8 Best Business Savings Accounts for 2019

When people look for a business savings account, they want the account with the highest ongoing annual percentage yield (APY). There are also other factors to consider when choosing a business savings account, which include the provider’s network, fees, and terms. We’ve reviewed the best business savings accounts and compare the eight best banks below.

Top 8 Business Savings Account Providers 2019

	Best for
First Internet Bank	(Best Overall) First Internet Bank offers the highest ongoing APY
Axos Bank	Businesses with more than $25,000 in a savings account because of Axos Bank’s high APY
Live Oak	Businesses that want the highest long-term yield without a physical branch location
Capital One	Businesses that want the highest-introductory interest rate
Chase	Businesses that want an account with a traditional bank or for current Chase customers
Wells Fargo	Businesses that have existing Wells Fargo accounts
Bank of America	Businesses owners who already bank with Bank of America
U.S. Bank	Business owners with an existing U.S. Bank business checking account

What’s Changed Since Our Last Update

This article was first published in March 2018. We update this article frequently because bank offerings change frequently when it comes to small business savings accounts. This is especially true as it relates to introductory rates and APYs as well as minimum and maximum deposits.

In this latest update the changes with the largest impact on the best business savings accounts were:

Federal rate hikes: We monitor the Federal rate because any changes impact the cost of money for banks; when the prime rate changes, banks might change their account fees or alter their interest rates
New product offers: Any new signup bonuses banks provide; for example, some banks may offer up to $350 when you sign up for their business savings account
Changes in programs: Banks frequently update their account fees, rates, signup bonuses, and sometimes their application process; we re-evaluated each bank and their programs to ensure our information was accurate

Taking these things into consideration, we reviewed several business savings accounts and updated our list accordingly. The eight best business savings accounts were determined by their interest rates, accessibility, and account fees.

How We Evaluated Business Savings Accounts

Business savings accounts typically have similar terms and costs because they all work the same way. What separates these accounts is the annual percentage yield that they carry or, in other words, how much you could earn every year in interest on the money in your business savings account.

Overall, here’s a list of the most important things we considered when deciding on the best business savings account:

Annual percentage yield (APY): The interest rate that the bank offers to pay you on a monthly basis
Potential fees: Any ongoing monthly fees associated with a specific account
Banking network: The accessibility to ATMs and physical branch locations
Minimum balance requirements: The amount of money you are required to maintain on a day-to-day basis
Federal Deposit Insurance Corporation (FDIC) insurance: Whether the money deposited in the account is insured by the FDIC

Many of the banks offering the highest APY are online banks and most lack a strong network of ATMs and physical branch locations. If you need to be in proximity to a physical branch and/or ATMs, then you should likely only consider the traditional banks like Chase, Bank of America, or a similar institution in which you already have a relationship like an existing business checking account.

After researching the best business savings accounts in the industry against our evaluation criteria, we recommend First Internet Bank as the best overall business savings account provider. First Internet Bank offers one of the highest APYs in the industry at 1.16%, has multiple business checking account options, and has an inexpensive fee structure.

First Internet Bank: Best Overall Business Savings Account Provider

First Internet Bank is the best business savings account provider on our list because it provides two of the highest ongoing APYs and an excellent online banking portal. Its online banking offers “iScan” deposits, which allows you to deposit checks online. For balances up to $250,000, you will earn 1.16%, and for balances of $250,000 or more, you’ll earn 1.41%. It also provides FDIC insurance up to the federal limit of $250,000.

First Internet Bank Rates & Requirements

First Internet Bank’s Regular Business Savings account doesn’t offer an introductory APY but does offer the highest APY on our list at 1.16%. If you are a business owner who expects to have a balance of at least $250,000, you can earn up to 1.41% in interest.

The rates and requirements for First Internet Bank are:

Introductory APY: 1.16% for balances below $250,000; 1.41% for balances of $250,000 and higher
APY after introductory period: 1.16% for balances below $250,000; 1.41% for balances $250,000 and higher
Minimum opening balance: $100
Minimum ongoing balance: $0

In addition to its high APY, First Internet Bank only requires you to have a minimum balance of $1,000 to avoid its small monthly fee of $2. This is an excellent option if you’re looking to maximize your interest with little account costs. In comparison, Capital One offers an ongoing APY of 0.40%, and Axos Bank offers an ongoing APY of 1.06% for balances of $25,000 or more.

