8 Best Business Savings Accounts

Editor’s note: This is a recurring post with regularly updated account details.

The best business savings accounts offer interest that earns passive income on your company reserves. Some banks on this list provide outstanding high-yield savings and money market accounts (MMAs), while those with lower interest rates offer other strong business products and services to support your company.

The eight banks listed here offer one or more of three types of savings accounts: business MMAs, business certificates of deposit (CDs), and high-yield savings accounts. Here are the best savings accounts, with links directly to the provider pages:

• Live Oak Bank Member Federal Deposit Insurance Corp. (FDIC) : Best overall with high-yield savings and short-term CDs
• Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust : Best interest-earning digital savings account for balances over $500,000 Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.
• U.S. Bank Member FDIC : Best traditional bank money market account with bonus introductory rate
• Axos Bank Member FDIC : Best digital savings with high APY and expanded FDIC coverage
• Relay Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank. : Best automated business savings account
• Prime Alliance Bank Member FDIC : Best business savings account with tiered APY
• TAB Bank Member FDIC : Best for interest-earning savings and business financing options
• NBKC Bank Member FDIC : Best business savings for ATM fee reimbursements

Best Business Savings Accounts at a Glance

Live Oak Bank: Best Overall Business Savings Account With High-yield Savings & Short-term CDs

When to Choose Live Oak Bank

• You need a high-yield business savings account: Live Oak Bank is our best overall business savings account since it has one of the highest APYs, currently 3.70%. Aside from its high-yield savings account for businesses, it offers business CDs with some of the highest APYs on short-terms. You can get 4.40% APY on a one-year CD, 4.10% on a 9-month CD, and 4.0% APY on a 6-month CD. Interest payouts can be monthly, and CD renewals can be done online.
• You want a great fee-free online business savings account: We consider Live Oak the best savings account for small businesses because it has no monthly maintenance fees and no minimum deposit; plus, only one cent is required to earn interest on the account. You can open the account online in a matter of minutes.

When to Choose an Alternative

• You need to deposit or withdraw cash regularly: Live Oak Bank does not provide a debit card with its savings account but issues one with its business checking products. Consider getting both a business checking and savings account if you would like to bank with the provider and have frequent cash transactions. Otherwise, look into U.S. Bank to receive a debit card with your savings account for convenient ATM cash deposits and withdrawals.

Mercury: Best Interest-earning Digital Savings Account for Balances over $500,000

When to Choose Mercury

• You want to earn interest on large balances with an online-only bank: Mercury, which landed a spot in our roundup of the top online business banks, is an interesting option because you must open a business checking account to get a business savings account. While the savings account is not interest-bearing, if you have over $500,000 in your accounts, you can request the interest-earning Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. account—which has one of the highest APYs on the market. It currently earns a maximum of 4.88% APY.
• Tech companies and startups looking for fee-free accounts and additional FDIC insurance: Mercury is a great choice for a tech or startup company; in fact, it is one of our best banks for startups. Its checking and savings accounts are free, with no minimum deposit or balance requirements. Its biggest perk is its Vault product. Mercury will use partner banks and a sweep network to insure business funds of up to $5 million Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. .

When to Choose an Alternative

• Businesses needing to deposit cash: One major drawback with both Mercury business checking and savings accounts is the inability to deposit cash. If you need to deposit cash regularly, choose a traditional bank like U.S. Bank instead.

U.S. Bank: Best Traditional Bank Money Market Account With Bonus Introductory Rate

When to Choose U.S. Bank

• You are looking for a traditional bank with a bonus APY for new accounts: If you open a new Platinum Business MMA, you can receive a bonus interest rate of 3.50% (3.56% APY) with a qualifying new money deposit. To qualify, you must open a new Platinum Business MMA and deposit anywhere from $50,000 to under $3 million. See U.S. Bank’s full list of tiered APY for its MMA on its website. Terms and limitations apply. Member FDIC.
• You have enough funds in your savings to waive the monthly fee: U.S. Bank charges a $15 monthly fee, which can be waived if you have at least a $10,000 daily balance.

When to Choose an Alternative

• You need to visit a traditional bank but don’t live near a U.S. Bank location: This MMA is now available nationwide, not just in the 27 states Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. where U.S. Bank operates physical branches. However, if there is no U.S. Bank branch in your state and you need to visit a branch for your daily banking needs, consider Chase instead.

