A great addition to any business’ financial portfolio
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What’s a money market account?
A money market account combines the benefits of both a savings and a checking account.
It is like a savings account because your business can use interest rates to earn big. It is like a checking account because you can use your money freely. It does not have strict limits on spending or transfers.
Like a savings account, money market accounts offer higher interest rates. Like a checking account, money market accounts let you access your money when you need it using checks or debit cards.
Advantages of a commercial money market account:
Higher interest rates. Money market accounts generally have higher interest rates than typical savings accounts. That means that you can accumulate savings faster without having to touch your money.
Federal insurance protection. The Federal Deposit Insurance Corporation (FDIC) ensures these accounts for up $250,000. Invest without worrying about losing your money. This makes money market accounts ideal for businesses that want low-risk savings opportunities.
Check writing. Enjoy check-writing capabilities when you open an account with TFNB. Unlike traditional saving accounts, you can spend the money saved in your money market account. You can also, deposit more funds into your account without penalties or other fees.
Debit card. Spending gets even easier with a debit card linked to your money market account. Its the financial freedom of a checking account with the stability of a savings account. Money market accounts even have better interest rates. Spend and withdraw your money as often as you like with your money market account debit card from TFNB.
Why you should choose TFNB
Not all banks are equal when it comes to money market accounts. At TFNB, we offer a low minimum deposit and a low required minimum balance. We also have fewer limitations on what you can do with your money. In fact, our minimum deposit of $5,000.00 is among the lowest in the industry.
We also offer unlimited transfers and withdrawals made in person, by messenger, by mail, or at an ATM. You can make six transfers from your account every four weeks (or over a similar period if pre-authorized for automatic transfers). You can also transfer money via telephone (including data transmission) agreement order or instruction to third parties.
The minimum average daily balance required in our money market accounts is $5,000.00. If the average balance drops below that amount, you incur a maintenance fee of $10.00. This is lower than many of our competitors. Otherwise, there are no fees.
Similar to our money market account, with a lower entry point and tiered interest on balances exceeding $1,000. The minimum opening balance of $1,000.00 help fill the gap while still allowing you to earn interest. The minimum average daily balance required in our money market accounts is $1,000.00. If the average balance drops below that amount, you incur a maintenance fee of $10.00. This is lower than many of our competitors. Otherwise, there are no fees. Contact us today for the latest rates.
Open your money market account today
Have questions about opening a money market account? Unsure if a money market account is right for you? We can help you make the right decision for your business. Contact a TFNB commercial banker today using the form below, or call us at (254) 840-2836.
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