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8 Best Business Savings Accounts In 2023

Our top picks for business savings accounts deliver a healthy APY, low fees, and easy access to your money. Find the right match for your small business.

    Kate Hoots
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
best business savings account

The best business savings accounts keep your money safe, nurture it with a healthy interest rate, and make it easy to save and access your money when you need it. These are all factors we consider whenever we rate the best small business bank accounts.

To find the best business savings accounts in 2023, we researched more than two dozen options, considering interest rates and other rewards and perks, ease of use, eligibility requirements, and added features. Because we know that not every small business is alike, we included a variety of contenders aimed at different business types and sizes.

No matter what you’re looking for in a business savings account, we think you’ll find a good match in these eight options.

What Is A Savings Account For Business?

A business savings account is very similar to a personal savings account. The main difference is that the account will be in the name of the business, with authorized users, rather than in any one person’s name.

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.

What Is A Good Interest Rate For Business Savings?

A good business savings account will offer an interest rate that’s close to or above the national average. Because this average changes frequently, we advise you to check for current rates to compare.

The FDIC tracks current interest rates, making it easy to get a basis for comparison. At the time of this writing, the average for savings is 0.40%. That rate is far below historic highs.

Fortunately, you don’t have to settle for the average APY. You can earn rates on your business savings that are many times that average. Look into a high-yield savings account to see how high business savings rates can go.

To save you some time, we have listed the best high-yield business savings accounts available today. Check out our list to see how quickly your business savings could grow!

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Live Oak Bank

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  • 4% APY
  • $0 monthly fees
  • $0 account minimum
  • 4% APY
  • $0 monthly fees
  • $0 account minimum

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First Internet Bank

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  • 3.30%-5.08% APY
  • $5 monthly fees
  • $100 account minimum
  • 3.30%-5.08% APY
  • $5 monthly fees
  • $100 account minimum

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BlueVine Bank

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  • 2.0% APY
  • $0 monthly fees
  • $0 account minimum
  • 2.0% APY
  • $0 monthly fees
  • $0 account minimum

Apply Now

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LendingClub

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  • 1.5% APY
  • $0 monthly fees
  • $500 account minimum to waive fees
  • 1.5% APY
  • $0 monthly fees
  • $500 account minimum to waive fees

Visit Site

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NBKC Bank

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  • 2%-4.50% APY
  • $0 monthly fees
  • $0 account minimum
  • 2%-4.50% APY
  • $0 monthly fees
  • $0 account minimum

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U.S. Bank

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  • 0.05%-2.70% APY
  • $15 monthly fees
  • $100 account minimum
  • 0.05%-2.70% APY
  • $15 monthly fees
  • $100 account minimum

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Lili

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  • 2.0% APY
  • $9 monthly fees
  • $0 account minimum
  • 2.0% APY
  • $9 monthly fees
  • $0 account minimum

Visit Site

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Prime Alliance Bank

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  • 3.6% APY and up
  • $0 monthly fees
  • $1 account minimum
  • 3.6% APY and up
  • $0 monthly fees
  • $1 account minimum

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Show Fewer Options

Read more below to learn why we chose these options.

The Best Savings Accounts For Small Business

The best business savings accounts are easy to apply for, offer an interest rate or APY at or above the national average for savings accounts, and offer features aimed at small businesses. We think Live Oak, First Internet Bank, Bluevine, LendingClub, NBKC, U.S. Bank Platinum Money Market, Lili, Grasshopper, and Prime Alliance meet those requirements.

All the savings accounts included on this list are covered by FDIC insurance. Read on to learn why we include these eight options in our list of the best business savings accounts:

1. Live Oak: Best Overall Small Business Savings Account

Live Oak Bank


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Pros

  • High APY
  • $0 fees
  • $0 minimum balance
  • ATM network

Cons

  • Online only

Why We Chose Live Oak For Best Business Savings Accounts

Live Oak is one of the only banks to land on our list of the best overall business banking options and on our list of the best high-yield business savings accounts. With no account minimums and an APY of 4.00% as of the time this post is published, Live Oak is a solid choice for businesses of all sizes looking for a savings account.

