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Piermont Bank High-Yield Business Money Market Account: Earn up to 3.75% Annual Percentage Yield (APY)* on Your Operating Cash
July 1, 2025
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Most business owners park their operating cash in traditional business checking accounts earning essentially nothing—typically 0.01% APY or less. Meanwhile, that same cash could generate meaningful returns while remaining fully accessible for operational needs.
Piermont Bank's Business Banking Bundle changes this equation entirely: 3.75% APY* transforms idle business cash into an interest-earning account without sacrificing accessibility or safety.
Founded in 2019 by CEO Wendy Cai-Lee—the first Asian American woman to establish a commercial bank in U.S. banking history—Piermont Bank represents a new generation of digital-first banking designed specifically for fast-growing businesses, entrepreneurs, and underserved communities.
This comprehensive guide walks you through everything you need to know about Piermont Bank's offering, including real-world financial impact calculations, setup instructions, and optimization strategies to maximize your business banking.
What Makes Piermont Bank's High-Yield Business Money Market Account Different
Piermont Bank isn't your typical big-box bank. As one of the first FDIC-designated multi-racial Minority Depository Institution (MDI) in the nation, with a board that's 78% women, Piermont represents a fundamental shift in how commercial banking serves diverse business communities.
The Core Offering: Business Banking Bundle
To earn the top 3.75% APY*, the Business Banking Bundle requires opening both a High Yield Business MMA and a Classic Business Checking Account, and maintaining a minimum balance of $50,000 in the MMA. Available to new customers only.
Key Features:
- Up to 3.75% APY*
- No monthly maintenance fee when you maintain a $1,000 monthly average balance
- FDIC-insured up to the maximum allowed by law
- Extended FDIC insurance available for businesses with larger deposits
- 100% online account opening — set up in minutes from anywhere
- 24/7 access to world-class online and mobile banking
- Up to six debit transactions per monthly statement cycle**
- Dedicated Relationship Manager with direct phone and email access
- No 1-800 call centers — work with a real banker who knows your business
MMA Tiers (as of 06/2026):
- Balances from $0 to $19,999.99 earn 0.75% APY
- Balances from $20,000 to $49,999 earn 3.25% APY
- Balances of $50,000 or more earn 3.75% APY*
Please note: if no business checking account is opened, the MMA is not eligible for the 3.75% APY and will earn the lower 3.25% APY instead, subject to balance minimums.
The Real-World Financial Impact
Let's examine exactly how much more your business earns by switching from traditional banking to Piermont Bank.
Scenario: $50,000 Operating Reserve
Traditional business checking (0.01% APY):
- Annual interest = $50,000 × 0.0001 = $5/year
Piermont Bank Money Market (3.75% APY):
- Annual interest = $50,000 × 0.0375 = ~$1,875/year
Net benefit: ~$1,870 more annually
Over 5 years, that's $9,350 in additional revenue your business wouldn't have otherwise—simply by parking your operating cash in the right account.
Scenario: $100,000 Operating Reserve
Traditional business checking: $10/year
Piermont Bank: ~$3,750/year
Net benefit: ~$3,740 more annually (5-year total: ~$18,700)
Scenario: $25,000 Operating Reserve
Traditional business checking: $2.50/year
Piermont Bank (3.25% APY tier): ~$812.50/year
Net benefit: ~$810 more annually (5-year total: ~$4,050)
The numbers are undeniable: regardless of your operating balance size, Piermont Bank delivers substantially higher returns while maintaining the same FDIC insurance protection and accessibility you'd expect from any business banking relationship.
Why Piermont Bank Specifically?
You might wonder: "Why Piermont Bank over other high-yield business accounts?"
Here's what sets them apart:
1. Mission-Driven Banking
As one of the first FDIC-designated multi-racial Minority Depository Institution with a 78% women board, Piermont actively serves underserved business communities, women-founded businesses, and minority-owned businesses often overlooked by traditional banks.
Banking with Piermont means your deposits support a broader mission of financial inclusion while earning competitive returns.
2. Entrepreneur-Led Understanding
CEO Wendy Cai-Lee founded Piermont specifically to serve business leaders like herself—entrepreneurs who needed a bank that understood their speed, complexity, and unique challenges.
