Looking for a business money market account that actually pays competitive interest without drowning you in fees? Trust me, I get it. You want your business cash working harder than the pathetic rates most banks offer, but you don’t want to jump through impossible hoops to earn it.
But here’s what most business owners get wrong about high-yield business accounts: they assume the best rates come with the worst restrictions. The reality? Some online banks have figured out how to deliver genuinely competitive rates with reasonable terms because they’re not paying for expensive branch networks.
I’ve been analyzing First Internet Bank’s Business Money Market account offering 2.94% APY (up to 3.64% for higher balances), and what I’ve discovered might surprise you. This isn’t just another “teaser rate” that disappears after a few months—it’s a legitimate high-yield option that could significantly boost your business cash returns.
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What Makes First Internet Bank’s Up To 3.64% APY Actually Competitive
Here’s what immediately caught my attention: First Internet Bank is paying 2.94% APY on business money market balances up to $5 million. That’s not a promotional rate or a complex tiered structure—it’s a flat rate that applies to virtually any business balance.
But here’s where it gets even better: if your business somehow maintains over $5 million in cash reserves, you earn an incredible 3.64% APY on balances above that thresThe Truth About First Internet Bank’s Business Money Market: Is 3.30% APY Worth It?
Looking for a business money market account that actually pays competitive interest without drowning you in fees? Trust me, I get it. You want your business cash working harder than the pathetic rates most banks offer, but you don’t want to jump through impossible hoops to earn it.
But here’s what most business owners get wrong about high-yield business accounts: they assume the best rates come with the worst restrictions. The reality? Some online banks have figured out how to deliver genuinely competitive rates with reasonable terms because they’re not paying for expensive branch networks.
I’ve been analyzing First Internet Bank’s Business Money Market account offering 3.30% APY, and what I’ve discovered might surprise you. This isn’t just another “teaser rate” that disappears after a few months—it’s a legitimate high-yield option that could significantly boost your business cash returns.
The Truth About First Internet Bank’s Business Money Market: Is 2.94% APY Worth It?
Looking for a business money market account that actually pays competitive interest without drowning you in fees? Trust me, I get it. You want your business cash working harder than the pathetic rates most banks offer, but you don’t want to jump through impossible hoops to earn it.
But here’s what most business owners get wrong about high-yield business accounts: they assume the best rates come with the worst restrictions. The reality? Some online banks have figured out how to deliver genuinely competitive rates with reasonable terms because they’re not paying for expensive branch networks.
I’ve been analyzing First Internet Bank’s Business Money Market account offering 2.94% APY, and what I’ve discovered might surprise you. This isn’t just another “teaser rate” that disappears after a few months—it’s a legitimate high-yield option that could significantly boost your business cash returns.
Find more of the Best Online Savings & Money Market Account Rates here
The Fee Structure That Actually Makes Sense
Let me break down what you’re really paying:
Monthly Fee: $5
- Waived with $4,000 average daily balance
- That’s it. No complex fee schedule or hidden charges.
The Math (At 2.94% APY):
- On a $4,000 balance:
Earn about $118 annually, pay $0 in fees (monthly fee waived) - On a $10,000 balance:
Earn about $294 annually, pay $0 in fees - On a $25,000 balance:
Earn about $735 annually, pay $0 in fees
Even if you occasionally dip below the $4,000 threshold and pay the $5 monthly fee ($60/year), you’re still coming out ahead compared to most traditional business money market accounts, which often charge $10–$25 per month regardless of balance while paying far lower interest.
TRENDING DEAL:
Disclaimers:
The Annual Percentage Yield (APY) is accurate as of 12/5/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY.Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:Option 1Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.The average daily balance of your Axos ONE® Checking account is at least $1,500.Option 2Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.The average daily balance of your Axos ONE® Checking account is at least $5,000.If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.The Axos ONE® Savings account will earn a promotional rate of up to 4.31% APY for the statement cycle in which the requirements are met.The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account. Show Less
What You Get (And What You Don’t)
Here’s the honest breakdown of account features:
What’s Included:
- 2.94% APY on balances up to $5 million
- 3.64% APY on balances above $5 million (for the ultra-wealthy)
- FDIC insurance up to $250,000
- Online and mobile banking
- ACH transfers and wire capabilities
- Integration with their “Balance Optimizer” if you have their checking
- Zelle® for your business
What’s NOT Included:
- No checks (this is savings-focused)
- No ATM card (except for sole proprietors)
- No physical branches (online-only bank)
- Limited to 6 withdrawals/transfers per month (federal regulation)
The lack of checks and limited ATM access means this is truly a savings vehicle, not a transactional account. That’s actually good—it forces you to treat it like the cash reserve it should be.
