Best Business Savings Accounts

Get Started With Live Oak Bank

Total Rating	3.8
Fees & Rates3.3
Services5.0
Rewards3.8
Features3.1
Eligibility Requirements4.5
Application Process3.3
Sales & Advertising Transparency4.1
Customer Service4.5
User Reviews3.9

Pros

High APY
$0 monthly fees
$0 minimum balance
Up to $10m in FDIC insurance

Cons

High foreign transaction fee
No cash deposits

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)
Overdraft Fee	Varies
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	Varies
Incoming International Wire Transfer Fee	Varies
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0-$19
Cash Deposit Fee	$0
Foreign Transaction Fee	3%
Excessive Transactions Fee	None
Stop Payment Fee	$25

Lili: Best for smaller businesses

Lili

Total Rating	4.1
Fees & Rates4.0
Services5.0
Rewards3.3
Features3.6
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9
Customer Service4.1
User Reviews2.9

APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

Pros

Unique small business perks & features
No minimum balance required
High APY
Built-in bookkeeping

Cons

Free plan does not include interest earning

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.

Lili Plans	Price	When To Use
Lili Basic	$0/month	If you want a free business savings account and checking account with no fees but limited perks
Lili Pro	$9/month	If you want to add cash-back checking rewards and APY earning on savings
Lili Smart	$20/month	If you want to add smart bookkeeping and financial reporting to your cash-back checking and high-APY savings account
Lili Premium	$35/month	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.

Lili Category Fees	Value
Monthly Fee Range	$0-$35/month
Monthly Checking Fee	$0-$35/month
Monthly Savings Fee	$0-$35/month
ATM Fee	$0
Overdraft Fee	None (covers overdrafts up to $200)
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	N/A
Incoming International Wire Transfer Fee	N/A
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0
Cash Deposit Fee	$0
Foreign Transaction Fee	0%
Excessive Transactions Fee	None
Stop Payment Fee	None

Get Started With Lili

LendingClub: Best business savings and checking accounts

LendingClub

Get Started With LendingClub

Total Rating	4.3
Fees & Rates3.9
Services5.0
Rewards4.2
Features4.0
Eligibility Requirements5.0
Application Process5.0
Sales & Advertising Transparency3.9
Customer Service4.4
User Reviews4.2

APY

1.5%-3.35%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

Pros

Monthly fee can be waived
High APY
Cash rewards

Cons

Requires a minimum balance

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.

Here are its rewards and perks:

LendingClub Yield and Cashback	Value
Checking APY	up to 1.50%
Savings APY	up to 3.35%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	1%

LendingClub Fees

LendingClub Plans	Price	When To Use
Tailored Checking Account	$10/month (waivable)	If you want a business checking account that offers both APY earnings and cash-back rewards
Business High-Yield Savings	$0	If you want to earn higher APY on your savings

LendingClub has a maintenance fee that can be waived if you have a minimum balance of $500. There is also an opening minimum deposit of $100.

LendingClub Category Fees	Value
Monthly Fee Range	$0-$10/month
Monthly Checking Fee	$10/month (waivable)
Monthly Savings Fee	$0/month
ATM Fee	$0
Overdraft Fee	$0
ACH Fee	0%
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$40
Incoming International Wire Transfer Fee	$0
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0-$40
Cash Deposit Fee	$0
Foreign Transaction Fee	0.90% (plus 0.20% currency conversion fee)
Excessive Transactions Fee	$10
Stop Payment Fee	$25

U.S. Bank Business Banking: Best for building a savings fund

U.S. Bank Business Banking

Get Started With U.S. Bank Business Banking

Total Rating	3.6
Fees & Rates2.5
Services5.0
Rewards2.6
Features4.2
Eligibility Requirements5.0
Application Process3.9
Sales & Advertising Transparency3.2
Customer Service4.3
User Reviews2.1

Pros

Low opening deposit
Full banking services, including loans
Automated savings features

Cons

High minimum balances to waive monthly fee

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.

