Best Business Savings Accounts for 2024 (Earn Up To 5.48% APY)
Written by
Jacob Wade
Edited by
Melanie Grafil
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If your business has been booming, you may be sitting on some extra cash. But most business checking accounts don’t pay any interest–and honestly most business savings accounts pay almost nothing.
That’s why GOBankingRates found the top business savings accounts that pay a high interest rate on your cash deposits on your cash. This can give you business a boost and help put your retained earnings to work. Here are a few of the best business savings accounts available today:
Best Business Savings Accounts Overview
| Bank Name | Account Name | APY | Minimum Balance to Earn Highest APY |
|---|---|---|---|
| Live Oak Bank | Business Savings Account | $0.01 | |
| First Internet Bank | Business Money Market Savings | to | $5,000,000 |
| Axos Bank | Business Premium Savings | $0.01 | |
| NBKC Bank | Business Money Market Account | $0.01 | |
| Capital One | Business Savings | $10,000 | |
| U.S. Bank | Platinum Business Money Market | $25,000 |
Best Business Savings Accounts for July 2024
Take a look at the list of the top business savings accounts and some of the features and benefits they offer.
Live Oak Bank Business Savings Account
- Account type: Savings
- APY:
- Minimum balance to earn highest APY: $0.01
Why it was chosen: Live Oak Bank offers a competitive APY with no minimum balance required to open and no maintenance fees. Plus, you can earn the highest interest rate on any balance. Live Oak Bank also offers up to $10 million in extended FDIC insurance through partner network banks. This is ideal for businesses with a large cash reserve balance. Live Oak Bank also doesn’t charge any monthly account fees, making it a great low-cost place to store business cash.
Pros and Cons
Pros
- APY on all deposits
- No monthly fees
- Up to $10 million in FDIC insurance
Cons
- No physical locations
- No cash deposits into account
First Internet Bank Business Money Market Savings
- Account type: Money Market
- APY: to
- Minimum balance to earn highest APY: $5,000,000
Why it was chosen: First Internet Bank has a high-yield money market account that pays a solid APY on balances up to $5,000,000. But if your balance grows to $5 million or more, the interest rate jumps to an eye-popping APY. This makes it one of the highest-paying business savings accounts on the market. There are some limitations on the account, including a limit of six external withdrawals per month, and FDIC insurance only covers balances up to $250,000.
Pros and Cons
Pros
- Up to APY on accounts with $5 million or more
- Competitive interest rate on balances below $5,000,000
- Only $100 to open account
Cons
- Limited FDIC insurance
- Requires $5 million balance to earn highest rate
- Transaction limits imposed
Axos Bank Business Premium Savings
- Account type: Savings
- APY:
- Minimum balance to earn highest APY: $0.01
Why it was chosen: Axos Bank is a large online bank offering a APY on its Business Premium Savings account. There are no minimum balance requirements and you can earn the highest rate on all deposits. Axos also offers 24/7 phone support, giving you access to customer service seven days a week.
Pros and Cons
Pros
- High APY on all balances
- No monthly fees
- 24/7 phone support
Cons
- Tier rate schedule may lower interest rates for smaller balances in the future
- No physical locations
NBKC Bank Business Money Market Account
- Account type: Money Market
- APY:
- Minimum balance to earn highest APY: $0.01
Why it was chosen: NBKC is a regional bank that offers a decent interest rate, though it’s not the highest on this list, on its Business Money Market Account. Despite this, NBKC stands out by offering more flexibility and functionality into the account than others, including no-fee domestic income wire transfers, and even a free debit card. This means you can use the account like a checking account, all while earning APY on all balances.
Pros and Cons
Pros
- Almost no fees for anything
- Competitive rate
- Free debit card access
Cons
- Lower rate than other business savings accounts
- Only four physical branch locations in Kansas and Missouri
Capital One Business Savings
- Account type: Savings
- APY:
- Minimum balance to earn highest APY: $10,000
Why it was chosen: Capital One is a large online bank with mostly an online presence that offers a great rate on their Business Savings account and low fees all around. You can earn APY on balances over $10,000 for the first six months after account opening. Capital One has a well-designed mobile app and you can manage multiple business and personal accounts all in one place.
Pros and Cons
Pros
- No fees or minimums to open account
- promotional APY for six months on balances over $10,000
- Easy-to-use mobile app experience
Cons
- Low rate on balances under $10,000
- APY drops after six months
- Limited physical branches
U.S. Bank Platinum Business Money Market
- Account type: Money Market
- APY:
- Minimum balance to earn highest APY: $25,000
Why it was chosen: U.S. Bank is a large national bank with quite a few business account offerings–but their Platinum Business Money Market account pays some of the highest rates around. If you deposit $25,000 or more, you can earn a APY on balances up to $3 million. There’s a $100 minimum to open an account–but your interest rate will be quite low until your balance reaches $25,000 or more. There is also a $15 monthly maintenance fee that is waived if you keep at least $10,000 in the account.
Pros and Cons
Pros
- High APY in balances over $25,000
- Thousands of branches nationwide
- Customer service available by phone six days a week
Cons
- Monthly fee if balance requirements are not met
- High APY only available for large balances
- Deposit fee assessed after 25 monthly deposits
Final Take
Small businesses have more access than ever to high APY savings accounts with online banking at an all-time high. You can earn well over 4.00% APY on your business bank account balances with many of these options, instead of keeping the cash parked in a no-interest checking account. Using the best business savings account for you means reviewing your banking needs and finding an option that works with how your business finances are set up. Just make sure you understand the terms and conditions of your chosen business savings account before signing up.Â
FAQ
- Which bank has the best business savings account?
- For large account balances, First Internet bank and U.S. Bank are offering some of the highest rates on business savings accounts. But Live Oak Bank and Axos Bank offer competitive APYs without huge balance requirements as well. Your chosen business savings account depends on your banking needs, account balances, and account flexibility required.
- Can an LLC have a high yield savings account?
- Yes, you can open a business savings account for your LLC that offers a high interest rate. There are a few business high yield savings accounts that offer over 4.00% APY, but make sure you understand the deposit requirements to earn the highest rate before opening an account for your LLC.
- Can a business account have a savings account?
- Yes, you can open a savings account for your business. This account may earn a higher interest rate than your business checking account and can be a great place to hold unused cash from your business.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 15, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