First Internet Bank Costs

The account costs associated with First Internet Bank’s business savings account are:

Monthly service fee: $2 (waived with a minimum balance of $1,000)
Monthly transaction fee: $0 (up to 6 per month)
Monthly cash deposit fee: 3% of amount or $10, whichever is greater
Wire transfer fee: $15 for incoming wires and $20 for outgoing wires.
Outgoing automated clearing house (ACH) fee: $5
ATM fees: None

If you have an ATM card, which is only offered to sole proprietors, you can use any ATM in your location. First Internet Bank doesn’t charge an ATM fee. However, the owner of the ATM likely will. However, First Internet Bank offers an ATM rebate program that reimburses up to $10 per month in ATM fees.

What First Internet Bank Is Missing

The one downside to First Internet Bank’s business account is they only provide ATM cards are limited and only given to businesses that are structured as a sole proprietor. This can be a roadblock for any limited liability companies (LLCs) and corporations. If you need access to a debit card, consider opening an account with Axos Bank.

First Internet Bank Reviews

We sourced the internet for user reviews and, in doing so, we found that account holders generally like using First Internet Bank because of the high APY it offers on its savings account. In addition, it also offers an excellent money market account option along with its business checking accounts. However, a negative review suggests they don’t like not being able to get an ATM card if they’re not a sole proprietor.

How to Get a First Internet Bank Business Savings Account

If you’d like to set up an account directly with First Internet Bank, you can start and finish the process online. You will need to be a United States resident, provide your Social Security number, your business information, and have your identification card ready.

Visit First Internet Bank

Axos Bank: Best for Businesses With More Than $25,000 in Savings

Axos Bank is best for businesses with more than $25,000 in savings because the maximum APY is 1.06%. For balances below $25,000, you will earn 0.80%. Axos Bank provides FDIC insurance on all deposits up to $250,000 and access to a free debit card. It’s also a branchless bank and, for that reason, you can apply online.

Axos Bank Rates & Requirements

Axos Bank offers both a regular and premium high yield business savings account. Its regular business savings account carries interest rates of 0.80% compared to its premium account that has rates of 1.06%.

The rates and requirements for Axos Bank are:

Introductory APY: 1.06% for a premium account; 0.80% for a regular account
APY after introductory period: 1.06% for a premium account; 0.80% for a regular account
Minimum opening balance: $25,000 for a premium account; $1,000 for a regular account
Minimum ongoing balance: $0 for a premium account; $2,500 for a regular account

Axos bases your interest rate solely on your daily balance and has two types of business savings accounts. Although you can still earn interest with a balance below that, you won’t be maximizing your earnings. In comparison, First Internet Bank has a minimum account balance of $1,000, which gives you access to interest rates of 1.16%.

Axos Bank Costs

The standard Axos Bank costs on their savings accounts are:

Monthly service fee: $0 for a premium account; $5 for regular accounts that don’t meet balance requirement
Monthly transaction fee: $0; up to six per month
Monthly cash deposit fee: None ― internet bank
Wire transfer fee: Free for incoming wires and $15 for outgoing wires
ATM fees: None

Axos Bank has the best fee structure of any business savings account in this article because most of its savings account services are free. Without physical locations, Axos requires you to deposit your funds electronically, via mail, or by wire transfer. It also provides unlimited domes ATM fee reimbursements, which is much better than First Internet Bank’s $10 monthly reimbursement.

What Axos Bank Is Missing

Axos Bank doesn’t have any physical locations, as they’re a completely online bank. This makes it hard for businesses that want to make regular cash deposits directly to its savings account. If you need access to a physical bank, consider a more traditional provider like Chase.

Axos Bank Reviews

Online user reviews suggest this is an excellent option for business owners who know they can deposit $25,000 from the start. Although it’s difficult to make normal cash deposits, account holders find its online banking features to be beneficial. There were no negative reviews that we found on the web.

How to Get an Axos Bank Business Savings Account

To open an account with Axos, you’ll need to speak to one of its relationship managers. You can do this by calling the institution directly or by submitting a brief online form to schedule a call with it. One of its representatives will walk you through the quick process of verifying your business and making your first deposit.

