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Best Small Business Savings Accounts

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.

Best Small Business Savings Accounts From Our Partners

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

Business Premium Savings Account

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at Axos Bank®, Member FDIC

4.5/5
$0

4.01%

With $0.01 min. balance for APY

$375

Requirements to qualify

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at Axos Bank®, Member FDIC

Relay Business Savings

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at Relay, Deposits are FDIC Insured

3.5/5
$0

1.00%

With $1 min. balance for APY

N/A

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at Relay, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

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at Bank of America, N.A., Member FDIC

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

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at Bank of America, N.A., Member FDIC

Excellent for Full-service business banking

Chase Business Complete Banking®

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at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

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at Chase, Member FDIC

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

Business Premium Savings Account

Learn more

at Axos Bank®, Member FDIC

4.5/5
$0

4.01%

With $0.01 min. balance for APY

$375

Requirements to qualify

Learn more

at Axos 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

N/A

Learn more

at Relay, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

Learn more

at Bank of America, N.A., Member FDIC

Excellent for Full-service business banking

Chase Business Complete Banking®

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at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

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Business Premium Savings Account

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at Axos Bank®, Member FDIC

APY
4.01%

With $0.01 min. balance for APY

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

Requirements to qualify

Relay Business Savings

Read Review
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
No

No cash deposits

Overdraft fees
N/A
Bonus
N/A

Bank of America® Business Advantage Fundamentals™ Banking

Read Review
Learn more

at Bank of America, N.A., Member FDIC

APY
N/A
Monthly fee
$16.00

$0 for the first 12 statement cycles.

Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$200

Requirements to qualify

Our pick for

Full-service business banking

Chase Business Complete Banking®

Read Review
Learn more

at Chase, Member FDIC

APY
N/A
Monthly fee
$15.00

Waived with $2,000 minimum balance

Min. opening deposit
$0
Free cash deposits
Yes

Up to $5,000 per month.

Overdraft fees
$34
Bonus
$300

Requirements to qualify

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 but does not include access to a physical branch location. A local brick-and-mortar bank, on the other hand, may offer a more personalized customer experience but require that you apply for an account in person and only work with businesses within their county.
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