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As a business owner, your financial goals are not just about keeping the lights on; they’re about strategically growing your capital. With the right business banking solutions, your money can work as hard as you do. In that regard, money market accounts are a popular choice, offering competitive interest rates and accessibility for short-term investments.

But how can you get the most out of your money market account? Here are three ways to maximize your return.

1. Leverage Tiered Interest Rates for Growth

The beauty of 1st Security Bank's Business Money Market Account lies in its ability to grow with your business. With just $100 needed to open an account, you’ll have access to tiered interest rates based on your balance. This means the more you save, the higher your interest rate will be and your subsequent earning potential. For balances under $10,000, you earn a respectable 0.46% annual percentage yield (APY1). However, as your business savings grows from $10,000 to $100,000 and beyond, your APY can also increase. That's a smart way to ensure that your surplus funds are not just sitting idle but actively contributing to your financial goals.

2. Maintain the Right Balance

For 1st Security Bank’s Business Money Market Account, maintaining a $1,500 balance waives the $7.50 monthly service charge. This is more than just a fee waiver; it’s a way to keep your focus on growing your capital without worrying about additional expenses, and frankly, a disciplined approach to financial management. By keeping this minimum balance, you're ensuring that your business has a liquidity cushion while avoiding unnecessary fees, which, let's be honest, can add up over time.

3. Combine Accounts for High Yield Benefits

If your business banking is already established with 1st Security Bank, the Business Optimum Saving Account is your ticket to higher earnings. By maintaining an active 1st Security Bank business or consumer checking account alongside your Optimum Savings, and establishing a monthly transfer of at least $100, you not only enjoy the perk of a $0 maintenance charge but also unlock higher APYs. For the first $5000, in the account, you’ll earn a 5% APY1 with balances above that amount earning a 0.25% APY1. Your blended rate annual percentage yield will depend on the balances you maintain the account.

Whether you're just starting to build your business savings or you're managing a more substantial balance, 1st Security Bank's money market account and Business Optimum Savings accounts offer flexible, profitable avenues for your business's excess cash. You can tap into the power of tiered interest rates, waivers on service fees, and high-yield benefits by maintaining a balance that works for your business goals.

Remember, it's not just about how much you make, but how well you manage and grow what you keep. Let 1st Security Bank's money market account help you do just that.

1 - APY (Annual percentage yield) is effective as of June 5, 2023