Discover the best business savings accounts offering competitive interest rates, features, and benefits to find the right account for your financial goals.
Business savings accounts can offer high interest rates to help grow your company’s funds while providing a safety net for unexpected expenses. The best business savings accounts should feature competitive interest rates, low fees, easy access to financial products, and robust online and mobile banking options. Here is a list of our seven best business savings accounts.
The table below displays the key factors we assessed for the seven best business savings accounts.
| Our rating (out of 5) | Charges monthly fees | Annual percentage yield (APY) | Issues free monthly transactions | Allows free cash deposit | |
|---|---|---|---|---|---|
| Live Oak Bank Business Savings | 4.05 | No | 2.85% | Yes, unlimited | No |
| Capital One Business Advantage Savings | 4.03 | Yes | Up to 4.0% promo rate | Yes | Yes |
| Axos Bank Business Premium Savings | 4.02 | No | 4.01% | Yes | Yes |
| Relay Business Savings | 3.99 | No | Tiered, up to 3% | Yes, unlimited | Yes |
| Prime Alliance Business Savings | 3.94 | No | Tiered, up to 4.25% | Yes | No |
| TAB Bank Business Savings | 3.28 | No | 0.25% | Yes | No |
| First Internet Bank Regular Savings | 3.11 | Yes | 0.91% | Yes | No |
Our rating: 4.05 out of 5
Live Oak Bank is a reliable online-only bank with a competitive APY of 2.85%. It only requires a minimum deposit of 1 cent to start earning interest. With no mandatory opening deposit or monthly fees, it presents an excellent option for businesses seeking a high yield on their excess funds. Additionally, Live Oak Bank provides up to $10 million in FDIC insurance coverage through an insured cash sweep account.
Live Oak Bank’s Business Savings account is my best overall high-yield savings account. It’s an excellent option for small businesses because, unlike many other providers offering tiered rates, it doesn’t require a minimum balance to earn interest. Additionally, Live Oak Bank provides business CDs with attractive fixed returns: up to 3.90% for a 1-year term, 3.80% for a 9-month term, and 3.70% for a 6-month term.
The bank also offers business checking accounts, Small Business Administration (SBA) loans, and commercial loans.
Visit Live Oak Bank
| Pros | Cons |
|---|---|
| No monthly fees for savings. | Cash deposit is not allowed. |
| No minimum balance is required. | $19 fee for sending wire transfers. |
| High interest for savings and short-term CDs. | No debit card is issued for savings accounts. |
Our rating: 4.03 out of 5
Capital One is one of the largest traditional banks in the U.S. and provides both digital and in-person banking services. It offers a Business Advantage Savings account with a promotional interest rate of up to 4.0% for the first three months for new savings account holders.
After the promotional period ends, the account will earn a variable interest rate that is subject to change. There is no minimum balance required to earn interest, but the promotional APY will depend on your account balance
Capital One is featured on our list of the best business savings accounts because it provides access to full banking services and physical branches. Its generous monthly cash deposit limit of $10,000 is particularly beneficial for cash-reliant businesses. Additionally, you receive a free debit card that can be used at over 2,000 Capital One ATMs. There are also multiple options for opening a savings account.
The account has a monthly fee of $3, which can be easily waived, and is compatible with several popular business software programs, including QuickBooks, Xero, Expensify, and Stripe. You can also link your savings account to your checking account for free overdraft protection. In addition to savings accounts, Capital One offers a comprehensive range of business products, including CDs, checking accounts, credit cards, lending options, and merchant services.
Visit Capital One
| Pros | Cons |
|---|---|
| Guaranteed promo rate of up to 4.0% APY (first three months). | Limited branches. |
| Highly-rated mobile app. | A variable rate is given after the promo period. |
| Over 70,000 fee-free ATMs, including MoneyPass and Allpoint ATMs. |
Our rating: 4.02 out of 5
Axos Bank offers two savings options for businesses: Business Savings and Business Premium Savings. I recommend the Business Premium Savings account because it does not have a monthly fee or require a minimum balance or initial deposit. With this account, you get 20 free transactions monthly. Additionally, Axos provides various other business banking products, including checking accounts, CDs, lending options, merchant services, and payroll services.
Axos Bank’s Business Premium Savings is one of my top picks for the best high-yield business savings accounts, offering an APY rate of 4.01%. If your business funds exceed $250,000, I recommend using Axos Bank’s Insured Cash Sweep (ICS) through IntraFi® Network DepositsSM to access up to $250 million in FDIC protection. Read our article on FDIC insurance for business accounts to learn how it works.
Visit Axos Bank
| Pros | Cons |
|---|---|
| High APY. | Online-only bank. |
| Welcome bonus for eligible new users. | Only 20 free monthly transactions. |
| No monthly fee or initial deposit for Business Premium Savings. | $1,000 opening deposit for Business Savings. |
Our rating: 3.99 out of 5
Relay is a fintech company that offers a business savings product featuring tiered interest rates and no monthly fees, balance requirements, or opening deposits. When you open a business checking account, a savings account is automatically created for you. You can have up to two savings accounts, with an APY of up to 3.0%
I included Relay in our list of the best business accounts because it allows you to automatically transfer reserve funds from a checking account to generate earnings. The higher your balance, the more interest you will earn. While you cannot deposit cash directly into your savings account, you can make fee-free deposits through your checking account at Allpoint ATMs and then transfer the funds to your savings account.
