Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Best small business savings accounts

Explore high-yield business savings accounts earning rates as high as 3% APY.

The best business savings accounts for small businesses can boost your bottom line with high interest rates while keeping requirements like a minimum balance or monthly maintenance fee at bay. Different accounts also provide valuable features like an ATM card and live customer support that can make your day-to-day run smoothly. Consider the features necessary for your business and find which of these top accounts match your needs and savings goals.

Why trust Finder

  • 300+ banks and credit unions reviewed
  • 50+ business checking accounts analyzed and rated by our team of experts
  • Evaluated under our unbiased rating system covering 13 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

5 best savings accounts for small businesses

Take a look at our top picks for business savings accounts. Compare perks like interest rates and account requirements to find the best fit for your business.

Best for low fees

Axos Bank Business Savings


Finder score

If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
Go to site
Axos Bank encourages small businesses to save with a waivable monthly fee if you keep $2,500 in your account. You won't pay for incoming wire transfers, and it offers mobile check and cash deposits unlike many digital-only banks. Plus, set this account as your overdraft backup to avoid overdraft fees.

Best for online businesses

Live Oak Bank business savings account


Finder score

Go to site
Grow your cash reserves with one of the highest interest rates available for a business savings account at 4% APY. While designed for new and small business owners, Live Oak makes a point to provide live customer service for your support. You can also integrate with Quickbooks to keep up with your business finances, and you don't need any money to start the account. Need access to cash? Find one of its 55,000 in-network ATMs to withdraw money.
Member FDIC

Best for high interest rate

First Internet Bank Money Market Savings


Finder score

This may be a personal money market savings account, but it pays one of the best interest rates you can find at 3.66% APY for business savings of $1 million or less. If you hold more capital than $1 million, you could earn up to 5.2% APY. While First Internet Bank doesn't have an ATM network, it does reimburse up to $10 in ATM owner fees including from international ATMs. And if you need support, connect with a relationship banker via phone or live chat.

Best for no minimum deposit

NBKC Bank Business Money Market


Finder score

If you're in the market for business savings with the freedom to write checks NBKC Bank Business Money Market provides just that with a solid interest rate of 1.75% APY. You'll also break free from minimum balances, which means that you don't need to keep a set dollar amount in your account. NBKC also doesn't charge for overdrafts, nonsufficient funds, incoming wires or stop payments.

Best for low opening deposit

TAB Bank Money Market

While most money market accounts have monthly fees and minimum deposits of $1,000 or more, you only need $25 to open this TAB Bank account and you can dip as low as $1 after that. You'll get an ATM card and checks for easier access to your money.

Methodology: How we choose the best small business savings accounts

Our banking experts have sift through over 40 business bank accounts to find the best accounts on the market, catering to different categories, such as small businesses. Since many business accounts require a hefty minimum opening deposit or balance, we start by looking for accounts that keep this requirement low. Then, we check that the account either keeps a low or $0 monthly fee or that you can waive the monthly fee by meeting reasonable requirements. We also check for additional fees like ATM fees or out-of-network ATM fee reimbursement to keep costs low.

Next, we compare the accounts’ interest rates to find high-yield options for businesses, considering whether flat or tiered interest rates are competitive with other business savings accounts. While important, interest rates don’t keep an account from making our list if the account offers other standout features.

Finally, we consider the account’s accessibility through ATMs and customer service, giving high marks to accounts that offer these. We include a few choices in our list that offer ATM access or cash deposits, though not all of the top accounts offer these features.

How to pick the best savings account for your small business

To get the most out of a business savings account, compare similar factors across each of your options, including:

  1. Fees. Many banks waive monthly maintenance fees if you pick up other bank accounts or keep a high balance. Also, look for any ATM fees if the account has ATM access, along with fees for exceeding the withdrawal limit.
  2. Features. Think about how much flexibility you want over your account. Most business money market accounts come with ATM cards and check-writing privileges, while savings accounts give you less access to your money. And if you have multiple employees that need access to your business savings account, you’d want an account that allows you to designate permissions for specific employees.
  3. Transaction limits. Savings and money market accounts are usually limited to six withdrawals per month, though you can expand access with withdrawals at a physical bank since these don’t count toward the limit.
  4. Interest rates. Look at advertised interest rates both around the corner and online, further analyzing fees and limitations that can eat into your bottom line. By shopping around, you can find the best business account available today.
  5. Accessibility. Many online banks offer higher interest rates than you’ll find at your local bank. You won’t have the convenience of a neighborhood branch, but an extensive ATM network and linked account with your local bank could be worth it.
  6. Minimum deposit requirements. Money market accounts typically have higher opening deposits than savings accounts, but you may snag a higher APY and easier access to your money.
  7. Minimum balance requirements. Requirements vary widely from account to account, anywhere from $0 to $10,000 to avoid a monthly fee or qualify for high interest rates. Some accounts offer tiered rates, rewarding you with higher interest the higher your balance.

