Best Business Savings Accounts
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Overall business savings account | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Relay Business Savings Learn more at Relay, Deposits are FDIC Insured | 3.5/5 Best for Automated business savings | $0 | 1.00% With $1 min. balance for APY | $0 | Learn more at Relay, Deposits are FDIC Insured |
nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 Best for Overall business money market account | $0 | 2.75% With $0.01 min. balance for APY | $0 | Learn more at nbkc bank, Member FDIC |
Holdings High-Yield Cash Account Learn more at Holdings, Deposits are FDIC Insured | 3.5/5 Best for High-yield cash account | $0 Holding fee of 0.2%-0.5% based on amount of assets under management. | 4.82% | $0 | Learn more at Holdings, Deposits are FDIC Insured |
Platinum Business Money Market Account Learn more at U.S. Bank, Member FDIC | 3.0/5 Best for Bonus APY | $15.00 Waived with $10,000 minimum balance | 0.05% | $0 | Learn more at U.S. Bank, Member FDIC |
First Internet Bank Business Money Market Savings | 4.0/5 Best for High-yield business money market account | $5.00 Waived with $4,000 minimum balance | 3.46% With $0 min. balance for APY | $0 | |
Live Oak Bank 12 Month Business CD Learn more at Live Oak Bank, Member FDIC | Best for Business CD | $0 | 5.00% | $0 | Learn more at Live Oak Bank, Member FDIC |
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
---|---|---|---|---|---|
Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 Best for Overall business savings account | $0 | 4.00% With $0.01 min. balance for APY | $300 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Relay Business Savings Learn more at Relay, Deposits are FDIC Insured | 3.5/5 Best for Automated business savings | $0 | 1.00% With $1 min. balance for APY | $0 | Learn more at Relay, Deposits are FDIC Insured |
nbkc bank Business Money Market Account Learn more at nbkc bank, Member FDIC | 4.5/5 Best for Overall business money market account | $0 | 2.75% With $0.01 min. balance for APY | $0 | Learn more at nbkc bank, Member FDIC |
Holdings High-Yield Cash Account Learn more at Holdings, Deposits are FDIC Insured | 3.5/5 Best for High-yield cash account | $0 Holding fee of 0.2%-0.5% based on amount of assets under management. | 4.82% | $0 | Learn more at Holdings, Deposits are FDIC Insured |
Platinum Business Money Market Account Learn more at U.S. Bank, Member FDIC | 3.0/5 Best for Bonus APY | $15.00 Waived with $10,000 minimum balance | 0.05% | $0 | Learn more at U.S. Bank, Member FDIC |
First Internet Bank Business Money Market Savings | 4.0/5 Best for High-yield business money market account | $5.00 Waived with $4,000 minimum balance | 3.46% With $0 min. balance for APY | $0 | |
Live Oak Bank 12 Month Business CD Learn more at Live Oak Bank, Member FDIC | Best for Business CD | $0 | 5.00% | $0 | Learn more at Live Oak Bank, Member FDIC |
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Our pick for
Overall business savings account
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Requirements to qualify
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Our pick for
Automated business savings
Relay Business Savings
at Relay, Deposits are FDIC Insured
With $1 min. balance for APY
No cash deposits
Pros
- No monthly fee or minimum opening deposit.
- No minimum balance to earn interest.
- Earns 1.00%-3.00% APY.
Cons
- Tiered interest structure.
- Balance of $1 million needed to unlock the highest rate.
- No ATM or debit card access.
- Only allows internal transfers to a linked Relay Checking account.
Our pick for
Overall business money market account
nbkc bank Business Money Market Account
at nbkc bank, Member FDIC
With $0.01 min. balance for APY
Up to $2,500 per day via compatible ATMs.
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
Our pick for
High-yield cash account
Holdings High-Yield Cash Account
at Holdings, Deposits are FDIC Insured
Holding fee of 0.2%-0.5% based on amount of assets under management.
No cash deposits
Pros
- Industry-leading APY
- No minimum balance to earn interest.
- No minimum opening deposit.
- Access up to $5 million in FDIC insurance with Insured Cash Sweep
Cons
- No ATM or debit card access.
- No weekend customer support.
- Potential for high monthly fee
Our pick for
Bonus APY
Platinum Business Money Market Account
at U.S. Bank, Member FDIC
Waived with $10,000 minimum balance
Up to $10,000 per month.
Requirements to qualify
Pros
- Bonus APY. Terms apply.
- Includes checks and an ATM card.
Cons
- Low ongoing APY.
- Monthly fee.
- High balance requirement for promotional rate.
Our pick for
High-yield business money market account
First Internet Bank Business Money Market Savings
With $0 min. balance for APY
Waived with $4,000 minimum balance
No cash deposits
Pros
- High APY.
- No minimum balance to earn interest.
- ATM card access (sole proprietors only).
Cons
- Monthly fee.
- Minimum opening deposit ($100).
Our pick for
Business CD
Live Oak Bank 12 Month Business CD
at Live Oak Bank, Member FDIC
Pros
- 6-month, 9-month, 12-month and 18-month CDs all earn more than 4% APY as of this writing.
- CD interest rates are fixed for the duration of the term.
- Many types of business entities can open an account, including sole proprietorships and non-profits.
Cons
- Minimum deposit of $2,500 is higher than many other options.
- Early withdrawal penalty of 90 days of interest. That's comparable to other business CDs, but business savings accounts and money market accounts usually offer some free transactions.
Live Oak Bank Business Savings
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:4.00%.
- Checks: No.
- Debit/ATM card: No.
- Transaction limits: No transaction limit.
NBKC Business Money Market
Key account details:
- Opening deposit: $0.
- Monthly fee: $0.
- APY:2.75%.
- Checks: Yes.
- Debit/ATM card: Yes.
- Transaction limits: No transaction limit.
First Internet Bank Business Money Market Savings
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.
Relay Business Savings
- Up to $50,000:1.00%APY.
- $50,000 to $249,999: 1.50%.
- $250,000 to $999,999: 2.00% APY.
- $1 million or higher: 3.00% APY.
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.
Holdings High-Yield Cash Account
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.
U.S. Bank Platinum Business Money Market Account
Key account details:
- Opening deposit: $100but 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 of0.05%-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.
Live Oak Business CD
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.
Account | Starting APY |
---|---|
America First Credit Union Business Share Savings | 0.05% |
Axos Bank Business Savings | 0.20% |
Bank of America Business Advantage Savings Account | 0.01% |
Blue Federal Credit Union Business Savings | 0.01% |
Capital One Business Savings | 0.55% |
Chase Business Total Savings | 0.01% |
Citizens Bank Business Savings Account | 0.01% |
Consumers Credit Union Business Savings | 0.10% |
First Tech Federal Credit Union Simple Business Savings | 0.05% |
KeyBank Key Business Saver | 0.01% |
Lending Club Business High-Yield Savings | 3.60% |
Lili High-Yield Business Savings Account | 4.15% |
Live Oak Bank Business Savings | 4 % |
Regions Bank Business Savings | 0.01% |
Relay Business Savings | 1 % |
TD Business Savings | 0.05% |
U.S. Bank Business Savings | 0.05% |
Wells Fargo Business Platinum Savings | 0.25% |
- 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 Savingsdoesn't include ATM access, for example, butnbkc bank Business Money Market Accountholders 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.