U.S. Bank Business Banking Category Fees	Value
Monthly Fee Range	$0/month – $30/month
Monthly Checking Fee	$0-$30/month
Monthly Savings Fee	$0/month
ATM Fee	None
Overdraft Fee	$12.50
ACH Fee	$1
Incoming Domestic Wire Transfer Fee	$14
Outgoing Domestic Wire Transfer Fee	$75
Incoming International Wire Transfer Fee	$16
Wire Transfer Fee Start Point	$14
Wire Transfer Fee Range	$14-$75
Cash Deposit Fee	Varies
Foreign Transaction Fee	3%
Excessive Transactions Fee	Varies
Stop Payment Fee	$35

First Internet Bank: Best money market business account

First Internet Bank

Get Started With First Internet Bank

Total Rating	3.3
Fees & Rates2.7
Services5.0
Rewards2.7
Features3.3
Eligibility Requirements3.6
Application Process4.2
Sales & Advertising Transparency2.3
Customer Service2.6
User Reviews2.7

APY

0.90% - 3.30%

Monthly Fee

$2 - $5

Business Types

All

Pros

Waivable monthly fees
High APY
Money market and CDs available

Cons

Online only
High balance required for top APY

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:

First Internet Bank Yield and Cashback	Value
Checking APY	0.50%
Savings APY	0.91%
CD APY	N/A
Treasury Account APY	3.40%-4.95%
Checking Cashback	None

First Internet Bank Fees

Here are a list of current fees:

First Internet Bank Category Fees	Value
Monthly Fee Range	$0-$5/month
Monthly Checking Fee	$0
Monthly Savings Fee	$2 (waivable)
ATM Fee	None
Overdraft Fee	None
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$15
Outgoing Domestic Wire Transfer Fee	$50
Incoming International Wire Transfer Fee	Unknown
Wire Transfer Fee Start Point	$15
Wire Transfer Fee Range	$15-$50
Cash Deposit Fee	N/A
Foreign Transaction Fee	2%
Excessive Transactions Fee	$5
Stop Payment Fee	$30

Prime Alliance Bank: Best variety of savings options

Prime Alliance Bank

Get Started With Prime Alliance Bank

Total Rating	3.2
Fees & Rates2.5
Services5.0
Rewards3.3
Features3.6
Eligibility Requirements2.0
Application Process2.7
Sales & Advertising Transparency3.7
Customer Service1.6
User Reviews4.0

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.

Prime Alliance Bank Category Fees	Value
Monthly Fee Range	$0/month
Monthly Checking Fee	$0/month
Monthly Savings Fee	$0/month
ATM Fee	None
Overdraft Fee	$30
ACH Fee	0%
Incoming Domestic Wire Transfer Fee	$10
Outgoing Domestic Wire Transfer Fee	$40
Incoming International Wire Transfer Fee	$10
Wire Transfer Fee Start Point	$10
Wire Transfer Fee Range	$10-$40
Cash Deposit Fee	None
Foreign Transaction Fee	Unknown
Excessive Transactions Fee	Varies
Stop Payment Fee	$15

Business Banking Review Methodology

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.

Read more about how we rate business banking services.

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.

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Chelsea Krause

Lead Staff Writer

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.

@AccountingMage

View Chelsea Krause's professional experience on LinkedIn.

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Sources

National Rates & Rate Caps (Accessed 06/15/2023) — FDIC

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1. Live Oak Bank

❮ ❯

up to 3.90% APY
Fees are $0-$100/month
$0 account minimum balance

2. Lili

❮ ❯

3.65% APY
Fees are $0-$35/month
$0 account minimum balance

3. LendingClub

❮ ❯

up to 3.35% APY
Fees are $0-$10/month
$0 account minimum balance

4. U.S. Bank Business Banking

❮ ❯

0.05%+ APY
Fees are $0/month - $30/month
$500 account minimum balance

5. First Internet Bank

❮ ❯

0.91% APY
Fees are $0-$5/month
$0 account minimum balance

6. Prime Alliance Bank

❮ ❯

3.85%-4.25% APY
Fees are $0/month
Varies account minimum balance