Best Business Savings Accounts of 2024

Earn up to 4.95% APY with a high-yield business savings account.

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Written by Kelsey Sheehy
Senior Writer
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Edited by Ryan Lane
Assigning Editor
Fact Checked

The best business savings accounts deliver competitive interest rates with minimal barriers to entry, so you can earn a top annual percentage yield on every dollar you set aside. To make things simple, here are our top-rated picks for each type of business savings account.

250+ small-business products reviewed and rated by our team of experts.

95+ years of combined experience covering small-business and personal finance.

Objective comprehensive business bank accounts rubric (Methodology).

NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.

Best business savings accounts
ProductMonthly feeAPYBonusMin. opening depositLearn more
Business Premium Savings Account

Axos Business Premium Savings Account

NerdWallet Rating 
4.5
Learn more

at Axos Bank®

$0 4.01% 

With $0.01 min. balance for APY

$375 

Requirements to qualify

$0
Learn more

at Axos Bank®

Live Oak Bank Business Savings

Live Oak Bank Business Savings

NerdWallet Rating 
5.0
Learn more

at Live Oak Bank

$0 3.90% 

With $0.01 min. balance for APY

$400 

Requirements to qualify

$0
Learn more

at Live Oak Bank

nbkc bank Business Money Market Account

nbkc bank Business Money Market Account

NerdWallet Rating 
4.5
Learn more

at nbkc bank

$0 2.75% 

With $0.01 min. balance for APY

N/A N/A
Learn more

at nbkc bank

Platinum Business Money Market Account

Platinum Business Money Market Account

NerdWallet Rating 
3.0
Learn more

at U.S. Bank

$15.00 

Waived with $10,000 minimum balance

4.34% N/A $100
Learn more

at U.S. Bank

Holdings High-Yield Cash Account

Holdings High-Yield Cash Account

NerdWallet Rating 
4.0
Learn more

at Holdings

$0 4.00% N/A $0
Learn more

at Holdings

First Internet Bank Business Money Market Savings

First Internet Bank Business Money Market Savings

NerdWallet Rating 
4.0
Learn more

at First Internet Bank

$5.00 

Waived with $4,000 minimum balance

3.46% 

With $0 min. balance for APY

N/A $100
Learn more

at First Internet Bank

Live Oak Bank 12 Month Business CD

Live Oak Bank 12 Month Business CD

Learn more

at Live Oak Bank

$0 4.60% $0$2,500
Learn more

at Live Oak Bank

Prime Alliance Bank Business Savings

Prime Alliance Bank Business Savings

NerdWallet Rating 
5.0
$0 4.25% 

With $0 min. balance for APY

N/A $0

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.

Live Oak Bank Business Savings

Best for: Overall business savings account
Live Oak Bank Business Savings
Live Oak Bank

Live Oak Bank Business Savings

NerdWallet Rating  
5.0
APY  

3.90%

Live Oak Bank Business Savings offers one of the best — and most attainable — interest rates on the market. The online-based account earns 3.90% 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 separate Insured Cash Sweep service, though you'll earn a slightly lower APY (accounts are otherwise protected up to the standard $250,000).

  • Opening deposit: $0.

  • Monthly fee: $0.

  • APY: 3.90%.

  • Checks: No.

  • Debit/ATM card: No.

  • Transaction limits: No transaction limit.

Pros

Industry-leading APY.

No minimum balance to earn interest.

No monthly fee or minimum deposit.

Access up to $10 million in FDIC insurance with Insured Cash Sweep.

Cons

No ATM or debit card access.

No weekend customer support.

Axos Business Premium Savings

Best for: Sign-up bonus
Business Premium Savings Account
Axos Bank®

Axos Business Premium Savings Account

NerdWallet Rating  
4.5
APY  

4.01%

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.

  • Opening deposit: $0.

  • Monthly fee: $0.

  • APY: 4.01%.

  • Checks: No.

  • Debit/ATM card: No.

  • Transaction limits: Up to 20 transactions per month (debits, credits and deposited items). Additional transactions are 30 cents each.

