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Best Business Savings Accounts of March 2024

Entrepreneurs can earn 4.00% APY or more on their cash reserves with a high-yield business savings account.
By Kelsey Sheehy
Last updated on October 2, 2023
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 9 minutes

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A high-yield business savings account can help entrepreneurs build up their cash reserves and reach business goals faster. Interest rates remain strong in 2024, with top-earning accounts offering annual percentage yields higher than 4.00%.
NerdWallet’s picks for best business savings account all offer the opportunity to earn an annual percentage yield of at least 2.00%, which is well above the national average (0.46% APY, according to the FDIC). It's also far better than what big national banks typically offer. As of this writing, APYs on Chase and Bank of America's business savings accounts top out at less than 0.05% APY.
Beyond APY, we consider factors like transaction limits, fees, customer support availability and access to Insured Cash Sweep networks. Our top options also include business money market accounts, which often offer better interest rates and include check-writing and debit card access. And while none are listed, some business checking accounts are among the best high-yield options. (You can find a few of these accounts here.)
Note: For accounts that have a tiered interest rate structure, the entry-level APY is displayed. Click on the icon next to the APY to see the full range of rates available from each account.

Best Business Savings Accounts

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Business Premium Savings Account

Learn more

at Axos Bank®, Member FDIC

5.0/5
$0

4.01%

With $0.01 min. balance for APY

$375

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

3.5/5
$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
$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
$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
$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
$5.00

Waived with $4,000 minimum balance

3.45%

With $0 min. balance for APY

$0
Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Business Premium Savings Account

Learn more

at Axos Bank®, Member FDIC

5.0/5
$0

4.01%

With $0.01 min. balance for APY

$375

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

3.5/5
$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
$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
$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
$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
$5.00

Waived with $4,000 minimum balance

3.45%

With $0 min. balance for APY

$0

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Business Premium Savings Account

Learn more

at Axos Bank®, Member FDIC

APY
4.01%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$5,000
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$375

Requirements to qualify

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Relay Business Savings

Learn more

at Relay, Deposits are FDIC Insured

APY
1.00%

With $1 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

APY
2.75%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
$0
Bonus
$0

Holdings High-Yield Cash Account

3.5
NerdWallet rating 
Learn more

at Holdings, Deposits are FDIC Insured

APY
4.82%
Monthly fee
$0

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

Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Platinum Business Money Market Account

Learn more

at U.S. Bank, Member FDIC

APY
0.05%
Monthly fee
$15.00

Waived with $10,000 minimum balance

Min. opening deposit
$100
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Requirements to qualify

First Internet Bank Business Money Market Savings

4.0
NerdWallet rating 
APY
3.45%

With $0 min. balance for APY

Monthly fee
$5.00

Waived with $4,000 minimum balance

Min. opening deposit
$100
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

NerdWallet's editorial picks: Best business savings accounts

Live Oak Bank Business Savings

Nerdwallet star rating:
Live Oak Bank Business Savings
offers one of the best — and most attainable — interest rates on the market. The online-based account earns
4.00%
APY with no monthly maintenance fees and no minimum balance requirements, and you start earning interest with a balance of 1 cent.
Account holders can access up to $10 million in FDIC coverage through Live Oak's Insured Cash Sweep service, though you'll earn a slightly lower APY. 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.

Key account details:

  • Opening deposit: $
    0
    .
  • Monthly fee: $
    0
    .
  • APY:
    4.00%
    .
  • Checks: No.
  • Debit/ATM card: No.
  • Transaction limits: No transaction limit.
Live Oak also offers a 12-month business CD that earns 5.40% APY but gives 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

Nerdwallet star rating:
The
First Internet Bank Business Money Market Savings
account can be opened with as little as $
100
and earns an APY of
3.45%
on balances up $5 million. Businesses with a daily balance of more than $5 million earn 5.46% APY.

Key account details:

  • Opening deposit: $
    100
    .
  • Monthly fee: $5, waived with an average daily balance of $4,000.
  • APY:
    3.45%
    -5.46%.
  • 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.