Live Oak Bank Rewards & Perks

Live Oak’s APY of 4.00% on savings stands at 10 times the current average for savings.

You can also open a certificate of deposit with Live Oak. The highest APY currently is 4.90% for a nine-month CD. Rates for other CDs range from 2.0% to 4.8%, depending on term length, with options from three months to five years.

Live Oak Savings 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 Features & Services

Live Oak is an online bank, with no physical branches. You can apply online for a Live Oak savings account. Provide some basic personal and business information, mostly to verify your identity, and you can be approved in minutes.

Once you’re approved, you can link to an existing bank account to transfer funds to your new savings account. You’ll start earning interest immediately.

Get Started With Live Oak Bank

Read our in-depth review

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2. First Internet Bank: Best Business Savings Account For Money Market

First Internet Bank


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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 For Best Business Savings Accounts

First Internet Bank offers two options for business savings. You can open a regular savings account with a minimum deposit of just $100 and earn an APY that more than doubles the current national average for savings.

Or, if you have more money to deposit, you can open a First Internet Bank money market savings account and bump that APY up as high as 5.08%. You’ll need a balance of $5 million or higher to earn that top rate. Don’t worry if you don’t have that much cash to stash. Accounts with daily balances below $5 million still earn a healthy interest rate of 3.30%.

First Internet Bank Rewards & Perks

First Internet Bank’s standard APY on savings accounts is 0.90% with a daily balance of $100 or more. That’s a good rate for such a low balance requirement.

You can bump that rate to 3.35% by opening a money market savings account instead, with the same opening deposit of at least $100. Maintain an account balance below $5 million to earn this attractive rate.

If your average daily balance tops $5 million, your rate jumps to 5.08% for money market savings.

First Internet Bank Fees

You’ll see some fees with First Internet Bank’s savings options, but these fees are relatively low and easy to waive. For a regular savings account, you’ll pay a $2 monthly maintenance fee unless you maintain an average balance of $1,000 or more.

For money market savings accounts, expect to pay a $5 monthly maintenance fee unless you maintain an average daily balance of $4,000.

First Internet Bank Features & Services

First Internet Bank offers no in-person services; all transactions take place online. A strong mobile app supports these transactions.

If you use a First Internet Bank money market account, you’ll be able to write checks. Certificates of deposit can round out your savings strategy, with terms from 3-60 months.

First Internet Bank also offers access to credit.

Get Started With First Internet Bank

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3. Bluevine: Best High-Interest Business Checking

BlueVine Bank


Apply Now

APY

2.0%

Monthly Fee

$0

Business Types

All

Pros

  • No monthly fees
  • High APY
  • Free bill payment
  • Sub-accounts for targeted savings

Cons

  • No traditional savings account

Why We Chose Bluevine For Best Business Savings Accounts

We admit it, we are stretching the definition of business savings accounts with Bluevine. Still, even though Bluevine technically does not offer savings accounts, we think its high-interest business checking option deserves consideration. Combine a high APY with Bluevine’s exceptional checking account features, and we are certain this option will be a great fit for many small businesses.

Bluevine Rewards & Perks

To earn Bluevine’s interest rate of 2.0%, you need to meet one of two activity goals with your business checking account: You can spend $500/month with your Bluevine debit card or take in $2,500/month in customer payments via check, ACH, or payment processing partners.

Bluevine also allows unlimited monthly transactions, two free checkbooks a year, free bill payment, and no in-network ATM fees. That makes it easy for you to access and spend your money.

Bluevine Fees

When it comes to fees, you’ll see a lot of zeros with Bluevine. You should see $0 monthly fees, $0 transaction fees, and $0 transfer fees.

Bluevine business checking accounts also have $0 minimum balance requirements.

Bluevine Features & Services

Because Bluevine’s savings option is an interest-earning checking account, you’ll find more features than you’d typically find with a business savings account.

