- Best overall business savings account: Live Oak Business Savings (4.00% APY).
- Best business money market account: First Internet Bank Business Money Market Savings (3.46%-5.48% APY).
- Best business certificate of deposit: Live Oak Bank 12 Month Business CD (5.00% APY).
Best Business Savings Accounts
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Business Premium Savings Account Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for Additional FDIC coverage (Insured Cash Sweep) | $0 | 4.01% With $0.01 min. balance for APY | N/A | Learn more at Axos Bank®, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Overall business savings account | $0 | 4.00% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 Best for High-yield business money market account | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Platinum Business Money Market Account Learn more at U.S. Bank, Member FDIC | 3.0/5 Best for Bonus APY (up to 4.34% APY) | $15.00 Waived with $10,000 minimum balance | 0.05% | N/A | Learn more at U.S. Bank, Member FDIC |
Holdings High-Yield Cash Account Learn more at Holdings, Deposits are FDIC Insured | 3.5/5 Best for High-yield cash account | $0 | 4.32% | N/A | Learn more at Holdings, Deposits are FDIC Insured |
Live Oak Bank 12 Month Business CD Learn more at Live Oak Bank, Member FDIC | Best for Business CD | $0 | 5.00% | $0 | Learn more at Live Oak Bank, Member FDIC |
First Internet Bank Business Money Market Savings | 4.0/5 Best for Overall business money market account | $5.00 Waived with $4,000 minimum balance | 3.46% With $0 min. balance for APY | N/A | |
Prime Alliance Bank Business Savings | 5.0/5 Best for Long-term savings | $0 | 3.85% With $0 min. balance for APY | N/A | |
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Business Premium Savings Account Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for Additional FDIC coverage (Insured Cash Sweep) | $0 | 4.01% With $0.01 min. balance for APY | N/A | Learn more at Axos Bank®, Member FDIC |
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Overall business savings account | $0 | 4.00% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 Best for High-yield business money market account | $0 | 2.75% With $0.01 min. balance for APY | N/A | Learn more at nbkc bank, Member FDIC |
Platinum Business Money Market Account Learn more at U.S. Bank, Member FDIC | 3.0/5 Best for Bonus APY (up to 4.34% APY) | $15.00 Waived with $10,000 minimum balance | 0.05% | N/A | Learn more at U.S. Bank, Member FDIC |
Holdings High-Yield Cash Account Learn more at Holdings, Deposits are FDIC Insured | 3.5/5 Best for High-yield cash account | $0 | 4.32% | N/A | Learn more at Holdings, Deposits are FDIC Insured |
Live Oak Bank 12 Month Business CD Learn more at Live Oak Bank, Member FDIC | Best for Business CD | $0 | 5.00% | $0 | Learn more at Live Oak Bank, Member FDIC |
First Internet Bank Business Money Market Savings | 4.0/5 Best for Overall business money market account | $5.00 Waived with $4,000 minimum balance | 3.46% With $0 min. balance for APY | N/A | |
Prime Alliance Bank Business Savings | 5.0/5 Best for Long-term savings | $0 | 3.85% With $0 min. balance for APY | N/A |
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Accounts
Insights
Data sources:
I'M INTERESTED IN:
Our pick for
Additional FDIC coverage (Insured Cash Sweep)
Business Premium Savings Account
at Axos Bank®, Member FDIC
With $0.01 min. balance for APY
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
Our pick for
Overall business savings account
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Our pick for
High-yield business money market account
nbkc bank Business Money Market Account
at nbkc bank, Member FDIC
With $0.01 min. balance for APY
Up to $2,500 per day via compatible ATMs.
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
Our pick for
Bonus APY (up to 4.34% APY)
Platinum Business Money Market Account
at U.S. Bank, Member FDIC
Waived with $10,000 minimum balance
Up to $10,000 per month.
Pros
- Bonus APY. Terms apply.
- Includes checks and an ATM card.
Cons
- Low ongoing APY.
- Monthly fee.
- High balance requirement for promotional rate.
Our pick for
High-yield cash account
Holdings High-Yield Cash Account
at Holdings, Deposits are FDIC Insured
No cash deposits
Pros
- Industry-leading APY
- No minimum balance to earn interest.
