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- You can open high-yield business savings accounts at banks or credit unions.
- Several financial institutions offer business bank accounts paying 4% APY or more.
- You may need to maintain balance requirements or fulfill certain activities to earn the highest APY on some accounts.
All businesses, including small and medium-sized businesses, need their own business savings account to help keep personal and business savings separate. We've reviewed several nationally available business savings accounts and provided a list of the best ones to help you open a business bank account.
Introduction to Business Savings Accounts
What is a Business Savings Account?
Business savings accounts work a lot like personal savings accountsin that they are a low-risk place to put your savings with relatively easy access while still earning interest. Interest rates on business savings accounts are variable, which means they can change over time. And while you'll have easier access to your money in a business savings account than something like a CD, business savings accounts generally put a limit on how many times you can withdraw money per month.
Importance of Having a Business Savings Account
If you run a business, it's important to keep your personal money and your business money separate. Opening a business savings account will allow you to do this while still letting you earn money off of your savings, without opening you up to the sort of risk you'd expect from investments.
Top Business Savings Accounts 2024
The best business savings accounts offer at least 4% APY. Some are savings accounts; others are money market accounts, which are like savings accounts but may include additional features like ATM cards or paper checks.
We've covered accounts at brick-and-mortar banks, online banks, and credit unions. Credit unions have membership eligibility requirements. That said, we've selected credit unions that anyone can join, regardless of where you live in the United States.
If you're interested in a business checking account that pays interest, we also have a list of thebest free business checking accounts.
Featured Business Savings Account
Axos Business Premium Savings
On Axos Bank's site. Axos Bank, FDIC Insured
Perks
Earn up to $375 bonus when you open an account using promo code BPS375 and complete qualifying activities (offer expires on 12/31/2024)
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.01%
Minimum Opening Deposit
$0
Bonus
Earn up to $375 bonus when you open an account using promo code BPS375 and complete qualifying activities (offer expires on 12/31/2024)
up to $375
Pros
- No minimum opening deposit
- No monthly service fees
- High interest rate
Cons
- No physical branches
- Customer service unavailable on weekends
Axos Business Premium Savings review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Unlock a bonus up to $375 with Business Premium Savings.
- Save more, pay lower fees, and get a limited-time bonus up to $375 with a 4.01% APY* Business Premium Savings account. Use promo code BPS375.†
- Free domestic and international incoming wires
- No monthly maintenance fee
- No minimum opening deposit
- No average daily balance requirement
- Business deposit accounts FDIC insured up to $250k
| Financial institution | Type of bank account | APY (Annual Percentage Yield) | Requirements to earn highest APY |
| First Internet Bank of Indiana | First Internet Bank of Indiana Business Money Market Account | 3.46% to 5.48% | Maintain a daily balance above $5 million |
| Premier Members Credit Union | Premier Members Credit Union Business Money Market Account | 0.50% to 5.00% | Maintain $2,000 or less in your account |
| U.S. Bank | U.S. Bank Platinum Business Money Market Account | 0.05% to 4.34% | Open a new account and have an account balance between $25,000 and $3 million |
| Prime Alliance Bank | Prime Alliance Bank Business Savings Account | 3.85% to 4.25% | Maintain $200,000 or more in your account |
| Consumers Credit Union | Consumers Credit Union Business Money Market | 0.00% to 4.13% | Have a minimum daily balance of $500,000 or more |
| Axos Bank | Axos Business Premium Savings | 4.01% | Open an account. |
| Live Oak Bank | Live Oak Bank Business Savings | 4.00% | Open an account with $0.01 or more. |
Key Features to Look for in a Business Savings Account
Business Savings Account Interest Rates
One very important aspect of business savings accounts is the interest rate they offer. You can expect fairly similar rates comparing business banking interest rates vs. personal banking interest rates, which makes it easy to tell when you're getting a good rate. Keep in mind, though, that some of the business savings accounts with the highest interest rates offer tiered interest, which means your account has to have a specific amount of money in it to earn the best interest rate. If an account you're interested in has tiered interest, make sure you can meet the higher tiers' requirements before you open the account.
Business Savings Account Fees and Charges
When opening a business savings account, watch out for monthly bank maintenance fees and try to get a no-fee business bank account. Financial institutions may charge a fee if you don't maintain a certain account balance or fulfill certain monthly transaction requirements. If you don't have a lot of money to open the account with, also check to see if there's a minimum opening deposit you have to provide in order to open the account.
