7 Best Business Savings Accounts of 2020

Editor’s note: This is a recurring post with regularly verified account details. Last verified on June 23, 2020.

Business savings accounts are designed to help you meet your business savings goals while keeping your funds secure. The best options include two types of accounts: online and traditional. Online business savings accounts earn much higher annual percentage yields (APYs) and fewer fees than traditional banks. However, traditional banks offer business owners more convenient ways to bank and deposit cash.

The best business savings accounts are:

• First Internet Bank Business Money Market Account: (Best overall) Best for the highest ongoing APY―1.21% APY
• Axos Bank Business Premium Savings: Best for balances of more than $25,000―1.06% APY
• NBKC Bank Business Money Market Account: Best for earning high APYs on any balance―1.01% APY
• Capital One Business Savings: Best for high-yield introductory APY―1.00% APY
• Live Oak Bank Business Savings: Best for no monthly fees on all balances―0.80% APY
• Wells Fargo Business Platinum Savings: Best for the highest APY among traditional banks―0.08% APY
• Bank of America Business Savings: Best for existing Bank of America customers―up to 0.04% APY

For more details on how we evaluated business savings and other high-yield savings accounts, see our methodology.

First Internet Bank Business Money Market Account: Overall Best Business Savings Account―1.21% APY

First Internet Bank’s Business Money Market Account (MMA) offers the highest APY available—easily topping our list as the best business savings account. Plus, you won’t need a minimum balance to earn its high APY. Although it’s an online-only bank, you’ll still have access to mobile banking and ATMs.

Who it’s best for: Business owners who don’t make cash deposits and won’t need a physical branch location.

First Internet Bank Business MMA Rates & Requirements

• Introductory APY: None
• Ongoing APY: 1.21%
• Minimum opening deposit: $100
• Minimum balance to earn APY: 1 cent

First Internet Bank Business MMA Fees

• Monthly service fee: $5; waived with a minimum balance of $4,000
• Withdrawal fee: Free up to six per month; $5 per withdrawal thereafter
• Domestic wire transfer fee: $15 for incoming; $20 for outgoing
• In-network ATM fees: None
• Deposited items fee: None
• Monthly cash deposit fee: None

If you make frequent ATM transactions, it’s a good idea to consider a bank’s ATM fee policy before opening a business bank account. First Internet Bank doesn’t charge an out-of-network ATM fee, but the ATM provider likely will. However, First Internet Bank offers an ATM rebate program that refunds up to $10 in ATM fees each month.

First Internet Bank Additional Features

• Checks upon request
• Free ATM card (for sole proprietors only)
• Online and mobile banking
• An interest-earning business checking account
• Additional ways to save including:
  • Business certificates of deposit
  • Another high-yield business savings account
• Small business and Small Business Administration (SBA) lending

Visit First Internet Bank

Axos Bank: Best for Businesses With Balances of at Least $25,000―1.06% APY

The Axos Bank Business Premium Savings account is great for owners who have at least $25,000 available for deposit, which is the threshold that unlocks its highest APY. Plus, because it offers two other business checking accounts, this bank offers a great way to keep your business and personal finances separated. However, Axos Bank is branchless and doesn’t accept cash deposits. You can apply directly online and easily fund your account with an electronic transfer.

Who it’s best for: Businesses with more than $25,000 available for savings that don’t process cash deposits.

Axos Bank Rates & Requirements

• Introductory APY: None
• Ongoing APY: 1.06%
• Minimum opening deposit: None
• Minimum balance to earn APY: $25,000

Axos Bank Fees

• Monthly service fee: None
• Withdrawal fee: Free up to six per month; $10 per withdrawal thereafter
• Domestic wire transfer fee: Free for incoming; $15 for outgoing
• ATM fees: None
• Deposited items fee: None
• Monthly cash deposit fee: None

Axos Bank Additional Features

• Free ATM card
• An additional savings account, Axos Business Savings
• Online and mobile banking
• Business checking accounts:
  • Basic Business Checking
  • Business Interest Checking
• Business certificates of deposit
• SBA loan opportunities

Visit Axos Bank

NBKC Bank: Best for Earning a High APY on Any Balance―1.01% APY

NBKC Bank’s Business Money Market account offers account holders a great APY with no balance requirements. This account begins earning high APYs on the first dollar you deposit, without minimum balance requirements or monthly fees. Plus, this online bank offers a large ATM network, cash deposits, and wire transfers (for an additional fee). However, ATM cash deposits typically have a five-day holding period.