You can set up your Bluevine account so that payments from customers are routed directly, and you can also set up bill payment, all for free. Bluevine supports global business in 32 countries and 14 currencies. A free QuickBooks Online integration will help you keep your business finances in order.

While many savings accounts limit transactions, Bluevine lets users make unlimited monthly transactions.

Bluevine also lets users create up to five sub-accounts, so you can set money aside for planned expenses, such as taxes and payroll, and for emergencies.

Get Started With BlueVine Bank

Read our in-depth review

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4. LendingClub: Best Business Savings Account For Rewards

LendingClub


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Pros

  • Cash back rewards on debit transactions
  • Accounting integrations
  • High APY

Cons

  • $500 minimum balance to waive fees

Why We Chose LendingClub For Best Business Savings Accounts

In choosing LendingClub as a good savings option for small businesses, we’re again using a loose definition of “savings account.” Like Bluevine, LendingClub does not offer a traditional savings account.

What LendingClub does offer is a Tailored Checking account with unique benefits. Not only will you earn 1.50% APY on balances below $1 million (and 0.10% APY on any portion of your balance above that limit) but you’ll also receive a straight 1% cash back on all transactions made with your debit card.

LendingClub’s unusual approach to savings delivers two types of rewards small businesses should appreciate!

LendingClub Rewards & Perks

LendingClub’s Tailored Checking accounts earn 1.50% APY on balances under $1 million. You’ll earn 0.10% APY on any portion of your balance above that cap.

Use your Tailored Checking account debit card to earn an unlimited 1% cash back on all purchases after meeting basic eligibility requirements.

LendingClub Fees

LendingClub’s Tailored Checking account comes with a $10 monthly maintenance fee that can easily be waived. You’ll pay nothing by simply maintaining a $500 minimum balance.

LendingClub Features & Services

As an online-only bank, LendingClub offers a strong mobile app for iOS and Android. Use it to make deposits and to pay bills. Business checks are available.

You can access integrations that let you link your Tailored Checking account to Mint, QuickBooks, or Quicken. Set up Autobooks to create and send digital invoices and take payments online.

LendingClub is a Small Business Association Preferred Lender. That means you can access small business loans from $5K-$500K through the SBA.

LendingClub also offers unlimited automatic repayment of all ATM fees you incur.

Get Started With LendingClub

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5. NBKC: Best Business Savings With CDs

NBKC Bank


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Pros

  • CDs with low balance and high APY
  • $0 minimum balance and $0 fees
  • Live customer support
  • Online banking

Cons

  • Limited physical locations

Why We Chose NBKC For Best Business Savings Accounts

NBKC’s money market savings account for businesses delivers a solid APY of 2.0% on all balances. That’s a good interest rate, though it’s not the highest we’ve seen.

NBKC shines in its range of business CDs offerings. Unlike some banks, NBKC doesn’t limit its highest APYs to certificates of deposit with the longest terms, and you won’t need a large balance to qualify, either.

If you have some cash you’d like to store for six months or longer, you can access an attractive APY with NBKC and put your money to work for you in a CD.

NBKC Rewards & Perks

Open a money market savings account with NBKC, and you’ll earn 2.0% interest on your balance. There’s no minimum deposit required, and you won’t pay any fees.

If you choose to store your money in a certificate of deposit instead or in addition to your savings account, you will find some attractive interest rates to choose from, with reasonable minimum deposits. You will need to choose a term above six months to earn top rates.

At this time, business CDs with terms from seven to 15 months come with a minimum opening deposit of $1,000 and earn 4.50% APY.

NBKC Fees

You’ll find almost no fees with NBKC, even in the fine print. There are no monthly fees, overdraft fees, stop-payment fees, or domestic wire fees.

NBKC accounts come with $0 opening deposit requirements and $0 minimum balance requirements.

NBKC Features & Services

One of NBKC’s top features is its live service options. You can talk to a banker on the phone, via email, or in person (if you live in or visit the Kansas City area) for free. That’s exceedingly rare these days.

