The best business savings accounts to grow your business

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If you’re a business owner, you know that every dollar counts. One often overlooked way to maximize your company’s earning potential is to use a high-yield business savings account. 

These accounts come with higher interest rates than traditional savings accounts and can help you earn more on your idle funds.

In this guide, we'll explore the best high-yield business savings accounts, including their features, benefits, and potential drawbacks. 

Best business savings accounts

We've compiled our top picks to help you find the best high-yield business savings account. Each of these accounts offers competitive APYs, unique features, and varying balance requirements to suit businesses of all sizes.

First Internet Bank Money Market Savings: Best for high interest rates 

First Internet Bank, a pioneer in online banking, offers a Business Money Market account with an impressive 3.46% APY on balances below $5 million. You can earn an even higher 5.48% APY on balances above that threshold. 

With a low opening deposit requirement of just $100, this account is accessible to most businesses. However, there is a monthly maintenance fee of $5 if your balance falls below $4,000, and transactions are limited to six monthly.

Live Oak Bank High-Yield Business Savings: Best for no minimum balance requirements 

Live Oak Bank's Business Savings Account boasts a consistent 4.00% APY on all balances, making it an attractive option for businesses looking to earn a high yield without the complexity of tiered rates. 

The account has no monthly maintenance fees, minimum balance requirements, and transaction limits. Live Oak Bank also offers the ability to connect your account with QuickBooks. 

One key feature is the Insured Cash Sweep account, which enables you to receive up to $10 million in FDIC insurance through their IntraFi Network. However, it's worth noting that the APY for an Insured Cash Sweep account is a lower 3.85%. It's also only available to businesses with over $350,000. 

Live Oak Bank’s normal Business Savings Account is protected by the standard FDIC-insured amount of $250,000 per person, per account.

Relay Business Savings Account: Best for simplifying business finances 

Relay, a financial technology company, offers an innovative Business Savings Account with rates up to 3.00%, depending on your account balance:

• Earn 1% APY on balances of less than $50,000
• Earn 1.5% APY on balances between $50,000 and $250,000
• Earn 2% APY on balances between $250,000 and $1 million
• Earn 3% APY on balances over $1 million 

With Relay, you can create up to 20 sub-accounts and allocate funds for specific purposes, such as taxes, payroll, or future investments.

While these rates may not be the highest on the market, Relay's platform provides many unique features. This includes payment collection via Stripe and Square and up to 50 physical or virtual debit cards for your team. 

With its automated savings feature, Relay will identify idle cash in your accounts and automatically “relay” it to your business savings account, maximizing your growth.

With no monthly maintenance fees or deposit requirements, Relay is an excellent choice for businesses looking for a holistic financial management solution.

NBKC Bank High-Yield Business Savings Account: Best for easy access to funds

NBKC Bank's Business Money Market account offers a solid 2.75% APY on all balances, with no minimum balance or deposit requirements. 

The bank prides itself on waiving a lengthy list of common banking fees, making it an affordable option for most businesses. NBKC Bank also offers a wide range of additional products, including CDs, commercial lending, and other business products, allowing you to grow with the bank as your business expands.

U.S. Bank Platinum Business Money Market Account: Best for in-person banking 

For businesses who prefer a traditional brick-and-mortar banking experience, U.S. Bank's Platinum Business Money Market account is a solid choice. This financial institution has over 2,000 branches in 26 states. 

This business money market account offers a low APY on balances below $25,000. You’ll earn a slightly higher APY on balances over $3 million. U.S. Bank has previously offered a limited promotional rate that’s often very competitive. 

You only need $100 to open an account, and there’s a $15 monthly maintenance fee that you can waive if your daily balance is over $10,000. 

Capital One Business Savings Account: Best for online and in-person perks 

Capital One's Business Savings Account offers a 6-month promotional APY of 4.10% for balances between $10,000 and $5 million and 1% APY on balances below $10,000. Those rates drop to 2.12% and 0.55%, respectively, once the promotional period ends. 

Capital One is a full-service bank with both online and in-person banking options. They also have a handful of Capital One Cafes, which provide a comfortable space for business owners to work and network.

This account has a $3 monthly service fee that can be waived with a minimum balance of $300. There’s also a transaction limit of six withdrawals each monthly statement cycle. 

What to look for in a high-yield business savings account

When choosing the best high-yield business savings account, there are several key factors to consider beyond the APY. That way, you can ensure that your chosen account aligns with your business's unique needs and financial goals.