Axos Bank: Best Digital Business Savings with High APY & Expanded FDIC Coverage

When to Choose Axos Bank

• You want a free business savings account with high-interest return: Axos Bank offers a solid business savings product, Business Premium Savings. It’s included in our list since it provides a high APY of 4.01% and does not require a minimum opening deposit, a monthly maintenance fee, or an average daily balance requirement.
• You have large balances you want to protect: Axos Bank offers expanded FDIC coverage of up to $240 million with its ICS program through IntraFi Network Deposits. The standard FDIC insurance limit is $250,000 per depositor and account ownership category.
• You want to earn a welcome bonus: Axos offers up to $375 if you sign up for a new Axos Business Premium Savings account, and the bonus will depend on your account’s average daily balance. To qualify, you must be approved for your new Business Premium Savings account and fund it within 30 days of account opening. You must include the promo code BPS375 in your application. The promo offer is until January 31, 2025.

When to Choose an Alternative

• You want the convenience of withdrawing cash from an ATM: Axos Bank does not provide a business debit card when you open a business savings account. However, debit cards are available for its business checking products. If you’re looking for a savings account with debit card access, you can choose to open at a traditional institution like U.S. Bank.

Relay: Best Automated Business Savings Account

When to Choose Relay

• You want auto transfers between checking and savings: Relay allows you to set rules that automatically pull funds from your business checking to savings when a maximum threshold is reached.
• You have Relay business checking and want to earn interest off reserve funds: Relay, one of the leading online business banks on the market, has a great savings product. In fact, if you are a business checking customer, a savings account is automatically created. You can have up to two savings accounts and earn up to 3.0% APY; the interest payout is monthly. Relay’s APY is tiered, so you will earn more interest with higher balances. The combined funds of your two savings accounts determine the APY rate.

When to Choose An Alternative

• You want to withdraw cash or make external transfers directly from savings: To help businesses keep their reserve funds without dipping into them, you cannot link your savings to any debit card. Further, you cannot send and receive payments via ACH, wires, or checks from your savings or use it as a source account for external auto transfers. A traditional bank like U.S. Bank will more likely issue a debit card for business savings.

 

Prime Alliance Bank: Best Business Savings Account With Tiered APY

When to Choose Prime Alliance Bank

• You want to take advantage of the tiered APY structure to grow your savings account: Prime Alliance Bank has high-interest business savings accounts, with one of the highest APYs available. It uses a tiered APY structure to reward you as your balance increases. The starting APY is 3.85%, which increases to 4.05% once you have at least $100,000. When your balances surpass $200,000, the APY grows to 4.25%.
• You make most of your withdrawals in person, via telephone, or by mail: The bank offers unlimited free deposits and up to six monthly withdrawals and transfers. It charges a $10 fee for excess withdrawals and transfers. However, withdrawals made in person at the bank, by telephone, ATM, or by mail are exempt from the limit. If you exceed the transaction limit three times in a rolling 12-month period, the account will be converted to a demand deposit account.

When to Choose an Alternative

• You need in-person or weekend customer service: Customer service is only available Monday through Friday during business hours Mountain time. Alternatively, you can stop by the company’s lone branch in Woods Cross, Utah. If you need branch access, consider a provider with more branches like U.S. Bank. Otherwise, consider a fintech like Relay with better off-hours customer service.

TAB Bank: Best For Interest-earning Savings & Business Financing Options

When to Choose TAB Bank

• You want to earn interest from either an MMA or a business CD: We consider TAB Bank as one of the best savings accounts for businesses since it improved its MMA by offering 4.00% APY on the first $1 million. Balances above that and business savings balances earn 0.25% APY. Additionally, its CD rates are stronger than its savings and MMAs, with APY ranging from 4.00% to 5.02%, depending on the term length.
• You need business financing: For an online-only bank, TAB Bank offers a great variety of lending products. These include AR financing, asset-based lending, equipment financing, business term loans, business lines of credit, factoring, and commercial real estate loans.

When to Choose an Alternative

• You need to withdraw cash from your savings account: There is no option to obtain an ATM card with your business savings account. If you need to withdraw money from your savings, you cannot do it through an ATM. In that case, you may consider U.S. Bank or another traditional banking provider.

