6 Best Business Savings Accounts in 2022
Andrée Kirk is a Staff Writer at Fit Small Business, specializing in Small Business Banking and Credit Cards.
This article is part of a larger series on Business Banking.
To determine the best business savings accounts, we selected those that can best help your small business save for future expenses, improvements, or projects. We looked at annual percentage yield (APY) and balance requirements, one-time and recurring fees, any eligibility requirements, and any added benefits.
Here are the six best business savings accounts:
- Live Oak Bank: Best overall business savings account at 0.50% APY
- Axos Bank: Best for interest-earning savings and checking, and $200 welcome bonus
- TAB Bank: Best for interest-earning savings and business financing options
- First Internet Bank: Best business savings account with a full-service digital bank
- Prime Alliance Bank: Best business savings account with tiered APY
- Capital One: Best for introductory APY and business credit cards
Providers | Introductory APY | Ongoing APY | Monthly Fee | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit & Balance Requirement |
|---|---|---|---|---|---|---|
 | N/A | 0.50% | None | No cash deposits accepted | No fees for out of network ATMs | No minimum to open, one cent to maintain |
 | N/A | 0.20% | $10—waivable | No cash deposits accepted | Unlimited monthly reimbursements for out of network ATM fees | $100 min to open, $2,500 average balance to waive $10 maintenance fee |
 | N/A | 0.25% | None | No cash deposits accepted | No reimbursements for ATMs | No min to open, $1 minimum balance required |
 | N/A | 0.40% up to $10 million, 0.25% above $10 million | $2— waivable | None | Up to $10 ATM refund per month | $100 to open, $1,000 minimum balance to avoid $2 maintenance fee |
 | N/A | 0.25% up to $99,999.99, 0.45% up to $199,999.99, 0.60% $200,000+ | None | None | No fee at AllPoint or MoneyPass ATMs | No minimum balance requirement |
 | 0.20% guaranteed for 12 months for new account holders | Standard variable APY | $3— waivable | Up to $5,000 per month free, $1 per $1,000 after that | $2 fee at non-Capital One ATMs | $250 minimum to open, $300 minimum balance to waive monthly fee |
Live Oak Bank: Best Overall Business Savings Account at 0.50% 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
Additional Features
- High-yield certificates of deposit (CDs)
- Small Business Administration (SBA) and other loans available
- Free online and mobile banking
When to Choose Live Oak Bank Business Savings
- 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
Fees & Terms
Introductory APY: N/A
Ongoing APY: 0.50%
Monthly fee: None
Cash deposit fee: No cash deposits accepted
ATM fee: No fees for out-of-network ATMs
Minimum opening deposit and balance requirement: No minimum to open; 1 cent to maintain
Why We Like It
Live Oak Bank offers the highest yield savings account on this list at 0.50% APY with no eligibility requirements and no monthly maintenance fee. It’s an online-only bank headquartered in North Carolina, with customer service available Monday through Friday.
Keep in mind that accounts with a balance of $10.01 or less and no activity for 24 consecutive months will be considered dormant and will be closed after incurring a fee. The fee will be the account balance or $10, whichever is less.
Axos Bank: Best for Interest-earning Savings and Checking & $200 Welcome Bonus
Axos Bank
What We Like
- QuickBooks compatible
- Unlimited free ATM reimbursements
- $200 welcome bonus for newly incorporated businesses
What's Missing
- No cash deposits
- No physical branches
- No free unlimited transactions
Additional Features
- Money market accounts and CDs
- Merchant services
- Payroll services
When to Choose Axos Bank Business Savings
- 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
Fees & Terms
Introductory APY: N/A
Ongoing APY: 0.20%
Monthly fee: $10; waived if you maintain a $2,500 minimum balance
Cash deposit fee: No cash deposits allowed
ATM fee: Unlimited reimbursements for out of network ATM fees
Minimum opening deposit and balance requirement: $100 minimum to open; $2,500 minimum to avoid maintenance fee
Why We Like It
Axos Bank offers plenty to its new customers. In addition to its business savings account, its Business Interest checking account currently offers the highest yield available, at 0.81% APY up to $49,999.99 and 0.20% APY up to $249,999.99. If you maintain the $5,000 minimum balance, the $10 monthly maintenance fee will be waived. Plus, if your business is new―incorporated after June 1, 2020―you can earn a $200 welcome bonus.
