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Our top picks for business savings accounts deliver a healthy APY, low fees, and easy access to your money. Find the right match for your small business.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
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Chelsea KrauseChelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
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Shelbi Wescott began working for Merchant Maverick in 2019 after 17 years as a journalism educator and publications advisor, where she has extensive knowledge of newsroom systems and editorial workflows. She has overseen multiple print and online publications and mentored hundreds of emerging writers. Shelbi is also an award-winning journalist, published author, and former small business owner with a Master of Arts in Teaching from Lewis and Clark College in Portland, Oregon.
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Shelbi WescottShelbi Wescott began working for Merchant Maverick in 2019 after 17 years as a journalism educator and publications advisor, where she has extensive knowledge of newsroom systems and editorial workflows. She has overseen multiple print and online publications and mentored hundreds of emerging writers. Shelbi is also an award-winning journalist, published author, and former small business owner with a Master of Arts in Teaching from Lewis and Clark College in Portland, Oregon.
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While there are a lot of great business bank accounts out there, a business savings account is especially important for keeping your money safe and saving for emergencies or new business ventures, all while earning interest on your hard-earned funds.
We researched more than two dozen of the most popular and up-and-coming business banks, to find the best business savings accounts based on interest rates, fees, customer satisfaction, and more. Because we know that not every small business is alike, we included a variety of contenders aimed at different business types and sizes.
No matter what you’re looking for in a business savings account, these seven options are the best for a reason.
A business savings account is very similar to a personal savings account in that it is a bank account designated for storing financial savings. The main difference is that the account will be in the name of the business, with authorized users, rather than in any one person’s name and will hold business savings rather than personal savings.
The best business savings accounts are easy to apply for, offer an interest rate or APY at or above the national average for savings accounts, include FDIC insurance, and offer features and perks aimed at small businesses. While there are a ton of business savings options, these are the best small business savings accounts.
Live Oak Bank: Best high-yield business savings account
Why We Chose Live Oak As The Best High-Yield Business Savings Accounts
Live Oak is one of the only banks to make it on our list of best online banks, best savings accounts, and best high-yield savings accounts. With no account minimums, an APY of 2.00%-4.60%, and up to $10 million in FDIC insurance, Live Oak is a solid choice for businesses of all sizes looking for a savings account.
Live Oak Bank also sets itself apart by offering lending options as well, so that if you ever need additional business funds, you can operate through your existing business bank, which makes the loan application process easier.
Live Oak Bank Features, Rewards & Perks
Here are Live Oak’s current features:
Live Oak Bank Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
And its rewards and perks:
Live Oak Bank Yield and Cashback
Value
Checking APY
None
Savings APY
up to 3.90%
CD APY
up to 4.60%
Treasury Account APY
N/A
Checking Cashback
None
Live Oak Fees
Live Oak Bank is very forthright with its fees. You won’t find any monthly account fees with a Live Oak business savings account. There are no minimum opening or ongoing balance requirements.
Live Oak Bank Category Fees
Value
Monthly Fee Range
$0-$100/month
Monthly Checking Fee
$0-$100/month (waivable)
Monthly Savings Fee
$0/month
ATM Fee
None for in-network ATMs (3% for out-of-network ATMS)
Why We Chose Lili For Best Business Savings Accounts
Lili Bank is an up-and-coming online bank with features and rewards ideal for small businesses and even works for sole proprietors or freelancers. Lili offers a competitive APY of up to 3.65% and an easy-to-use online banking platform with time-saving perks like auto-saving. If you have multiple small businesses, you can manage them from one single login, making it ideal for entrepreneurs and small business owners. Lili's unique advantage is that it also offers built-in accounting and finance management tools like tracking tax deductions.
Lili Features, Rewards, & Perks
Here are Lili Bank’s features:
Lili Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
And its rewards and perks:
Lili Yield and Cashback
Value
Checking APY
None
Savings APY
3.65%
CD APY
N/A
Treasury Account APY
N/A
Checking Cashback
Varies
In addition to a high APY, the Lili Pro account includes overdraft protection of up to $200, cash deposits, bill pay, tax optimization tools, automatic savings transfers, and business checking with cashback rewards. Lili also integrates with accounting software to make managing your business finances even easier.
Lili Fees
Although Lili offers a free account, you’ll need to sign up at the Pro level if you want to earn interest on your savings.
If you want to add a dedicated account specialist and priority support to your Lili accounts
While you will have a monthly fee, there are very few other fees. There’s no overdraft, ACH, ATM, foreign transaction, or wire transfer fees, which is why we put Lili as the best overall small business savings account.
Why We Chose LendingClub For Best Business Savings & Checking
Known for its lending services, LendingClub offers a savings account that's worth being known for too. LendingClub has a high-yield business savings account option with a highly competitive APY. Paired with LendingClub's Tailored Checking account that offers APY and cashback, LendingClub has become a great banking option for businesses looking to maximize their interest-earning returns.
