A business savings account can be a valuable tool to help business owners reach their savings goals and boost their cash reserves.
There are several savings options available for businesses, which typically include Business Savings and Business Money Market Accounts.
We’ve identified the best business savings accounts, comparing their APY, fees, and account features to help you choose the right account for your business needs.
For the purpose of this article, we are not including accounts that only offer high yield on small deposit amounts (i.e. up to $2,000).
Best High-Yield Business Savings Accounts
Here are the top business savings accounts you can open right now:
- Axos Bank: Business Premium Savings (up to 4.01% APY)
- Live Oak Bank: High-Yield Business Savings (3.60% APY)
- U.S. Bank: Platinum Business MMA (up to 4.34% APY)
- First Internet Bank: Money Market Savings (up to 4.42% APY)
- Prime Alliance: Business Savings (up to 4.00% APY)
- Capital One: Business Savings (up to 3.60% APY)
- NBKC Bank: Business Money Market Account (2.75% APY)
Compare today’s best business credit card offers
Axos Business Premium Savings 
- APY: up to 4.01%
- Minimum opening deposit: $0
- Minimum balance required: $0
- Monthly fee: $0
- Other Business Products offered: Loans, Checking, CDs and more
- Availability: Nationwide
Axos Bank is one of our top online-only banks, offering a wide range of products and services to personal and business consumers.
This account from Axos Bank currently yields competitive rates on all balances, similar to Live Oak Bank.
They’ve done away with the minimum opening deposit and there are no monthly fees with this business account.
The account comes with access to online banking and a highly-rated mobile banking app. You can apply online, where the bank lists all of the required documents that you’ll need to open a savings account.
All in all, it’s worth a look for small businesses that don’t want to contend with high minimum requirements and monthly fees.
Learn More:
Live Oak High-Yield Business Savings 
- APY: 3.60%
- Minimum opening deposit: $0
- Minimum balance required: $0
- Monthly fee: $0
- Other Business Products offered: Loans, Checking, CDs and more
- Availability: Nationwide
Live Oak Bank is one of the best banks for businesses. They are an online-only bank which leads the nation in SBA loans, but now has several other competitive products geared towards small businesses.
Its High-Yield Business Savings account comes with one of the highest APYs on the market. Best of all, it doesn’t require a minimum balance to earn the highest rate!
Interest on the account is compounded daily, helping you make the most of the rate.
Unlike some of its competitors, the Live Oak High-Yield Business Savings account doesn’t have any maintenance fees or minimum balance requirements. And with Live Oak’s Insured Cash Sweep, your funds are FDIC-insured up to $10 million.
You can open an account online with your business, and bank account information. The account is easy to fund with an ACH transfer, wire transfer, check mail-in, or mobile check deposit in the Live Oak app.
I believe in Live Oak Bank so much, that I am a real customer!
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U.S. Bank Platinum Business MMA 
- APY: up to 4.34% APY*
- Minimum opening deposit: $100
- Minimum balance required: $0
- Monthly fee: $15, waiveable
- Other Business Products offered: Savings, Checking, Merchant Services and more
- Availability: Nationwide
If you’re looking for a large national bank that offers a high-yield savings option for your business along with a range of other financial products and services, we recommend U.S. Bank.
Business owners can access checking and savings accounts, MMAs, business loans, credit cards, merchant services, cash management, and payroll services.
One of our favorite U.S. Bank business savings accounts is the Platinum Business Money Market account.
The account has a $100 opening deposit requirement and a $15 monthly maintenance fee that can be waived with a $10,000 daily balance.
*on qualifying account balances. Limited Time Offer. Subject to certain terms and limitations. Member FDIC
Learn More:
First Internet Bank Money Market Savings 
- APY: up to 4.42%
- Minimum opening deposit: $100
- Minimum balance required: $0
- Monthly fee:$5, waiveable
- Other Business Products offered: Loans, Checking, CDs and more
- Availability: Nationwide
The Money Market Savings account from First Internet Bank is well worth considering for higher interest rates, especially if you’re an established business with a large account balance.
Accounts with $5 million or less earn high yield, but a slightly lower APY than the max of up to 4.42%, which is reserved for businesses with daily account balances averaging more than $5 million. An added perk is businesses with higher balances will also received increased FDIC coverage.
