Join the thousands of people like you already growing their businesses and knowledge with our team of experts. We deliver timely updates, interesting insights, and exclusive promos to your inbox.
The 4 Best High-Yield Business Savings Accounts In 2024
With high interest rates, high-yield savings accounts are safe and lucrative. Our top picks deliver interest up to 4%.
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.
WRITTEN & RESEARCHED BY
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.
Lead Staff Writer
Last updated onUpdated
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.
REVIEWED BY
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.
Managing Editor
Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
High-yield business savings accounts put your money to work for you. How? By paying an interest rate that’s significantly above the national average.
A high-yield business savings account is a savings account with an annual percentage yield, or APY, that is significantly higher than the national average. This allows businesses to get a return on their money in a secure and relatively easy way.
Now is a great time to look for a high-yield business savings account. Whether you’re trying to ride out economic uncertainty or just want to watch your money grow, starting a high-yield business savings account is a smart business move. So, let’s see which accounts made the cut.
The best high-yield business savings accounts will be easy to apply for, offer a rate of interest well above the national average, make it easy to deposit and withdraw your money, and charge you little to no fees. With those criteria in mind, here are our top picks.
Live Oak Bank: Overall best high-yield business savings account
Why We Chose Live Oak As The Overall Best High-Yield Business Savings Account
Live Oak Bank offers an impressive APY which is 8x the national average. Live Oak Bank has affordable fees, an easy application, and one of the highest interest rates we've seen from a high-yield business savings account. While other HYSAs require a minimum balance, have tiered APYs, or max out at a certain point, Live Oak Bank's APY applies to all balance sizes, making it our top choice for the best high-yield business savings account.
Live Oak Fees
Live Oak charges no regular monthly or maintenance fees for its high-yield business savings account. However, you may incur some charges for various optional transactions.
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
Live Oak Bank Eligibility Requirements
The application process for a Live Oak high-yield business savings account is entirely online. Eligibility requirements are easy to meet. You’ll need the following:
$0 minimum opening deposit
A verified bank account to transfer the initial deposit from
Personal identification, including Social Security numbers for authorized signers
Business information, including name, physical address, and EIN
What To Watch Out For:
Live Oak Bank does not support cash deposits
Live Oak Bank only allows six free transactions a month
Why We Chose Lili As The Best High-Yield Business Savings Account For Freelancers & Smaller Businesses
Lili Bank is ideal for smaller businesses, sole proprietors, and even freelancers. Lili offers unique built-in bookkeeping and tax tools and even has automated savings capabilities to help you grow your business savings. Lili's APY rewards do cap out at $100k (though there's no minimum balance), which is why we designate it as the best option for smaller business endeavors.
Lili Bank Fees
Although Lili does have a basic free checking account, if you want access to high-yield savings, you’ll need to upgrade to a Lili Pro account:
If you want to add a dedicated account specialist and priority support to your Lili accounts
In exchange for that monthly fee, you’ll be able to set up automatic savings and earn a high APY.
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
Lili Bank Eligibility Requirements
Any business owner 18 or older with a Social Security number and a US address is eligible to use Lili’s small business banking services. It’s ideal for small and nontraditional business owners, such as freelancers, side hustlers, and independent contractors.
What To Watch Out For:
Lili Bank’s APY caps out at $100k
Lili does have a monthly fee, though you’re paying for a bunch of business finance and bookkeeping tools, rather than just paying a traditional monthly bank maintenance fee
Why We Chose LendingClub For The Best High-Yield Business Savings & Checking
LendingClub earns a spot on this list for having a high-yield business savings account and a high-yield business checking account.
While LendingClub does not advertise a LendingCap and says their APY applies from $0 - "25,000 and greater", the company's online savings calculator only goes to $100,000; it's unclear if $100k is the cap, and we were unable to get an answer from LendingClub on this, so if your business anticipates large sums in your HYSA, talk with LendingClub first before opening a HYSA.
LendingClub Fees
LendingClub has a monthly maintenance fee. You’ll also find fees for wire transfers, foreign transactions, and stop payments. There are no fees on in-network ATMS, and you’ll even find an unlimited rebate on out-of-network ATM fees.
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
LendingClub Eligibility Requirements
If you are a legal US resident with a DBA, EIN, or tax ID and a valid US address, you are likely eligible for a LendingClub bank account. You’ll also need an existing debit card to make your opening deposit of $100.
Lending Club does require a $0 minimum balance once you’ve opened your account.
What To Watch Out For:
LendingClub only offers $250k of FDIC insurance
LendingClub compounds interest monthly instead of daily, leading to slightly lower earnings
Savings, money market, CDs, and checking accounts available
Cons
Limited support
ATM cards available only to sole proprietors
Why We Chose First Internet Bank As The Best High-Yield Business Savings Account For Large Balances
First Internet's HYSA account is decent, but its money market account is where this company shines. While First Internet Bank used to have an incredibly high balance requirement to get the max APY on a money market account, they've recently redone their tiered APY, making First Internet Bank a solid option for businesses looking to earn on large balances. First Internet Bank also offers certificate deposits (CDs).