NBKC also delivers some more common $0 features, such as free online banking, mobile check deposit, and bill pay. You’ll also pay nothing for overdrafts, NSF, stop-payment orders, and incoming domestic wires.

If you’d like to open a business checking account, NBKC can offer you that option with no balance requirements and fees.

Get Started With NBKC Bank

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6. U.S. Bank: Best Business Savings Bonus Offer

U.S. Bank


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Pros

  • Bonus interest rate
  • Low opening deposit
  • Linked business checking account
  • Full banking services, including loans

Cons

  • $10K minimum to waive $15 monthly fee
  • Bonus interest bump is short-term

Why We Chose U.S. Bank For Best Business Savings Accounts

U.S. Bank offers a full range of business banking services, including access to credit opportunities that smaller online banks can’t match. And now U.S. Bank is offering a limited-time interest rate boost that pushes rates on its Platinum Business Money Market account into high-yield territory.

Although the bonus rate is available only for six months, the standard rate for this account beats the national average for savings. If you have some money to put to work for a short time, this is a great option for your business savings account.

U.S. Bank Rewards & Perks

At this time, U.S. Bank offers a bonus that bumps your interest rate on business money market savings from respectable to stellar. Exact rates depend on your savings account balance.

For example, balances up to $50K earn a standard 0.05% but can jump to 4.50% with the bonus. Balances up to $3 million can earn as much as 4.75%. Note that these rates are valid for six months only.

Standard rates are higher for accounts with higher balances. The top rate currently is 1.15% for balances above $1 million.

U.S. Bank Fees

U.S. Bank’s Platinum Business Money Market account comes with a $15 monthly maintenance fee. This fee can be waived by keeping a $10,000 minimum daily balance.

U.S. Bank Features & Services

U.S. Bank is a full-service, chartered bank. In addition to business checking and money market savings accounts, you can open a U.S. Bank line of credit or take out a loan.

U.S. Bank also offers merchant services, business credit cards, cash management accounts, and payroll services.

Get Started With U.S. Bank

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7. Lili: Best Business Savings Account For Smaller Businesses

Lili


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Pros

  • Suitable for very small businesses
  • No minimum balance required
  • Free account available
  • Some cashback rewards on debit purchases

Cons

  • Free plan does not include interest

Why We Chose Lili For Best Business Savings Accounts

Many of the options on this list cater more to businesses on the larger side. If you are running a business that exemplifies the “small” in small business, Lili could be just what you’re looking for.

Note that while Lili has a free account that earned it a spot on our list of the best bank accounts for freelancers and other self-employed workers, if you want to access Lili’s savings account you’ll need to pay a monthly service fee.

Lili Rewards & Perks

To earn Lili’s high APY on savings, which stands currently at 2.0%, you’ll need to sign up for a Lili Pro account. The Pro account operates on the Banking as a Service model and promises to deliver top-tier financial tools at a modest price that’s affordable for smaller businesses.

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. Pro accounts come with a monthly fee of $9.

Lili Features & Services

In addition to a high APY, the Lili Pro account includes overdraft protection, tax optimization tools, automatic savings transfers, and business checking. But that’s not all. You’ll also earn cashback rewards when you spend with your Lili Pro Business Visa card. The card comes with free overdraft protection for up to $200.

Lili accounts also give you access to business accounting, tax preparation, invoicing, and payment tools.

Get Started With Lili

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8. Prime Alliance: Best Variety Of Business Savings Options

Prime Alliance Bank


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Pros

  • High APY available
  • $0 fees
  • Savings vehicles include traditional savings, interest checking, & CDs

Cons

  • Top rates require high balances

Why We Chose Prime Alliance For Best Business Savings Accounts

As you can see from some of the nontraditional savings accounts we’ve included on this list, out-of-the-box thinking can lead your small business to high APY. We include Prime Alliance on this list because this bank offers a variety of interest-earning options that let you bank how you want.

Choose among Prime Alliance’s traditional savings accounts, money market savings, interest checking, or CDs to find the mix that’s right for your small business.

