U.S. Bank Business Money Market Review: 4.50% Bonus Interest Rate

If you’re a business owner looking for a place to save your cash, a U.S. Bank Platinum Business Money Market Account is worth considering.

It’s FDIC-insured up to $250,000, provides ATM access to your money, and you can link it to your U.S. Bank business checking account for overdraft protection.

Let’s take a deeper look at this money market account and its pros and cons so you can determine if the U.S. Bank Platinum Business Money Market Account is worth opening for your business savings.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

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U.S. Bank Business Money Market Overview

The U.S. Bank Platinum Business Money Market Account is designed for businesses that want to earn higher rates of interest for their cash savings – you get higher rates for having a higher balance.

While there’s plenty of high-yield savings accounts for personal needs, most business bank accounts provide very little or nothing at all in interest. This account addresses that need.

U.S. Bank Platinum Business Money Market Account requires just a $100 minimum opening deposit and features:

  • FDIC Insurance up to $250,000
  • Interest is accrued daily and paid out monthly
  • ATM and U.S. Bank Internet Banking access
  • Can be linked to your U.S. Bank business checking account for overdraft protection

There’s a $15 monthly maintenance fee , but it’s waived as long as you maintain a minimum daily balance of $10,000.

Bonus Interest Promotion

Plus, from now through June 5, 2024, the U.S. Bank Platinum Business Money Market Account offers a bonus interest rate that lets you earn up to a 4.60% APY to boost your savings:

Daily Balance1APYBonus Interest Rate
$3,000,000 and higher1.15%N/A

Complete these steps to earn the offer:

  1. Open a new U.S. Bank Platinum Business Money Market Account using this link.
  2. Deposit $25,000 – $2,999,999.99 in new money deposits
  3. Receive a bonus interest rate of 3.50% on balances up to $24,999.99 and a bonus interest rate of 4.50% on balances between $25,000 to $2,999,999.99.

Opening a Business Money Market Account at U.S. Bank

Here’s the information you need to open a U.S. Bank Platinum Business Money Market Account:

  • Your business’s Employer Identification Number (EIN) or tax ID number (Sole proprietors can use the owner’s Social Security number)
  • Articles of Incorporation, Articles of Organization, or a charter or a similar legal document that indicates when your company was formed (not required for sole proprietors)
  • Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your organization

You don’t actually need a legal document if you’re operating as a sole proprietor. A sole proprietorship is a type of business where a single person owns and operates the business. It’s the simplest form of business ownership.

For example, before I converted The Money Ninja into an LLC, it was just me running the business as a sole proprietor. Other common sole proprietorships include those who are considered independent contractors.

Do you sell things online, drive for Uber, or have a side hustle? If you haven’t filed any legal paperwork to form a company, then you’re operating a business as a sole proprietor.


FDIC Insurance

A business money market account at U.S. Bank is insured by the FDIC (FDIC Cert #6548). This means that your funds are insured up to $250,000 (per depositor, per account ownership category).

FDIC insurance is the most important factor in choosing a money market account because it provides protection to your funds if the bank fails.

The collapse of Silicon Valley Bank created a wake-up call for everyone to double-check whether the financial institution they bank with is FDIC-insured and that your deposits are not exposed to a potential loss.

Easy Access to Your Money

U.S. Bank offers a couple of convenient ways to access the funds from your money market account.

First, you’ll be provided an ATM card so you can withdraw cash at any time. This is not standard and something I typically expect from a savings or checking account. Based on all the money market accounts I’ve opened in the past several years – which is many – I can say that this is relatively uncommon.

Additionally, you can also link this money market account to a U.S. Bank business checking account (which currently offers a $800 bonus) for overdraft protection. This is helpful if you accidently spent more than your current account balance. It will use the other account funds to cover the amount of money you overspent.

Low Monthly Fees That Can Be Waived

I mentioned earlier that there is a $15 monthly maintenance fee. While it’s not ideal, it’s waived when you have a minimum daily ledger balance of $10,000.

That’s not that high of a minimum balance requirement for a business bank account. I’ve seen some accounts at other financial institutions requiring a balance of $25,000 or more to waive the monthly fee.


Post-Bonus APY

The new account bonus offered for the U.S. Bank Platinum Business Money Market Account makes it a strong choice to hold your business savings. The national average rate for money market accounts is just 0.47% APY at the time of this writing, so the U.S. Bank one is more than 9x the average rate.

Unfortunately, the new account bonus interest rate lasts for 6 months before it returns to roughly the same level as the national average.

The Bottom Line

The best business money market accounts offer high rates, low fees, and fair minimum balance requirements.

The U.S. Bank Platinum Business Money Market Account checks off all of those criteria. It offers a nice interest bonus so you can earn a solid rate and no monthly service fees as long as you keep a daily balance of $10,000 or more.

It also provides easy access to your cash via ATM and an excellent online and mobile experience – all from an established national bank you can trust.

If you’re a business owner looking to set aside excess cash from a checking account and get paid a high interest rate, give this business market money account a try.

Member FDIC


1 You must maintain the minimum balance needed for each tier in order to earn the Annual Percentage Yield (APY) disclosed. All rates and APYs are subject to change after the account is opened. Fees could reduce earnings on the account. Interest rates currently offered on applicable deposit accounts are determined at the bank’s discretion and may change daily. We use the daily balance method to calculate interest on all deposit accounts. This method applies a daily periodic rate to the principal in the account each day. Interest on your check deposit begins to accrue on the business day we receive credit for your applicable deposit accounts. Interest will be compounded daily and credited to your account monthly for all savings accounts, except Standard Savings, which is paid quarterly. If you close your account before interest is credited you will not receive the accrued interest.


1. FDIC. National Savings Rates Index, Retrieved 5/1/2024

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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