Lucky enough to have a business that throws off some cash - however I can't find a bank that will pay a decent interest rate (greater than 3.85% APY)for parking it with them. Anyone have any ideas? I've checked HSBC and some of the others mentioned however they all have to be personal accounts -Thanks for any and all help...
What time period are you going to be parking the money for? Do you need it available instantly? How many transfers will you make a month? Would you be okay paying a fee for each item?
What time period are you going to be parking the money for? - anywhere from 3 mo - 1 year.Do you need it available instantly? - not required - however it would be used for acquisition opportunities and any requirements for capital investment.How many transfers will you make a month? - average one transfer out every 2-3 months - deposits can be as many as once a day or once or twice a month depending on banking fee structure.Would you be okay paying a fee for each item? - as long as the interest earned more than offsets those fees.
Plenty of banks offer this -- e.g.http://www.everbank.com/001SBMoneyMarket.aspx?LinkID=Navigationhttp://www.ebank.com/content.asp?cid=22Usually there's a minimum balance to avoid fees ($1000-$3,000) and the more you deposit, the higher the interest rate.The rates are not as great as for personal accounts, because the cost of servicing businesses is higher.You could even open a business account with a brokerage or mutual fund company.
Thanks for the links - I'd seen the everbank - not as good as Pacific Marine Credit Union - 3.85% however ebank's 4.75% is pretty tempting. I'll research them. Thanks again for the assist.
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