If you’re a business owner, you probably have a business checking account that you use to process payroll and write company checks. A business savings account is also useful because it gives you a place to store cash that’s easily accessible and allows you to earn some interest on your funds.
Whether you’re setting aside funds for business goals or setting aside funds for unexpected company expenses, finding the right business savings account is important.
What is a Business Savings Account?
A business savings account is a liquid deposit account where you can park your business funds for future use. Like personal savings accounts, business savings accounts usually offer a moderate interest rate and may offer perks such as an ATM card, a mobile banking app, and the ability to transfer money to and from other accounts.
Some factors to consider when choosing a business savings account include the annual percentage rate (APY), minimum deposit and balance requirements, fees charged, digital banking features, etc. The best accounts will earn you some interest and won’t charge fees that will eat into your savings.
Here we discuss some of the best business savings accounts, including money market options that offer tiered interest rates and come with debit cards.
Bankrate’s Top Business Savings Accounts
Live Oak Bank Business Savings: Best for Earn Competitive APYs
Axos Bank Business Premium Savings: Best for Free Wire Transfers
Chase Business Total Savings Account: Best for Branch Access
First Internet Bank of Indiana Money Market Savings Account: Best for Large Balances
NBKC Bank Business Money Market Account: Best with No Fees
Note: Annual Percentage Yield (APY) shown is accurate as of August 15th.Some products may vary by location. Bankrate’s listings include only Federal Deposit Insurance Corporation (FDIC) banks or National Credit Union Administration (NCUA) credit unions.
Explore popular business savings accounts
Live Oak Bank, Business Savings Account: Best for Earn Competitive APYs
Live Oak Bank is an online-only financial institution that offers high-yield savings products. Their business savings accounts earn competitive APYs and have no set minimum balance or opening deposit. They don’t charge monthly maintenance fees, and you can manage your account online or through their mobile banking app.
Benefits
- Competitive APY
- No monthly maintenance fee
- No minimum balance required
Things to note
- There are no branches in Live Oak, so people looking to bank in person will have to find other banks.
- Accounts with no activity for 24 months and a balance less than $10.01 will be charged an inactive account fee of $10 or the account balance, whichever is less.
- Account holders who exceed the transaction limits may be subject to fees, and accounts may be closed if the transaction limits are exceeded three times within a 12-month period.
Axos Bank, Business Premium Savings Account: Best for Free Wire Transfers
Axos is an online-only bank that offers both personal and business accounts. Not only do you earn a competitive APY, but the Business Premium Savings Account has no monthly maintenance fees or minimum opening deposit. Plus, domestic and international wire transfers are free.
Benefits
- Free Wire Transfers
- Competitive APY
- No minimum opening deposit
- No monthly maintenance fee
Things to note
- Any items over 20 per month (including debit, credit and/or deposit items) will incur a processing fee of $0.30 per item.
- Axos doesn’t maintain an extensive branch network, so it may not be the best choice for those who prefer in-person banking.
Chase Business Total Savings Account: Best for Branch Access
Chase’s Business Total Savings account is a good choice for business owners who prefer in-person banking. The bank has a presence in nearly every state with more than 4,700 branches nationwide. The $10 monthly service fee is waived if you have a balance of $1,000 or more or a linked Chase Business Complete Checking account.
However, this account’s APR is low, and business owners who are comfortable with online banking and smaller branch networks may be able to find significantly higher rates with other banks.
Chase also offers a Business Premier Savings account that earns a slightly higher APY when linked to an eligible Chase business checking account.
Benefits
- Wide range of branch availability
Things to note
- The yields are significantly lower than those offered on business savings accounts at other banks.
- Once you exceed 15 deposited items per month, there is a fee of $0.40 for each additional deposited item. (Monthly cash deposits are free.)
First Internet Bank of Indiana, Business Money Market Savings Account: Best for Large Balances
First Internet Bank of Indiana’s Money Market Savings Account has a tiered interest structure: Daily balances of $5 million or less offer a lower APY than daily balances over $5 million.
Accounts can be opened with a minimum of $100, and the $5 monthly maintenance fee will be waived if you maintain an average daily balance of at least $4,000. Self-employed individuals will be issued an ATM card upon account opening.
Benefits
- Low minimum opening deposit
- Competitive APY
Things to note
- The account’s higher APY is only offered to those with balances over $5 million.
- Business owners other than sole proprietors are not eligible for ATM cards.
NBKC Bank, Business Money Market Account: Best with No Fees
Unlike other bank accounts, NBKC Bank Business Money Market Accounts do not charge fees for domestic wire transfer deposits, stop payments, returns, overdrafts, or insufficient balances.
This account earns the same APY on all balances, has no minimum opening deposit or balance required, and comes with a business debit card.
Benefits
- There are no fees for overdrafts, non-sufficient balances, returns, stop payments, or domestic wire transfer deposits.
Things to note
- Branches are located only in the Kansas City metropolitan area.
What to look for in a business savings account
Fee
While business savings accounts won’t necessarily offer as high an interest rate as personal savings accounts, it’s still worth shopping around for a competitive APY. Often the best rates can be found with online-only banks, some of which are included on our list.
Fee
When searching for a business savings or money market account, be sure to choose one that doesn’t have fees that cut into your principal or interest income. In addition to monthly maintenance fees, some banks charge fees for using out-of-network ATMs, overdrafts, sending or receiving wire transfers, or closing a new bank account within a certain period of time.
Branch Access
Some business owners prefer a bank account that they can manage entirely online, while others prefer to visit a branch and speak to a bank representative face-to-face. Many brick-and-mortar banks offer business savings accounts, but you might not get the same competitive interest rates as you would with an online bank.
You may be able to find a credit union with branches near you that pays better interest rates on business savings accounts than those offered by the big banks.
Business Savings Account FAQs
Research Methods
A business savings account is a great way to store funds for future use and earn some interest on those funds.
Some things to consider when searching for the best business savings account include APY (many online banks offer more competitive rates than brick-and-mortar banks), minimum deposit and balance requirements, fees charged, digital banking features, etc. The best accounts will earn you some interest and won’t charge fees that will eat into your savings.
A safe way to store business funds is in an FDIC or NCUA insured account. Just make sure you stay within established guidelines and limits.
