Best Business Savings Accounts of April 2024

Key account details:

• Opening deposit: $

  0

  .
• Monthly fee: $

  0

  .
• APY:

  4.00%

  .
• Checks: No.
• Debit/ATM card: No.
• Transaction limits: No transaction limit.

Key account details:

• Opening deposit: $0.
• Monthly fee: $

  0

  .
• APY:

  2.75%

  .
• Checks: Yes.
• Debit/ATM card: Yes. 
• Transaction limits: No transaction limit.

Key account details:

• Opening deposit: $

  100

  .
• Monthly fee: $

  5

  , waived with an average daily balance of $4,000.
• APY:

  3.46%

  -5.48%.
• Checks: No.
• ATM card: Sole proprietors only.
• Transaction limits: Up to six per month. No fee for additional transactions, but you may need to transition to a business checking account if you regularly exceed the limit.

Key account details:

• Opening deposit: $

  0

  .
• Monthly fee: $

  0

  .
• APY:

  1.00%

  -3.00%.
• Checks: No.
• Debit/ATM card: No.
• Transaction limits: No limit on internal transfers. ACH transfers to a merchant or account at another bank are not allowed.

Key account details:

• Opening deposit: $

  0

  .
• Monthly fee:

  Holding fee of 0.2%-0.5% based on amount of assets under management.

  Fee ranges from 0.20% for accounts with $10 million or more to 0.50% for accounts with $250,000 or less.
• APY:

  4.82%

  .
• Checks: No.
• Debit/ATM card: No.
• Transaction limits: No transaction limit.

Key account details:

• Opening deposit: $

  100

  but you need a balance of at least $25,000 to earn the promotional rate.
• Monthly fee: $

  15

  , waived with a minimum balance of $10,000.
• APY: Base rate of

  0.05%

  -1.15%, with the potential to earn up to 4.60% APY if you qualify for the bonus rate. 
• Checks: Yes.
• Debit/ATM card: Yes.
• Transaction limits: No transaction limit.

Key account details:

• Opening deposit: $

  2500

  .
• Monthly fee: None.
• APY:

  5

  %.
• Checks: None.
• Debit/ATM card: No.
• Transaction limits: You cannot make transactions with the funds in a CD.

• Bluevine Business Checking

  :

  Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
• Grasshopper Business Checking Account

  :

  Earn 1.51% APY on balances up to $25,000 and on balances greater than $250,000. Earn 2.25% APY on balances of $25,000 to $250,000.
• LendingClub Tailored Checking

  :

  1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

  .
• American Express® Business Checking

  :

  1.3

  % APY on balances up to $500,000.
• QuickBooks Money

  :

  Earn 5% APY on balances in envelopes. Funds must be moved out of envelopes before they can be spent.

• 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 removed the requirement that imposes a six-per-month maximum on withdrawals from savings accounts in 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.
• Level of FDIC insurance: The Federal Deposit Insurance Corp. protects up to $250,000 per depositor, per financial institution. Will you keep more than that in your business savings account? If so, look for options that expand coverage via Insured Cash Sweep. These accounts spread deposits across multiple insured institutions to increase FDIC protection. For instance, Relay offers up to $2.5 million in FDIC insurance.
• 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 Bank Business Savings

  doesn't include ATM access, for example, but

  nbkc bank Business Money Market Account

  holders get fee-free access to more than 37,000 MoneyPass ATMs nationwide.
• How to open: Consider how convenient it is to open a business account. Many of our picks for best business savings accounts let you open your account online, but other small business banks may require you to open your account in person at a local branch.