LendingClub Features, Rewards, & Perks
LendingClub Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
LendingClub offers high APY. LendingClub also offers a competitive business checking account with APY and cashback. If you need additional business funds, LendingClub has multiple small business loans and SBA loans, making it a good all-in-one business bank account.
Why We Chose U.S. Bank For Building A Business Savings Fund
U.S. Bank offers two business savings accounts and three money-market accounts, but the thing that sets this bank apart is the Business Savings Sweep Account. With the Business Savings Sweep Account, U.S. Bank "automatically sweeps (moves) excess balances daily from your U.S. Bank business checking account" into your savings account to help you build savings fast. While this service may not be desired by every business, if you want to build a low-effort business savings account, U.S. Bank is worth looking into.
U.S. Bank Features, Rewards, & Perks
U.S. Bank Business Banking Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
And its rewards and perks:
U.S. Bank Business Banking Yield and Cashback
Value
Checking APY
None
Savings APY
0.05%+
CD APY
0.05%-4.02%
Treasury Account APY
2.75%-4.25%
Checking Cashback
None
U.S. Bank does not disclose the APY on its automatic savings Business Savings Sweep account. For details on the Business Bank Sweep account, you have to make an appointment with U.S. Bank directly.
U.S. Bank Fees
Monthly fees vary for U.S Bank. These fees are waivable if you maintain certain account balances. You may encounter deposit fees if you exceed the deposit limits.
Why We Chose First Internet Bank As The Best Business Money Market Account
First Internet Bank offers a traditional business savings account, but if you have more money to deposit, you can open a First Internet Bank money market savings account and bump that APY. You'll need a balance of $1 million or higher to earn that top rate. Don't worry if you don't have that much cash to stash, as accounts with less than $1m still earn a high APY.
First Internet Bank Features, Rewards, & Perks
First Internet Bank Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
And here are First Internet Bank’s rewards and perks:
Checking high-yield savings, CDs, and money market accounts
Pros
High APY available
No monthly fee
Multiple interest-earning account options
Cons
Top rates require high balances
Have to email to open an account
Not transparent about additional fees
Why We Chose Prime Alliance For The Best Variety Of Business Savings Options
Prime Alliance offers a variety of interest-earning options traditional savings accounts, money market savings, interest checking, or CDs so that you can find the perfect mix of interest-earning accounts for your business. With competitive high-yield savings APYs, and plenty of additional interest-earning account options, Prime Alliance is a solid business bank worth looking into.
Prime Alliance Features, Rewards, & Perks
Prime Alliance Bank Features
Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations
And its rewards and perks:
Prime Alliance Bank Yield and Cashback
Value
Checking APY
0.05-0.20%
Savings APY
3.85%-4.25%
CD APY
3.25%-4.90%
Treasury Account APY
3.85%-4.25%
Checking Cashback
None
Prime Alliance Fees
Prime Alliance business accounts have no monthly maintenance fees or minimum balance requirements.
We spend hours researching and evaluating each business banking service we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Fees & Rates 25%
Services 15%
Rewards 15%
Features 15%
Eligibility Requirements 10%
Application Process 5%
Sales & Advertising Transparency 5%
Customer Service 5%
User Reviews 5%
When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.
Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.
What Is A Good Interest Rate For Business Savings?
For traditional banks, looking at the national average for interest rates was a good way to gauge competitive APY. However, now online banks blow the traditional banks APY out of the water. For example, the national average APY for savings accounts is 0.46%, whereas online banks regularly have APYs ranging from 3.00%-4.00%.
A decent APY is anywhere from 1.5% – 2%, while a good APY is 3.00%-4.00%. An outstanding APY is 4.5% or higher.
If high APY is important to you, check out the best high-yield business savings accounts available today, so you can let your hard-earned money start working for you.
Does My Business Need A Savings Account?
Although most business banking begins with a business checking account, it’s wise to open a business savings account too. You can find business bank accounts with very low or even $0 minimum balance requirements, so you can start your business savings fund today and add to it when you’re able.
On top of processing payments from customers and paying your bills, you’ll want to set aside some funds to keep your business in the black. Whether you’re saving for an expansion, new equipment, or an unforeseen emergency, savings work to your advantage. You can also set aside money for regular expenses, such as payroll and taxes, and let that money earn interest until you need to spend it.
How To Choose The Best Business Savings Account
Choosing the right business bank starts with knowing which type of bank account you need, so by looking at business savings accounts you’re already well on your way!
We have a whole post on how to choose a business bank, but the long as short of it is identifying which features are most important to your business and then comparing from there. Consider if you need high APYs, cash deposits, large transaction limits, a large number of deposits or transfers, checks, etc., and then go from there to find an account that meets all of your needs.
It’s smart to start by looking at the savings accounts available to you at the bank or platform where you have your business checking. Don’t overlook your favorite credit union either. Many credit unions offer business bank accounts, and you may find a favorable APY that lets your money grow.
Whichever you choose, we hope this list has helped you compare some great business savings options. Choose one, or keep exploring, and start your business savings account today.
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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