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The Federal Reserve raised interest rates seven times in 2022, with additional increases expected in 2023. Make those rising rates work for you with a high-yield business savings account, which allows entrepreneurs to earn as much as 3.5% APY on their cash reserves.
NerdWallet’s picks for best business savings account all offer an annual percentage yield of at least 1%, which is well above the national average (0.33% APY, according to the FDIC). It's also far better than what big national banks typically offer. As of this writing, Chase and Bank of America offer just 0.01% APY on their respective business savings accounts.
Keep in mind: Some of the best high-yield business accounts aren’t savings accounts at all, but business checking accounts.
Summary of the best business savings accounts
Best business savings accounts
Live Oak Business Savings
Live Oak continues to boost the APY on its business savings account, which has risen from 0.50% at the start of 2022 to its current rate of 3.50% APY. Live Oak Business Savings is an online-based account with no monthly maintenance fees and no minimum balance requirements — you start earning interest with a balance of 1 cent.
This business savings account also includes free online banking, access to the Live Oak Bank mobile app and six fee-free withdrawals per month ($10 for each after that). 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.
Live Oak also offers 12-month business CDs that earn 4.60% but give you less flexibility with your funds. The certificate of deposit has a minimum deposit of $2,500, and the maximum per CD is $250,000.
First Internet Bank Business Money Market Savings
The Business Money Market Savings account from First Internet Bank can be opened with as little as $100 and earns an APY of 2.84% (up from 0.50% in January 2022). This online business savings account has a $5 monthly maintenance fee, which can be waived with an average daily balance of $4,000 or more.
You can make up to six monthly transactions with this account; any additional transactions incur a $5 fee. This business savings account also includes free online and mobile banking with remote and scanned deposit options, as well as electronic statements. ATM cards are available only to sole proprietors.
Nationwide Business Premium Savings Account
Not every business has $25,000 to sink into a savings account — the minimum deposit required to open a Nationwide Business Premium Savings Account — but those that do can earn a nice return. This account has a base rate of 2% APY that can potentially reach 3.75%.
You need to maintain a balance of at least $24,000 to earn interest. And the account’s top-tier APY of 3.75% only kicks in if you have $1 million or more in your account. It’s worth noting that you can earn a similar, without the sky-high balance requirements, with some of the high-yield business accounts listed above.
NBKC Business Money Market
NBKC’s Business Money Market account has no monthly fees and no minimum opening deposit requirement. This account earns 1.75% 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).
Business checking accounts that earn interest
A business checking account that earns interest can be a good alternative to a savings account, especially if you want features like checks and a debit card. Several high-yield business checking accounts offer APYs of 1% or higher and don’t have the same strict restrictions on transfers and withdrawals as savings accounts, which are typically limited to six per month.
Not sure which is right for you? Consider how you will use the account.
A business savings account is your best bet if you want the highest rate possible and plan to park your money for the medium- to long-term. Willing to lose some interest in exchange for flexibility? Go with a business checking account.
Deposits are FDIC Insured
American Express® Business Checking
With $0 min. balance for APY
With $0 min. balance for APY
Requirements to qualify
Business savings accounts vs. business money market accounts
Business savings accounts and business money market accounts are both FDIC-insured business bank accounts that allow you to earn interest on your funds. Like savings accounts, money market accounts are usually held to the six-per-month withdrawal limit.
Traditionally, money market accounts have offered higher interest rates compared with savings accounts, but that’s not always the case anymore. However, business money market accounts may be more likely to include a debit or ATM card, as well as checks.
What to look for when comparing business 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 has removed the requirement that imposes a six-per-month maximum on withdrawals from savings accounts as of 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.
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 business savings doesn't include ATM access, for example, but NBKC business money market account holders get fee-free access to more than 37,000 MoneyPass ATMs nationwide.
How to open: Can you open the business account online or do you have to visit a branch? Does the bank allow you to choose between the two options in order to open your account?