This isn't a legacy bank retrofitting business accounts onto consumer banking infrastructure. Piermont was purpose-built for modern business owners from day one.
3. Tech-Forward Without Losing Human Touch
Piermont combines:
- Fully digital account opening and management
- 24/7 mobile banking access
- Real relationship managers who actually respond
- Personalized business advisory support
You get the convenience of digital banking with the support of a bank that actually understands your business needs.
4. No Hidden Catches
The requirements are straightforward:
- Maintain $1,000 average monthly balance → No fees
- Drop below $1,000 average monthly balance → $25/month fee**
That's it. No complex fee schedules, no surprise charges, no minimum transaction requirements beyond staying above the $1,000 average monthly balance threshold.
Getting Started With Piermont Bank: Your Step-by-Step Guide
What You'll Need
Before beginning your application, gather:
- Business License (if required for your state)
- Information on beneficial owners (anyone with 25%+ ownership)
- Personal details for all owners and key control persons
- Government-issued ID for all key owners/signers
- EIN (Employer Identification Number)
The Application Process
Step 1: Begin your application
Set up your account at piermontbank.com/campaignmma. It takes about 10–15 minutes. The Narmi application flow supports dual account opening from one link, so you can open both your High Yield Business MMA and Classic Business Checking Account in a single session.
Step 2: Complete Online Application
You'll provide:
- Business legal name and DBA (if applicable)
- Business address and contact information
- Ownership structure and beneficial owner details
- Purpose of the account
- Estimated monthly balance
Step 3: Identity Verification
Upload government-issued IDs for all key signers. Piermont's system verifies identities in real time.
Step 4: Initial Funding
Fund your account via:
- ACH transfer from existing business account
- Wire transfer for immediate availability
- Check deposit (mobile or mailed)
Recommended initial funding: To qualify for the 3.75% APY*, maintain a minimum balance of $50,000 in the MMA. At minimum, maintain $1,000 average monthly balance to avoid monthly fees**.
Step 5: Account Approval (24–48 hours)
Piermont's team reviews your application. Most accounts are approved within one business day.
Step 6: Activate Online Banking
Once approved:
- Download the Piermont mobile app (iOS/Android)
- Set up your secure login credentials
- Link external accounts for easy transfers
- Configure balance alerts and notifications
Total timeline from application to active account: approximately 2–3 business days
Managing Your Piermont Bank Account: Best Practices
Monthly Maintenance Checklist
Week 1:
- ✓ Check current balance (ensure MMA is at or above $50,000 for 3.75% APY*)
- ✓ Review any incoming/outgoing transfers
- ✓ Verify interest credited to account
Week 2:
- ✓ Update accounting software with transactions
- ✓ Reconcile Piermont account with business records
Week 3:
- ✓ Calculate month-to-date interest earnings
- ✓ Assess if balance could be optimized higher
Week 4:
- ✓ Plan upcoming transfers or withdrawals
- ✓ Set balance alerts if needed for next month
Transaction Limit Management
Remember: Piermont's Money Market Account limits you to six debit transactions per monthly statement cycle**.
Best practices:
- Use this account primarily for storing operating cash, not daily transactions
- For high-volume transaction needs, pair with your Classic Business Checking Account
- Plan larger, less frequent transfers rather than many small ones
- Schedule ACH transfers strategically to stay under the six-transaction limit**
Example monthly flow that respects limits:
- Transfer from client payments → Piermont MMA (1 transaction)
- Transfer to payroll account (1 transaction)
- Transfer for major vendor payment (1 transaction)
- Transfer for tax payment (1 transaction)
- Buffer for emergency needs (2 transactions remaining)
Avoiding Common Mistakes
Mistake #1: Falling Below the $50,000 MMA Balance
The problem: Balance dropping below $50,000 reduces your APY from 3.75% to 3.25% (or 0.75% if below $20,000).
The solution:
- Treat $50,000 as your target floor for the top APY tier
- Set up balance alerts to notify you if you drop below $52,000
- Build a buffer above the minimum to account for unexpected withdrawals
Mistake #2: Not Opening the Checking Account
The problem: Without an open Classic Business Checking Account, the MMA is ineligible for the 3.75% APY and reverts to 3.25%.
