7 Best Business Savings Accounts in 2022
This article is part of a larger series on Business Banking.
The best business savings accounts should provide strong interest-earning potential, transparent fee structures, and as many fee-free features as possible. This will allow your business to take its reserve funds and have them grow to help your business expand.
Here are the seven best savings accounts and what each are best for:
- Live Oak Bank: Best overall business savings account with the highest annual percentage yield (APY)
- First Internet Bank: Best business savings account with a full-service digital bank
- Prime Alliance Bank: Best business savings account with tiered APY
- Mercury: Best interest-earning digital savings account for high balances
- TAB Bank: Best for interest-earning savings and business financing options
- Axos Bank: Best for businesses with excess savings transactions
- Capital One: Best for introductory APY and business credit cards
Providers | Ongoing APY | Monthly Fee | Transaction Fee | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit & Balance Requirement |
|---|---|---|---|---|---|---|
 | 1.05% | None | Six free monthly, then $10 each | No cash deposits accepted | Free access to Allpoint ATM network worldwide | No minimum to open, 1 cent to maintain |
 | 0.40% | $2; waivable | Six free monthly, then fees apply | None | Third-party ATM operator fees apply | $100 to open |
 | 0.45% up to $99,999.99; as high as 0.80% | None | None | None | Free in MoneyPass ATMs; $1.50 for out-of-network | No minimum balance requirement |
 | As high as 0.73% on treasury balances >$250,000 | None | None | No cash deposits accepted | Free access to Allpoint ATM network worldwide | None |
 | 0.25% | None | None | No cash deposits accepted | No ATM card | $25 minimum to open; $1 minimum balance required |
 | 0.20% | $5; waivable | 20 free, then 30 cents each | No cash deposits accepted | Fees may apply | $1,000 minimum to open |
 | 0.20% first 12 months, then standard variable APY | $3; waivable | None | Up to $5,000 per month free, $1 per $1,000 after | $2 fee at non-Capital One ATMs | $250 to open; $300 minimum to waive monthly fee |
*Mercury is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Evolve Bank & Trust.
Live Oak Bank: Best Overall Business Savings Account With the Highest APY
Live Oak Bank
What We Like
- No minimum balance requirements
- No monthly maintenance fees
- More than 55,000 free in-network ATMs
What's Missing
- No unlimited withdrawals
- No free outgoing wires
Features
- High-yield certificates of deposit (CDs)
- Small Business Administration (SBA) and other loans available
- Free online and mobile banking
Live Oak Bank Business Savings Terms & Features
Terms |  |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | 1 cent to maintain |
Transaction Limit Before Fees | Six free each month, then $10 per transaction |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | None for incoming; $19 for outgoing |
International Wire Fees | Not specified |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | 1.05% |
Customer Service | By phone or fax during weekdays from 8 a.m. to 8 p.m. Eastern time or through its support page |
Other Products | Business checking, SBA loans, United States Department of Agriculture (USDA) loans, and commercial lending |
Open an Account |
- You want a high-yield business savings account
- You prefer to bank online and don’t need physical branches
- You won’t be making cash deposits
Live Oak Bank is our choice for the best overall business savings account due to its industry-leading APY, currently 1.05%. In addition, it has no monthly fees, no minimum deposit required, just a one-cent requirement to maintain the account, and no ATM fees at more than 55,000 Allpoint ATMs. Live Oak Bank also won’t charge if you go out of network, but you will likely pay third-party ATM fees.
There are a few drawbacks. If you send wire transfers often, you will pay $19 per transfer. The bank doesn’t accept cash deposits, although you can deposit checks through the mobile app or by mail, or transfer funds via ACH. Phone customer service is also limited to Monday through Friday, 8 a.m. to 8 p.m. Eastern time.
Nevertheless, Live Oak Bank offers a great savings product that will earn you an excellent yield.
