Best Business Savings Accounts of 2024
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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. To make things simple, here are our top-rated picks for each type of business savings account.
Best overall business savings account: Live Oak Business Savings (3.70% APY).
Best business money market account: First Internet Bank Business Money Market Savings (3.46%-4.69% APY).
Best business certificate of deposit: Live Oak Bank 12 Month Business CD (4.40% APY).
Why trust NerdWallet
| Product | Monthly fee | APY | Bonus | Min. opening deposit | Learn more |
|---|---|---|---|---|---|
 Live Oak Bank Business Savings NerdWallet Rating Learn more at Live Oak Bank, Member FDIC | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | $0 | Learn more at Live Oak Bank, Member FDIC |
 Axos Business Premium Savings Account NerdWallet Rating Learn more at Axos Bank®, Member FDIC | $0 | 4.01% With $0.01 min. balance for APY | $375 Requirements to qualify | $0 | Learn more at Axos Bank®, Member FDIC |
 nbkc bank Business Money Market Account NerdWallet Rating Learn more at nbkc bank, Member FDIC | $0 | 2.75% With $0.01 min. balance for APY | N/A | N/A | Learn more at nbkc bank, Member FDIC |
 Grasshopper Business Innovator Savings Account NerdWallet Rating Learn more at Grasshopper Bank, Member FDIC | $0 | 3.30% With $25,000 min. balance for APY | N/A | $100 | Learn more at Grasshopper Bank, Member FDIC |
 Platinum Business Money Market Account NerdWallet Rating Learn more at U.S. Bank, Member FDIC | $15.00 Waived with $10,000 minimum balance | 3.56% | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
 Holdings High-Yield Cash Account NerdWallet Rating Learn more at Holdings, Deposits are FDIC Insured | $0 | 3.50% With $0.01 min. balance for APY | N/A | $0 | Learn more at Holdings, Deposits are FDIC Insured |
 First Internet Bank Business Money Market Savings NerdWallet Rating Learn more at First Internet Bank, Member FDIC | $5.00 Waived with an average daily balance of $4,000 | 3.46% With $0 min. balance for APY | N/A | $100 | Learn more at First Internet Bank, Member FDIC |
Live Oak Bank 12 Month Business CD Learn more at Live Oak Bank, Member FDIC | $0 | 4.40% | $0 | $2,500 | Learn more at Live Oak Bank, Member FDIC |
 Prime Alliance Bank Business Savings NerdWallet Rating | $0 | 4.25% With $0 min. balance for APY | N/A | $0 |
NerdWallet's editorial picks: Best business savings account
All of our picks for best business savings accounts are chosen by our editorial team without outside input. Only accounts that earn at least 2.00% APY were eligible to be included.
Prime Alliance Bank Business Savings
Prime Alliance Bank Business Savings
4.25%
Prime Alliance Bank has a top-notch business savings account that earns between 3.85% and 4.25% APY, depending on your balance. The bank also offers an outstanding business CD that currently earns 4.90% APY for six-month terms. You need to email the bank to open an account, unless you're local to Salt Lake City and the bank’s lone brick-and-mortar location.
High APY.
No monthly fee or opening deposit requirement.
Earn interest on balances of $0.01 and higher.
Includes ATM card.
Need to email bank to open an account.
High fee for excess transactions.
No weekend customer support.
Live Oak Bank Business Savings
Live Oak Bank Business Savings
3.70%
Live Oak Bank Business Savings rate has fallen in recent months — from 4.00% to 3.70% APY — but the online bank still offers one of the best interest rates on the market. 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).
Industry-leading APY.
Earn interest on balances of $0.01 and higher.
No monthly fee or minimum deposit.
Access up to $10 million in FDIC insurance with Insured Cash Sweep.
No ATM or debit card access.
No weekend customer support.
Axos Business Premium Savings
Axos Business Premium Savings Account
4.01%
Axos Business Premium Savings Account earns 4.01% APY on all balances and has no minimum opening deposit or monthly fee. Plus, you can earn a bonus of up to $375 when you open a new account using promo code BPS375. To qualify, you must maintain an average daily balance of at least $75,000 for three of the first four statement cycles (or maintain an average daily balance of at least $30,000 to earn a $225 bonus). Additional terms apply. Offer expires 01/31/2025. Account holders can opt into an Insured Cash Sweep account to extend FDIC coverage up to $240 million for no additional charge.
Industry-leading APY.
on balances of $0.01 and higher.
Access to Insured Cash Sweep network for expanded FDIC insurance.
Fee for excess transactions.
No ATM or debit card access.
Live Oak Business CD
Live Oak Bank 12 Month Business CD
4.40%
Live Oak offers a 12-month business CD that earns 4.40% 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.
NBKC Business Money Market
nbkc bank Business Money Market Account
2.75%
The 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. Want to lock in a higher rate? NBKC offers two business CDs (7-month and 11-month terms) that currently earn 4.50% APY.
Earns 2.75% APY on balances of $0.01 and higher.