The solution:
- Open both accounts together using the single application link at piermontbank.com/campaignmma
- The Narmi flow supports dual account opening in one session
Mistake #3: Exceeding Transaction Limits
The problem: Excessive withdrawal fee of $10 per transaction beyond the six-transaction limit**.
The solution:
- Track transactions throughout the month
- Batch smaller needs into one larger transfer
- Use your Classic Business Checking Account for high-volume daily needs
Mistake #4: Not Maximizing Balance
The problem: Leaving excess cash in a 0.01% APY checking when it could earn up to 3.75% APY* in a Piermont Bank High Yield Business MMA.
The solution:
- Quarterly review: Calculate your true minimum operating cash need
- Transfer "excess" cash above that minimum to Piermont
- Keep only 1–2 weeks of expenses in zero-interest checking
Understanding FDIC Insurance Coverage
Piermont Bank is FDIC-insured, providing the same protection as any major national bank.
Standard Coverage:
- $250,000 per depositor, per account ownership category
- Covers principal and interest
Extended Coverage Options:
For businesses maintaining larger balances, Piermont offers extended FDIC insurance coverage that can protect deposits well beyond the standard $250,000 limit through IntraFi's ICS deposit product.
For example, a business with $1 million in operating cash can structure deposits to receive FDIC insurance on the full amount rather than just the first $250,000.
Contact Piermont directly to discuss extended coverage options if your business maintains balances exceeding $250,000.
Integrations and Technology
Accounting Software Integration
Piermont integrates with major accounting platforms:
- QuickBooks Online (most popular)
- Xero
- NetSuite
- FreshBooks
Benefits of integration:
- Automatic transaction syncing
- Simplified reconciliation
- Real-time cash visibility
- Streamlined tax preparation
Setup process:
- Log into your accounting software
- Navigate to "Banking" or "Connected Accounts"
- Search for "Piermont Bank"
- Authenticate using your Piermont credentials
- Select account to sync
Transactions typically sync within 24 hours.
Mobile Banking Features
The Piermont mobile app provides:
- Real-time balance updates
- Mobile check deposit (snap photo of checks up to $50,000)
- ACH transfer initiation
- Transaction history and search
- Customizable alerts (low balance, large deposits, etc.)
- Secure messaging with relationship managers
- Account statements (download PDFs)
Available for iOS 14.0+ and Android 8.0+
Security Features
Piermont employs bank-grade security:
- 256-bit encryption for all data transmission
- Multi-factor authentication (MFA)
- Biometric login (Face ID/Touch ID/fingerprint)
- Real-time fraud monitoring
- Instant account freeze capability
- FDIC insurance protection
Frequently Asked Questions
Is Piermont Bank safe?
Yes. Piermont Bank is FDIC-insured up to $250,000 per depositor, per account ownership category. Multi-million dollars of additional FDIC coverage may be available through IntraFi.
What is the Business Banking Bundle?
The Business Banking Bundle is Piermont Bank's promotional offering that pairs a High Yield Business MMA with a Classic Business Checking Account. Opening both accounts and maintaining a minimum $50,000 balance in the MMA qualifies new customers for the 3.75% APY*. Available to new customers only.
What APY will I earn if my balance falls below $50,000?
If your MMA balance falls below $50,000 but stays at or above $20,000, your APY drops to 3.25%. If your balance falls below $20,000, your APY will be 0.75%.
What happens if I don't open a business checking account?
Without an open Classic Business Checking Account, the MMA is not eligible for the 3.75% APY and will earn the lower 3.25% APY instead, subject to balance minimums.
What happens if I drop below the $1,000 minimum balance?
You'll incur a $25 monthly maintenance fee** for that month. If you bring your balance back above $1,000, the fee won't apply to future months. Set up low balance alerts to avoid this scenario.
Can I link my Piermont account to accounting software like QuickBooks?
Yes. Piermont offers integrations with major accounting platforms, including QuickBooks, Xero, NetSuite, and FreshBooks. You can connect your account to automatically sync transactions, making bookkeeping and reconciliation seamless.
How quickly can I access my funds if needed?
Your funds remain liquid. You can initiate ACH transfers to external accounts (typically 1–2 business days), use your debit card for immediate access, or write checks. Note that you're limited to six debit transactions** per monthly statement cycle, so plan accordingly.
