The best business savings accounts deliver competitive interest rates with minimal barriers to entry, so you can earn a top annual percentage yield on every dollar you set aside.
Our complete list includes high-yield business savings options that make it easy to open your account, access funds and maximize your Federal Deposit Insurance Corp. coverage. To make things simple, we’ve also highlighted the top-rated picks for each type of business savings account.
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Best overall business savings account: Live Oak Business Savings (4.00% APY).
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Best business money market account: First Internet Bank Business Money Market Savings (3.46%-5.48% APY)
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Best business certificate of deposit: Live Oak Bank 12 Month Business CD (5.00% APY).
All of our picks for business savings accounts are chosen by our editorial team without outside input. NerdWallet looked at more than 20 national, regional and online financial institutions to find the top options for business owners. Accounts were scored in APY, transaction limits, fees and customer support availability, among other factors. Only accounts that earn at least 2.00% APY were eligible to be included in our list of best business savings accounts.
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined experience covering small-business and personal finance.
Note: For accounts that have a tiered interest rate structure, the entry-level APY is displayed. Click on the icon next to the APY to see the full range of rates available from each account.
NerdWallet’s editorial picks: Best business savings accounts
Live Oak Bank Business Savings
Best for: Overall business savings account
Live Oak Bank Business Savings
offers one of the best — and most attainable — interest rates on the market. The online-based account earns
4.00%
APY with no monthly maintenance fees and no minimum balance requirements, and you start earning interest with a balance of 1 cent.
Account holders can access up to $10 million in FDIC coverage through Live Oak’s separate Insured Cash Sweep service, though you’ll earn a slightly lower APY (accounts are otherwise protected up to the standard $250,000). You can transfer funds to your Live Oak Business Savings account by ACH payment, mobile check deposit, mailed check or wire deposit. Live Oak does not accept cash deposits or offer ATM access with this account.
Key account details:
Axos Business Premium Savings
Best for: Additional FDIC coverage (Insured Cash Sweep)
Axos Business Premium Savings Account
earns
4.01%
on all balances and has no minimum opening deposit or monthly fee. Account holders can opt into an Insured Cash Sweep account to extend FDIC coverage up to $240 million for no additional charge.
Axos Business Premium Savings Account
does limit your transactions and charge for overage. Account holders are allowed 20 transactions per month (including debits, credits and deposits) at no charge; additional transactions are 30 cents each.
Key account details:
Prime Alliance Bank Business Savings
Best for: Long-term savings
Prime Alliance Bank has a top-notch business savings account that earns up to between 3.85% and 4.25% APY, depending on your balance. The bank also offers an outstanding business CD that currently earns 5.30% APY for six and 12-month terms.
You need to email the bank to open an account, though if you’re local to Salt Lake City you can also open one in person at the bank’s lone brick-and-mortar location. Prime Alliance does enforce a monthly limit on withdrawals and transfers — up to six per month — and charges a $10 fee for exceeding that limit.
Given that, this account is best suited for funds you plan to park and leave in the account. (Note: Withdrawals/transfers made in person, by telephone, by mail or via ATM don’t count toward the limit.)
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Up to $99,999: 3.85% APY.
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$100,000 to $199,999: 4.05%.
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$200,000 or higher: 4.25% APY.
Key account details:
NBKC Business Money Market
Best for: High-yield business money market account
nbkc bank Business Money Market Account
has no monthly fees and no minimum opening deposit requirement. This account earns
2.75%
APY as long as you have a balance of at least 1 cent.
Key account details:
First Internet Bank Business Money Market Savings
Best for: Overall business money market account
First Internet Bank Business Money Market Savings
has a couple potential drawbacks compared to the
nbkc bank Business Money Market Account
. You’ll need to deposit at least $
100
, and there’s a $
5
maintenance fee (though it can be waived). If those aren’t barriers for you, you’ll earn an APY of
3.46%
on balances up $5 million — and businesses with a daily balance of more than $5 million can get an even greater yield, earning 5.48% APY.
Key account details:
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Monthly fee: $
5
, waived with an average daily balance of $4,000.
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Checks: No.
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ATM card: Sole proprietors only.
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Transaction limits: Up to six per month. No fee for additional transactions, but you may need to transition to a business checking account if you regularly exceed the limit.
Holdings High-Yield Cash Account
Best for: High-yield cash account
Holdings High-Yield Cash Account
advertises an APY of up to 4.62%, but you’ll need a balance of at least $10 million to hit that mark. Accounts with $250,000 or less earn a still solid 4.32%, while those between $250,000 and $10 million earn 4.47%. The account includes up to $5 million in FDIC insurance through a network of more than 45 partner banks.
Holdings High-Yield Cash Account
does not include checks or ATM access.
Key account details:
U.S. Bank Platinum Business Money Market Account
Best for: Bonus APY (up to 4.60% APY)
Platinum Business Money Market Account
isn’t remarkable on its own — you earn a base rate of
0.05
% to 1.15% APY, depending on your balance — but the account’s promotional rate ups the ante for those who qualify.
Receive up to 4.60% APY from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through June 5, 2024. Member FDIC.
Platinum Business Money Market Account
. The promotional rate does not apply to balances of $3 million or higher.
Key account details:
This product is not rated by NerdWallet.
5
% APY. The certificate of deposit has a minimum deposit of $2,500, and the maximum per CD is $250,000. As with any certificate of deposit, you won’t be able to touch your funds for the duration without paying a penalty — making this a good choice only if you won’t need these funds for a year.