No monthly fee or minimum opening deposit.
Includes checks and an ATM card.
High fee ($45) for international wire transfers.
No weekend or after-hours customer support.
First Internet Bank Business Money Market Savings
First Internet Bank Business Money Market Savings
3.46%
First Internet Bank Business Money Market Savings has an outstanding interest rate for business owners: Earn 3.46% APY with a daily balance up to $5 million and 4.69% APY with a daily balance above $5 million. The account does have a minimum opening deposit requirement ($100) and a monthly fee ($5; Waived with an average daily balance of $4,000). If those are barriers, consider the nbkc bank Business Money Market Account.
High APY.
on balances of $0.01 and higher.
ATM card access (sole proprietors only).
Monthly fee.
Minimum opening deposit ($100).
Holdings High-Yield Cash Account
Holdings High-Yield Cash Account
3.50%
at Holdings, Deposits are FDIC Insured
Holdings High-Yield Cash Account has gone through number of changes since launching in 2023, but its strong yields have remained constant. Recently, the fintech moved on from a tiered interest rate structure; all account holders now earn 3.50% APY. While Holdings bills itself as a business cash management account, it currently lacks the operating and investing components typical of those accounts.
Holdings isn't a bank, but rather a neobank that partners with an FDIC-insured financial institution (Evolve Bank & Trust) for its banking services. Through that partnership, Holdings accounts offer Insured Cash Sweep services that provide up to $5 million in FDIC insurance via a network of more than 45 partner banks.
Industry-leading APY
Earn interest on balances of $0.01 and higher.
No minimum opening deposit.
Access up to $5 million in FDIC insurance with Insured Cash Sweep
No ATM or debit card access.
Phone support only available during business hours.
U.S. Bank Platinum Business Money Market Account
Platinum Business Money Market Account
3.56%
U.S. Bank's Platinum Business Money Market Account comes with an outstanding APY, if you qualify for the bonus rate: Receive up to 3.56% 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. Member FDIC. To net a bonus rate, you need a U.S. Bank business checking account (Silver, Gold or Platinum) and a balance of at least $50,000 in your new Platinum Business Money Market Account. The promotional rate does not apply to balances of $3 million or higher.
Bonus APY. Terms apply.
Includes checks and an ATM card.
Low ongoing APY.
Monthly fee.
High balance requirement for promotional rate.
Grasshopper Bank Innovator Savings Account
Grasshopper Business Innovator Savings Account
3.30%
Grasshopper Bank launched its Innovator Savings Account as a standalone option in November 2024. Previously only available to Grasshopper Business Checking customers, the money market account boasts a stellar APY (3.30%), but you need to sink a good chunk of cash into the account to earn interest ($25000). That makes this account best suited to established businesses and startups with seed money, rather than sole proprietors or freelancers.
Earn 3.30% APY on balances of $25,000 or higher.
Low wire transfer fees; free same-day ACH transfers.
Access up to $125 million in FDIC insurance with Insured Cash Sweep (subject to different rates).
Extended customer support hours (9 a.m. to 11 p.m. EST, Monday through Friday).
High balance required to earn interest.
Minimum opening deposit ($100).
No ATM or debit card access.
No weekend customer support.
Other business savings accounts to consider
These business savings accounts offer competitive APYs, but you need a business checking account with the provider to open a business savings account.
Relay Business Savings Account: Earns 1.00% APY on balances up to $50,000 with the potential to earn up to 3.00% APY, depending on your balance.
LendingClub Business Savings: Earns 3.00% APY, as of this writing.
Lili Business Savings: Earns 3.65% APY, as of this writing. Must have a Lili Pro ($15/mo) business checking account or higher plan to qualify.
Business savings calculator: How much could you earn?
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 0.43%, 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 accounts for earning interest. Chase and Bank of America's business savings accounts, for example, earn less than 0.05% APY as of this writing.
Several online business checking accounts offer 1.50% APY or higher. While you will sacrifice potential interest, you won't have the same strict restrictions on transfers and withdrawals as savings accounts.
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 November 2024
NerdWallet looked at national, regional and online financial institutions for the following list of current rates for business savings accounts. Listed are the starting APYs for these accounts; some options may have higher rates based on your balance or relationship with the institution. Higher rates are sometimes available via business bank promotional offers, too.
Some banks don't publish current rates for their business savings accounts. Instead, you need to contact a banker for rate information. These accounts may advertise "competitive" rates, but their lack of transparency likely isn’t hiding a high yield.
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:
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.
Monthly fees: Is there a monthly fee associated with maintaining the account? Ideally, your business savings account will have low or no fees.
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.
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.
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.
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.
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.
Methodology
NerdWallet rates business savings and money market accounts on more than a dozen factors, including monthly fee, APY, funds accessibility and access to enhanced FDIC coverage via Insured Cash Sweep networks. Customer support availability, website usability and other account features and restrictions also play a role in out overall rating. Learn more about how NerdWallet rates business bank accounts.
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