Best Small Business Savings Accounts From Our Partners
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn 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® Learn more 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 |
Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn 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® Learn more 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 |
I'M INTERESTED IN:
Relay Business Savings
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.
Bank of America® Business Advantage Fundamentals™ Banking
$0 for the first 12 statement cycles.
Up to $7,500 per statement cycle.
Requirements to qualify
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Full-service business banking
Chase Business Complete Banking®
Waived with $2,000 minimum balance
Up to $5,000 per month.
Requirements to qualify
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
What factors should I look at when comparing business savings accounts?
- 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.