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Business Savings Accounts, Business Money Markets, and Business CDs are all financial products that can help businesses store and grow their funds.
- A Business Savings Account is an FDIC-insured account that allows a company to make deposits and earn interest on its balance.
- Business Money Markets offer higher yields than typical savings accounts but may require larger minimum balances with restrictions such as limited check-writing abilities.
- Business CDs (certificates of deposit) are another type of deposit product where you agree to let the bank use your funds for a predetermined period at a fixed rate.
All three types of accounts are designed to help businesses manage their cash flow while earning interest on their deposits.