The account comes with a $5 monthly maintenance fee, which can be waived with an average daily balance of $4,000.
Accountholders can make six transfers or withdrawals per month, and sole proprietors get the added perk of an ATM card.
Learn More:
Prime Alliance Business Savings 
- APY: up to 4.00%
- Minimum opening deposit: $0
- Minimum balance required: $0
- Monthly fee:$0
- Other Business Products offered: Loans, Checking, MMAs, CDs and more
- Availability: Nationwide
Prime Alliance Bank is a name that’s more familiar to those in and around Salt Lake City; however, they offer deposit accounts online nationwide.
Like some other banks on this list, Prime Alliance offers a tiered APY structure for its Business Savings account. Those with higher balances will benefit with higher APYs.
With that said, the high end only requires $200,000 or more and the low end APY is still higher than some on this list!
Learn More:
Capital One Business Savings 
- APY: up to 3.60%
- Minimum opening deposit: $250
- Minimum balance required: $0
- Monthly fee:$3, waiveable
- Other Business Products offered: Loans, Checking, CDs and more
- Availability: Nationwide
When you open a new Capital One Savings account, you can earn a high 3-month introductory APY. However, once the first 3 months have passed, this APY drops to a standard variable rate.
The minimum deposit amount to open this account is $250, and you’ll need to maintain a balance of at least $300 to avoid the $3 monthly service fees.
Fee-free withdrawals are limited to 6 per month. Incoming domestic wire transfers cost $15, while outgoing transfers cost $25.
Capital One provides access to internet banking and a mobile app, but you can also visit one of their branches if you live or operate near one.
You may be more familiar with Capital One promotions on business credit cards, which make a great companion to your new savings account.
Learn More:
NBKC Bank Business Money Market Account 
- APY: 2.75%
- Minimum opening deposit: $0
- Minimum balance required: $0
- Monthly fee:$0
- Other Business Products offered: Loans, Checking, CDs and more
- Availability: Nationwide
While NBKC Bank doesn’t offer a business savings account, its Money Market Account (MMA) is just as good.
The high-yield money market account offers a competitive APY, and although it’s not the highest, it’s still a respectable rate. This rate applies to all balances, so you’ll always know how much interest your money is earning.
There’s no minimum deposit requirement to open the account, and there are zero monthly fees. Additionally, the bank also doesn’t charge any overdraft or NSF fees.
The online bank also carries solid customer ratings on Trustpilot, the App Store, and the Google Play Store, with a streamlined mobile app and a strong reputation for customer service.
If you have large balances, it’s good to know that this account doesn’t offer increased FDIC insurance that some above provide.
Learn More:
Today’s Best Business Savings Account Rates
| Product | APY | Min Deposit |
|---|---|---|
| First Internet Bank Money Market Savings |
up to 4.42% APY | $100 |
| U.S. Bank Platinum Business MMA |
up to 4.34% APY | $100 |
| Axos Bank Business Premium Savings |
up to 4.01% APY | $0 |
| Live Oak Bank Live Oak business savings |
3.60% APY | $0 |
| Capital One Business Savings |
up to 3.60% APY | $0 |
What Is A Business Savings Account?
Business savings accounts are specialized business bank accounts generally made available to sole proprietorships, partnerships, LLCs (Limited Liability Companies), and corporations (both for-profit and non-profit).
They operate similarly to personal savings accounts but may have specialized features for businesses.
Depending on the type of business you want to open a savings account for, you’ll need to present a different set of documents. These can include agreements, articles of incorporation, IRS letters, and more.
Pros and Cons of Business Savings Accounts
Business savings accounts have advantages and disadvantages to consider. Compare the pros and cons below:
Pros
- High-interest rates: Some business savings accounts, particularly ones offered by online banks and credit unions, provide competitive savings rates that beat traditional savings accounts.
- Security: Online savings accounts from reputable financial institutions provide FDIC insurance for up to $250,000 of deposits. Some banks participate in an Insurance Cash Sweep that increases coverage beyond that offered by the Federal Reserve for larger accounts.
- Liquidity: Savings accounts provide quick access to your funds. Whether you’re saving for an emergency fund for a rainy day or funding projects and expansions, you can store your cash in a savings account for easy access.
