High Yield Business Savings Accounts
Posted January 22, 2007 by Chuck
Posted in: 
Personal Finance
Personal Finance
I always see a ton of information on personal high yield savings accounts, yet very little on business accounts. For those that like to keep their business and personal accounts separate I thought I would post a few good offers on high yield savings accounts. Rates are as of today (January 22, 2007).
If anyone knows of any other good deals feel free to comment.
Capital One Business Money Market
- 4.80% APY
- No fees and no minimum balance
- Site says no ACH available, but some have said there is ACH on the account.
Even better if you are a Costco member and have some cash…
Capital One & Costco Money Market Account
- 5.20% APY
- $5,000 minimum deposit to open
- Costco Executive Members receive $25 when they open their first Money Market account
- Must be a Costco member to apply for this account
Fidelity Account for Businesses
- Can invest in the Fidelity Select Money Market Fund (FSLXX) which is currently 5.08% APY
- Can purchase stocks and mutual funds as well with the account.
- Minimum to open: $2,500, No annual account fee
- Not FDIC Insured
Advanta Money Market Account (Open To Businesses)
- Tiered Rates
$100 to $999 - 4.75% APY
$1,000 to $9,999 - 5.10% APY
$10,000 to $49,999 - 5.15% APY
$50,000 to $99,999 - 5.20% APY
$100,000 and above - 5.25% APY - Minimum Deposit: $2,500
- $15.00 Monthly Service Charge if average daily balance falls below $100
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So excellent! I’d been wondering the same thing recently. I’ve been moving my business money into my personal savings account as a ‘temporary loan’ so I could get the high interest rate. It’s not as bad as it sounds as an accounting practice because I’m an LLC who files as if I’m self employed, so comingling of funds is more acceptable — BUT, I sure think it would be easier (with potentially higher rates) to hook up a business account. If anyone can tell me why CHASE sucks so bad with this kind of thing, I’d be much obliged. Of course, all of my primary accounts are with Chase — for YEARS now — so I’m sweeping funds all over the place to get some reasonable interest. I just got a $4 service fee on my personal savings (which was paying .45%) because I went below the minimum balance. I mean, how can .45% justify any minimum balance. I called and closed the account. Grrr…. Sorry, didn’t mean to turn this comment into a gripe. Nutshell: Thanks for the info. Great post.