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- You can open high-yield business savings accounts at banks or credit unions.
- Several financial institutions offer business bank accounts paying 4% APY or more.
- You may need to maintain balance requirements or fulfill certain activities to earn the highest APY on some accounts.
If you’re running a business, it’s likely that you’ll need to open a savings account just for that business. We’ve put together a list of the best business savings accounts to help you open a business bank account.
Best high-yield business savings accounts
The best business savings accounts offer at least 4% APY. Some are savings accounts; others are money market accounts, which are like savings accounts but may include additional features like ATM cards or paper checks.
We’ve covered accounts at brick-and-mortar banks, online banks, and credit unions. Credit unions have membership eligibility requirements. That said, we’ve selected the best credit unions that anyone can join, regardless of where you live in the United States.
If you’re interested in a business checking account that pays interest, we also have a list of the best free business checking accounts.
Featured Business Savings Account
Axos Business Premium Savings
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.01%
Minimum Opening Deposit
$0
- No minimum opening deposit
- No monthly service fees
- High interest rate
- No physical branches
- Customer service unavailable on weekends
Product Details
- Earn 4.01% APY* With Business Premium Savings
- Free domestic and international incoming wires
- No monthly maintenance fee
- No minimum opening deposit
- No average daily balance requirement
- Business deposit accounts FDIC insured up to $250k
What to look for in business savings accounts
When you’re comparing business savings accounts, you’ll want to consider more than just their interest rates. Here are a few other features to consider when opening up a business bank account:
- Monthly bank maintenance fees: Financial institutions may charge a fee if you don’t maintain a certain account balance or fulfill certain monthly transaction requirements. If you want to avoid fees altogether, online banks may have more appealing options than brick-and-mortar banks because they often have accounts that do not charge any monthly fees.
- Opening deposit requirements: A minimum opening deposit is how much money you’ll need to open an account. Some business bank accounts do not have a minimum opening deposit requirement, though.
- Mobile/online banking: If you’re an avid mobile app user, review the mobile app ratings and reviews of a particular financial institution before opening an account. Also, if you are banking with an online-only financial institution, check the customer support hours and availability methods.
- Additional features offered: One feature that distinguishes money market accounts from savings accounts is that the former may offer debit card or check-writing privileges.
- FDIC/NCUA insurance: Business bank accounts are federally insured up to $250,000 per depositor, per account category. If you plan to deposit more than $250,000 in an individual account, there are ways to keep your money federally insured. You can choose to spread your money across multiple financial institutions or find an institution that’s part of the IntraFi Network (a program that spreads your money across other FDIC-insured financial institutions in the network).
- Overall banking experience: Think about whether you plan to open other types of business bank accounts or products, like a business line of credit or a business credit card.
Business savings account APY FAQs
First Internet Bank of Indiana offers the highest interest rate for a business bank account. The First Internet Bank of Indiana Business Money Market Account pays 5.48% APY for balances above $5 million.
Yes, there are several high-yield business savings accounts. The one that currently offers the highest rate is First Internet Bank of Indiana’s Business Money Market Account, which pays 5.48% for balances above $5 million. But there are other high-yield business savings accounts, if you’re not planning on storing that much money in your account.
Any business owner can open up a high-interest savings account. You might consider opening a high-yield business savings account if you are saving for a specific business goal or want to have an account for emergency reserves.
Yes, interest earned from business savings accounts is taxable. You could pay a penalty from the IRS if you don’t report it.
First Internet Bank of Indiana and U.S. 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 using a credit union, Premier Members Credit Union is another great choice for a high-yield business savings account.
It’s important to have a bank account for your LLC, and a business savings account is a great option because you can earn a higher interest rate than you would with many business checking accounts. And it’s likely to be more fitted to your LLC’s needs than a personal high-yield savings account.
Yes, business owners can open business high-yield savings accounts. Banks like Prime Alliance Bank offer high rates for high-yield savings accounts specifically made for businesses to use.
Yes, it’s worth having a savings account for your business, so you can earn additional money on your excess funds safely.
Not only can businesses have a savings account, businesses should have a savings account. A business savings account will help you keep your professional funds separate from your personal funds while providing perks tailored toward your business’s needs.
Our Methodology: How We Chose the Best Business Savings Accounts
At Business Insider, we consider many different aspects of a business savings account when deciding which ones should make our list of the best business savings accounts. We follow our bank rating methodology and consider the following aspects of business savings accounts, among others: the bank’s ethics, the account’s interest rate, the bank’s customer support, the bank’s mobile app, the account’s monthly service fees, and the account’s required minimum opening deposit.