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.

Prime Alliance Bank Business Savings

Best for: Highest APY
Prime Alliance Bank Business Savings
Prime Alliance Bank

Prime Alliance Bank Business Savings

NerdWallet Rating  
5.0
APY  

4.25%

Prime Alliance Bank has a top-notch business savings account that earns up to 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.

  • Opening deposit: $0.

  • Monthly fee: $0.

  • APY: 3.85%-4.25%.

  • Checks: No.

  • Debit/ATM card: Yes.

  • Transaction limits: Up to six withdrawals or transfers per month; $10 fee for additional transactions. Withdrawals/transfers made in person, by telephone, by mail or via ATM don’t count toward the limit.

Prime Alliance Bank's business savings rates:

  • Up to $99,999: 3.85% APY.

  • $100,000 to $199,999: 4.05%.

  • $200,000 or higher: 4.25% APY.

Pros

High APY.

No monthly fee or opening deposit requirement.

No minimum balance to earn interest.

Includes ATM card.

Cons

Need to email bank to open an account.

High fee for excess transactions.

No weekend customer support.

NBKC Business Money Market

Best for: High-yield business money market account
nbkc bank Business Money Market Account
nbkc bank

nbkc bank Business Money Market Account

NerdWallet Rating  
4.5
APY  

2.75%

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.

  • Opening deposit: $0.

  • Monthly fee: $0.

  • APY: 2.75%.

  • Checks: Yes.

  • Debit/ATM card: Yes. 

  • Transaction limits: No transaction limit.

Pros

Earns 2.75% APY.

No minimum balance to earn interest.

No monthly fee or minimum opening deposit.

Includes checks and an ATM card.

Cons

High fee ($45) for international wire transfers.

No weekend or after-hours customer support.

First Internet Bank Business Money Market Savings

Best for: Overall business money market account
First Internet Bank Business Money Market Savings
First Internet Bank

First Internet Bank Business Money Market Savings

NerdWallet Rating  
4.0
APY  

3.46%

The First Internet Bank Business Money Market Savings has a couple potential drawbacks compared to the nbkc bank Business Money Market Account. You'll need to deposit at least $100, and there's a $5 maintenance fee (though it can be waived). If those aren't barriers for you, you'll earn an APY of 3.46% on balances up $5 million — and businesses with a daily balance of more than $5 million can get an even greater yield, earning 4.95% APY.

  • Opening deposit: $100.

  • Monthly fee: $5, waived with an average daily balance of $4,000.

  • APY: 3.46%-4.95%.

  • 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.

Pros

High APY.

No minimum balance to earn interest.

ATM card access (sole proprietors only).

Cons

Monthly fee.

Minimum opening deposit ($100).

Holdings High-Yield Cash Account

Best for: High-yield cash account
Holdings High-Yield Cash Account
Holdings

Holdings High-Yield Cash Account

NerdWallet Rating  
4.0
APY  

4.00%

Holdings High-Yield Cash Account advertises an APY of up to 4.62%, but you'll need a balance of at least $10 million to hit that mark. Accounts with $250,000 or less earn a still solid 4.32%, while those between $250,000 and $10 million earn 4.47%. The account includes up to $5 million in FDIC insurance through a network of more than 45 partner banks.

  • Opening deposit: $0.

  • Monthly fee: None.

  • APY: 4.00%.

  • Checks: No.

  • Debit/ATM card: No.

  • Transaction limits: No transaction limit.

Pros

Industry-leading APY

No minimum balance to earn interest.

No minimum opening deposit.

Access up to $5 million in FDIC insurance with Insured Cash Sweep

Cons

No ATM or debit card access.

Phone support only available during business hours.

U.S. Bank Platinum Business Money Market Account

Best for: Bonus APY (up to 4.34% APY)
Platinum Business Money Market Account
U.S. Bank

Platinum Business Money Market Account

NerdWallet Rating  
3.0
APY  

4.34%

U.S. Bank's Platinum Business Money Market Account comes with an outstanding APY, if you qualify for the bonus rate: Receive up to 4.34% 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. You'll need a balance of at least $250,000 to earn the highest bonus rate. The promotional rate does not apply to balances of $3 million or higher.

