Open a Business Money Market Account with TAB Bank
Use Money to Make Money with our MMA and Simple Business Savings
Our Simple Business Savings and Money Market Accounts Help You Do Just That.
It takes money to make money. While this is a timeless concept that’s well-known within the business owner and entrepreneur space, this rhetoric is still worth stressing. Take some of that money that’s been earned by your investments and put it into the right business money market or savings account to watch your wealth grow.
You’ll love these key features about business money market and savings accounts with TAB Bank:
What is a Business Savings Account?
TAB’s Business Savings Accounts do not have a fixed interest rate as the interest rate can change at any time. Your money grows while being safely tucked away. Business savings accounts from TAB Bank are FDIC insured up to $250,000.
What is a Business Money Market Account?
A business money market account will typically earn a higher interest rate than a business savings account because the money is invested. Business money market accounts with a balance of up to $250,000 are FDIC insured, making them another safe option to grow your money.
What are the Advantages and Disadvantages of a Business Money Market Account?
Business money market accounts have both advantages and disadvantages to them. Let our breakdown below help guide you.
Advantages of MMAs:
Disadvantages of MMAs:
Do I Need a Business Money Market Account or a Business Savings Account?
Here at TAB Bank, we offer your business the option of a money market or savings account. You might still be unsure which better suits your needs. Here’s a comparison of the two to help you determine which is right for you.
Interest rates
If you’re looking for the highest interest rate, money market account rates are typically very competitive.
Accessibility
Our business savings account does not come with any check writing abilities nor does it have an ATM card.
Minimum Deposit
Both our business savings accounts, and business money market accounts can be opened with a minimum deposit of $25.00.
Minimum Balance
Both our business savings accounts, and business money market accounts have a minimum balance requirement of $1.00.
| Type | Interest Rate | Annual Percentage Yield | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Business Money Market | 3.93% on first $1,000,000 + 0.25% on remaining balance |
4.00% on first $1,000,000 + 0.25% on remaining balance |
|||||||
| Business Savings | 0.25% | 0.25% | |||||||
Rates effective as of May 18, 2024 |
|||||||||
The minimum deposit to open a Business Money Market or Business Savings Account is $25. The minimum balance required to earn the disclosed APY is $1.00. Calculations of the APY assume interest is credited to the account monthly. The interest rate and APY may change after the account is opened for all interest bearing accounts except CDs. Fees could reduce earnings on accounts. Refer to the appropriate Fee Schedule and Business Disclosure.
Business Money Market Accounts Help You Save for Medium-Term Goals
The advantages of a business money market account make it a useful tool for saving for medium-term goals. The added benefit of having access to the funds when business emergencies require dipping into its balance make it a unique savings tool.
Is a Business Money Market Account the Same as a Money Market Fund?
No. A money market fund works similarly to a money market account with one key difference: a money market fund can lose money. A money market account is FDIC insured* for up to $250,000. Unlike in a money market fund, your money is safe in a money market account.
Is a Business Money Market Account the Same as a Checking Account?
No. A business money market account does have similarities to a checking account but should not be confused. For both types of accounts, the account holder has access to the money, and may write checks, but the similarities stop there.
Unlike a standard checking account, the high interest rate of a money market account is unlikely to be found as a feature on any checking account.
The Benefits of Opening an Account with TAB Bank:
Savings and Money Market Accounts are the foundational elements for any successful business, and at TAB Bank, we aim to keep it that way. With straightforward options and interest rates, our savings products make your business that much easier to manage.
Start saving today!