued interest.
Commercial Money Market accounts include:
- Online Banking and Bill Pay – a convenient way to monitor your account balance, transfer funds, and make payments to individuals or businesses
- Telebanking – access customer service and perform routine account functions
- eStatements or paper statements for your record-keeping convenience
A minimum deposit of $1,000 is required to open the account, and the service fee is waived when you maintain a balance of at least $1,000. Variable-tiered interest accrues daily on balances of $500 or more and is compounded and credited monthly.
When you choose to open a commercial money market account with a leading community bank like Union Bank, you get the same advantages that bigger banks offer: the convenience of online banking and competitive business money market rates. You also benefit from the support of a long-established community partner that has a lot of experience helping businesses in northern Vermont and New Hampshire succeed. Union Bank understands the local business environment and our friendly staff is always available to discuss the best financial solutions for your business needs.
Call us today or stop by one of our 17 local branch offices in VT and NH to learn more about commercial money market accounts.