  • Opening deposit: $100 but you need a balance of at least $25,000 to earn a bonus APY and $250,000 to earn the highest bonus APY.

  • 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 4.34% APY if you qualify for the bonus rate. 

  • Checks: Yes.

  • Debit/ATM card: Yes.

  • Transaction limits: No transaction limit.

Pros

Bonus APY. Terms apply.

Includes checks and an ATM card.

Cons

Low ongoing APY.

Monthly fee.

High balance requirement for promotional rate.

Live Oak Business CD

Best for: Business CD
Live Oak Bank 12 Month Business CD
Live Oak Bank

Live Oak Bank 12 Month Business CD

APY  

4.60%

Live Oak offers a 12-month business CD that earns 4.60% 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.

  • Opening deposit: $2500.

  • Monthly fee: None.

  • APY: 4.60%.

  • Checks: None.

  • Debit/ATM card: No.

  • Transaction limits: You cannot make transactions with the funds in a CD.

Pros

6-month, 9-month and 12-month CDs all earn more than 4% APY as of this writing.

CD interest rates are fixed for the duration of the term.

Many types of business entities can open an account, including sole proprietorships and non-profits.

Cons

Minimum deposit of $2,500 is higher than many other options.

Early withdrawal penalty of 90 days of interest. That's comparable to other business CDs, but business savings accounts and money market accounts usually offer some free transactions.

Other business savings accounts to consider

These business savings accounts offer competitive APYs, but you need a business checking account with the provider to open a business savings account.

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 0.46%, 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.

  • Business savings accounts. These are deposit accounts with variable interest rates. High-yield accounts offer APYs of 2.00% or higher. These accounts typically don’t include checks and many don’t offer ATM cards. Some banks cap account transactions at six per month.

  • Business money market accounts. Similar to traditional business savings accounts, money market accounts have variable interest rates and some banks cap transactions at six per month. Money market accounts tend to have higher interest rates, though, and most include check-writing and debit card access.

  • Business certificates of deposit. Business CDs offer the best yield, but the least flexibility. You select from available “terms” — anywhere from a few months to a few years — and get a fixed interest rate for the duration of your term. There's a penalty to withdraw funds before the end of your CD term.

🤓Nerdy Tip

Several online business checking accounts offer 1.50% APY or higher. While you will sacrifice potential interest, you won't have the same strict restrictions on transfers and withdrawals as savings accounts.

Pros and cons of business savings accounts

Pros

Earn interest on account balances.

Tap into potentially higher levels of FDIC insurance with Insured Cash Sweep options.

Access funds as needed with relative ease.

Cons

Will likely need to use an online bank to get highest rates possible.

Can face limits on monthly transactions.

Interest rates are variable and subject to change.

Business savings account rates for October 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.

Rates are current as of Oct. 1, 2024.

Account

Starting APY

America First Credit Union Business Share Savings

0.05%

Axos Business Premium Savings Account

4.01%

Bank of America Business Advantage Savings Account

0.01%

Blue Federal Credit Union Business Savings

0.01%

Capital One Business Savings

0.25%

Chase Business Total Savings℠

0.01%

Citizens Bank Business Savings Account

0.01%

Consumers Credit Union Business Savings

0.10%

First Tech Federal Credit Union Simple Business Savings

0.01%

KeyBank Key Business Saver

0.01%

LendingClub Business High-Yield Savings

3.35%

Lili High-Yield Business Savings Account

3.65%

Live Oak Bank Business Savings

3.90%

Regions Bank Business Savings

0.01%

Relay Business Savings

1.00%

TD Business Savings

0.05%

U.S. Bank Business Savings

0.05%

Wells Fargo Business Platinum Savings

0.05%

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.

  • 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.

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. Learn more about how NerdWallet rates business bank accounts.

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