5% (Yes, 5%) Business MM Acct - Climate First Bank

ichaelm
  |     |   477 posts since 2010

  You would probably like this bank if you like the Green New Deal, which I don't. This isn't a rewards account but unlike most rewards accounts, the rate applies to your entire balance, and there's no minimum balance requirement. You're also required to have a checking account which also requires no minimum. The 5% is not an introductory rate. "So what's the catch?" you ask. From the website: Account holder must maintain their primary business checking relationship with Climate First bank to open this account and qualify for the bonus money market rate. Primary business checking account is defined as the account where business holds funds and transacts for all activities related to business operations, including but not limited to: Deposits of all income from customers whether via check, ACH, cash, or otherwise, Paying employees, Paying vendors and suppliers, Advertising and Marketing expenses, Any and all other Operating Expenses paid by the company. If you do not have your primary banking relationship with Climate First Bank, the rate earned will be 0.60%.

  So if you sell things on Ebay from time to time but don't know what Schedule C is, then you probably wouldn't qualify for an acct. It appears that the account is available nationwide. 

https://www.climatefirstbank.com/business/business-money-market

https://www.climatefirstbank.com/apply/net-zero-business-checking

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.