First Internet Bank: Best Business Savings Account With a Full-service Digital Bank
First Internet Bank
What We Like
- Interest-earning savings and checking accounts
- Wide range of business lending products
- No minimum balance required
What's Missing
- No fee-free incoming and outgoing wire transfers
- $100 minimum to open
- ATM cards only available to sole proprietorships
Features
- Personal accounts, including checking, savings accounts, money market accounts, cash back personal credit card, and CDs
- Mortgage lending
- SBA loans and commercial loans
- Business accounts, including money market accounts and business CDs
First Internet Bank Business Savings Terms & Features
Terms |  |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Six free transactions per month; fees apply thereafter |
ACH Fees | None |
Monthly Fee | $2; waivable with $1,000 average daily balance |
Domestic Wire Transfer Fees | $15 for incoming; $20 outgoing |
International Wire Fees | $15 for incoming; $50 outgoing |
ATM Fees | ATM card available to sole proprietors only. First Internet doesn’t charge, but third-party ATM fees will likely apply. |
Cash Deposited | None; can be done through ATMs |
APY | 0.40% |
Customer Service | Toll-free customer service available Monday through Saturday and email customer service available as well |
Other Products | Commercial checking, savings, CDs, SBA loans, commercial loans, and commercial real estate loans |
Open an Account |
When To Use First Internet Bank Business Savings
- You want to earn interest on both your business checking and savings accounts
- You don’t use ATMs often, and if you do, you run a sole proprietorship (First Internet Bank only provides ATM cards to sole proprietorships)
- You prefer your business and personal accounts with one bank
As far as digital-only banks go, First Internet Bank leads the way with product offerings for your small business and your personal needs. Its savings account earns a very strong 0.40% APY, but its business checking also earns 0.30% APY. The company also offers commercial CDs, SBA loans, commercial loans, and commercial real estate loans.
In addition to its outstanding commercial offerings, it offers interest-earning personal checking and savings accounts. There are some drawbacks to this savings account, however. All incoming and outgoing wires have fees, so the cost may start to add up if you send frequent wires. You only get six transactions per month before fees hit. While it doesn’t charge ATM fees, third-party fees may apply, and you can only get an ATM card if you are a sole proprietor.
Prime Alliance Bank: Best Business Savings Account With Tiered APY
Prime Alliance Bank
What We Like
- No monthly maintenance fee
- No minimum balance requirement
- Tiered deposit levels to earn additional interest
What's Missing
- No online account opening for business savings
- No debit card for business savings accounts
- No weekend customer service
Features
- SBA loans
- Equipment financing
- Checking, money market, and CDs available
Prime Alliance Bank Business Savings Terms & Features
Terms | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited free deposits and up to six withdrawals/transfers per month; $25 each after six |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | $10 incoming; $15 outgoing |
International Wire Fees | $10 incoming; $40 outgoing |
ATM Fees | No fees at a MoneyPass ATM; $1.50 fee for out-of-network ATM withdrawals plus third party ATM operator fees |
Cash Deposited | None |
APY |
|
Customer Service | Can stop in at the physical location, message online, or call Monday through Friday between 8:30 a.m. and 5:30 p.m. Mountain time |
Other Products | Commercial checking, money market, CDs, and commercial loans |
Open an Account |
When To Use Prime Alliance Bank Business Savings
- You want to take advantage of the tiered APY structure to grow your savings account
- You don’t need customer service on weekends
- You prefer to bank online, as there is only one physical location in Woods Cross, Utah
If you plan to grow your business savings account, Prime Alliance Bank and its tiered APY structure is a great choice. The starting APY rate is a solid 0.45%. This amount increases to 0.65% once you have at least $100,000, and it balloons to 0.80% from $200,000 and higher.
The bank offers unlimited free deposits and up to six withdrawals and transfers per month. The cost of going over six withdrawals and transfers is steep at $25 per transaction, so keep that in mind if you regularly end up with more per month.
Customer service is available Monday through Friday during business hours Mountain time, or you can stop by the company’s lone branch in Woods Cross, Utah.
Drawbacks include the high fee for going over six withdrawals and transfers per month, no free wire transfers, either incoming or outgoing, and a $1.50 charge at non-MoneyPass ATMs, plus third-party fees.
Mercury: Best Interest-earning Digital Savings Account for High Balances
Mercury
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Access multiple business entities with single sign-on (SSO)
What's Missing
- Accounts not available to sole proprietorships
- Lacks paper check-writing abilities
- Must ask for the Treasury account and must have account balances in excess of $250,000 to qualify
Features
- Accounts integrate with major accounting software
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrates fully with QuickBooks and Xero accounting software
- Get $200 cash when you spend $2,000 on your debit card within 90 days
Mercury Business Checking Terms & Features
Terms |  |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | None |
International Wire Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | As high as 0.73% for money in Treasury account |
Customer Service | Email customer service available |
Other Products | Checking―must open a checking to get a savings and interest-earning Treasury account |
Open an Account |
*Mercury is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Evolve Bank & Trust.
When To Use Mercury Business Checking
- Business owners who are comfortable with an online-only bank and don’t need their business bank to have a physical location
- Companies that don’t need to deposit cash directly into their savings account
- Businesses looking for a fee-free business banking experience
The first thing to note about Mercury is that you cannot open only a savings account. When you open a checking account, you get a savings account for free. Then, once you have at least $250,000 in your accounts, you can ask for the interest-earning Treasury account.