- No minimum opening deposit.
- Access up to $5 million in FDIC insurance with Insured Cash Sweep
Cons
- No ATM or debit card access.
- Phone support only available during business hours.
Our pick for
Business CD
Live Oak Bank 12 Month Business CD
at Live Oak Bank, Member FDIC
Pros
- 6-month, 9-month, 12-month and 18-month CDs all earn more than 4% APY as of this writing.
- CD interest rates are fixed for the duration of the term.
- Many types of business entities can open an account, including sole proprietorships and non-profits.
Cons
- Minimum deposit of $2,500 is higher than many other options.
- Early withdrawal penalty of 90 days of interest. That's comparable to other business CDs, but business savings accounts and money market accounts usually offer some free transactions.
Our pick for
Overall business money market account
First Internet Bank Business Money Market Savings
With $0 min. balance for APY
Waived with $4,000 minimum balance
No cash deposits
Pros
- High APY.
- No minimum balance to earn interest.
- ATM card access (sole proprietors only).
Cons
- Monthly fee.
- Minimum opening deposit ($100).
Our pick for
Long-term savings
Prime Alliance Bank Business Savings
With $0 min. balance for APY
Pros
- High APY.
- No monthly fee or opening deposit requirement.
- No minimum balance to earn interest.
- Includes ATM card.
Cons
- Need to email bank to open an account.
- High fee for excess transactions.
- No weekend customer support.
Live Oak Bank Business Savings
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:4.00%.
- Checks: No.
- Debit/ATM card: No.
- Transaction limits: No transaction limit.
Axos Business Premium Savings
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:4.01%.
- Checks: No.
- Debit/ATM card: No.
- Transaction limits: Up to 20 transactions per month (debits, credits and deposited items). Additional transactions are 30 cents each.
Prime Alliance Bank Business Savings
- Up to $99,999: 3.85% APY.
- $100,000 to $199,999: 4.05%.
- $200,000 or higher: 4.25% APY.
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:3.85%-4.25%.
- Checks: No.
- Debit/ATM card: Yes.
- Transaction limits: Up to six withdrawals or transfers per month; $10 fee for additional transactions.
NBKC Business Money Market
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:2.75%.
- Checks: Yes.
- Debit/ATM card: Yes.
- Transaction limits: No transaction limit.
First Internet Bank Business Money Market Savings
Key account details:
- Opening deposit: $100.
- Monthly fee: $5, waived with an average daily balance of $4,000.
- APY:3.46%-5.48%.
- Checks: No.
- ATM card: Sole proprietors only.
- 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
Key account details:
- Opening deposit: $0.
- Monthly fee: None.
- APY:4.32%.
- Checks: No.
- Debit/ATM card: No.
- Transaction limits: No transaction limit.
U.S. Bank Platinum Business Money Market Account
Key account details:
- Opening deposit: $100but you need a balance of at least $25,000 to earn the promotional rate.
- Monthly fee: $15, waived with a minimum balance of $10,000.
- APY: Base rate of0.05%-1.15%, with the potential to earn up to 4.34% APY if you qualify for the bonus rate.
- Checks: Yes.
- Debit/ATM card: Yes.
- Transaction limits: No transaction limit.
Live Oak Business CD
Key account details:
- Opening deposit: $2500.
- Monthly fee: None.
- APY:5%.
- Checks: None.
- Debit/ATM card: No.
- Transaction limits: You cannot make transactions with the funds in a CD.
- 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 3.60% APY, as of this writing.
- Lili Business Savings: Earns 4.15% APY, as of this writing. Must have a Lili Pro ($15/mo) business checking account or higher plan to qualify.
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.
Account | Starting APY |
---|---|
America First Credit Union Business Share Savings | 0.05% |
Axos Business Premium Savings Account | 4.01 % |
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 | 4 % |
Regions Bank Business Savings | 0.01% |
Relay Business Savings | 1 % |
TD Business Savings | 0.05% |
U.S. Bank Business Savings | 0.05% |
Wells Fargo Business Platinum Savings | 0.25% |
Types of business savings accounts
🤓 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.- 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 Savingsdoesn't include ATM access, for example, butnbkc bank Business Money Market Accountholders 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.