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Include credit unions with membership based on any industries that you or immediate family members currently or have previously worked in:
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Business Money Market
A Business Money Market account is a type of business bank account that bears similarities to a Business Savings account. Both types of accounts are deposit accounts that are surpassed in liquidity only by a checking account or cold hard cash. As far as consumers are concerned, there are only subtle differences – a couple of them being that Money Market Accounts usually have higher minimum balance requirements and offer slightly higher interest rates. As far as the bank or credit union where you opened the account is concerned, there are fewer restrictions on how they may invest the funds you deposit in a Money Market Account as opposed to a savings account.
Business MMA Rules
Business Money Market accounts allow up to 6 withdrawals a month and can be a great way to flexibly manage a payroll, as well as the cash inflows and outflows related to your business. To open one of these accounts, you usually must provide your business’ Employer Identification Number (EIN) or Tax ID, a legal document showing when your business was formed, and a government-issued personal ID or social security number. Business checks are usually available with MMAs, and interest rates are many times tiered and increase as your balance does. Many banks and credit unions have business-friendly online banking platforms that allow small business owners and managers to access and manage their Business Money Market Account via the web.
Money Market Accounts you find in the above rate table from institutions insured by the FDIC or NCUA are insured up to $250,000 per depositor, per institution. Also, America Share Insurance (ASI) is a private insurer that insures some credit unions – at ASI-insured credit unions, each depositor is covered up to $250,000 for each account they hold had the credit union.