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The Balance Optimizer: Smart Cash Management
Here’s a feature most banks don’t offer: automatic cash sweeping between accounts.
If you also have First Internet Bank’s Do More Business Checking, you can set up “Balance Optimizer” to:
- Automatically move excess checking funds to money market
- Transfer money back when checking balance gets low
- Maintain your preferred minimum checking balance
- Maximize interest earnings without manual management
This turns your business banking into an automated cash management system that works while you focus on running your business.
Who This Account Is Really For
First Internet Bank’s Business Money Market makes sense for:
- Businesses maintaining $4,000+ cash reserves (to avoid monthly fees)
- Companies comfortable with online-only banking (no branches to visit)
- Business owners who want set-and-forget savings (not frequent access)
- Organizations that can plan cash needs (6 withdrawal limit)
- Businesses seeking FDIC-insured returns without investment risk
It’s probably not right if you:
- Need frequent access to funds (more than 6 times monthly)
- Require check-writing capability on savings
- Prefer face-to-face banking relationships
- Maintain balances consistently below $4,000
TRENDING DEAL:
The Online-Only Reality Check
Let’s be honest about what online-only banking means:
Advantages:
- Higher rates due to lower overhead costs
- 24/7 account access through digital platforms
- Typically better customer service (fewer customers per rep)
- Focus on product quality over branch real estate
Disadvantages:
- No face-to-face relationship building
- Cash deposits require workarounds
- Some businesses prefer local banking relationships
- Technology dependence for all transactions
For businesses that have embraced digital banking, online-only is often superior. For those requiring frequent cash deposits or preferring personal relationships, it may not fit.
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The Customer Service Factor
Here’s something that sets First Internet Bank apart: extended customer service hours.
Business Support Hours:
- Monday-Friday: 7 AM to 9 PM EST
- Saturday: 9 AM to 3 PM EST
- Dedicated business specialists (not general customer service)
Most online banks offer limited phone support. First Internet provides weekend access and business-specific expertise—crucial when you need help outside normal business hours.
The FDIC Insurance Consideration
Important note: FDIC insurance covers up to $250,000 per depositor, per bank. For businesses with larger cash reserves, this means:
- Balances up to $250,000 are fully protected
- Amounts above $250,000 aren’t FDIC insured
- Consider spreading large balances across multiple banks
- Weigh insurance limits against earning potential
For most small to medium businesses, $250,000 FDIC coverage is sufficient. Larger companies may need additional strategies.
Getting Started: What You Actually Need
Opening the account is straightforward:
Required Documentation:
- Business formation documents
- EIN (Employer Identification Number)
- Personal identification for business owners
- Initial deposit ($100 minimum)
Application Process:
- Complete online application
- Upload required documents
- Fund account via ACH transfer
- Account typically opens within 1-2 business days
The process is designed for businesses that value efficiency over hand-holding.
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The Bottom Line
First Internet Bank’s Business Money Market account delivers what most business owners actually want: competitive returns on cash reserves without complex requirements or excessive fees.
The high APY is genuinely competitive and has remained stable while other banks have cut rates. The $5 monthly fee is easily avoided with reasonable balances, and the online-only structure enables the higher rates you’re earning.
This isn’t the right account for every business, but for companies comfortable with digital banking and maintaining reasonable cash reserves, it offers significantly better returns than traditional business banking.
The lack of checks and limited withdrawals reinforce that this is a savings vehicle, not a transactional account. That’s actually good—it encourages proper cash management while maximizing returns on funds you’re not using daily.
Want to see what 6x higher returns could do for your business cash flow? If you’re comfortable with online banking and maintain reasonable balances, this account delivers the competitive rates most business owners are looking for.
APY accurate as of review date. Rates subject to change. FDIC insured up to $250,000 per depositor. Account opening subject to approval.
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