Do I need to have an LLC or corporation to open a business account?
Not necessarily. Sole proprietors can open business accounts, though requirements vary. Check with Piermont directly about their specific requirements for your business structure.
Can I use my Piermont account for payroll?
Yes. Piermont offers ACH capabilities suitable for payroll processing. You can integrate with payroll providers or process payments directly through online banking. However, given the six-transaction limit** on the Money Market account, you may want to use your Classic Business Checking Account for high-volume payroll needs.
How does Piermont compare to other high-yield business accounts?
Piermont's 3.75% APY* is highly competitive within the business banking market. Combined with no monthly fees** when maintaining a $1,000 average minimum balance, FDIC insurance, a dedicated relationship manager, and digital-first infrastructure, Piermont offers one of the most compelling packages available for small to mid-sized businesses.
What if rates change?
Like all banks, Piermont's APY can adjust based on market conditions and Federal Reserve policy.* You'll receive notification of any rate changes, and you can always move funds if rates become uncompetitive.
Example Success Story: From Traditional Banking to High-Yield Strategy
Meet David, a software consulting firm owner:
Before Piermont Bank:
- $60,000 sitting in traditional business checking (0.01% APY)
- Annual interest earned: $6
- Monthly banking fees: $15 (didn't meet minimum balance requirements)
- Net annual benefit: -$174 (lost money to fees)
After switching to Piermont Bank's Business Banking Bundle:
- $60,000 in Piermont Bank High-Yield Business Money Market (3.75% APY*)
- Annual interest earned: ~$2,250
- Monthly banking fees: $0 (maintains $1,000+ balance)
- Net annual benefit: +$2,250
Total improvement: ~$2,424 annually
David's perspective: "I was literally paying fees to earn almost nothing on my operating cash. Switching to Piermont was the easiest decision I've made for my business. The account opened in 20 minutes online, and now I'm earning over $2,000 per year that goes straight to my bottom line. Zero additional work required."
Note: Individual results may vary.
The Bottom Line: Reclaim Money Left on the Table
Traditional business banking leaves thousands of dollars on the table annually. Piermont Bank's Business Banking Bundle (up to 3.75% APY*) transforms idle operating cash into interest earnings — with zero additional work required beyond opening the accounts.
Example Scenario:
On $50,000 in operating reserves:
- Piermont Bank interest: ~$1,875/year
- Traditional business checking (0.01%): ~$5/year
- Net benefit: ~$1,870 annually
At the stated 3.75% APY*, a $50,000 balance could generate approximately $1,875 in annual interest if the rate remained constant, which is not guaranteed.
Piermont Bank's mission-driven approach, combined with their competitive rates and digital-first infrastructure, makes them an ideal banking partner for modern business owners ready to optimize their financial operations.
Ready to Stop Leaving Money on the Table?
Take action today:
- Visit piermontbank.com/campaignmma to open your Business Banking Bundle
- Open both your High Yield Business MMA and Classic Business Checking Account in one session
- Fund your MMA with $50,000 or more to start earning 3.75% APY* immediately
- Set up balance alerts and mobile banking for seamless management
Your future self (and your business) will thank you.
*Annual Percentage Yields (APY) are effective as of 06/15/2026. 3.75% APY requires maintaining a minimum balance of $50,000 in the Business Money Market Account (MMA). If balances fall below $50,000 but remain at or above $20,000, the MMA will earn 3.25% APY. Balances below $20,000 will earn 0.75% APY. Eligibility for the 3.75% APY also requires opening a business checking account. APY may change at any time before or after an account is opened. New customers only. Interest is compounded and credited monthly, based on daily collected balance.
**Minimum average monthly balance of $1,000 to avoid a monthly service fee of $25.00. FDIC insurance is up to $250,000 per depositor, for each account ownership category. Multi-million-dollar FDIC insurance is available through separate enrollment with IntraFi's ICS deposit product. Deposit products are offered in the U.S. by Piermont Bank, Member FDIC.
Legal Disclaimer: This content is for informational purposes only. Banking products and services are offered by Piermont Bank, Member FDIC. Kudos may receive compensation for accounts opened through affiliate links. Always review full terms and conditions before opening any financial account.
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