Update: This business money market account through Grand Bank is no longer available. Check out our database of money market rates and offers to find today’s top deals.
Interest rates in general are on the decline and are expected to flat line between 0 and 1 percent. The FED has set 2014 as the year in which they will consider raising rates again. If you’re in the market for a business money market account, we would recommend finding something that provides easy access to your funds with features that both align with your everyday business needs and that are fee free. Focusing on account features rather than interest rates is the best way to approach any FDIC insured savings account in our current environment.
- Offer from Archive -
After researching the highest yielding money market accounts in New Jersey, we happened to stumble upon perhaps the very best business money market account rate available today, however you must maintain a relatively high balance in order to collect on their superior APY.
Grand Bank out of New Jersey has a phenomenal interest rate associated with their business MMA. Currently, if you maintain a balance of $75,000 or more, they are offering 3.25% APY.
Like most money market accounts, they have set the yields up in tiers based on balance amounts. Here is the breakdown…
- maintain a balance of between $5,000 and $19,999 and receive 1.25% APY
- maintain a balance of between $20,000 and $49,999 and receive 1.50% APY
- maintain a balance of between $50,000 and $74,999 and receive 2.26% APY
- maintain a balance of above $75k and receive 3.25% APY
The national average for money market account interest rates sits at around 1.26% APY, so unless you plan on keeping more than $20k in this account you won’t receive an abnormally lucrative rate.
Grand Bank opened for business March 1, 2002 at 1 Edinburg Road, Hamilton, New Jersey. They specialize in commercial and residential lending and offer a full range of deposit products including electronic banking.