Visit Axos Bank

Live Oak Bank: Best for High Ongoing APY & Online Banking

Live Oak Bank offers a high ongoing APY at 1.10%, which makes them a good option for anyone who doesn’t need a physical branch location and who expects to keep idle cash for longer than one year. Although there are no physical branches, you can apply completely online. Live Oak Bank also provides its account holders with FDIC insurance up to $250,000.

Live Oak Bank Rates & Requirements

Live Oak Bank is an internet bank with no branches, but it does have offices in multiple states. Its high ongoing APY (1.10%) ranks near the top compared to the other banks in this article and provide a comparatively low fee structure. It doesn’t have minimum balance requirements, and you can start earning that high APY from day one.

The rates and requirements for Live Oak Bank are:

Introductory APY: 1.10%
APY after introductory period: 1.10%
Minimum opening balance: $0
Minimum ongoing balance: $0

Live Oak Bank will never require you to carry a minimum balance. However, if you have $10 or less in your savings account and no activity for 24 consecutive months, it’ll charge you a dormant account fee and close it. If you want an online-only account like Live Oak Bank, consider using First Internet Bank to earn higher interest rates at 1.16%.

Live Oak Bank Costs

The fee structure for Live Oak Bank is the following:

Monthly service fee: $0
Monthly transaction fee: $0; up to six per month
Monthly cash deposit fee: None ― internet bank
Wire transfer fee: $0 for incoming wires; $10 for outgoing fees
ATM fees: None; account holders don’t receive an ATM card

Unlike Axos Bank and First Internet Bank, Live Oak Bank doesn’t provide its account holders with an ATM or debit card to use against their account. However, this is a great savings account option if you’re worried about potential fees. It doesn’t require a service fee or a transaction fee. It even has the lowest wire transfer fees on the list.

What Live Oak Bank Is Missing

Live Oak Bank doesn’t have physical branches you can walk into as it is a digitally focused online bank. It only has offices in North Carolina, Florida, Georgia, and California. This makes it difficult for businesses that want to deposit cash directly into their business savings account. If your business deals with cash and needs to make cash regular cash deposits, consider a traditional bank like Chase.

Live Oak Bank Reviews

We sourced the web for user reviews and, in doing so, we found that although Live Oak Bank does offer good ongoing rates, account holders sometimes find it difficult not being able to access physical locations. However, they say think Live Oak Bank’s fee structure is beneficial compared to other accounts.

How to Get Live Oak Bank Business Savings Account

You can apply for a Live Oak Bank savings account by filling out an online application with all of your personal and business information, including your initial funding method. Live Oak will then verify your information electronically. Once this process is complete, you’ll initiate an initial funding transfer.

Visit Live Oak Bank

Capital One: Best Introductory APY Business Savings Account

Capital One is best for businesses looking for the highest introductory yield on its business savings account. With an introductory offer of 2.00% for the first 12 months, it offers the highest yield on our list. After the promotional period ends, your account will earn 0.40% interest. Capital one savings accounts are insured by the FDIC up to the federal limit. To apply for a Capital One business savings accounts, you must visit a Capital One location.

Capital One Rates & Requirements

Capital One offers a business savings account with a high introductory yield and a flexible fee structure. Plus, its ongoing APY of 0.40% is higher than most traditional banks, even after the 12-month introductory period is up.

The rates and requirements for Capital One are:

Introductory APY: 2.00% for the first 12 months
APY after introductory period: 0.40%
Minimum opening balance: $250
Minimum ongoing balance: $0

With Capital One you’ll never be required to carry a minimum balance, either when you open your account or as you keep it open. It also has a flexible network with more than 39,000 ATMs where you can withdraw funds but only have approximately 700 branch locations. The majority of its locations are in New York, Texas, Louisiana, and Maryland. If you need access to more branches, consider Chase Bank.

Capital One Costs

Capital One has a great fee structure including the following:

Monthly service fee: $3; waived with a minimum balance of $300
Monthly transaction fee: $0; up to six per month
Monthly cash deposit fee: $5,000 per month for free; then 0.2% for additional deposits
Wire transfer fee: $15 for incoming wires; $25 for outgoing wires
Outgoing ACH fee: $0

Capital One has one of the best fee structures in the industry with the exception of their cash deposit fee. While they waive service fees with a minimum balance of $300, they do charge you 0.2% on any money deposited over $5,000 every month. In comparison, Chase Bank offers free cash deposits up to $10,000.