Who it’s best for: Business owners looking for easy online banking designed for startups.

NBKC Bank Rates & Requirements

• Introductory APY: None
• Ongoing APY: 1.01% on all balances
• Minimum opening deposit: $5
• Minimum balance to earn APY: 1 cent

NBKC Bank Fees

• Monthly service fee: None
• Withdrawal fee: free up to six per month; $10 per withdrawal thereafter
• Domestic wire transfer fee: Free for incoming; $5 for outgoing
• ATM fees: None
• Deposited items fee: None
• Monthly cash deposit fee: None

Although NBKC Bank doesn’t charge fees for ATM withdrawals, non-NBKC Bank ATM transactions may have a fee for each transaction. This bank will reimburse you up to $12 per month for any out-of-network ATM fees.

NBKC Bank Additional Features

• Online and mobile banking
• Free ATM or debit card
• Ability to order checks
• No fees for overdrafts or returned items
• SBA and small business lending
• Business checking account
• Selection of business credit cards

Visit NBKC Bank

Capital One: Best for High Introductory APY―1.00% APY

The Capital One Business Advantage Savings account is the only account on our list that offers a high introductory APY, which lasts for 12 months. After the promotional period ends, your account will earn the standard APY. However, for owners who prefer Capital One, this bank’s ATM and branch network will still be beneficial long after the promotion is over. To apply for a Capital One business savings account, you must visit a branch location.

Who it’s best for: Businesses that can visit a physical branch located in Connecticut, Delaware, District of Columbia, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia.

Capital One Rates & Requirements

• Introductory APY: 1.00% for the first 12 months
• Ongoing APY: A standard variable rate
• Minimum opening deposit: $250
• Minimum balance to earn APY: 1 cent

Capital One Fees

• Monthly service fee: $3; waived with a minimum balance of $300
• Withdrawal fee: Free up to six per statement cycle; $10 thereafter
• Domestic wire transfer fee: Free for incoming; $25 for outgoing
• ATM fees: None for Capital One Bank ATM transactions; $2 per transaction at most non-Capital One ATMs, $5 per transaction at select ATMs
• Deposited items fee: None
• Monthly cash deposit fee: None

Capital One Additional Features

• Mobile and online banking
• Free ATM card
• Business checking options, including:
  • Basic Business checking
  • Unlimited Business Checking accounts
• Certificate of deposit accounts for businesses
• A suite of the best business credit cards available
• SBA lending and equipment financing

Visit Capital One

Live Oak Bank: Best for No Monthly Fees on All Balances―0.80% APY

Live Oak Bank’s Business Savings account offers a great ongoing APY you can earn on any account balance. Plus, this account has no minimum balance requirements, so you won’t need to worry about monthly service fees. Although this bank has no physical branches, you can apply for and fund your account completely online.

Who it’s best for: Owners looking for easy fee-free online banking and consistent APYs on all balances.

Live Oak Bank Rates & Requirements

• Introductory APY: None
• Ongoing APY: 0.80% on all balances
• Minimum opening deposit: $0
• Minimum balance to earn APY: 1 cent

Live Oak Bank doesn’t require a minimum balance. However, accounts with no activity for 24 consecutive months and a balance of $10 or less will be considered dormant. Aside from closure, dormant accounts also incur a $10 charge.

Live Oak Bank Fees

• Monthly service fee: None
• Withdrawal fee: Free up to six per statement period; $10 per transaction thereafter
• Domestic wire transfer fee: Free for incoming; $10 for outgoing
• ATM fees: None; account holders don’t receive an ATM card
• Deposited items fee: None
• Monthly cash deposit fee: None; does not accept cash

Live Oak Bank Additional Features

• Online and mobile banking
• High-yield business certificates of deposits (CDs)
• Business checking account
• SBA loans

Visit Live Oak Bank

Wells Fargo: Best for Earning the Highest APY at a Traditional Bank―0.08% APY

Although the Wells Fargo Business Platinum Savings account offers an APY that’s lower than most, it’s the best APY from a traditional bank. Wells Fargo also offers online and mobile banking tools, making it easy to transfer funds and keep track of your growing balance. You can avoid this account’s monthly fee by linking it to a qualified Wells Fargo business account or by keeping a minimum balance of $10,000.

