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- You can open a high-yield business savings account at a bank or credit union.
- Several financial institutions offer business bank accounts with APYs of 4% or higher.
- To earn the highest APY on some accounts, you may need to maintain balance requirements or perform certain activities.
Many banks and credit unions offer business bank accounts that pay interest. If you want to open a business bank account, we've compiled a list of the most competitive business bank rates at the moment.
Best high-yield business savings accounts
The following list includes eight business bank accounts that offer at least 4% APY. There are also regular savings accounts. Others are money market accounts, which are similar to savings accounts but may include additional features such as ATM cards and paper checks.
We covered brick-and-mortar bank, online bank, and credit union accounts. Credit unions have eligibility requirements for membership. That said, we've selected the best credit unions that anyone can join, no matter where you live in the United States.
If you're interested in a business checking account that pays interest, BlueVine is the top high-yield choice in our guide to the best free business checking accounts.
Things to look out for in business savings accounts
When comparing business savings accounts, you need to consider more than just interest rates. Here are some other features to consider when opening a business bank account.
- Monthly bank maintenance fee: Your financial institution may charge you a fee if you do not maintain certain account balances or meet certain monthly transaction requirements. If you want to avoid fees altogether, online banks with no-monthly-fee accounts can be a more attractive option than brick-and-mortar banks.
- Start deposit requirements: The minimum opening deposit is the amount required to open an account. However, some business bank accounts have no minimum deposit requirements to open.
- Mobile/Online Banking: If you are an avid user of mobile apps, check the mobile app ratings and reviews of a particular financial institution before opening an account. Also, if you're banking with an online-only financial institution, check their customer support hours and how to access it.
- Additional features offered: One feature that distinguishes money market accounts from savings accounts is that the former may offer debit card or check drawing privileges.
- FDIC/NCUA Insurance: Business bank accounts are federally insured up to $250,000 per depositor per account category. If he plans to deposit more than $250,000 into a personal account, there are ways to keep the money federally insured. You can spread your funds across multiple financial institutions or find an institution that participates in the IntraFi Network, a program that spreads your funds among other FDIC-insured financial institutions in the network.
- Overall banking experience: Consider whether you plan to open other types of business bank accounts or products, such as a business line of credit or a business credit card.
Business Savings Account APY FAQ
Yes, many business savings accounts earn interest. Most financial institutions offer business savings accounts or business money market accounts.
First Internet Bank of Indiana offers the best interest rates on business bank accounts. The First Internet Bank of Indiana Business Money Market account pays 5.48% APY on balances over $5 million.
Any business owner can open a high-interest savings account. If you're saving for a specific business goal or want to have an account for emergencies, you may want to consider opening a high-yield business savings account.
Yes, interest earned on business savings accounts is taxable. If you fail to report, you may be subject to fines from the IRS.
First Internet Bank of Indiana and US Bank are two of the best banks for business savings accounts, especially if you want to earn a high savings rate. If you're open to credit unions, Premier Members Credit Union is also a great option for a high-yield business savings account.
Having a bank account for your LLC is important. Savings accounts are a great option because they earn higher interest rates than many business checking accounts.
Yes, business owners can open a high-yield business savings account. Banks like Prime Alliance Bank offer high interest rates on high-yield savings accounts created specifically for businesses.
Yes, it's worth having a business savings account so you can safely earn extra money with your surplus funds.