Depending on the account, you might also be charged excessive withdrawal fees if you go over a certain number of withdrawals a month. If you know you'll be making a lot of withdrawals, check with the bank or credit union you're interested in to see if they charge excessive withdrawal fees.
Accessibility and Convenience of Your Business Savings Account
If you travel a lot because of your business, you'll want to make sure your business savings account is accessible no matter where you go. You might consider using one of the best online business savings accounts or a bank with a strong mobile banking app; if access to physical branches is important to you, you might instead want to go with a nationwide bank that has many branches across the U.S.
Additional Business Savings Account Services and Perks
One thing to consider when opening a business savings account is whether you'll want to do all of your banking at the same institution. If so, you might be interested in banks that also offer strong business checking accounts or business credit cards. Also consider if you're interested in having debit cards or check-writing privileges for your savings account; if so, you might want to go with a money market account, since it's more likely to have those features.
How to Choose the Right Business Savings Account
Assessing Your Business Savings Needs
Consider what size your small business is and what features it needs access to when deciding what business saving account to open. For example, does your small business generate a lot of physical cash? If so, an online bank might not be your best bet, as it can be hard to deposit cash with them. And if you just started your small business, you'll probably want to go with one of the best business bank accounts for small businesses instead of an account that only starts earning interest when you've deposited hundreds of thousands of dollars.
Comparing Different Banks and Business Savings Accounts
Business savings accounts will differ heavily between banks. Make sure to perform an extensive business savings account comparison to figure out what different accounts offer, along with what requirements they have for you, before you commit.
Reading the Fine Print on Your Business Savings Account
Some business savings accounts will claim to completely avoid bank fees while still charging for things like bank transfers. Make sure to pay close attention to banks' fee schedules and truth in savings disclosures to avoid being caught unaware by surprise fees.
Tips for Maximizing Your Business Savings Account
Regular Deposits and Business Savings Goals
Setting savings goals for your business and regularly depositing money into your savings account for that purpose will help your business continue to grow. One easy way to do this is to set up automated transfers from your business checking account each month.
Taking Advantage of High-Interest Business Savings Accounts
The best high-yield business savings accounts can help you earn money on your savings without exposing them to the risks that investing comes with. While you'll probably earn more money by investing, there are business savings accounts with 5% interest or more that can earn you significantly more than the average savings account rate.
Minimizing Business Savings Account Fees and Penalties
When opening a business savings account, make sure to pick an account that offers low or no monthly service fee, or choose an account with an easily-waivable service fee. You'll also want to avoid savings accounts that penalize your for things you're likely to do, such as withdrawing money regularly or dipping under a specific balance threshold.
Business Savings Account FAQs
What is a business savings account?
A business savings account is an account you can deposit money into for your business to use. They generally offer interest on your funds and can be a helpful tool for building up savings for your business.
How do I open a business savings account?
To open a business savings account, you'll generally need to fill out an application and provide details about your business, like business name, owner name, business type, employer identification number, and physical address. You might also need to deposit a certain amount of money into your new account as part of the opening process.
Are business savings accounts insured?
Yes, your business savings account should be insured through either the FDIC for banks or the NCUA for credit unions. Generally, federal insurance is limited to $250,000, per depositor, per account type, but some banks and credit unions offer enhanced FDIC or NCUA insurance for business customers by spreading your money across multiple different banks.
What are the best business savings accounts?
First Internet Bank of Indiana and U.S. Bank are two of the best banks for business savings accounts, especially if you want to earn a high savings rate. If you're open to using a credit union, Premier Members Credit Union is another great choice for a high-yield business savings account.
What fees are associated with business savings accounts?
The fees that are associated with business savings account will differ depending on your financial institution, but some common fees are monthly service fees, excessive withdrawal fees, and transaction fees.
Is it worth having a business savings account?
Yes, it is worth it to have a business savings account. Business savings accounts help you keep your business finances and your personal finances separate while letting you earn money on your business's extra funds.
Why You Should Trust Us: How We Chose the Best Business Savings Accounts
At Business Insider, we consider many different aspects of a business savings account when deciding which ones should make our list of the best business savings accounts. We follow our bank rating methodology and consider the following aspects of business savings accounts, among others: the bank's ethics, the account's interest rate, the bank's customer support, the bank's mobile app, the account's monthly service fees, and the account's required minimum opening deposit.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Lifeseries with Business Insider.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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