Who it’s best for: Business owners who already have a relationship with Wells Fargo and enjoy the benefits that come with traditional banking.

Wells Fargo Rates & Requirements

• Introductory APY: None
• Ongoing APY: 0.08% on all balances
• Minimum opening deposit: $25
• Minimum balance to earn APY: 1 cent

Wells Fargo’s APYs may vary depending on your ZIP code. Visit Wells Fargo’s website to get account rates specific to your location.

Wells Fargo Fees

• Monthly service fee: $15; waived when you:
  • Link to a Platinum Business Checking; or
  • Maintain a $10,000 minimum daily balance
• Withdrawal fee: First six are free; $15 per withdrawal thereafter
• Domestic wire transfer fee: $15 for incoming wires; $15 for outgoing wires
• ATM fees: None; $2 per inquiry at a non-Wells Fargo ATM; $2.50 each transaction at a non-Wells Fargo ATM
• Deposited items fee: First 20 deposited items per fee period are free; 50 cents each thereafter
• Monthly cash deposit fee: First $5,000 per fee period is free; 30 cents for every $100 deposited thereafter

Wells Fargo Additional Features

• One of the largest branch and ATM networks
• Online and mobile banking access
• Free ATM card
• Variety of business checking and business savings accounts
• Business CDs
• Selection of business credit cards
• Small business and SBA lending

Visit Wells Fargo

Bank of America: Best for Traditional Relationship Banking―0.02% APY to 0.04% APY

Bank of America’s Business Advantage Savings account rounds out our list with its comparatively low APY. However, it’s hard to ignore all the other benefits that come with a Bank of America business relationship. With nearly 5,000 branch locations nationwide, business owners will find this account an accessible and easy addition to an already established relationship.

Who it’s best for: Business owners who already have business checking or investment accounts with Bank of America.

Bank of America Rates & Requirements

• Introductory APY: None
• Ongoing APY: Rates on balances may vary based on ZIP code:
  • Standard rate is 0.02% for balances under $50,000; 0.03% for balances between $50,000 to $499,999; 0.04% on balances of $500,000 or more
  • Get an additional interest boost on top of the standard rate on Preferred Rewards for Business eligible accounts:
    • 5% for Gold tier
    • 10% for Platinum tier
    • 20% for Platinum Honors tier
• Minimum opening deposit: $25
• Minimum balance to earn APY: 1 cent

Bank of America’s interest rates may vary depending on your location. Check the Bank of America website for rate information specific to your ZIP code.

Bank of America Fees

• Monthly service fee: $15; waived when you:
  • Maintain a $5,000 minimum daily balance; or
  • Link one Business Advantage Savings account as part of your Business Advantage Checking solution; or
  • Qualify for and enroll in Preferred Rewards for Business
• Withdrawal fee: Free for the first six per month; no fee above that but savings may be converted to a checking
• Domestic wire transfer fee: $15 for incoming; up to $30 for outgoing
• ATM fees: $0 for in-network transactions; $2.50 per inquiry or withdrawal at a non-Bank of America ATM
• Deposited items fee: First 25 deposited items per statement cycle are free; 45 cents per deposit thereafter
• Monthly cash deposit fee: First $5,000 per statement cycle is free; 30 cents for every $100 deposited thereafter

Bank of America Additional Features

• Free ATM card
• One of the best online and mobile banking platforms
• Opportunity to earn higher APY for banking relationship Preferred Rewards tiers
• Multiple physical locations and ATMs
• A suite of business checking and business savings accounts
• Multiple business credit cards
• SBA and small business loans

Visit Bank of America

How We Evaluated the Best Business Savings Accounts

To evaluate the best options, we reviewed features that most business savings accounts have, including APYs, fees, and balance requirements. Account terms for business savings accounts often vary from bank to bank. These differences are even more apparent when comparing online banks to traditional banks. However, all business savings accounts on our list are Federal Deposit Insurance Corporation (FDIC)-insured up to $250,000.

Bottom Line

When it comes to the best savings account for your business, rates, and fees may point you in the direction of the perfect account. The best provider may also be the bank with the easiest online access or the bank you already use. Either way, you’ll get more bang for your buck when you can find an account that best fits your banking needs and earns a high APY.