4 benefits of a small business savings account

Business savings accounts and money market accounts are designed to separate your capital from everyday transactions, helping you to manage and grow your money.

  1. Build your savings. Keep your money safe and earn passive income when it’s not needed for everyday business, helping you achieve both short- and long-term goals.
  2. Avoid fees. Move your money around with minimal transaction fees.
  3. Boost your business’s credit. A business savings account becomes a part of your overall financial portfolio, demonstrating that you’re able to successfully manage your savings and providing the support for future business loans.
  4. FDIC-insured. The government insures deposits for up to $250,000, so you can rest assured your money is safe.

5 best high-yield business savings account interest rates

We’ve identified business savings accounts with the highest APYs available today. Keep in mind, with a higher interest rate, you might see stricter account requirements and higher fees.

Product nameMaximum interest rate
First Internet Bank Money Market Savings5.2%
Prime Alliance Business SavingsUp to 3.65%%
Live Oak Bank Business Savings4%
Lili with Pro account2.00%
NBKC Business Money Market1.75%

Are all business savings accounts high-yield?

No, not all business savings accounts offer competitive interest rates. So if you’re interested in a high APY, you’ll need to look specifically for a high-yield business savings account.

Different business savings accounts meet the needs of different businesses, but paying a high interest rate certainly makes a business account more competitive. Making sure the account you choose will help grow your capital and accommodate your specific needs is an important consideration.

Earn more with free small business savings accounts

The rise of online-only banks has led to more competition among business savings accounts — adding choices with no monthly service fee. However, many major banks like Chase still charge the service fee.

A few free business savings accounts we’ve found include:

  • First Horizon BizEssentials Savings account
  • Live Oak Bank Business Savings account
  • NBKC Business Money Market account
  • Prime Alliance Business Savings account
  • TAB Bank Business Money Market account

Business savings accounts typically charge fees for excessive withdrawals, outgoing wire transfers and using out-of-network ATMs for withdrawals or balance inquiries. You’ll want to look at the account’s list of fees before signing up to see which ones you’ll pay based on your business.

What is a business savings account?

A business savings account is just like a personal savings account, allowing you to store your money and earn interest over time. When you’ve saved up enough working capital that you no longer need constant access to, you can safely grow it with reliable interest until a large purchase comes up. A business savings account safely stores the funds you might need for equipment or taxes later and boosts your business’s overall credibility — critical for landing solid rates and terms on future loans when business booms.

To entice your business, many banks offer higher interest rates on larger deposits and balances in these accounts. The bigger your business’s savings, the more you earn.

Do I need a business savings account for my small business?

Yes, a business savings account is always a good idea, especially since you can find options with few fees and minimum balance requirements. Having an account encourages you to tuck away money for taxes and future business purchases like equipment. You also gain from earning steady interest on the idle funds, passively growing your capital.

Business savings vs. business money market accounts

The main difference between these types of accounts is that business money market accounts give you access to your funds through checks and a debit card. No need to transfer money from savings to checking to spend it.

Business savings accounts limit that access to business funds, pushing you to spend less and save more. Both accounts typically limit you to six withdrawals a month.

In the past, business money market accounts had higher opening deposit or minimum balance requirements than savings accounts — and higher interest rates. Now you can scout out low requirements and high interest for both account types.

Business savings vs. business checking accounts

A business savings account blocks access to funds since you don’t have a debit card to access the money directly. It prods you grow business capital by adding an extra step to withdraw the funds before you can spend it.

Business checking accounts give you a direct line to funds for everyday transactions, keeping your business moving. Most businesses need both types of accounts to manage cash flow while building reserves.

Can I use a personal savings account for business?

Technically yes, you can use a personal savings account for your business. However, the point is to keep your personal and business accounts separate so that you don’t run into problems with reporting business profit and expenses. Having a business savings account also can protect your personal assets from potential lawsuits as your business grows.

Do I need good credit to apply for a business savings account?

Generally, no. Banks don’t usually run a credit check when you open an account. Instead, they’ll take a look at your banking history by running a ChexSystems report, which shows items like bounced checks, unpaid fees, and overdraft events.

Ultimately, how solid your credit needs to be and how much weight your ChexSystems report has on account approval depends on the bank. Ask how your bank considers your credit history when opening a business account.

Bottom line

Your business may be ready to set aside some of its hard-earned cash into a savings account that offers high interest to keep it growing. Reliable rates mean steady passive income, and most accounts offer the protection of the FDIC for up to $250,000.

As always, compare your business banking options until you find an account that meets your company’s needs today and in the future.

More guides on Finder

Ask a Question provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site