Visit Relay
| Pros | Cons |
|---|---|
| No monthly fee, opening deposit, or required balance. | Cannot withdraw cash from savings, need a Relay business checking account to open. |
| Tiered APY. | Funds cannot be accessed through a debit card, they need to transfer to a checking account. |
| Fee-free incoming wire transfers. |
Our rating: 3.94 out of 5
Prime Alliance Bank is primarily an online bank, though it also has a branch in Utah. Its Business Savings account is considered one of the best high-yield savings accounts, offering an APY of up to 4.25% depending on your balance. If your balance is under $100,000, you earn 3.85%. For balances between $100,000 and under $200,000, the rate is 4.05%. Meanwhile, balances of $200,000 and above earn 4.25%.
Additionally, this account does not charge a monthly fee or require an opening deposit or a minimum balance. You can also access attractive money market accounts and certificate of deposit (CD) rates.
I appreciate Prime Alliance Bank’s tiered APY rates, which are among the highest available; this structure allows you to effectively grow your reserve funds. There are no limits on deposits, and all transactions are fee-free. However, you get only six monthly withdrawals and transfers; exceeding this limit incurs a fee of $10 for each additional transaction.
The good news is that in-person withdrawals — whether made through a bank teller, phone, ATM, or mail — do not count toward this limit, providing more flexibility for customers.
Prime Alliance Bank
| Pros | Cons |
|---|---|
| No monthly fee. | A savings account cannot be opened online and requires emailing the bank. |
| No minimum balance is required. | No debit card issued. |
| Tiered APY. | Cannot deposit cash. |
Our rating: 3.28 out of 5
TAB Bank is an online bank that offers a variety of products, including savings accounts, money market accounts, CDs, checking accounts, and lending options. When you open a business savings account, you can earn an APY of 0.25% and enjoy the benefit of no monthly fees. To open an account, an initial deposit of $25 is required, and you only need to maintain a minimum daily balance of $1.
TAB Bank offers a relatively lower interest rate than others on this list, but I included it since it provides a wide range of savings products, including high-yield money market accounts and CDs. One added advantage is that it does not limit users to only six free monthly transactions.
Additionally, TAB Bank offers various business lending options, such as accounts receivable (A/R) financing, asset-based lending, equipment financing, term loans, business lines of credit, and commercial real estate (CRE) loans.
Visit TAB Bank
| Pros | Cons |
|---|---|
| No monthly fee. | No brick-and-mortar branches. |
| Full-service online bank. | No debit card issued. |
| $1 minimum balance to earn interest. | Cash deposits are not supported. |
Our rating: 3.11 out of 5
First Internet Bank is another excellent online banking option. They offer a regular savings account with a monthly fee of $2, which is waived by maintaining a daily balance of $1,000. This account earns an APY of 0.91%, which is higher than the typical offerings of traditional banks.
First Internet Bank allows up to six free monthly withdrawals. Additionally, only sole proprietors can receive a debit card. The bank also provides a refund of up to $10 for third-party ATM surcharges.
The interest rate for First Internet Bank’s regular savings account may not be as high as that of some other providers, but I think its monthly ATM fee rebates for transactions made at non-network ATMs are its competitive edge over others since this reduces fees. Additionally, the bank has received excellent ratings for its mobile app. You can also open a high-yield money market savings account and CDs alongside your regular savings account.
Visit First Internet Bank
| Pros | Cons |
|---|---|
| Competitive interest. | ATM cards are available to sole proprietors only. |
| Highly rated mobile app. | $100 opening deposit. |
| Robust lending products. | Cash deposits are not accepted. |
Before choosing the best savings account for business, it’s essential to consider the following factors.
In addition to regular savings accounts, financial institutions offer money market accounts and CDs that provide higher yields. However, these options often have specific restrictions, such as higher initial deposit requirements and penalties for early withdrawals.
Financial providers typically charge standard account fees, which can vary significantly. These fees may include monthly maintenance fees, charges for excess transactions, cash deposit fees, initial deposit requirements, and ATM fees. It’s crucial to compare interest rates and account features among several providers to find the best high-yield business savings account.
Different businesses have varying requirements. For example, companies that frequently make cash deposits may benefit more from an account at a traditional bank. Conversely, if your goal is to save for business investments, a high-yield account may be more suitable. However, if the account is primarily for operating expenses, it’s advisable to consider a business checking account with no monthly or transaction fees.
When opening a business savings account, you can avoid common mistakes by being mindful of account fees and interest yields. It’s important to provide accurate information during the application process, as inaccuracies can lead to delays in approval. Additionally, don’t overlook other bank charges, such as dormancy fees, overdraft fees, and fees for using out-of-network ATMs, as these can accumulate over time.
To determine if a business savings account qualifies for inclusion in our buyer’s guide, I thoroughly reviewed various providers’ websites and considered the following factors before assigning a rating for the best business savings accounts.
Similar to opening a business checking account, you will need to submit an employer identification number (EIN) or social security number (SSN) for sole proprietors, a fictitious name certificate, business formation and organization documents, business licenses, and a government-issued photo ID. You will also need to provide business information, including details about the owners and the percentage of ownership.
Yes, businesses can utilize a high-interest savings account to grow their excess cash and allocate funds for future investments to expand their company.
Absolutely, having a business savings account is valuable. It provides an easy way to set aside cash for future expenses, emergencies, and potential growth opportunities. Additionally, you can take advantage of the high interest rates available in the market for business savings accounts.
The best types of bank accounts for entrepreneurs are business checking and savings accounts. A business checking account allows you to deposit customer payments, withdraw funds for operational expenses, and pay suppliers. If you have extra funds, consider opening a high-yield business savings account to earn more interest on your savings.
Robi Mansueto brings over a decade of experience in consumer and preferred banking, with expertise in investment services, client relationship management, and financial product sales. She has held key roles at the Bank of the Philippine Islands and CIMB Securities (Singapore), where she managed high-net-worth clients and oversaw investment, loan, and securities transactions. With a strong background in client onboarding, compliance, and risk management, Robi has ensured strict adherence to regulatory standards throughout her career.