The Treasury account currently earns a maximum of 0.73% APY, although the bank expects that to increase as the prime rate increases throughout 2022.
Mercury is a great choice for a tech or startup company. Mercury’s checking and savings accounts are completely free with no minimum deposit or balance requirements.
Most businesses incorporated in the US are eligible for an account, except sole proprietorships or trusts.
Both physical and virtual debit cards are available with your Mercury account. You can withdraw money from one of 55,000 Allpoint network ATMs for free. Mercury doesn’t charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees. You can also get $200 cash when you spend $2,000 on your debit card within 90 days.
One major drawback with Mercury is the inability to deposit cash. Outside of a venture capital term loan program, there are no standard lending products available.
TAB Bank: Best For Interest-earning Savings & Business Financing Options
TAB Bank
What We Like
- Full-service online bank
- Customer service Monday through Saturday
- Partners with Autobooks for invoicing services
What's Missing
- No physical branches
- No free incoming wires
- No ATM network, no reimbursements for ATM use
Features
- Checking, savings, money market accounts, and CDs
- Accounts receivable (A/R) financing
- Asset-based lending
- Term loans
- Equipment financing
TAB Bank Business Savings Terms & Features
Terms | |
|---|---|
Required Opening Deposit | $25 to open |
Required Balance Minimum | $1 to maintain |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | $15 for incoming wire; $30 for outgoing |
International Wire Fees | Not specified |
ATM Fees | No ATM card provided |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | 0.25% on all balances over $1 |
Customer Service | Message through the website or call toll free Monday through Friday 6 a.m. to 7 p.m. Mountain time; Saturday from 9 a.m. to 3 p.m. MT |
Other Products | A/R financing, asset-based lending, invoice factoring, equipment financing, business checking, money market, CDs, and commercial real estate lending |
Open an Account |
When To Use TAB Bank Business Savings
- You have business financing needs, as the bank offers a wide array of lending products
- You prefer an online bank and don’t need to visit a branch
- You don’t need to use an ATM with your savings account, as there is no ATM card available with this account
TAB Bank does provide a great savings account product with a solid 0.25% APY. Besides the interest rate, the biggest perks to working with TAB Bank are the wide array of other business lending and deposit accounts.
TAB Bank offers accounts receivable financing, asset-based lending, a couple of varieties of invoice factoring, equipment financing, and commercial real estate lending. If you want to keep all of your business needs with the same bank, having deposit accounts and lending products with TAB Bank makes sense.
In addition, TAB Bank offers interest-earning business checking, money market and CDs. It also has invoicing services through Autobooks.
However, there are drawbacks with this savings account, starting with no option to obtain an ATM card. If you need to withdraw money from your savings, you cannot do it through an ATM. In that case, you probably want to consider another savings provider on this list.
In addition, the bank does not accept cash deposits, has no physical branches, and has no free wire transfers.
Axos Bank: Best for Businesses With Excess Savings Transactions
Axos Bank
What We Like
- QuickBooks-compatible
- Up to 20 monthly transactions available before fees
- $200 welcome bonus for newly incorporated businesses
What's Missing
- No cash deposits
- $1,000 minimum deposit required
- Fees for outgoing wire transfers
Features
- Money market accounts and CDs
- Merchant services
- Payroll services
Axos Bank Business Savings Terms & Features
Terms |  |
|---|---|
Required Opening Deposit | $1,000 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20 items per month, then 30 cents per item (includes debits, credits, and deposited items) |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | $5, waived if average daily balance remains above $2,500 |
Domestic Wire Transfer Fees | Incoming are free; $15 for outgoing |
International Wire Fees | Incoming are free; $50 for outgoing |
ATM Fees | Fees may apply |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | 0.20% |
Customer Service | 24/7 customer service available at a toll-free number or by email |
Other Products | Business checking, money market, CDs, and SBA lending |
Open an Account |
When To Use Axos Bank Business Savings Checking
- You prefer to bank online and don’t need physical branches
- You also need a business checking account and other products and services
- You want interest-earning business savings and checking accounts
One of the biggest perks with Axos Bank could also be a drawback, depending on how your transactions break down. You get up to 20 monthly transactions before being charged 30 cents per transaction. Most accounts on this list charge after you make more than six withdrawals and transfers, so if most of your transactions are withdrawals and transfers, you could come out ahead here.
However, two providers on this list give you unlimited free deposits. Those deposits would count toward your 20 monthly free transactions with Axos, so if you make frequent deposits, you might want to go with either Prime Alliance Bank or First Internet Bank.
