Every small business needs a business savings account. Like consumer banking accounts, these bank accounts allow you to manage your business’s everyday finances by making deposits, saving for future purchases, budgeting and more.
In addition, a business savings account gives you the ability to separate your business and personal expenses, prepare for taxes and legitimately establish your business’s financial presence.
NerdWallet looked at some of the largest banks in the country, along with a few big online banks and notable regional banks, and compared their business savings accounts. Here are our top savings accounts for small businesses.
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$600
Requirements to qualify
Learn more at Axos Bank®, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
Business Premium Savings Account
APY
3.80%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
$600
Requirements to qualify
at Axos Bank®, Member FDIC
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- Access to Insured Cash Sweep network for expanded FDIC insurance.
Cons
- Fee for excess transactions.
- No ATM or debit card access.
APY
3.00%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Live Oak Bank, Member FDIC
Pros
- High APY.
- Earn interest on balances of $0.01 and higher.
- No monthly maintenance fee or minimum deposit.
Cons
- No ATM or debit card access for Business Savings account.
- No weekend customer support.
Live Oak Bank Business Savings
APY
3.00%
With $0.01 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Live Oak Bank, Member FDIC
Pros
- High APY.
- Earn interest on balances of $0.01 and higher.
- No monthly maintenance fee or minimum deposit.
Cons
- No ATM or debit card access for Business Savings account.
- No weekend customer support.
APY
3.30%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Grasshopper Bank, Member FDIC
Pros
- Earn 3.30% APY on balances of $25,000 or higher.
- Low wire transfer fees; free same-day ACH transfers.
- Access up to $125 million in FDIC insurance with Insured Cash Sweep (subject to different rates).
- Extended customer support hours (9 a.m. to 11 p.m. EST, Monday through Friday).
Cons
- High balance required to earn interest.
- Minimum opening deposit ($100).
- No ATM or debit card access.
- No weekend customer support.
Grasshopper Business Innovator Savings Account
APY
3.30%
With $25,000 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Grasshopper Bank, Member FDIC
Pros
- Earn 3.30% APY on balances of $25,000 or higher.
- Low wire transfer fees; free same-day ACH transfers.
- Access up to $125 million in FDIC insurance with Insured Cash Sweep (subject to different rates).
- Extended customer support hours (9 a.m. to 11 p.m. EST, Monday through Friday).
Cons
- High balance required to earn interest.
- Minimum opening deposit ($100).
- No ATM or debit card access.
- No weekend customer support.
APY
3.50%
With $10,000 min. balance for APY
Monthly fee
$3.00
Waived with $300 minimum balance
Bonus
N/A
at Capital One, Member FDIC
Pros
- High promotional APY.
- High fee-free cash deposit limit.
Cons
- Monthly fee (though it’s low and relatively easy to waive).
- Low ongoing variable APY.
Capital One Business Advantage Savings
APY
3.50%
With $10,000 min. balance for APY
Monthly fee
$3.00
Waived with $300 minimum balance
Bonus
N/A
at Capital One, Member FDIC
Pros
- High promotional APY.
- High fee-free cash deposit limit.
Cons
- Monthly fee (though it’s low and relatively easy to waive).
- Low ongoing variable APY.
APY
1.03%
With $1 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Relay, Deposits are FDIC Insured
Pros
- No monthly fee or minimum opening deposit.
- No minimum balance to earn interest.
- Earns 1.03%-3.03% 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.
Relay Business Savings
APY
1.03%
With $1 min. balance for APY
Monthly fee
$0
Bonus
N/A
at Relay, Deposits are FDIC Insured
Pros
- No monthly fee or minimum opening deposit.
- No minimum balance to earn interest.
- Earns 1.03%-3.03% 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.
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
N/A
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
- Relatively low overdraft fees ($10 per item, limited to two per day)
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
- $16 monthly fee after introductory period ends.