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
Additional Features
- Checking, savings, money market accounts, and CDs
- Accounts receivable (A/R) financing
- Asset-based lending
- Term loans
- Equipment financing
When to Choose TAB Bank Business Savings
- You have business financing needs
- You prefer an online bank and don’t need to visit a branch
- You don’t use ATMs often
Fees & Terms
Introductory APY: N/A
Ongoing APY: 0.25%
Monthly fee: None
Cash deposit fee: No cash deposits accepted
ATM fee: No reimbursements for out-of-network ATMs
Minimum opening deposit and balance requirement: $25 to open; $1 minimum balance required
Why We Like It
TAB Bank offers a wide variety of business financing options including term loans for businesses with either an excellent or average credit rating. It also offers asset-based lending using your business’s physical assets as collateral, and invoice factoring to help cover cash flow gaps or manage unexpected expenses. TAB Bank also partners with 40 different carriers to provide business insurance. Based in Utah and created for the transportation industry, it now services all eligible businesses across the country and also offers a full suite for personal banking.
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
- Up to $10 ATM refund per month
- No monthly fee
What's Missing
- No fee-free incoming and outgoing wire transfers
- $100 minimum to open
Additional Features
- Personal accounts, including:
- Checking and savings accounts
- Money market accounts
- Cash back personal credit card
- CDs
- Mortgages
- SBA loans and commercial loans
- Business accounts, including:
- Business money market accounts
- Business CDs
When to Choose First Internet Bank Business Savings
- You want to earn interest on multiple accounts
- You don’t use ATMs often
- You prefer your business and personal accounts with one bank
Fees & Terms
Introductory APY: N/A
Ongoing APY: 0.40% for balances of less than $10 million; 0.25% for balances of more than $10 million
Monthly fee: $2
Cash deposit fee: None
ATM fee: Up to $10 ATM fee per month
Minimum opening deposit and balance requirement: $100 to open; no minimum balance required; $1,000 minimum to waive monthly maintenance fee
Why We Like It
When you want to keep your personal and business accounts within one bank, First Internet Bank offers a comprehensive selection of both personal and business accounts to cover your needs. Their checking and savings accounts are interest-earning, including their business savings account with a 0.40% APY on deposits of $10 million or less.
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
Additional Features
- SBA loans
- Equipment financing
- Checking, money market, and CDs available
When to Choose 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
Fees & Terms
Introductory APY: N/A
Ongoing APY: 0.25% up to $99,999.99; 0.45% up to $199,999.99; 0.60% $200,000 or more
Monthly fee: None
Cash deposit fee: None
ATM fee: No fee at Allpoint or MoneyPass ATMs
Minimum opening deposit and balance requirement: $1 to open; no minimum to maintain
Why We Like It
Prime Alliance Bank gives you the opportunity to earn additional interest the more you deposit into your business savings account, up to 0.60% APY. It has a nationwide customer base with no eligibility requirements, and one branch in Utah. They also offer other deposit products such as checking, money market, and CDs.
Capital One Bank: Best for Introductory APY & Business Credit Cards
Capital One Bank
What We Like
- 70,000 fee-free ATMs
- Checking, savings, loans, and lines of credit available
- No minimum balance requirement
What's Missing
- Account opening only available in select United States locations
- Fees for domestic incoming and outgoing wire transfers
Additional 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
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 Choose Capital One Business Savings
- You’re located near a Capital One branch
- You need to make large cash deposits
- You need the convenience of a large ATM network
Fees & Terms
Introductory APY: 0.20% guaranteed for 12 months for new account holders
Ongoing APY: Standard variable APY
Monthly fee: $3
Cash deposit fee: $5,000 per month free; $1 per $1,000 after that
ATM fee: $2 fee at non-Capital One ATMs
Minimum opening deposit and balance requirement: $250 minimum to open; no minimum balance required to earn interest; $300 minimum to waive monthly fee
Why We Like It
Capital One offers an introductory APY that’s much higher than the national average. It’s also worth it to browse its selection of business cash back or miles rewards credit cards. You don’t need to be near a branch location to apply for a credit card. It’s one of our best banks for small businesses.
What You Need to Open a Small Business Savings Account
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 if you’ll 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
If you’re solely looking to set aside funds for future use, the best savings account for your small business may be the one with the highest yield and little to no fees. Consider if it may be more convenient to open a savings account where you currently bank. It may be more beneficial to open a savings account with a bank that offers additional products and services that can support the growth of your business. More factors to consider can be found in our article on how to open a business bank account.
