Best Business Savings Accounts of 2024

NerdWallet's editorial picks: Best business savings account

All of our picks for best business savings accounts are chosen by our editorial team without outside input. Only accounts that earn at least 2.00% APY were eligible to be included.

Prime Alliance Bank has a top-notch business savings account that earns between 3.85% and 4.25% APY, depending on your balance. The bank also offers an outstanding business CD that currently earns 4.90% APY for six-month terms. You need to email the bank to open an account, unless you're local to Salt Lake City and the bank’s lone brick-and-mortar location.

Live Oak Bank Business Savings rate has fallen in recent months — from 4.00% to 3.70% APY — but the online bank still offers one of the best interest rates on the market. Account holders can access up to $10 million in FDIC coverage through Live Oak's separate Insured Cash Sweep service, though you'll earn a slightly lower APY (accounts are otherwise protected up to the standard $250,000).

Axos Business Premium Savings Account earns 4.01% APY on all balances and has no minimum opening deposit or monthly fee. Plus, you can earn a bonus of up to $375 when you open a new account using promo code BPS375. To qualify, you must maintain an average daily balance of at least $75,000 for three of the first four statement cycles (or maintain an average daily balance of at least $30,000 to earn a $225 bonus). Additional terms apply. Offer expires 12/31/2024. Account holders can opt into an Insured Cash Sweep account to extend FDIC coverage up to $240 million for no additional charge.

Live Oak offers a 12-month business CD that earns 4.20% APY. The certificate of deposit has a minimum deposit of $2,500, and the maximum per CD is $250,000. As with any certificate of deposit, you won't be able to touch your funds for the duration without paying a penalty — making this a good choice only if you won't need these funds for a year.

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. Want to lock in a higher rate? NBKC offers two business CDs (7-month and 11-month terms) that currently earn 4.50% APY.

First Internet Bank Business Money Market Savings has an outstanding interest rate for business owners: Earn 3.46% APY with a daily balance up to $5 million and 4.69% APY with a daily balance above $5 million. The account does have a minimum opening deposit requirement ($100) and a monthly fee ($5; Waived with an average daily balance of $4,000). If those are barriers, consider the nbkc bank Business Money Market Account.

Holdings High-Yield Cash Account has gone through number of changes since launching in 2023, but its strong yields have remained constant. Recently, the fintech moved on from a tiered interest rate structure; all account holders now earn 3.50% APY. While Holdings bills itself as a business cash management account, it currently lacks the operating and investing components typical of those accounts.

Holdings isn't a bank, but rather a neobank that partners with an FDIC-insured financial institution (Evolve Bank & Trust) for its banking services. Through that partnership, Holdings accounts offer Insured Cash Sweep services that provide up to $5 million in FDIC insurance via a network of more than 45 partner banks.

U.S. Bank's Platinum Business Money Market Account comes with an outstanding APY, if you qualify for the bonus rate: Receive up to 3.56% 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 December 20, 2024. Member FDIC. To net a 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.

Grasshopper Bank launched its Innovator Savings Account as a standalone option in November 2024. Previously only available to Grasshopper Business Checking customers, the money market account boasts a stellar APY (3.30%), but you need to sink a good chunk of cash into the account to earn interest ($25000). That makes this account best suited to established businesses and startups with seed money, rather than sole proprietors or freelancers.

Business savings calculator: How much could you earn?

What is a high-yield business savings account?

A high-yield business savings account is a deposit account with a strong interest rate. Technically any savings account that earns more than the national average (currently 0.43%, according to the FDIC) could be considered high yield, but NerdWallet holds financial institutions to a higher standard. We consider a business savings account with an APY of at least 2.00% to be a high-yield account.

The best high-yield business accounts typically come from online-only financial institutions or neobanks (technology companies that partner with FDIC-insured banks for account services). These providers often offer better APYs because they lack the physical footprint — and thus the expenses — of brick-and-mortar banks.

Big national banks tend to have the worst accounts for earning interest. Chase and Bank of America's business savings accounts, for example, earn less than 0.05% APY as of this writing.

Pros and cons of business savings accounts

Business savings account rates for November 2024

NerdWallet looked at national, regional and online financial institutions for the following list of current rates for business savings accounts. Listed are the starting APYs for these accounts; some options may have higher rates based on your balance or relationship with the institution. Higher rates are sometimes available via business bank promotional offers, too.

Some banks don't publish current rates for their business savings accounts. Instead, you need to contact a banker for rate information. These accounts may advertise "competitive" rates, but their lack of transparency likely isn’t hiding a high yield.

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:

Methodology