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.
- 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).
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.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
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.
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
Read Review
Learn more
at Axos Bank®, Member FDIC
APY
4.01%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A
Axos offers a high APY, and you can request access to expanded FDIC coverage (up to $240 million) via its Insured Cash Sweep program. That makes this account a perfect option for businesses with a large savings balance.
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
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
4.00%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
N/A
Live Oak Bank Business Savings has one of the highest APYs on he market, with no monthly fees or balance requirements. An added bonus: Business owners can access up to $10 million in FDIC coverage via Live Oak's Insured Cash Sweep service.
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
Read Review
Learn more
at nbkc bank, Member FDIC
APY
2.75%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Up to $2,500 per day via compatible ATMs.
Overdraft fees
$0
Bonus
N/A
NBKC doesn't win highest APY, but it does earn major points for accessibility. This business money market account includes checks and a debit card, so you can easily access your funds when needed, and there are very few fees.
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
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
0.05%
Monthly fee
$15.00
Waived with $10,000 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Up to $10,000 per month.
Overdraft fees
N/A
Bonus
N/A
Big banks traditionally don't offer high-yield accounts, but U.S. Bank bucks that trend with a bonus APY offer that boosts a meager rate (starts at
0.05%
) into something more competitive. 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
3.5
NerdWallet rating Learn more
at Holdings, Deposits are FDIC Insured
APY
4.32%
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
N/A
This savings vehicle offers one of the highest interest rates on the market, even if you don't qualify for its top tier ($10 million or more). Your money is also protected with up to $5 million in FDIC insurance via a network of partner banks.
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
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
5.00%
Monthly fee
$0
Min. opening deposit
$2,500
Free cash deposits
N/A
Overdraft fees
N/A
Live Oak Bank's 12-month business certificate of deposit offers the highest APY on our list. But you won't be able to touch your funds until the CD's term is up.
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
4.0
NerdWallet rating APY
3.46%
With $0 min. balance for APY
Monthly fee
$5.00
Waived with $4,000 minimum balance
Min. opening deposit
$100
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
N/A
First Internet Bank's Business Money Market Account comes with a monthly fee and minimum opening deposit. But it also boasts a high APY and, for sole proprietors, ATM access.
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
5.0
NerdWallet rating APY
3.85%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A
This business savings account is a winner thanks to it's high APY, no monthly fee and ATM card access. But accounts can only be opened via email (unless you live near it's sole branch in Utah) and there is a heft fee if you exceed the monthly transaction limit.
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
Best for: Overall business savings account
NerdWallet star rating:
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.
Axos Business Premium Savings
Best for: Additional FDIC coverage (Insured Cash Sweep)
NerdWallet star rating:
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.
Prime Alliance Bank Business Savings
Best for: Long-term savings
NerdWallet star rating:
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.)
- 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
Best for: High-yield business money market account
NerdWallet star rating:
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.
First Internet Bank Business Money Market Savings
Best for: Overall business money market account
NerdWallet star rating:
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.
Holdings High-Yield Cash Account
Best for: High-yield cash account
NerdWallet star rating:
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.
U.S. Bank Platinum Business Money Market Account
Best for: Bonus APY (up to 4.34% APY)
NerdWallet star rating:
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: $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
Best for: Business CD
This product is not rated by NerdWallet.
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.
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.
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
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.
Cons
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.
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.
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% |
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
🤓 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.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 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.
Last updated on June 20, 2024
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.
