Why Homeowners Associations Should Have a HOA Money Market Account

For homeowners associations (HOAs), strong financial management is essential. While many HOAs focus primarily on checking accounts to handle day-to-day expenses, a business money market account can add a valuable layer of financial security and growth.

At Academy Bank, we specialize in banking for homeowners associations, offering a range of solutions designed to help HOAs stay organized and financially stable. If your HOA is searching for ways to grow its reserve funds—without sacrificing safety or flexibility—it might be time to consider adding a HOA money market account to your financial toolkit.

Keep reading to learn more about money market accounts for HOAs and how they work.

Why Your HOA Needs a Money Market Account

Homeowners associations are responsible for managing a wide variety of financial tasks. These can include paying vendors, collecting dues, setting aside reserves, and budgeting for major improvements. Many HOAs use traditional checking accounts for basic operations, but reserve funds often sit untouched for months or even years. That’s where a money market account comes in.

A business money market account offers higher interest rates than a standard business checking account, while still providing access to your HOA funds when needed. It combines the stability of a savings account with some of the flexibility of a checking account—making it a smart choice for community associations that want their money to grow over time without being locked away in a long-term investment.

Not only are business money market accounts FDIC-insured, but they also support the financial goals of your HOA by helping you maximize idle cash. If your board is asking, “Can a homeowners association invest funds?” or “How much should homeowners associations have in reserves?” this type of account is part of the answer!

Setting Up the Right HOA Bank Accounts

When deciding how to set up a HOA bank account, it’s important to understand the purpose of each account type. Many HOAs maintain both an operational checking account and a reserve account. And a business money market falls into the “reserve account” category. This account is ideal for funds that don’t need to be touched frequently but should still be accessible in case of emergency.

At Academy Bank, we make it easy to open a business money market account alongside your HOA checking account. Our team understands the specific needs of homeowners associations—from board transitions to bylaw compliance—and we offer guidance every step of the way.

Plus, with our online banking platform, HOAs can easily manage all accounts in one convenient place. Authorized users can check balances, transfer funds between accounts, or set up recurring transfers to build reserves consistently over time.

Streamlining HOA Financial Management with Autobooks

Managing a HOA goes beyond simply collecting dues and paying bills. HOAs need tools that can handle every aspect of financial administration—that’s where Autobooks comes in.

Autobooks is an integrated accounting solution available through Academy Bank’s business online banking platform. It helps streamline operations for HOA boards and property managers by combining essential financial tasks like invoicing, payment acceptance, bill pay, and financial reporting, into one convenient system.

By eliminating the need to juggle multiple apps or manually reconcile accounts, Autobooks can help support better organization, reduce errors, and allow boards to maintain transparency with homeowners.

Making the Most of Reserve Funds

How much money should a homeowners association have in reserves?

There’s no universal rule for how much money a HOA should keep in reserves. In the end, it really depends on the size of your community, the types of amenities you are responsible for maintaining, and other factors.

However, building up reserve funds and placing them into a business money market account allows your HOA to earn interest while keeping money accessible. And if your association has significant improvement plans on the horizon, those interest earnings can help offset costs without the need to raise dues (your community members will thank you later)!

A high-yield money market account can help grow your funds in the background, giving you more flexibility when it’s time to fund a parking lot repair, amenity upgrade, or something else.

Choosing the Best Bank for HOA Success

If you are comparing banks for HOAs, look for a financial institution that understands the unique needs of community associations. Academy Bank offers specialized HOA banking services, including checking accounts, business money market accounts, and support for your lending needs.

We also offer online and mobile banking tools designed with HOAs in mind. Whether you run a self-managed association or work with a homeowners association management company, we’ll help you find the best bank account for HOAs—along with the technology and support to make managing finances easier.

From helping your board set up or change account signatories, to answering questions like, “Can a HOA do online banking?” or “Do banks make loans to HOAs?” we’re here to support your operations from every angle.

Grow Your HOA’s Financial Stability with Academy Bank

HOAs have a duty to safeguard the financial future of their communities. One simple yet powerful way to do that is by putting your reserve funds to better use. A business money market account from Academy Bank can help you earn higher returns while keeping your funds accessible and secure.

When paired with the integrated tools offered by Autobooks, managing your association’s finances becomes easier, more transparent, and more efficient. From everyday banking needs to long-term financial planning, we are here to support your HOA every step of the way.

Visit us online to learn more about our HOA banking services and how a money market account could be the right next move for your community.