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Karen Bennett
Karen Bennett is a senior consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.
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As a business owner, you probably have a business checking account you use to handle payroll or write company checks. A business savings account can come in handy as well, since it provides you with a place to store cash that’s easily accessible, while earning some interest on the funds.
Finding the right business savings account is important whether you’re setting aside money for business goals or want to have funds on hand for unexpected company expenses.
A business savings account is a liquid deposit account in which you can set aside business funds for future use. Like a personal savings account, a business savings account typically earns a modest amount of interest, and its offerings may include an ATM card, a mobile banking app and the ability to transfer money to and from other accounts.
When shopping for a business savings account, factors to consider include the annual percentage yield (APY), minimum deposit and balance requirements, fees that are charged and digital banking features. The best accounts earn some interest and don’t impose fees that would eat away at your savings.
Here we go over some of the best business savings accounts, including some money market options that offer tiered rates and come with debit cards.
Note: Annual percentage yields (APYs) shown are as of Aug. 15, and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.
Live Oak Bank is an online-only financial institution that offers high-yield deposit products. Its Business Savings account earns a competitive APY and doesn’t require a set minimum balance or opening deposit amount. You won’t be charged a monthly maintenance fee, and you can manage your accounts either online or through the mobile banking app.
Axos is an online-only bank that offers both consumer and business accounts. In addition to earning a competitive APY, the Business Premium Savings account doesn’t charge monthly maintenance fees or require a minimum opening deposit. What’s more, domestic and international incoming wire transfers are free.
The Business Total Savings account from Chase could be a good fit for a business owner who prioritizes in-person banking. The bank offers a presence in nearly every state, with more than 4,700 branches nationwide. The $10 monthly service fee is waived with a balance of at least $1,000 or a linked Chase Business Complete Checking account.
The account earns a low APY, however, so business owners who are comfortable either banking online or with a smaller branch network will 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 it’s linked to a qualifying Chase business checking account.
The Money Market Savings account from First Internet Bank of Indiana has a tiered interest structure. Daily balances of $5 million or less earn a lower APY than daily balances higher than $5 million.
The account can be opened with as little as $100, and the monthly maintenance fee of $5 is waived for those who maintain an average daily balance of at least $4,000. Business owners who are sole proprietors receive an ATM card with the account.
Unlike some other bank accounts, the Business Money Market Account from NBKC Bank doesn’t charge you for things like incoming domestic wire transfers, stop payments, returned items, overdrafts or nonsufficient funds.
The account earns the same APY on all balances, and it requires no minimum opening deposit or balance. It comes with a business debit card.
Business savings accounts might not always earn as high of a rate as personal savings accounts, yet it still pays to shop around for a competitive APY. Often, the best rates can be found from online-only banks, some of which are included in our list.
When shopping for a business savings or business money market account, be sure to find one that doesn’t have fees that will chisel away at your principal or interest earnings. In addition to monthly maintenance fees, some banks charge for out-of-network ATM use, overdrafts, sending or receiving wire transfers, or closing a new bank account within a certain period of time.
Some business owners prefer bank accounts that can be managed entirely online, whereas others prefer being able to visit branches and speak face-to-face with bank representatives. Plenty of brick-and-mortar banks offer business savings accounts — although you might not receive as favorable of a rate there as you would from an online bank.
You may be able to find a credit union with branches near you that pays better rates on a business savings account than the rates offered by big banks.
As a business owner, you likely have a business checking account to cover things like day-to-day expenses and payroll. A business savings account can be a good spot for additional money you don’t plan to use in the immediate future. This account earns some interest on your business funds, and it keeps them easily accessible in case unplanned expenses arise.
It pays to shop around for a business savings account that earns a competitive rate of return. It’s also important to find an account that won’t charge you fees — or one with fees you can avoid, such as by maintaining a set minimum balance.
Other factors business owners often consider when looking for a savings account include whether the bank offers branches and whether there is a mobile banking app.
Make sure your money is kept safe by choosing a business savings account that’s covered by Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) insurance. The FDIC insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. The standard share insurance amount at NCUA credit unions is $250,000 per share owner, per insured credit union, for each account ownership category.
You’ll need to fill out an application either online or in person. Documents and information often requested by banks include an employer identification number or Social Security number, a business license and formation documents, and ownership agreements.
A business savings account can be great for storing funds for future use, while earning some interest on the money.
Things to consider when seeking the best business savings account include the APY (many online banks offer more competitive yields than brick-and-mortar banks), minimum deposit and balance requirements, fees that are charged, and digital banking features. The best accounts earn some interest and don’t impose fees that would eat away at your savings.
A safe way to store your business funds is an account that’s covered by FDIC or NCUA insurance. Just make sure that you’re within the stated guidelines and limits.
These financial institutions are featured in our savings rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank),Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.
Arrow Right Senior consumer banking reporter
Karen Bennett is a senior consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.