- Overdraft protection: You can often link your business savings account to a checking account to provide overdraft protection for transactions that exceed your checking account balance.
Cons
- Account minimums: Many business savings accounts come with opening deposit requirements or ongoing account balance minimums to earn interest or avoid monthly fees.
- Maintenance fees: Similarly, a lot of accounts charge monthly maintenance fees that sometimes require high account balances to be waived.
- Transaction limits: Some accounts limit monthly transactions, charging a fee if you exceed a certain number of transactions (usually six).
How to Choose a Business Savings Account
Savings accounts for businesses come in all shapes and sizes. Before choosing a savings account for your business, take the time to understand your financial situation and what you hope to achieve by opening this savings account.
Here are some of the key factors to consider as you choose a business savings account:
Fees
Fees are one of the ways banks make money but avoiding them isn’t impossible.
Most accounts come with monthly maintenance fees that can be avoided by meeting minimum balance requirements or making frequent direct deposits.
Other fees such as overdraft fees and ATM fees might not necessarily apply to a savings account. Still, checking applicable fees can give you a better idea of what you can expect to have to pay.
APY Rate
Since savings are meant to sit tight in your bank account for an extended time period, banks offer an interest rate on the money in the account.
Usually, banks offer this through an APY (Annual Percentage Yield) rate. It earns compounded interest on your money so that the interest you accrue also earns interest with higher rates, offering more bang for your buck.
Accessibility
Whether you prefer to bank at a physical branch or online, it’s important to choose a bank that makes it easy to manage your account and get assistance when you need it.
Regardless of whether you employ a team of accountants or do everything yourself, time is money, so you’ll want to make sure that the bank is there to serve you.
Transaction Limits
Most savings accounts come with a limit on the number of transactions. This limit comes from a federal regulation called Regulation D, and it limits the number of withdrawals you can make, whether it’s by bank transfer or debit card.
Although the regulation has since been deleted, several banks chose to keep the limit with extra fees for any transactions above the limit.
Alternatives to Business Savings Accounts
Business savings accounts aren’t the only accounts that can help businesses reach their savings goals.
Other financial products and services such as a business checking account can provide you with all of the financial tools you need to keep your business running and growing as smoothly as possible.
While they offer less liquidity than savings accounts and MMAs, certificates of deposits (CDs) can offer competitive APY and are a solid alternative if you don’t need access to your funds.
Business Savings Accounts FAQs
Can I open a savings account for a business?
Yes. A savings account can be a great tool to alleviate cash flow problems by ensuring access to funds. Savings accounts also tend to earn interest so your money isn’t sitting idly by. A savings account can also act as collateral if you require a business loan without affecting your credit score.
How do you qualify for a business savings account?
Each bank has its own requirements for business savings accounts. Typically, you’ll be required to share your business license and a Social Security Number or Employer Identification Number (EIN).
Should my LLC have a savings account?
LLCs can open a savings account just like any other business. If you have an LLC, it’s wise to open a separate savings account for your business that can protect you from liability and help you reach your savings goals.
What’s the difference between a business checking and a business savings account?
Business checking accounts provide more flexibility and features than business savings accounts. They’re designed to help small business owners manage their daily personal finances, allowing them to make purchases and accept payments. Meanwhile, business savings accounts are a place to store your funds for short-term savings goals or emergencies.
How do you open a business savings account?
Here are a few simple steps to open a business savings account:
- Compare bank account features and fees
- Select a bank that fits your needs
- Gather documentation required by the bank
- Visit a branch or apply online
- Transfer funds to your new account
Our Methodology
To provide our readers with unbiased, accurate recommendations for the best business savings accounts, we compared more than a dozen accounts using the metrics below:
- APY: Above all, we analyzed each account based on its interest rates, requirements, and compounding schedule.
- Account minimums: We also looked at each account’s opening deposit requirements and ongoing account balance
- Account fees: Similarly, we compared each account’s fees, noting monthly maintenance fees, overdraft fees, and transaction fees.
- Customer experience: We vetted each company’s reputation with customers, reading third-party reviews and evaluating each bank’s website and mobile app
- Account features: Last, we compared each bank account’s features, such as FDIC insurance, mobile tools, and deposit options.
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