As a Tri-State business owner, you know where you keep your money is just as important as how you spend it. That’s why you shouldn’t settle for any old savings account. Instead, consider the flexibility and earning potential of a business money market account.
The top reasons to open a business money market account
1. Access to funds
As a business, it’s important to maintain liquid assets. If you fail to do so, you may not be able to come up with the necessary funds to satisfy debt obligations, purchase inventory, or fund other liabilities without taking on loans or generating outside capital. For this reason, accounts that keep your funds accessible and allow you to earn dividends are a no-brainer.
2. Earning potential
Money market accounts typically have rate tiers that open the door to higher earnings as your balance grows. But that doesn’t mean a significant balance is a requirement to earn. That’s because the best credit unions believe you should have access to these savings vehicles whether you’re starting with a penny or a million dollars. Regardless, you can grow your money faster than if it were kept in a traditional savings account.
3. Safety
Money market accounts are virtually risk free. That’s all thanks to the National Credit Union Administration (NCUA), which covers deposits at federally insured credit unions up to $250,000 per financial institution, per accountholder, per ownership category. As a result, you can watch your money market account balance accrue interest without worrying about some of the outside forces that impact other investment opportunities. For example, the balances of all single-owned accounts with one financial institution are added together and insured up to $250,000. Learn more about ownership categories and how to potentially extend NCUA coverage here.
GECU is federally insured by the NCUA, so you can feel good knowing your money is secure. Our Business Advantage Money Market account (BAMMA) is easy to manage, rewards you as your balance grows, and gives you flexible access to your funds. As a Credit Union member, the perks don’t end at account opening. That’s because our Business Services team is always available to assist you. Whether you require help with an existing product or are interested in opening a business checking or business certificate, they’re there to take things off your plate and make banking – and growing your business – easier.
