8 Best Business Savings Accounts in 2023

• 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 best overall business savings account since it has one of the highest APY, currently 2.30%. Also, it offers business CDs with some of the highest APY on short-terms. You can get 3.5% APY on CDs from one year to two years in length, with strong rates for shorter and longer CDs as well. Check out our savings vs CDs comparison to understand the differences between the two.

The bank has no monthly fees, no minimum deposit required, only a 1-cent requirement to maintain the account, and no ATM fees at more than 55,000 Allpoint ATMs. It also won’t charge if you go out of network, but you will likely pay third-party ATM fees.

There are a few drawbacks, however. 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. ET.

Nevertheless, Live Oak Bank offers a great savings product that will earn you an excellent yield.

• 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

Prime Alliance Bank now offers the highest APY available with its business savings product. It uses a tiered APY structure to reward you as your balance increases. The starting APY is 2.34%, which increases to 2.54% once you have at least $100,000. When your balances surpass $200,000, the APY increases to an industry-leading 2.70%.

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.

• 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

For businesses looking for multiple options for interest-bearing accounts, First Internet Bank is an excellent choice. Its standard business savings account has an APY of 0.90%, and if you choose a business money market account instead of traditional savings, you can get up to 1.71% APY. Even its business checking product has a very solid 0.50% APY.

It also offers commercial CDs, SBA loans, commercial loans, and commercial real estate loans. It is an outstanding choice for a business looking for a digital-only bank that provides full-service banking products and services. In addition to its outstanding commercial offerings, it has interest-earning personal checking and savings accounts.

However, there are some drawbacks to this savings account. All incoming and outgoing wires have fees, so the cost may start to add up if you send wires frequently. Also, you only get six transactions per month before fees hit and, while it doesn’t charge ATM fees, third-party fees may apply. You can only get an ATM card if you are a sole proprietor.

• 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

Mercury is an interesting option because you must open a business checking account to get a business savings account. The savings account isn’t interest-bearing; however, once you have at least $250,000 in your accounts, you can request the interest-earning Treasury account—which has one of the highest APYs on the market.

Its Treasury account currently earns a maximum of 2.524% APY, although the bank expects that to increase as the prime rate increase from the Fed continues.

Mercury is a great choice for a tech or startup company. Mercury’s checking and savings accounts are free, with no minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.

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. The bank doesn’t charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees.

It has also recently added a credit card product, which can help you earn a bonus with a new account. You can get a $200 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening.

One major drawback is its inability to accept cash deposits. Also, outside of its credit card and a venture capital term loan program, there are no standard lending products available.

• 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.

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.

Before deciding to choose Capital One, you need to ensure you are in one of the states listed above as you have to visit a branch to open an account.

The bank offers a solid APY of 0.20% 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, it could be a good choice.

Its biggest advantage 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. ET.

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, it 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’s a monthly fee of $3, but it is waivable by maintaining a minimum balance of $300.

• 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 is a great option for a business savings account thanks to a solid APY and a wide array of other business lending and deposit accounts. Whether you choose business savings or money market, you’ll earn 0.25% APY on all balances greater than $1. You need at least $25 to open either account, but as long as the account balance remains above $1, you’ll earn interest.

The bank offers accounts receivable (A/R) 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, it has interest-earning business checking and CDs. Its CD’s rates are much stronger than its savings and money market accounts, with APY earning between 2.69% and 3.32% depending on the length. It also offers invoicing services through Autobooks.

However, there are drawbacks to 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 has no ability to accept cash deposits, no physical branches, and no free wire transfers.

• You prefer to bank online and don’t need physical branches
• You 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.

However, two providers in this guide 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.

Axos offers 0.20% APY on balances, regardless of whether you choose the business savings account, business premium savings, or money market account. You can earn a welcome bonus of up to $200 if you are a new business owner and open a new account.

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’s by far the largest of any provider on our list. Also, CD rates are pretty poor compared to other providers we’ve listed here, with the top APY just 0.20%.

• You’re looking for a largely fee-free banking experience with a solid APY on business money market balances
• You make frequent ATM withdrawals as NBKC refunds up to $12 in out-of-network fees each month
• Your business is located near one of the bank’s four branches (Kansas City, Missouri; Liberty, Missouri; Overland Park, Kansas; and Leawood, Kansas)

If you’re looking specifically for a business money market account for your business savings, NBKC Bank is an excellent choice. You can earn 1.01% APY on all balances in its money market account.

NBKC is largely a fee-free banking product, with no minimum balance or opening balance required, no monthly fees, and free domestic incoming wires. Outgoing domestic wires are $5, although there are higher fees for international wire transfers.

Not only does NBKC not charge for out-of-network ATM usage, but it refunds up to $12 in ATM fees each month. You can also make deposits at one of more than 34,000 MoneyPass ATMs nationwide.

If your business is near one of the four physical locations in Missouri and Kansas, you can use NBKC as a traditional brick-and-mortar bank. If you aren’t located near a branch bank, this account can be used just like any other online-only bank.

Short-term CD rates are low compared to other providers in this guide, with three-month and six-month CDs at 0.10% APY. Rates increase once you get past the one-year CD, with the maximum APY of 2.02% on 5-year CDs.

The bank also offers a business credit card and other business solutions, including disbursement, fraud management, collections and cash management. It’s a great choice for a business looking for a one-stop-shop for its business banking needs.