Editor’s note: This is a recurring post with regularly verified account details. Last verified on August 25, 2020.
Business savings accounts are one of the best tools available to help you meet your savings goals while safeguarding funds. The best option boils down to two types of accounts: online or traditional. In most cases, you’ll get the largest return on your deposit with online business savings accounts. Meanwhile, traditional banks usually offer business owners more convenient ways to bank and deposit cash.
The best business savings accounts are:
- NBKC Bank Business Money Market Account: Best overall for a high ongoing APY with no banking fees―0.80% annual percentage yield (APY)
- Live Oak Bank Business Savings: Best for no monthly fees on all balances―0.80% APY
- First Internet Bank Business Money Market Account: Best for high APY with a top online bank―0.70% APY
- Capital One Business Savings: Best for high-yield introductory APY―0.65% APY
- Axos Bank Business Premium Savings: Best for balances of more than $25,000―0.50% APY
For more details on how we evaluated business savings and other high-yield savings accounts, see our methodology.
NBKC Bank: Best Overall for a High Ongoing APY & No Banking Fees―0.80% APY
NBKC Bank’s Business Money Market account tops our list by offering one of the highest APYs with no banking fees. Where some accounts require a minimum balance before you can earn high APYs, this account earns its best APY on the first dollar you deposit. Plus, this online bank offers a large ATM network, cash deposits, and wire transfers―for an additional fee―minus the monthly fee. However, ATM cash deposits typically have a five-day holding period, so they’re not ideal.
Who it’s best for: Business owners looking for easy online banking designed for startups
NBKC Bank Rates & Requirements
- Introductory APY: None
- Ongoing APY: 0.80% 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
- Small Business Administration (SBA) and small business lending
- Business checking account available
- Selection of business credit cards available
Live Oak Bank: Best for No Monthly Fees on All Balances―0.80% APY
Live Oak Bank’s Business Savings account offers another great option for business owners looking to grow savings balances. With this account, you’ll earn a high APY on any account balance. Plus, with no minimum balance requirements, you won’t need to worry about monthly service fees. This bank has no physical branches, so you must apply for and fund your account entirely 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 CDs
- Business checking account
- SBA loans
First Internet Bank Business Money Market Account: Best for High APY With a Top Online Bank―0.70% APY
When it comes to digital banking, First Internet Bank’s Business Money Market Account consistently offers the best in business savings with as little as $100 to start. Even better, you can maximize small balances because this savings account racks up high APYs on any balance. However, to avoid this account’s monthly fee, you’ll need to keep a minimum average balance of at least $4,000.
Who it’s best for: Businesses that 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: 0.70%
- 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 (CDs)
- Another high-yield business savings account
- Small business and SBA lending
Capital One: Best for High Introductory APY―0.65% APY
The Capital One Business Advantage Savings account is the only account on our list that offers an introductory APY for the first 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 makes this account well worth it 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, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
Capital One Rates & Requirements
- Introductory APY: 0.65% 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
- Selection of business credit cards
- SBA lending and equipment financing
Axos Bank: Best for Businesses With Balances of at Least $24,000―0.50% APY
The Axos Bank Business Premium Savings account is excellent for owners who have larger balances to start with. You’ll need at least a $24,000 minimum balance to unlock this account’s highest APY. Because it offers two other business checking accounts, this bank is a great way to keep your business and personal finances separate. However, Axos Bank is branchless and doesn’t accept cash deposits.
Who it’s best for: Businesses with at least $25,000 available for savings that don’t process cash deposits
Axos Bank Rates & Requirements
- Introductory APY: None
- Ongoing APY: 0.50% on balances of at least $24,000
- Minimum opening deposit: $25,000 minimum opening deposit
- Minimum balance to earn APY: $24,000
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 account
- SBA loan opportunities
How We Evaluated the Best Business Savings Accounts
To evaluate the best options, we reviewed features that most business savings accounts have, including APYs, account 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 can direct you to 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.
Issa Ajlouny
Jeff, I liked your story on the BEST BUSINESS SAVINGS ACCOUNTS for 2018. Do you any current suggestions for a new non profit corporation that has a large amount of money to deposit. I figure there are new players in this market with better interest rates.
Jordan Tarver
Hi Issa,
Thank you for joining our conversation. We recently updated this article and believe First Internet Bank offers the best option. It provides the highest ongoing APY on our list.
For balances below $250,000, you will earn 1.16%. For balances of at least $250,000, you will earn 1.41%. It’s important to note, though, First Internet Bank only provides FDIC insurance up to the federal limit of $250,000. Any deposits over $250,000 will not be FDIC insured.
Best,
Jordan