Account type

It's crucial to separate your money between personal and business savings accounts, says Mando Sallavanti III, a certified financial planner at MassMutual. 

“Using a personal account for business transactions can violate [the terms and conditions of a personal account], which might result in the bank closing the account or even temporarily freezing the funds,” he says. 

Plus, while savings and money market accounts function similarly, choosing an account specifically designed for business use is essential.

Minimum deposit and balance requirements 

Some banks allow you to open a business savings account with as little as one cent. Others may require a more substantial minimum deposit, like $25,000. Additionally, many accounts have minimum balance requirements to earn the highest APY. Consider your business's cash flow and financial situation when evaluating these requirements.

Fees 

Pay attention to any fees that come with the account, including monthly maintenance fees, transaction fees, or wire transfer fees. Low-fee accounts can help ensure that your interest earnings outweigh the account's cost. 

Accessibility 

Some banks limit the number of transactions you can make per month. Knowing how accessible your money is can help you manage your cash flow more effectively.

The same goes for bank transfers. Most banks take 1-2 business days for an ACH transfer to move your money to another account. Knowing how quickly you can access your funds is important when picking an account. 

Choosing the best business savings account: 3 questions to ask 

You’ve narrowed down your list of business savings accounts. But how do you actually know which one is best for your business? Here are some questions to ask yourself. 

1. What’s your cash flow? 

Many banks tier their interest rates based on the size of your account balance. An accurate estimate of how much money flows in and out of your savings account will help you understand your eligibility for top APYs.

To make your business finances more streamlined, you may want to consider a bank offering automated savings tools. These tools help ensure your business cash flows automatically to the right account, helping you maximize interest earnings

2. What’s your business needs? 

Accessibility isn't just a fancy term. It's the key to aligning your money management with your business needs. 

Many business savings accounts come with tools to simplify your life, such as integration with your existing banking products and services (like checking accounts), transaction limits, balance requirements, online account management tools, and customer support resources.

3. What are your saving goals? 

The best business savings accounts help you earn interest and grow your money without much effort. With rates of up to 4.00% (or higher), reaching your savings goals has never been easier — especially with the power of compound interest. 

Here’s a closer look at how APY can affect your savings balance over the long term. Here’s how much $50,000 would be worth in 10 years based on different interest rates (assuming interest compounds monthly). 

How to make the most of your business savings account 

Once you've chosen the best high-yield business savings account, you must manage that money smartly. Here are some tips. 

• Set a savings goal: Determine how much you want to save each month or quarter, and create a plan to reach that goal.
• Automate your savings: Set up transfers from your business checking account to your savings account to ensure consistent savings.
• Allocate funds for specific purposes: Use sub-accounts or separate savings accounts for specific goals, such as taxes, equipment purchases, or emergency reserves.
• Review your account regularly: Monitor your savings account balance and interest earnings to ensure you're on track to meet your goals.

How we rated the best business savings accounts 

To determine the best high-yield savings accounts, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix.

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available. Learn more about our methodology here. 

Here are some of the key factors we considered:

• Interest rate: The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor. 
• Fees: Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
• Minimum deposit & balance requirements: High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness.
• Product mix: A diverse product mix allows customers to find the right financial solutions for their unique needs and goals. 
• Customer service: Reliable customer service is essential for a positive banking experience. 
  Digital experience: With more banking done online, the quality of an account's digital offerings is increasingly important.
• ATM & branch access: Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.

Frequently asked questions 

Are business savings accounts FDIC-insured?

Most business savings accounts are FDIC-insured up to $250,000, providing the same protection as personal savings accounts. However, always verify the bank's FDIC insurance status before opening an account.

Can I open multiple business savings accounts?

Yes, you can open multiple business savings accounts to allocate funds for specific purposes or to take advantage of different interest rates and features offered by various banks.

Can I link my business savings account to my business checking account?

Many banks allow you to link your business savings and checking accounts for easier transfers and account management. Some banks may even offer relationship-based perks for businesses with multiple accounts.

The bottom line

Whether building an emergency cash reserve, rewarding your employees, or investing in growth, a high-yield business savings account can offer financial versatility to businesses of all sizes. 

While APYs are high right now, they may not last forever. That’s why it’s a smart idea to take advantage of these rates now. 

Don't let your business's hard-earned money languish in a low-interest account. Take action today and start exploring the best high-yield business savings accounts available. With the right account, you can help your business thrive in even the most challenging economic times.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.