What Capital One Is Missing

Capital One doesn’t have as many physical locations as a traditional bank. This makes it more difficult for a business to combine their checking and savings accounts at a single bank if they need to deposit a lot of cash or make a lot of transactions each month. We suggest a more traditional option if you need convenient physical locations, such as Chase Bank.

Capital One Reviews

We source the web for user reviews and most online reviews suggest account holders this is a great option to use to maximize your interest earnings during the first year. However, most find it difficult to deposit cash into their account because of its scarce physical branch locations.

How to Get a Capital One Savings Account

To open a Capital One business savings account you must walk into a Capital One Branch. A Capital One representative will assist you with outlining the required documentation and any needed information to prove the existence of your business. Once your business is verified, you’ll be set to open an account and make your first deposit.

Visit Capital One

Chase Bank: Best Traditional Business Savings Account

Chase Bank offers the best business savings account from a traditional bank because of its 0.15% APY and customer service program. If you’re looking for a national bank with a lot of physical branches and FDIC insurance, then Chase is your best bet with more than 5,000 branches and 16,000 ATMs nationwide. It’s important to note that only sole proprietorships can apply online.

Chase Premier Business Savings Rates & Requirements

Most traditional banks offer very low yields compared to alternative options. Chase is no different, offering an APY of 0.15%. Although, this can increase to 0.40% for balances of more than $25,000. It also offers a Total Savings account for small business with low balances. However, it’s features and rates aren’t nearly as good.

The rates and requirements for Chase Bank are:

Introductory APY: 0.15%
APY after introductory period: 0.15%; 0.40% for balances of more than $25,000
Minimum opening balance: $25
Minimum ongoing balance: $25

It’s the only account that offers to maximize your earnings by transferring extra money automatically from your checking account into your savings account when you’re unlikely to use it. This feature only kicks in once your daily balance is above $25,000 in your checking account, but it’s a great option to earn more off of the money you’re currently not spending.

Chase Premier Business Savings Costs

The Chase Premier account has the following fee structure:

Monthly service fee: $20; waived if connected to a Chase checking account
Monthly transaction fee: $0 for up to 30 deposited items; then 40 cents each
Monthly cash deposit fee: Free for the first $10,000 per statement cycle
Wire transfer fee: $0 for incoming; $25 for outgoing
Outgoing ACH fee: $0
ATM fee: None

As a traditional bank, Chase offers a wide range of more than 16,000 ATMs nationwide. If you use these in-network ATMs, you won’t be assessed a fee. However, it does require a monthly service fee of $20, which it will waive that if you connect your savings account to a Chase checking account for overdraft protection. In comparison, First Internet Bank has a monthly fee of $2 that is waived if you maintain a minimum balance of $1,000.

What Chase Premier Business Savings Is Missing

Chase offers a very low yield of 0.15% compared to alternative online options. This is because it has many physical locations and more overhead than online banks. If you’re looking for the highest yield, you’ll likely want to go with First Internet Bank at 1.16%.

Chase Premier Business Savings Reviews

We sourced the internet for online reviews and found that most reviews were positive. Business owners with larger account balances find it to be a more beneficial account than some of the other banks. However, some account holders think the introductory APY of 0.15% is insignificant.

How to Get a Chase Premier Business Savings Account

To apply for a Chase Premier savings account you’ll typically need to walk into a branch location. However, Chase allows sole proprietorships to apply for their savings accounts online. You can reach out to them via telephone with any questions you may have or to find out what you’ll need to open an account.

Visit Chase

Wells Fargo: Best for Businesses With Existing Wells Fargo Accounts

Wells Fargo is best for business owners who want an account with a traditional bank and already bank with Wells Fargo. It offers introductory APYs of 1.54% if you initially deposit $25,000 and ongoing APYs between 0.05% and 0.10%, depending on your balance. Wells Fargo is FDIC-insured up to the federal limit, gives account holders the ability to write checks and has more than 13,000 ATMs. You can apply online or visit one of its 5,500 physical branches nationwide.

