Earn higher interest rates on your cash reserves while maintaining access to your funds with a secure Business Money Market Account from UMTB.
Details
Benefits of a UMTB Business Money Market Account include:
- Higher interest rates than traditional savings accounts
- Easy access to funds through checks, debit cards, and online transfers
- No monthly maintenance fees with minimum balance
- FDIC insurance on account balances up to $250,000
- Detailed monthly statements with transaction information
- Diversifies your business's portfolio and reduces risk
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Q: What is the minimum balance required to open a money market account?
The minimum balance to open a money market account is $100,000.
Q: Is there a limit on the number of transactions per month?
Yes, you can make up to six pre-authorized covered transfers/withdrawals per month. A pre-authorized covered transfer/withdrawal includes a check, cashier's check, ACH debits, and/or telephone transfers.
Q: How is interest calculated on the account balance?
Interest is calculated daily, based on the ending balance of the account that day. Interest is paid at the end of each statement cycle.
Q: What happens if the account balance falls below the minimum required balance?
If your balance falls below the minimum balance threshold, you may be charged additional fees.