Bank of America® Business Advantage Fundamentals™ Banking
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Bonus
N/A
at Bank of America, N.A., Member FDIC
Pros
- No monthly fee for the first 12 statement cycles.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
- Relatively low overdraft fees ($10 per item, limited to two per day)
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
- $16 monthly fee after introductory period ends.
Jump to
What factors should I look at when comparing business savings accounts?
Depending on your small business’s needs, you may want to consider the following features when choosing a business banking account:
- Minimum opening deposit: The amount that you’re required to deposit when you open your business savings account. These amounts can vary, and not all accounts require that you meet a specific minimum.
- Monthly fees: The fee the bank charges to maintain your account. Some banks charge a monthly fee but offer ways that you can qualify to waive them. In this case, make sure you can meet those qualifications on a continual basis to avoid incurring fees later.
- Transaction limits: Banks often place limits on the number of transactions a business can make with its account, including electronic transactions and checks. If you exceed your allotted number of monthly transactions, you typically face a small fee for each transaction you make. You’ll want to choose an account that can accommodate your average transaction volume.
- Cash deposit limit: This is the amount of cash you’re allowed to deposit into your account for free each billing period. Again, after you reach the allotted threshold, you’ll face a small fee for each cash deposit you make.
- ATM access: Where can you use your business debit card? Are there fees associated with using your card out of the bank’s ATM network? Does the business savings account offer any ATM fee reimbursements? Does your ATM access include both cash withdrawals and deposits? These are all relevant questions to consider.
- Additional fees: What other fees does the bank charge for using your business savings account? Fees to look out for include nonsufficient funds fees, overdraft fees, wire fees, stop payment fees and returned items fees.
- Included tools: What tools are offered with your business savings account? Many accounts offer free online and mobile banking, including mobile check deposit and online bill pay. Some accounts also offer other options for customizing your business banking, such as invoicing, online payments, third-party integrations and more.
- Interest: Some business savings accounts offer interest. With interest-earning accounts, make sure you can meet any minimum balance requirements and that the earning potential isn’t canceled out by fees. Conversely, if you’re looking to save on a longer-term basis and don’t need daily access to your funds, you might consider a business savings account as the best option for earning interest.
- Type of bank: Is the business savings account from a national, regional or local bank? Is it from an online bank, or maybe a credit union? There's a range of qualities typically associated with these different types of financial institutions that might make a difference to your business. An online-only bank, for example, may offer a free account that can be
opened quickly and easily online
Frequently Asked Questions
It’s highly recommended that you open a separate bank account for your business.
With a business bank account, you'll deposit checks made out to your company in your business checking, not your personal checking account. Likewise, you'll pay business expenses out of the business account.
Having separate accounts and separate record-keeping makes it easier to deduct business expenses for taxes. It also better protects you if legal action is taken against your company. Having commingled accounts may put your personal assets at risk in a lawsuit.
Credit unions typically have low or no monthly fees for their business bank accounts, and they’re known for good customer service. In addition, credit unions can have high cash deposit limits, making them a good choice for restaurants and other businesses that deal mostly in cash.
Keep in mind that credit unions might have just a few locations and ATMs, compared with major bank chains, which can have national reach.
If you qualify for membership, however, they’re worth considering. Compare some strong options in our roundup of NerdWallet’s Best Credit Unions
Your personal bank can be a good first stop when shopping for a business checking account. In fact, 79% of business owners surveyed in 2019 by BAI, a research and training nonprofit for business owners, reported using the same provider for personal and business financial services relationships.
However, you should compare multiple accounts to make sure you’ll be paying the fewest fees and getting the most benefit out of your business checking account. You may find another bank can offer a higher level of customer service, fewer transaction limits or greater ATM access.
Start your search with our roundup of the best banks for small business
To open a business checking account, you’ll be required to provide basic information about yourself and your business. You’ll also need to provide personal identification, such as a government-issued ID and Social Security number, as well as legal business documentation.
Learn more about the process in our comprehensive guide