Wells Fargo Rates & Requirements

Similar to Capital One, Wells Fargo offers an introductory APY for the first 12 months. If you deposit at least $25,000, you will earn 1.54%. It’s important to note these funds must be deposited from outside sources and can’t be transferred from an existing Wells Fargo account. Once the 12-month period ends, you will earn between 0.05% and 0.10% based on your account balance.

Wells Fargo’s rates and requirements are:

Introductory APY: 1.54% for 12 months if you deposit $25,000
APY after introductory period: 0.05% for $0 to $24,999; 0.06% for $25,000 to $99,999); 0.10% for amounts higher than $100,000
Minimum opening balance: $25
Minimum ongoing balance: $0

Interest rates vary in relation to your daily account balance. You’ll earn 0.05% for balances below $25,000, 0.06% for balances between $25,000 and $99,999, and 0.10% for balances of more than $100,000. This tiered rate program is similar to Bank of America. However, Wells Fargo provides rates that are a little bit higher.

Wells Fargo Costs

The fees associated with the Wells Fargo savings account are:

Monthly service fee: $15; waived if you have a minimum daily balance of $10,000
Monthly transaction fee: $15; first six are free
Monthly cash deposit fee: 30 cents for every $100 deposited above $5,000 per month
Wire transfer fee: $15 for incoming wires; $15 for outgoing wires
Deposited items fee: First 20 are free; each thereafter cost 50 cents each
ATM fee: None

Wells Fargo doesn’t have the best free structure compared to the other traditional banks on our list. It charges a cash deposit fee of 30 cents for every $100 that is deposited of more than $5,000 in a month and $15 for every withdrawal or transfer. Wells Fargo charges a fee of $15 if your balance is less than $10,000. If you’re looking for a traditional bank, consider Chase as your business savings account.

What Wells Fargo Is Missing

Wells Fargo doesn’t provide a high APY like some of the other accounts on our list, such as First Internet Bank at 1.16%) You can only earn up to 0.10% in interest, and that’s if you have more than $100,000 in your account. They also give you no additional benefits if you have a Wells Fargo business checking account.

Wells Fargo Reviews

We sourced the web for user reviews and found them to be both positive and negative. Wells Fargo account holders typically like using its business savings account because of their previous banking experience with the institution. However, some reviews suggest its ongoing interest rates are far too low to make an impact on their savings.

How to Get a Wells Fargo Business Savings Account

There are a couple of different ways you can open a Wells Fargo account. You can either apply online, call to make an appointment or walk into one of its physical branches. The online application is the easiest and quickest way to get your account. You will need to provide your business and personal information to verify your business. Once approved, you’ll be able to make deposits immediately.

Visit Wells Fargo

Bank of America: Best for Business Owners Who Already Bank With Bank of America

Bank of America is best for those who want a traditional banking option and who already bank with Bank of America. Depending on your balance, Bank of America only offers interest rates between 0.02% – 0.04%. If you’re not worried about what your yield is, but instead are more worried about ease of use and physical locations, then Bank of America could be the best option for you. Bank of America is FDIC-insured up to $250,000 and has more than 16,000 ATMs.

Bank of America Rates & Requirements

Bank of America carries rates between 0.02% – 0.04% and offers the lowest APY of all the banks in this article. They do, however, offer some nice perks if you use both a savings and checking account, such as waiving fees for both accounts.

Bank of America’s rates and requirements are:

Introductory APY: 0.02% – 0.04%, based on your balance
APY after introductory period: 0.02% – 0.04%, based on your balance
Minimum opening balance: $0
Minimum ongoing balance: $0

Interest rates vary depending on your account balance. You’ll earn 0.02% for balances below $50,000, 0.03% for balances higher than that but less than $500,000, and 0.04% for anything over $500,000. In comparison to our best savings account, First Internet Bank offers interest rates of 1.16% on balances under $250,000.

Bank of America Costs

The Bank of America savings account fee structure is as follows:

Monthly service fee: $15, waived if you have a Bank of America checking account or maintain a daily balance of over $5,000
Monthly transaction fee: $0
Monthly cash deposit fee: $0
Wire transfer fee: $15 for incoming wires and $30 for outgoing wires.
Outgoing ACH fee: $0

Bank of America offers a very competitive fee structure in comparison to most other traditional banks. They’ll charge you a $15 monthly service fee, but it can be waived if you’re a Bank of America checking account holder. This monthly service fee is much higher than First Internet Bank’s account fee of $2, which is waived if you maintain an account balance of $1,000.