Business Premium Savings Account from Nationwide and Axos Bank

Nerdwallet star rating:
The
Business Premium Savings Account
from Nationwide (with banking services via Axos Bank) earns
4.01%
on all balances and can be opened with a $
5000
starting deposit. This account also has a welcome bonus:
Earn a welcome bonus of up to $375 with promo code BPS375. Average daily balance requirement and other terms apply.
Offer expires
03/08/2024
.
The bonus is paid out in $75 or $125 increments for each statement cycle that you meet the minimum balance requirement. An average daily balance of $30,000 to $74,999 will net you a $75 payout; $75,000 or higher will yield a $125 payout. You can earn up to four payouts over five statement cycles, for a total bonus of up to $
375
.

Key account details:

  • Opening deposit: $
    5000
    .
  • Monthly fee: $
    0
    .
  • APY:
    4.01%
    .
  • Checks: No.
  • Debit/ATM card: No.
  • Transaction limits: Up to six transfers or withdrawals per month. Additional transactions are subject to an excess transaction fee of $10 per item. In-person, mail and ATM transactions are excluded from this limit.

NBKC Business Money Market

Nerdwallet star rating:
The
nbkc bank Business Money Market Account
has no monthly fees and no minimum opening deposit requirement. This account earns
2.75%
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).

Key account details:

  • Opening deposit: $0.
  • Monthly fee: $
    0
    .
  • APY:
    2.75%
    .
  • Checks: Yes.
  • Debit/ATM card: Yes. 
  • Transaction limits: No transaction limit.

U.S. Bank Platinum Business Money Market Account

Nerdwallet star rating:
The standard interest rate on U.S. Bank's
Platinum Business Money Market Account
isn't remarkable on its own — you earn a base rate of
0.05
% to 1.15% APY, depending on your balance — but the account's promotional rate ups the ante for those who qualify.
Receive up to 4.60% APY from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through March 6, 2024. Member FDIC.
To net the bonus rate, you need a U.S. Bank business checking account (Silver, Gold or Platinum) and a balance of at least $25,000 in your new
Platinum Business Money Market Account
. The promotional rate does not apply to balances of $3 million or higher.

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.

Relay Business Savings

Nerdwallet star rating:
Relay’s business savings account earns
1.00%
APY on balances up to $50,000 with the potential to earn up to 3.00% APY, depending on your balance. This high-yield account has no monthly fee or minimum balance requirement but only allows internal transfers, so you do need a Relay business checking account to deposit or withdraw funds.

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

Nerdwallet star rating:
Holdings bills itself as a business cash management account, but it lacks the investment component typical of that type of account, which generally includes money market funds and Treasury bills (and can earn north of 5.00% APY). Instead, Holdings functions as a high-yield savings vehicle with the fee structure of a cash management account.
Holdings High-Yield Cash Account
advertises an APY of up to
4.82%
, but you'll net 4.32% to 4.62% after Holdings takes its cut (0.20% to 0.50%, depending on your balance). The account includes up to $5 million in FDIC insurance through a network of more than 45 partner banks.
There are no transaction limits, and you can move in and out of your account via wire transfer or same-day ACH to a connected account.
Holdings High-Yield Cash Account
does not include checks or ATM access.

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.

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.

Business checking accounts that earn interest

A high-yield business checking account can be a good alternative to a savings account, especially if you want features like checks and a debit card. Several online business checking accounts offer APYs of 1.50% 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. Options include:
  • 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.
Not sure which type of account is right for you? Consider how you will use it.
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.

How to choose a business savings account

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 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, and Axos can let you access up to $200 million in coverage.
  • 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.
Last updated on October 2, 2023

Methodology

NerdWallet rates business savings and money market accounts on more than a dozen factors, including monthly fee, APY, funds accessibility and access to enhanced FDIC coverage via Insured Cash Sweep networks. Customer support availability, website usability and other account features and restrictions also play a role in out overall rating.
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