One of the first perks you can get with Axos Bank is a welcome bonus. If your LLC was incorporated after June 1, 2020, you can earn a $200 bonus (use promo code NEWBIZ200). If your business doesn’t qualify for the new business bonus, you can still receive a $100 bonus at signup (promo code NEWAXOSBIZ).
Axos offers 0.20% APY on balances. It also provides free incoming wire transfers but does charge for outgoing transfers. The $5 monthly fee can be waived if your average daily balance stays above $2,500.
The biggest initial drawback for Axos is a $1,000 minimum deposit to open the account. It is by far the largest of any provider on our list.
Capital One: Best for Introductory APY & Business Credit Cards
Capital One
What We Like
- 70,000 fee-free ATMs
- Checking, savings, loans, and lines of credit available
- Good introductory APR rate
What's Missing
- Account opening only available in select US locations
- Fees for domestic incoming and outgoing wire transfers
Features
- Shop for and finance a car
- Receive discounts on small business essentials
- Use Capital One Shopping for discount codes at checkout
- Selection of business credit cards for fair to excellent credit
Capital One Business Savings Terms & Features
Terms | |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | $3, waivable with a minimum average daily balance of $300 |
Domestic Wire Transfer Fees | $25 per outgoing wire, $15 for incoming wire |
International Wire Fees | $40 per outgoing wire, $15 for incoming wire |
ATM Fees | No charge for in-network ATM usage; $2 charge for out-of-network ATMs |
Cash Deposited | Up to $5,000 per month free, then $1 fee per $1,000 after |
APY | 0.20% for first 12 months, then standard variable APY applies |
Customer Service | Toll-free phone support Monday through Friday, 8 a.m. to 8 p.m. Eastern time or in branch during business hours |
Other Products | Lending products, credit cards, and Unlimited Business Checking |
Open an Account |
Note:
Capital One currently requires that you visit a branch to complete an application to open a business savings account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
When to use Capital One Bank Business Savings
- You’re located near a Capital One branch as you must open an account in a branch. You cannot open one online.
- You need to make large cash deposits, as Capital One allows up to $5,000 per month free and charges just $1 per $1,000 over that amount.
- You need the convenience of a large ATM network as it has more than 70,000 ATMs in the Capital One network.
Before deciding to choose Capital One, you need to ensure you are in one of the states listed above that has a Capital One branch location. You have to visit a branch to open an account.
Capital One offers a solid APY of 0.20%, but only for the first 12 months. After that, the rate reverts to the standard variable rate. So, if you’re looking for a short-term gain with a savings account, Capital One could be a good choice.
The biggest advantage of Capital One is the physical locations (albeit limited), which allow for cash deposits and in-person customer service. Phone customer service is available Monday through Friday from 8 a.m. to 8 p.m. Eastern time.
You can deposit up to $5,000 in cash monthly for free. After that, Capital One charges just $1 for every $1,000 over that amount. So if your business has large cash deposits into your savings, Capital One could be a good choice.
In addition to the location restrictions, other drawbacks include fees for all wire transfers, limited time on solid APY rate, and an opening deposit requirement of $250. There is a monthly fee of $3, but it is waivable by maintaining a minimum balance of $300.
Alternatives To the Best Business Savings Accounts
- Bluevine: Best for those looking for an interest-earning, digital-only bank account. Earn up to 1.5% APY on balances smaller than $100,000 with qualifying transactions. Check out our Bluevine business checking review for more information.
- Kabbage: Best for businesses with an existing relationship with American Express or Kabbage. Earn up to 1.1% APY on balances smaller than $100,000. Read our Kabbage business checking review to learn more.
When choosing a savings account over a checking account, you are looking for an interest-earning account that exceeds most checking account APYs. However, a couple of digital-only checking accounts have high APYs on balances up to $100,000. Choosing one of those accounts would also give you more freedom with fee-free transactions, making them two of the best small business checking accounts.
How We Evaluated the Best Business Savings Accounts
When we evaluated the best business savings account, we considered the following terms and features:
- Interest earned (in APY)
- Monthly fees, and how easy they are to waive
- Minimum opening deposit and balance requirements
- ATM fees and withdrawal limits/availability
- Customer service availability
- Cash deposit availability and limits
- Other business products provided by the bank
- Wire transfer fees and transaction fees
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 need to visit a branch. 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
Bottom Line
Before deciding on a business savings account, you need to determine what you need from your savings account. Consider if you are going to have frequent transactions or if you will be able to put money in your savings and leave it there to draw interest. Figure out how much money you plan on putting in savings and how that affects your APY rate. Also, decide if you need a physical location or if digital-only works for your business. Once you work out what you need, one of the savings accounts listed here should meet your business needs.
