BUSINESS MONEY MARKET ACCOUNT BENEFITS

Let your cash on hand work harder for you while still keeping it readily available for planned investments, unforeseen expenses, and emergencies:

Trusted Local Partner

Join the many community business owners in Davis, Weber, and Morgan counties from a diverse array of industries who work closely with Wasatch Peaks Credit Union. Business owners like Jana Shaw, a Wasatch Peaks member since 1991 and owner of Shaw Dance in Clearfield, who was able to realize her dream of building her own dance studio with the help of Wasatch Peaks.

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Business Accounts Offered

Sole Proprietorships, Partnerships, Corporations, For Profit, Non-Profit, Limited Liability Companies (LLC), and Association/Organization Accounts can enjoy the benefits that will deliver business solutions today and into the future.

• Sole Proprietorship

  For a person with exclusive business ownership. Requires a Social Security Number a Federal Tax Identification Number, State Registration and a Business License.

• Partnership

  – For two or more people contractually associated in a business venture. Requires a Federal Tax Identification Number and Partnership Agreement. Limited partnership agreements are typically required to be filed with the governing state.

• Corporation (For-profit)

  – For a business owned by stockholders. Requires a Federal Tax Identification Number, Articles of Incorporation filed with the governing state, state registration, and a Business License.

• Corporation (Non-profit)

  – For an official non-profit corporation. Requires a Federal Tax Identification Number, Articles of Incorporation filed with the governing state, state registration, and a Business License.

• Limited Liability Company (LLC)

  – For a business owned by members. Requires a Federal Tax Identification Number, Articles of Organization filed with the governing state, state registration, and a Business License.

• Small Association/Organizational

  – For associations, clubs, religious, charitable, and educational entities. Requires a Federal Tax Identification Number or Social Security Number. 
  

   

Any Wasatch Peaks representative will be happy to answer any questions and assist you. If you are ready to get started, please visit a branch near you, call us at 801-452-7885 or click below to apply.

BUSINESS MONEY MARKET ACCOUNT FAQS

Have more questions about our Business Money Market Account? Check out our handy list of frequently asked questions below. If you have a question that we didn’t answer, please reach out to our team.

• How does a money market account work?

  A money market account is a liquid savings account that offers tiered interest rates based on your balance. The higher your balance, the higher the rate you will earn.  You can make deposits and withdrawals without term restrictions.

• How do I open a Wasatch Peaks Business Money Market Account

  To open a Business Money Market Account, simply fill out our online form, and one of our representatives will reach out to assist you with the next steps in the process. You can also visit one of our branch locations to get started.

• Can I access my money at any time?

  Yes, the Business Money Market account offers full liquidity, allowing you to make deposits or withdrawals at any time, with Regulation D limits of up to six electronic withdrawals per month.

• How are the tiered dividends in my Wasatch Peaks Business Money Market Account calculated?

  Dividends are paid on any balance in your Business Money Market Account, with higher annual percentage yields (APYs)  being paid as your balance passes certain thresholds. When it does, the higher rate is calculated on your entire balance, not just the portion falling above the tier. 

• How often are dividends calculated and paid?

  Dividends are calculated daily and compounded monthly, which helps maximize your earnings over time. You’ll receive monthly payments based on your account’s balance.

• Are my savings secure in a Wasatch Peaks Business Money Market Account?

  As a deposit account, your Wasatch Peaks Business Money Market account is fully guaranteed up to $250,000 by the National Credit Union Administration, making it a virtually risk-free investment.

• Do I have to be a member to open this account? Does every authorized user have to be a member?

  Yes, you need to be a member to open a Business Money Market Account. At least one account signer must be eligible to join Wasatch Peaks Credit Union. Membership is open to everyone who lives, works, worships, volunteers, or attends school in Weber, Davis, and Morgan Counties in Utah.