Merchant Money Market
Earn 1.75% APY with our Merchant Money Market Account.
The Montgomery Bank Merchant Money Market Account is exclusive to Montgomery Bank Merchant Processing customers.
- Earn 1.75% APY on balances through $500,000
- Earn 0.50% APY on balances over $500,000
Minimum to open: $100
Monthly Maintenance Fee: $20.00
Minimum balance to avoid monthly service fee:$1,000
Interest earning: Yes
Imaged checks included with Statement: Yes
Paper Statement Fee: $5.00
Online Account Access and Debit Card Options: Yes
Cash Management Services: Required
Per Item Charges:
First 25 deposited items free; $0.25 per deposited items thereafter. First 6 debits free; $10.00 per debit thereafter.
Merchant Money Market Checking is a tiered, interest-bearing account. $0 - $500,000 pays 1.75% Annual Percentage Yield (APY); $500,000.01 and above pays 0.50% APY. Rates are variable and are calculated on the average daily balance. Rates are effective as of September 1, 2018. This product is available for business accounts only. Merchant processing with Montgomery Bank is required for this account. If merchant processing is cancelled, the account will revert to a Business Money Market Account. For both account types, transfers and withdrawals are limited to no more than 6 per month per regulation by means of preauthorized transfer, check, draft, debit card, POS or similar order. Transfers and withdrawals made in person, by messenger, by mail, or an ATM are unlimited. A minimum deposit of $100 is required to open. Fees could reduce account earnings. Other conditions may apply.