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 (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).
Which kind of account should you get?
NerdWallet's editorial picks: Best business savings account
All of our picks below 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.
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Live Oak Bank Business Savings
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:
Opening deposit: $0.
Monthly fee: $0.
APY: 4.00%.
Checks: No.
Debit/ATM card: No.
Transaction limits: No transaction limit.
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.
No ATM or debit card access.
No weekend customer support.
Axos Business Premium Savings
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.
Unlike some of the other best business savings accounts on this list, 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:
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.
Industry-leading APY.
No minimum balance to earn interest.
Access to Insured Cash Sweep network for expanded FDIC insurance.
Fee for excess transactions.
No ATM or debit card access.
Prime Alliance Bank Business Savings
Prime Alliance Bank Business 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.)
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.
High APY.
No monthly fee or opening deposit requirement.
No minimum balance to earn interest.
Includes ATM card.
Need to email bank to open an account.
High fee for excess transactions.
No weekend customer support.
NBKC Business Money Market
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.
Like the NBKC business checking account, this business savings account includes no transaction fees, no overdraft or nonsufficient funds fees, no stop payment or returned item fees and no fees for incoming domestic wires. The only fees you’ll face with this online business savings account are for sending domestic wires ($5 each) and sending or receiving international wires ($45 each).
Key account details:
Opening deposit: $0.
Monthly fee: $0.
APY: 2.75%.
Checks: Yes.
Debit/ATM card: Yes.
Transaction limits: No transaction limit.
Earns 2.75% APY.
No minimum balance to earn interest.
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
The 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:
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.
High APY.
No minimum balance to earn interest.
ATM card access (sole proprietors only).
Monthly fee.
Minimum opening deposit ($100).
Holdings High-Yield Cash Account
Holdings bills itself as a business cash management account, but it lacks the investment component typical of that type of account, which generally includes money market funds and Treasury bills (and can earn north of 5.00% APY).
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.
There are no transaction limits, and you can move in and out of your account via wire transfer or same-day ACH to a connected account. Holdings High-Yield Cash Account does not include checks or ATM access.
Key account details:
Opening deposit: $0.
Monthly fee: None.
APY: 4.32%.
Checks: No.
Debit/ATM card: No.
Transaction limits: No transaction limit.
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
No ATM or debit card access.
Phone support only available during business hours.
U.S. Bank Platinum Business Money Market Account
The standard interest rate on U.S. Bank's 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 4.34% 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 July 10, 2024. Member FDIC.
To net the bonus rate, you need a U.S. Bank business checking account (Silver, Gold or Platinum) and a balance of at least $25,000 in your new Platinum Business Money Market Account. The promotional rate does not apply to balances of $3 million or higher.
Key account details:
Opening deposit: $100 but 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 of 0.05%-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.
Bonus APY. Terms apply.
Includes checks and an ATM card.
Low ongoing APY.
Monthly fee.
High balance requirement for promotional rate.
Live Oak Business CD
Live Oak also offers a 12-month business CD that earns 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:
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.
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.
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.
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.
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.
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.
Business savings account calculator
Types of business savings accounts
Business savings accounts. These 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.
Business money market accounts. Similar to traditional business savings accounts, money market accounts 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.
Business certificates of deposit. Business 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.
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 July 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 balance or your relationship with the institution. Higher rates are sometimes available via business bank promotional offers, too.
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.
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:
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.
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