Best Business Money Market Account Rate: Grand Bank
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.
Contact: (609)514-3900
