Seacoast's business money market accounts are tailored for small businesses in Florida, offering:
Higher interest rates than most traditional business savings accounts
FDIC-insured protection for your funds
Easy access to funds with check-writing privileges
Overdraft protection when linked to a Seacoast Business Checking Account
Lower risk than stock market investments, making it an ideal choice for conservative business growth
Essential Benefits for Small Businesses
A Seacoast Business Money Market Account offers a tiered interest structure to ensure your Florida business maximizes savings potential. Maintain a daily balance of $2,500 to waive the $15 monthly fee and enjoy up to 6 free withdrawals per statement cycle. Any excess withdrawals will incur a $10 fee.
How to Open Your Business Money Market Account
Gather Business Information:
We'll need the business tax ID number, business address, phone, email, date of birth and Social Security number (or taxpayer ID) for each individual that has 25 percent or more beneficial ownership in the legal entity and identify one individual with significant managerial control.
Fund Your Account:
For your initial deposit, you’ll need to provide a funding bank account and routing number where the initial funds can be drawn from via ACH transfer. (Estimated at 2-5 business days, if all account information is validated.)
Visit a Seacoast Branch:
A Seacoast banker will help you get your account set up and send you a confirmation via email and online banking portal. Once set up, your account is ready to start earning interest.
What is the interest rate for a business money market account?
Interest rates for Seacoast Business Money Market Accounts are tiered, which means the more you save, the higher the rate you can earn. Contact your local branch for the latest rate information.
How often is interest paid on a business money market account?
Interest is typically compounded daily and paid monthly, ensuring your savings grow as efficiently as possible.
Is there a minimum balance required to open a business money market account?
Yes, a minimum opening deposit of $2,500 is required. Maintaining this balance helps avoid the monthly maintenance fee.
Can I write checks from my business money market account?
Yes, Seacoast Business Money Market Accounts come with check-writing privileges, allowing you to access your funds with ease.
What are the withdrawal limits on a business money market account?
You can make up to six withdrawals per statement cycle without incurring fees. Any additional withdrawals will incur a fee of $10 per month.
How is a business money market account different from a business savings account?
A business money market account typically offers higher interest rates than a standard business savings account and includes check-writing privileges, providing more flexibility while growing your savings.
Are business money market accounts FDIC insured?
Yes, Seacoast Business Money Market Accounts are FDIC insured up to allowable limits, giving you peace of mind that your business’s funds are protected.
Can I link my business checking account to my business money market account?
Yes, you can link your business checking account to your business money market account for easier management and even set up automatic transfers to maximize your savings.
What happens if my balance falls below the minimum balance requirement?
If your balance falls below the $2,500 minimum, you will be charged a $15 monthly maintenance fee. Maintaining this balance is crucial to avoid the fee and keep earning interest.
Who is eligible to open a business money market account at Seacoast?
Any small business registered and operating in Florida is eligible to open a business money market account. You’ll need to provide necessary documentation such as your business address, taxpayer ID, and proof of ownership.
Connect with a Local Banker about Business Money Market Accounts.
Are you interested in contacting a local, Florida banker to discuss your individual financial needs? We’d love to speak with you. Schedule a consultation today.
Access your business accounts from your mobile device anytime, anywhere using the Seacoast Mobile Banking app.
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