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Money Market Accounts are a low-risk investment that can provide a higher interest rate than standard saving accounts. They have unique features that set them apart from a standard savings account. Money markets typically require a higher minimum balance than regular savings accounts, ranging anywhere between $1,000 and $5,000. Most banks also have a limit on the amount of withdrawals allowed each month and charge a penalty for additional withdrawals. Money markets are a great way that businesses can have their additional funds make more money with very little risk.
Money Market Accounts are most attractive to business owners because of the high yield interest, but they also offer another appealing quality: fast access to cash. Unlike security investments, businesses can quickly withdrawal cash from their money market savings account. Many banks offer ATM and check services for these accounts, so the cash is always available when it is needed.
The Federal Deposit Insurance Corporation (FDIC) insures these accounts for up to $250,000. Business.com is a great resource for information about banks that offer high-interest rate savings accounts for businesses. To learn more about opening a money market savings account for your business, please click on the links to the left.