First Internet Fees
You may encounter wire transfers, foreign transactions, and excessive transaction 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
First Internet Bank Eligibility Requirements
It’s easy to apply for a First Internet Bank high-yield savings account, and you’ll complete your application entirely online. First Internet says you’ll need to be prepared to share this information:
Government-issued identification for all signers
Name of authorized signers and owners
Legal documents for the business
What To Watch Out For:
First Internet Bank’s HYSA has a much smaller APY than its money market account
First Internet Bank charges a monthly fee, and the minimum to waive it is much higher than other banking options
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.
There are other high-yield, interest-earning options that aren’t technically “savings” accounts but are definitely still worth keeping on your radar. Here are the most noteworthy high-yield interest-earning accounts for businesses.
Mercury: Best High-Yield Mutual Funds For Business
Mercury doesn’t offer HYSA, but if you are already using Mercury Bank or are in the market for a business checking account, Mercury has a unique perk up its sleeve — mutual funds. Mercury offers businesses a high-yield mutual funds option with high earnings. You can transfer funds directly from your Mercury checking account to your mutual funds for easy earnings.
Bluevine: Best High-Yield Business Checking Account
Bluevine doesn’t offer HYSA, but it does offer a business checking account with high APY on balances between $0-$100,000. Whether you don’t have the long-term savings for a high-yield savings account or you want to have a high-yield checking account in addition to your HYSA, Bluevine Checking is definitely worth looking into.
How We Chose The Best High-Yield Business Savings Accounts
To choose the best high-yield business savings accounts, we researched and analyzed over 2 dozen different banks. We only included banks with:
High APY: While the national average APY is 0.46 currently, we only picked banks that had over 4.00% APY to ensure businesses earn the most possible with their HYSA.
Interest Method: We ruled out any companies with interest compounded quarterly, favoring daily compounding overall.
FDIC Insurance: We only included backs with at least the standard $250k in FDIC insurance and gave bonus points to banks with a higher FDIC insurance allowance.
Account Type: While many other HYSA lists include businesses that don’t offer business savings accounts, we only included unique account types (like money market accounts), if the company still provided a high-yield savings account option and that option was still above the national average.
Eligibility Requirements: Eligibility requirements played a big factor in our decisions. Only companies with easy requirements that many businesses could qualify for made the cut.
Fees: We ruled out companies with large monthly fees (unless additional non-banking services were included in the monthly price like Lili). We also took additional fees and fee transparency into account.
Company Reputation: We looked at customer reviews to ensure that each company on the list is reputable and has a decent number of positive customer reviews.
What To Look For In A Good High-Yield Business Savings Account
The best high-interest business savings accounts have a few things in common, and some differences, too. The best business savings account for you may not be the best for everyone.
In compiling this list of the best high-yield savings accounts for business, we considered these factors and spotlighted them so that you can choose the business savings account that meets your needs:
Above-average APY (2% is decent, 3% is good, and 4% is the best; but why settle for less than the best when you can be getting at least 4% in APY?)
Number of no-fee withdrawals allowed
Minimum balance requirements
Monthly account maintenance fees
ATM access
Bill payment
Cash deposit
ACH fees
Which High-Yield Savings Account Is Right For Your Business?
The work involved in finding and opening a business bank account is an important process for a small business. Your work hard for your money; your money should work hard for you too.
A business high-yield savings account is a great choice if you have an established savings, like a business emergency fund, or if you want to build one.
If your current business bank offers a HYSA, adding a savings account may be very easy. But when looking for a business savings account, you shouldn’t necessarily settle for your current bank. Expanding your search to find the best high-yield savings account is a good move. And you already took the first step by reading this post.
Any of the options on this list offer the top APYs on the market, but the right account will depend on what features you need, how much FDIC insurance you want, and what minimum and maximum balances you expect to have. Once you know what’s important to your business, choosing the right business HYSA gets much easier.
Best of luck, and happy earning!
High-Yield Business Savings Account FAQs
Can I open a high-yield savings account for my business?
Yes, you can open a high-yield savings account for your business and probably should do so. Look beyond the banks where you do your personal banking and your business checking account to find the highest possible APY with the lowest fees and easiest access to your money.
Are high-yield business savings accounts safe?
A high-yield savings account is a safe way to store money while earning a high return, as long as you’re banking with a bank or credit union that offers FDIC insurance.
Especially during times of economic uncertainty, such as the current debt-ceiling negotiations and general inflationary period, a high-yield savings account is a safe way to put your money to work for you.
Which bank has the highest high-yield savings?
The highest APY we found for business banking is from Live Oak Bank. With a rate of 3.50%, Live Oak also offers free checking with no minimum balance and no monthly fees.
Is a high-yield business savings account a good idea?
A high-yield savings account is a good idea for businesses that want to put their money to work for them. High-yield means you can expect a higher-than-average interest rate from the savings account. And that means your money will be working as hard as you do.
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.
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Want to help shape the future of the Merchant Maverick website? Join our testing and survey community!
By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Get Started With A New Top Pick 🏆Get funding up to $3 million as fast as same-day from this loan marketplace.Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.Start A Quick ApplicationNo minimum credit score required
We Want Your Feedback!
Help us to improve by providing some feedback on your experience today.
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.
Get Started With A New Top Pick 🏆Get funding up to $3 million as fast as same-day from this loan marketplace.Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.Start A Quick ApplicationNo minimum credit score required
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
Start A Quick Application
