Axos Bank Business Savings
Finder Rating: 3.7 / 5 ★★★★★
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The best business savings accounts 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.
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.
|Business savings account||Best for||APY||Minimum deposit||Monthly fee||Learn more|
|Axos Bank Business Savings account||Low fees||0.2%||$1,000||$5||
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|NBKC Bank Business Money Market account||No minimum deposit||1.01%||$0||$0||Read Review|
|Live Oak Bank Business Savings account||Online businesses||3.5%||$0||$0|
|First Internet Bank Money Market Savings account||High interest rates||Up to 4.39%||$100||$5|
|TAB Bank Money Market account||Low opening deposit||0.25%||$25||$0|
We researched and scrutinized multiple business savings accounts to select the six best based on monthly fees, opening deposit requirements and unique features. See our top choices to find the one that suits your company.
Axos Bank Business Savings
Finder Rating: 3.7 / 5 ★★★★★
NBKC Bank Business Money Market
Finder Rating: 4.1 / 5 ★★★★★
|Minimum deposit to open||$0|
Live Oak Bank Business Savings account
Finder Rating: 4.4 / 5★★★★★
|Minimum deposit to open||$0|
First Internet Bank Money Market Savings
Finder Rating: 3.8 / 5★★★★★
|APY||Up to 4.39%|
|Fee||$5 per month|
|Minimum deposit to open||$100|
TAB Bank Money Market
|Minimum deposit to open||$25|
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.
To get the most out of a business savings account, compare similar factors across each of your options, including:
Business savings accounts and money market accounts are designed to separate your capital from everyday transactions, helping you to manage and grow your money.
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 name||Maximum interest rate|
|First Internet Bank Money Market||3.87%|
|Prime Alliance Business Savings||3.25%|
|Live Oak Bank Business Savings||3.10%|
|Lili with Pro account||1.50%|
|NBKC Business Money Market||1.26%|
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
A business savings account with competitive APY and minimal fees. But you’ll be heavily invested in the Square ecosystem.
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