Business Money Market Savings

The required primary account that establishes your SCCU membership is our Business Share Savings Account. As a member of our credit union, you're also an owner, which is an important difference between banks and SCCU. We're guided by a board of directors who are also members of SCCU and who keep the best interests of all of our members in mind.

Whether you're looking for a bank or credit union for your business checking, savings, or money market accounts, the best one is the one that offers the products and services that are right for your business today and that can help it grow in the future. Savings account and business money market rates are an important consideration, but you should also look for additional benefits, such as

• Small business experts who can help guide your banking decisions and who understand your local market.
• Access to local decision makers to simplify approval processes for loans.
• Branch locations that make in-person banking convenient.
• Comprehensive online services, such as bill paying and the easy transfer of funds between your accounts.
• Free features, such as debit cards and mobile banking.

Overall, your chosen financial institution should offer you security, convenience, and ways to save you both money and time.
 

A minimum opening deposit of $2,500 is required to open your Business Money Market Account. You can avoid monthly service fees by maintaining a minimum daily balance of $2,500.

Our Business Money Market Account gives you the best of both a checking account and savings account. Your money remains liquid, safe and easily accessible while earning interest. That means that funds you may have otherwise held in a checking account are helping you make money. Since business money market accounts are, in general, highly liquid, you have the freedom to easily withdraw your money when you need it rather than wait to complete a minimum term, such as those on certificates of deposit.
 
At SCCU, you also have the advantage of having your Business Money Market Account funds insured by the NCUA up to $250,000, and per federal regulation you may make up to six transfers and electronic payments—such as direct bill payments and overdraft transfers—each month. In addition, withdrawals by ATM or in person are unlimited.

All three offer ways for you to earn interest but each has its advantages and limitations. Here is an overview of the general differences:

• Business money market account rates are higher than savings accounts. With SCCU's Business Money Market Account, you have both safety and high yields, and can easily access your funds since they remain liquid. Money market accounts have limits on the number of electronic transactions that can be made during a month's time and require a certain balance be maintained in order to avoid monthly fees.
• Certificates of deposits (CDs) typically offer the highest interest rates among all savings accounts and provide a guaranteed rate of return. When you open a CD, the annual percentage yield will be fixed for the term of the deposit, which may range from a few months to several years. Requirements vary per financial institution, but there are penalties for withdrawing your money early. Unlike savings accounts and money market accounts, CDs don't give you access to your funds via checks, transfers, or ATMs.
• Savings accounts allow you fast, easy access to your money. Interest rates on savings are lower than on CDs and money market accounts, but there are no limits on the number of monthly withdrawals and low minimum balance requirements. Savings accounts can also be opened with a lower deposit amount than money market accounts and CDs.

Your SCCU Business Money Market Account is an account that bears interest and does so at a higher interest rate than other business savings accounts. For your peace of mind, your deposits are insured by the National Credit Union Administration (NCUA), which is an agency of the federal U.S. government.

Supporting the success of local businesses is an important part of how we serve our communities throughout the area. We offer a full range of business services, including:

• Free, secure mobile banking that allows you to review your account and manage your money when it's most convenient for you.
• FINSYNC payroll solutions with reporting, check printing and more.
• Time-saving mobile deposit.
• BancCard merchant services to make it easy for your customers to use their credit or debit cards to pay you.
• Complementary services from our team of Business Advisors, including business cash flow analysis, S.W.O.T. analysis and much more.

In addition to our Business Money Market Account, SCCU also offers the accounts you need to maximize your company's savings and efficiency, including our:

• Business Share Savings Account, which serves as your primary membership account and has a $5 opening deposit
• Business Certificate of Deposits (CDs), with a low minimum opening deposit requirement and competitive rates of return.
• Free Business Checking Account, an excellent option for businesses that have moderate transaction levels
• Business Interest Checking Account, which offers competitive interest rates with no fees or transaction limits
• Business Credit Card, with no annual fee and great purchase and balance-transfer rates
• Commercial Real Estate and Construction Loans for owner-occupied and investor-owned properties and commercial construction
• Vehicle and Equipment Loans with low credit union rates and flexible terms for purchases and refinancing

A Business Money Market Account from SCCU can be a smart money management tool for your business. You can use it to ensure that you have fast access to liquid funds, while still putting your money to work for you as it earns interest. It can help keep you prepared for unexpected expenses without sacrificing interest income gained on your capital.
 
When you have an SCCU Free Business Checking Account and a Business Money Market Account, you can easily transfer funds from your business money market account into your business checking as you need it.