What Bank of America Is Missing

Bank of America offers the lowest yield of any bank on this list. They’re typically only right for those with an existing relationship or those who need physical branches and are conveniently located around Bank of America locations. If you’re looking for the highest APY possible, consider First Internet Bank.

Bank of America Reviews

We sourced online user review and found most account holders like using Bank of America because they’ve had a previous track record with them and trust their services. They generally aren’t using them because of their interest rates, as they’re obviously lower than other options on the market.

How to Get a Bank of America Business Savings Account

You can open an account by walking into a local branch, or by filling out an online application that only takes a few minutes. A BofA representative will then walk through the process with you via phone, and request any additional information needed to verify your business. Once approved, you’ll be able to make deposits immediately.

Visit Bank of America

U.S. Bank: Best for Business Owners With an Existing U.S. Bank Business Checking Account

U.S. Bank is best for business owners with an existing U.S. Bank business checking account. The Business Savings Sweep account lets set a daily minimum account balance on your checking account and will move anything higher than that amount into your business savings account. U.S. Bank offers interest rates up to 0.20%, depending on your balance. All deposits are FDIC-insured up to $250,000. U.S. Bank requires that you call to inquire about the account or visit one of its 3,000 branches.

U.S. Bank Rates & Requirements

U.S. Bank offers interest rates based on your daily account balance. For balances less than $10,000, you’ll earn 0.05%; between $10,000 and $50,000, you’ll earn 0.08%; and for amounts higher than $50,000, you’ll earn 0.20%.

The rates and requirements for U.S. Bank are:

Introductory APY: 0.05% less than $10,000; 0.08% on $10,000 to $50,000; 0.20% on amounts of more than $50,000
APY after introductory period: 0.05% less than $10,000; 0.08% on $10,000 to $50,000; 0.20% on amounts of more than $50,000
Minimum opening balance: $100
Minimum ongoing balance: $0

If we compare these rates to other traditional banks on our list, we see they rank pretty evenly. For example, Chase Bank offers 0.15% APY and Bank of America offers between 0.02% and 0.04%. Although the rates match up well, it’s important to consider if you have a physical branch location nearby. Both Chase and Bank of America have more available branches for your access.

U.S. Bank Costs

The U.S. Bank savings account fee structure is as follows:

Monthly service fee: $10, waived if you maintain a minimum balance of $1,000
Monthly transaction fee: $15, first six are free
Monthly cash deposit fee: Free for the first $10,000
Wire transfer fee: $21 for incoming and $42 for outgoing
Outgoing ACH fee: $0
ATM fee: None

Compared to the other traditional banks on our list, U.S. Bank offers less expensive monthly service fees. For example, Chase Bank has a monthly account fee of $20 and Wells Fargo has a monthly account fee of $15. However, U.S. Bank charges $21 for incoming domestic wires and $42 for outgoing domestic wires. Whereas Chase Bank only charges $25 for outgoing wires.

What U.S. Bank Is Missing

U.S. Bank is missing a wider network of ATMs and branches nationwide compared to other traditional banks on our list. If you’re looking to open an account with a traditional bank and want access to more branches and ATMs, consider Chase.

U.S. Bank Reviews

We sourced online user review and found there to be both a mix of positive and negative reviews. One positive review suggested that account holders who already bank with U.S. Bank for their business needs like this account. However, a few negative reviews complained about its customer service.

How to Get a U.S. Bank Business Savings Account

To open an account with U.S. Bank, you must go into a physical branch location or schedule a call with one of its representatives. One of its banking representatives will then walk through the process and request your business’s information to verify your business. Once approved, you’ll be able to make deposits immediately.

Visit U.S. Bank

The Bottom Line

When it comes to business savings accounts, there very little differences between them. The best account is likely going to be the bank you already use, the bank with the closest geographic location to yours, or the one offering you the highest APY.

When considering all of these factors, we recommend First Internet Bank as the best business savings account. You can receive 1.16% APY or 1.41% APY, depending on your savings account balance. You can open an account by filling out an online application.