Prime Alliance Rewards & Perks

Let’s start with Prime Alliance’s basic business savings account. You can earn an APY of 3.60% on balances up to $100K. If your balance tops $200K, your rate jumps to 4% APY.

If you need to keep a significant balance in a checking account, Prime Alliance has you covered with its interest checking. The rates are respectable but not eye-popping, ranging from 0.05% on balances up to $100K and rising to 0.20% on balances of $200K and up. These rates compare favorably to the national average for savings.

You can open a certificate of deposit with Prime Alliance, with a minimum balance of just $500. A 6-month CD comes with a very respectable 5.0% APY. Rates decline slightly as term lengths increase, to a maximum of 60 months at 3.0% APY.

Prime Alliance Fees

Prime Alliance business accounts have no monthly maintenance fees or minimum balance requirements.

Prime Alliance Features & Services

Business savings accounts with Prime Alliance Bank include online banking. You’ll be allowed unlimited deposits and up to six withdrawals or transfers each month.

Business checking accounts include unlimited transactions, online banking, bill payment, and a Visa debit card.

Get Started With Prime Alliance Bank

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Our Methodology For Choosing The Best Business Savings Accounts

We considered more than two dozen business savings options in compiling this list of the best business savings accounts. We looked at pricing, features, fees, and reputations and sought out a variety of providers to fit the needs of a range of small business types. We also consider unincentivized reviews from actual banking customers.

Our experts agree that Live Oak, First Internet Bank, Bluevine, LendingClub, NBKC, U.S. Bank, Lili, and Prime Alliance offer the best business savings accounts available.

Information was gathered from each bank or fintech’s website and company representatives. Information is reviewed for accuracy by our editorial team.

Does My Business Need A Savings Account?

Once you’ve decided to open a business bank account, you may wonder if a business checking account is all you need.

Most businesses will benefit from opening a business savings account, too.

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.

Because you can find many business savings accounts that come with $0 fees, there’s no reason not to open a business savings account!

How To Choose The Best Business Savings Account

Once you’ve decided to open a business savings account, you can start to consider your options. Although it may seem like a hard task, some commonsense guidelines can help you understand how to choose a business bank.

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. Look into the interest rates you can expect to earn there. How does that rate compare to the current national average?

Don’t overlook your favorite credit union. 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 exceptional savings options. Choose one, or keep exploring, and start your business savings account today.

FAQs: Business Savings Accounts

What is the best business savings account?

Live Oak, First Internet Bank, Bluevine, LendingClub, NBKC, U.S. Bank, and Prime Alliance all offer business savings accounts with low fees and good interest rates.

Can a business have a savings account?

Most businesses not only should have savings accounts but should do so. A savings account lets you put money aside to pay for unexpected emergencies, new equipment, or expansion. You can also use a business savings account to set aside money for planned expenses like payroll and taxes.

In Summary: The Best Savings Accounts For Small Business

  1. Live Oak Bank:
    • 4% APY
    • $0 monthly fees
    • $0 account minimum
  2. First Internet Bank:
    • 3.30%-5.08% APY
    • $5 monthly fees
    • $100 account minimum
  3. BlueVine Bank:
    • 2.0% APY
    • $0 monthly fees
    • $0 account minimum
  4. LendingClub:
    • 1.5% APY
    • $0 monthly fees
    • $500 account minimum to waive fees
  5. NBKC Bank:
    • 2%-4.50% APY
    • $0 monthly fees
    • $0 account minimum
  6. U.S. Bank:
    • 0.05%-2.70% APY
    • $15 monthly fees
    • $100 account minimum
  7. Lili:
    • 2.0% APY
    • $9 monthly fees
    • $0 account minimum
  8. Prime Alliance Bank:
    • 3.6% APY and up
    • $0 monthly fees
    • $1 account minimum
Kate Hoots

Kate Hoots

Expert Analyst & Reviewer at Merchant Maverick
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
Kate Hoots
View Kate Hoots's professional experience on LinkedIn.

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