NBKC Bank: Best Business Savings for ATM Fee Reimbursements

When to Choose NBKC Bank

• You make frequent ATM withdrawals and cash deposits: NBKC refunds up to $12 monthly in ATM fees. You can also make deposits at one of over 34,000 MoneyPass ATMs nationwide.
• You seek a largely fee-free banking experience with a solid APY on business MMA balances: NBKC is largely a fee-free banking product, with no minimum balance or opening balance required, no monthly fees, and free incoming domestic wires. In addition, you can earn 2.75% APY on all balances in its MMA.

When to Choose an Alternative

• You want to have strong returns on long-term business CDs: NBKC’s long-term CD rates are lower than other providers in this guide. The bank’s rates on CDs that range from a year to five years are 2.75% to 3.25% APY. Consider TAB Bank or Prime Alliance Bank for better long-term CD rates.

How We Evaluated the Best Business Savings Accounts

When compiling this list, we reviewed 95 banks, including more than a dozen specific savings accounts. When we evaluated the best small business savings accounts, we considered the following terms and features:

• Business savings account rates and interest earned (in APY)
• Monthly fees and how easy they are to waive
• Minimum opening deposit and balance requirements
• ATM fees and withdrawal limits and availability
• Customer service availability
• Cash deposit availability and limits
• Other business products provided by the bank
• Wire transfer fees and transaction fees

What to Consider When Choosing the Best Small Business Savings Account

While we used our own criteria to select the best small business savings accounts for this list, here are some things you should review before making a selection:

1. Understand the Types of Savings Accounts

Not every business savings account is the same. In addition to traditional business savings accounts, there are high-yield business savings, business money market accounts (MMAs), and business certificates of deposit (CDs). Each type of account has slightly different rules and will earn you different rates of return.

2. Understand the Fee Structure and How It Will Apply to Your Business

Fees can vary widely in a business savings account. Here are some of the business bank account fees you may encounter:

• Monthly fees: Some business savings accounts charge a monthly fee to operate the account
• Minimum balance fees: Some accounts require you to keep a minimum balance in your account and may charge you a fee if you drop below that balance
• Transaction fees: This is the most important one to know. Even though federal transaction limits have been dropped, many banks still limit savings transactions. If you exceed those, you may pay penalty fees or have your account reclassified to a non-interest-bearing account.

3. Consider Opening a Savings Account at the Same Bank as Your Business Checking

It isn’t required that you open a business savings account at the same bank that holds your business checking. However, there could be some advantages in doing that, such as

• Increased savings rate:You might get a boost in your savings rate by having a business checking at the same bank.
• Faster transfers: If you are transferring money within the same bank, those transfers will likely be almost immediate. External transfers can take a couple days.
• Growing a banking relationship: If you add banking products to an existing business checking provider, it will continue to grow that relationship, which can be beneficial as your business grows and needs financing or merchant service products.

What You Need to Open Small Business Savings Accounts

The documents required to open a small business savings account are the same as for a small business checking account. Be sure to confirm whether you can open the account online or if you need to visit a branch to do so. Requirements may vary from bank to bank and depend on your business type, but they typically include the following:

• Employer identification number (EIN) or Social Security number if you’re a sole proprietor
• Fictitious business name certificate or doing-business-as (DBA) certificate
• Business formation documents
• Organization documents, including your ownership agreements
• Business licenses
• Government-issued photo ID, such as a passport or driver’s license
• Percent of ownership and annual gross revenue

Alternatives to the Best Small Business Savings Accounts

• Bluevine: Best for those looking for an interest-earning, digital-only bank account.
  • Earn up to 2.0% APY on balances up to $250,000 with Bluevine Standard Checking.
  • Check out our Bluevine business checking review for more information.
• Grasshopper: Best for businesses looking for interest-earning business checking and cash back on debit card purchases.
  • It offers up to 2.25% APY uncapped on business checking and unlimited 1% cash back on qualified purchases.
  • Read our review of Grasshopper business checking to learn more.

Choosing one of these accounts would give you more freedom with fee-free transactions, making them two of the best small business checking accounts.

Frequently Asked Questions (FAQs)

What bank has the best business savings account?

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Bottom Line

A business savings account can help your business earn extra revenue on its reserve funds. It lets you earn interest while allowing access to the funds when you need to use them—MMAs and CDs can restrict access to your funds, but both often come with higher APY. Compare the options on this list and choose the provider that best meets your business needs.