Key account details:
Other business savings accounts to consider
These business savings accounts offer competitive APYs, but you need to have a business checking account with the provider in order to open a business savings account.
What is a high-yield business savings account?
A high-yield business savings account is a deposit account with a strong interest rate. Technically any savings account that earns more than the national average (currently 0.46%, according to the FDIC) could be considered high yield, but NerdWallet holds financial institutions to a higher standard. We consider a business savings account with an APY of at least 2.00% to be a high-yield account.
The best high-yield business accounts typically come from online-only financial institutions or neobanks (technology companies that partner with FDIC-insured banks for account services). These providers often offer better APYs because they lack the physical footprint — and thus the expenses — of brick-and-mortar banks.
Big national banks tend to have the worst business savings account for earning interest. Chase and Bank of America’s business savings accounts offer less than 0.05% APY as of this writing, for instance.
Pros and cons of business savings accounts
Earn interest on account balances.
Tap into potentially higher levels of FDIC insurance with Insured Cash Sweep options.
Access funds as needed with relative ease.
Will likely need to use an online bank to get highest rates possible.
Can face limits on monthly transactions.
Interest rates are variable and subject to change.
Business savings account rates for June 2024
Account |
Starting APY |
---|---|
America First Credit Union Business Share Savings |
0.05% |
Axos Business Premium Savings Account |
|
Bank of America Business Advantage Savings Account |
0.01% |
Blue Federal Credit Union Business Savings |
0.01% |
Capital One Business Savings |
0.55% |
Chase Business Total Savings℠ |
0.01% |
Citizens Bank Business Savings Account |
0.01% |
Consumers Credit Union Business Savings |
0.10% |
First Tech Federal Credit Union Simple Business Savings |
0.05% |
KeyBank Key Business Saver |
0.01% |
Lending Club Business High-Yield Savings |
3.60% |
Lili High-Yield Business Savings Account |
4.15% |
Live Oak Bank Business Savings |
|
Regions Bank Business Savings |
0.01% |
TD Business Savings |
0.05% |
U.S. Bank Business Savings |
0.05% |
Wells Fargo Business Platinum Savings |
0.25% |
Business banks don’t always publish their savings rates. For instance, you’ll need to contact a banker for current rate information from Truist, BMO Harris and Huntington Bank. These accounts may advertise “competitive” rates, but their lack of transparency likely isn’t hiding a high yield.
Types of business savings accounts
Business savings accountBusiness savings accounts are deposit accounts with variable interest rates. High-yield accounts offer APYs of 2.00% or higher. These accounts typically don’t include checks and many don’t offer ATM cards. Some banks cap account transactions at six per month.
![A green bank.](https://i0.wp.com/assets.nerdwallet.com/blog/wp-content/uploads/2023/12/bank-desktop.png?w=788&ssl=1)
Business money market accountBusiness money market accounts are similar to traditional business savings accounts. Both have variable interest rates and some banks cap transactions at six per month. Money market accounts tend to have higher interest rates, though, and most include check-writing and debit card access.
![Cash and coins.](https://i0.wp.com/assets.nerdwallet.com/blog/wp-content/uploads/2023/12/cash-coins-desktop.png?w=788&ssl=1)
Business certificates of depositBusiness CDs offer the best yield, but the least flexibility. You select from available “terms” — anywhere from a few months to a few years — and get a fixed interest rate for the duration of your term . There’s a penalty to withdraw funds before the end of your CD term.
🤓 Nerdy Tip
Want features like checks and a debit card? Several online business checking accounts offer APYs of 1.50% or higher. While you will sacrifice potential yield, you won’t have the same strict restrictions on transfers and withdrawals as savings accounts.
How to choose a business savings account
Depending on your business’s financial needs, here are some factors that you may want to consider — on top of the interest rate — to help you choose a business savings account:
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Minimum opening deposit: How much does it cost to open the account? These requirements can range, but you’ll want to make sure that you have enough money set aside to open the account.
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Monthly fees: Is there a monthly fee associated with maintaining the account? Ideally, your business savings account will have low or no fees.
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Minimum balance requirement: Is there a minimum account balance required to earn the APY? This term might also be used in reference to monthly fees: Is there a minimum account balance required to waive any monthly maintenance fees associated with the account? Make sure that you can sustain minimum balance requirements on an ongoing basis to avoid losing out on interest or, conversely, incurring monthly fees.
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Monthly withdrawals or transfers: Although the Federal Reserve removed the requirement that imposes a six-per-month maximum on withdrawals from savings accounts in April 2020, many banks and credit unions continue to enforce these limits. In some cases, excessive withdrawals may result in your business savings account being transferred to a business checking account.
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Level of FDIC insurance: The Federal Deposit Insurance Corp. protects up to $250,000 per depositor, per financial institution. Will you keep more than that in your business savings account? If so, look for options that expand coverage via Insured Cash Sweep. These accounts spread deposits across multiple insured institutions to increase FDIC protection. For instance, Relay offers up to $2.5 million in FDIC insurance.
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ATM access: Is a business debit card or ATM card included with your savings account? And if so, where can you use it?
Live Oak Bank Business Savings
doesn’t include ATM access, for example, but
nbkc bank Business Money Market Account
holders get fee-free access to more than 37,000 MoneyPass ATMs nationwide.
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How to open: Consider how convenient it is to open a business account. Many of our picks for best business savings accounts let you open your account online, but other small business banks may require you to open your account in person at a local branch.
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