Business Money Market
With a Business Money Market account from Ascend, you get a higher interest rate and easy access to your money.
Ascend's Business Money Market accounts are tiered to earn a higher Annual Percentage Yield (APY) when your balance reaches certain amounts.
Make up to six free withdrawals per month. Additional withdrawals are only $10 per transaction.
Over the past 19 years, we’ve given our members more than $109 million in interest refunds and bonus dividends.
$2,500 Minimum Opening Deposit
Balance | Dividend Rate | APY |
---|---|---|
Under $2500 | 0.20% | 0.20% |
$2,500 - $9,999.99 | 0.70% | 0.70% |
$10,000 - $99,999.99 | 1.30% | 1.31% |
$100,000 - $249,999.99 | 1.35% | 1.36% |
$250,000 - $499,999.99 | 1.35% | 1.36% |
$500,000 - $999,999.99 | 1.35% | 1.36% |
$1,000,000.00 - $2,499,999.99 | 1.35% | 1.36% |
$2,500,000.00 - $4,999,999.99 | 1.35% | 1.36% |
$5,000,000.00 AND OVER | 4.75% | 4.85% |
Money market accounts are variable rate accounts and the rates may change. The Annual Percentage Yields (APYs) stated are accurate as of September 19, 2024. The minimum opening deposit is $2,500. These accounts are limited to six withdrawals per month, then a $10 service fee is charged for each withdrawal in excess of six. For more information regarding fees see the Business Rate and Fee Addendum.
A sole proprietorship is a business owned by an individual. This type of ownership is the simplest and most basic type of business structure. A sole proprietor has total control, receives all profits from, and is responsible for the taxes and liabilities of the business.
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Business License and/or Business Card (If Applicable)
A limited liability company consists of one or more “members” or “managers,” which may be individuals, partnerships, limited partnerships, trusts, estates, associations, corporations, other limited liability companies or business entities.
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Valid Tax ID or EIN
• Articles of Organization (LLC-1)
• Completed Beneficial Owner Form
• Copy of the Operating Agreement (Required for all limited liability companies with more than one (1) member)
• Filed fictitious business name statement/DBA (Required only if the business entity does not include the surname of the owner or if the name suggests additional owners)
An unincorporated association is an organization that has not been given a corporate legal form but is recognized by the law as having a status and an existence. This type of account is often requested for recreational clubs, social clubs, and non-profit organizations. (Examples: Knights of Columbus, Girl Scouts or Rotary Clubs).
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Valid Tax ID or EIN
• Certified copy of a resolution or minutes authorizing the account opening
• Letter signed by the governing body of the legal entity authorizing designated individuals to open the account and act on its behalf
In a general partnership, each partner shares in the profits, losses and management of the business. Each partner can, by its acts or conduct, bind the partnership, and each is personally liable for the debts and obligations of the partnership, so that its individual assets can be subject to execution to satisfy partnership debts when partnership assets are insufficient to pay those obligations.
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Valid Tax ID or EIN
• Signed copy of the partnership agreement identifying the partners and their authority
• Completed Beneficial Owner Form
A corporation and an incorporated association are legal forms of business organization where an individual or group of individuals (known as shareholders or stockholders) acts as a distinct legal entity.
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Valid Tax ID or EIN
• Articles of Incorporation/Charter (For profit charter SS-4417. For non-profit charter SS-4418)
• Copy of Corporate Minutes
• Bylaws
• Completed Beneficial Owner Form
• Filed fictitious business name statement/DBA (Required only if the corporation does business in a name other than its corporate name)
• Corporate Resolution (Only if not all named officers are signers, if signers include persons not named as officers or if Corporate Minutes reflect multiple signatures required) (Ascend will not open account if dual signatures are required.)
An informal organization or club is a group formed for unofficial purposes. While not actually a business, these accounts are held by a non-natural person and the credit union will take steps to satisfy that the organization is a bona fide entity. (Examples: ABC Activities Committee, ABC Ski Club, ABC Employee Birthday Fund).
• Valid Social Security Number (All Signers)
• Unexpired Government Issued ID (All Signers)
• Valid Tax ID or EIN
• Letter on company letterhead explains the purpose of the club (if available)
• Minutes (if applicable)
- Are there any fees related to having an Ascend Business Money Market account?
As with our consumer Money Market account, you can make six free withdrawals per month. If you need to make more, it's just $10 per transaction.
- How long will it take for my Business Money Market account to be opened and available for use?
If you provide complete business entity documentation, your Business Money Market account will be available for use the same day you open it.
- Are Money Market accounts affected by the stock market?
No. With a Money Market account, your funds are as secure as they are with any other type of savings account. In fact, they are federally insured to at least $250,000 by the National Credit Union Administration. Money Market accounts have nothing to do with the stock market.
- What is a Money Market account used for?
A Money Market account is a great place to park emergency or vacation funds, save for starting a new family, supplement retirement savings, or save for major purchases.
Don't see the question you're looking for?
There are two different ways to contact an Ascend business specialist. Before you begin, please review our list of Required Documentation and make sure you have the necessary documentation on hand.
Video Appointment
Schedule a virtual video appointment with an Ascend representative.