Wachovia:
Offers Money Market accounts for “conservative investors”. They have three types of
Money Market Accounts:
1. Business and Commercial High Performance Money Market Accounts
* Competitive, tiered interest rates–the higher your balance, the more you earn
* Free Wachovia Business Online, including Online BillPay, Online Statements, and Balance Alerts*
* Variable interest compounded daily and credited monthly
* Limited check-writing
* Unlimited deposits, transfers, and withdrawals may be transacted in person, by mail, or by ATM
* Up to six pre-authorized transfers, including phone, overdraft, or computer transfers each month (up to three may be checks)
* Low balance requirements make it easier to avoid monthly account maintenance fees
* Benefit from the safety and security of FDIC insurance
* May be linked to checking for overdraft protection
2. Money Market Sweep Account
* No minimum deposit requirement at opening
* $1,000 minimum sweep investment increments
* Competitive money market rate of interest–plus the security of FDIC insurance
* Interest compounded daily and credited monthly
* Funds swept back into your commercial checking account to pay checks presented and replenish target balance
* Up to six transfers per month from your money market savings account to your commercial checking account, in compliance with federal regulations
* Monthly summary report recaps each day’s transfer amount and interest earned for the month
* Stock market volatility avoided
3. Money Market Sweep with Sweep Plus
* Access to invested funds
* Reduced interest expense, as loan advances are drawn only when needed and repaid immediately as funds are available
* Less administrative time calculating account balances with automatic loan advances and pay downs
* Ability to easily review loan advance and payment information on your check account statement
* If your checking account balance is negative, any available funds will be transferred from your Money Market Sweep account. If there are no available funds to draw upon, your Sweep Plus line of credit is debited – in $1,000 increments – to bring your balance to $0 or to a pre-determined target amount.
* If your checking account has a positive collected balance, any outstanding loans will be paid down, and any additional funds will be invested into your money market account.
netBank:
This seems to be a smaller Online bank offering a Money Market Account with these benefits:
* Earn our highest business money market rate for the first 6 months… then the more you deposit the greater the return
* Access your account at more than one million ATM locations
* Free ATM Card
* Email alerts – get free, detailed account info delivered to your inbox
Basics:
* No minimum balance required to earn interest
* Interest compounds daily and is credited monthly
* Minimum opening deposit of $500
* No monthly service charge with an average daily balance of $5,000+
capitalOne:
Offers these benefits:
* Rate of 4.50% Annual Percentage Yield (APY)*
* No fees and no minimum balance
* Easy access to your business funds through checks1
* FDIC insured for up to $100,000 per depositor
* 24-7 Access to your acccount balance by phone or online
They also have an extensive FAQ section with a lot of usefull information
Comerica:
Has a choice of two types of accounts:
1. Business Money Market Account
* Ready access to your funds
* No penalty for early withdrawal1
* FDIC insured2
* Competitive rates based on today’s market conditions
* A monthly itemized statement with detailed information on all your transactions
* Secure online access to check balances and transfer funds
2. Premium Business Money Market Account
* Higher balances yield higher interest rates.
* Ready access to your funds
* No penalty for early withdrawal
* FDIC insured1
* Competitive rates based on today’s market conditions
* A monthly itemized statement with detailed information on all your transactions
* Secure online access to check balances and transfer funds
Everbank:
Also one of the smaller banks with better benefits but less choice in picking Your account:
* Tiered interest rates offering higher yields on larger balances.
* No monthly account fee when the average daily balance is $3,000 or more ($14.95 monthly fee for accounts below minimum balance).
* Low $1,500 initial deposit requirement.
* Up to six withdrawals or transfers per month of which three can be free check writing transactions.1
* No cost for online transfers between EverBank and non-EverBank accounts.