Best High-Yield Business Savings Accounts

Get Started With Grasshopper Bank

Total Rating	4.3
Fees & Rates4.5
Services5.0
Rewards3.8
Features4.0
Eligibility Requirements4.2
Application Process4.7
Sales & Advertising Transparency3.2
Customer Service4.6
User Reviews3.1

Monthly Fee Range

$0/month

APY Range

1.00% - 3.00%

Account Types Offered

Checking accounts, savings accounts

Pros

High APY
No minimum balance requirements
Fast online application process

Cons

No cash deposits
No physical branch access

Why We Chose Grasshopper

Grasshopper is a strong option for businesses that want both high-yield savings and broader business banking features from a single online bank.

In addition to its high-yield Innovator Savings account -- which offers 1.55% - 3.00% APY -- Grasshopper also offers interest-earning business checking, cashback rewards, SBA lending options, and partner perks for growing businesses.

Combined with low fees, modern banking tools, and a streamlined online application process, Grasshopper stands out as a flexible option for businesses planning for growth.

Grasshopper Bank Fees

Grasshopper keeps fees relatively low compared to many traditional business banks. There are no monthly maintenance fees, ACH fees, overdraft fees, or minimum balance requirements.

Most businesses will only encounter fees for certain wire transfers and specialized banking services.

Grasshopper Bank Category Fees	Value
Monthly Fee Range	$0/month
Monthly Checking Fee	$0/month
Monthly Savings Fee	N/A
ATM Fee	$0
Overdraft Fee	$0
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$10
Incoming International Wire Transfer Fee	$5
Outgoing International Wire Transfer Fee	$25
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $25
Cash Deposit Fee	N/A
Foreign Transaction Fee	0%
Excessive Transactions Fee	N/A
Stop Payment Fee	$0

Grasshopper Bank Eligibility Requirements

The application process for Grasshopper Bank’s Innovator Savings account is completely online and typically takes about five minutes. You’ll need:

$100 opening deposit
Personal identification, including Social Security numbers for authorized signers
Business information, including name, business structure, and physical address

What To Watch Out For

Grasshopper does not support cash deposits
Grasshopper is online-only, so it may not be ideal for businesses that want branch access

Live Oak Bank: Best High-Yield Savings With No Balance Caps

Live Oak Bank

Get Started With Live Oak Bank

Total Rating	3.9
Fees & Rates3.4
Services5.0
Rewards2.8
Features3.3
Eligibility Requirements4.5
Application Process3.3
Sales & Advertising Transparency4.1
Customer Service4.8
User Reviews3.9

Monthly Fee Range

$0 - $100/month

APY Range

0% - 4.00%

Account Types Offered

Checking, high-yield savings, and CD accounts

Pros

APY significantly above the national average
No monthly fees
Expanded FDIC insurance coverage available
No minimum balance or APY earning caps

Cons

No ATM access
No cash deposits

Why We Chose Live Oak

Live Oak Bank offers one of the strongest high-yield business savings accounts available for small businesses. Its APY is significantly above the national average, and unlike some competitors, Live Oak does not use balance tiers or cap how much of your balance can earn interest.

Combined with low fees, no minimum balance requirements, and expanded FDIC insurance coverage through partner banks, Live Oak stands out as an excellent option for businesses looking to maximize returns on reserve funds.

Live Oak Fees

Live Oak charges no monthly maintenance fees for its high-yield business savings account. Most businesses will only encounter fees for optional services like wire transfers or foreign transactions.

Live Oak Bank Category Fees	Value
Monthly Fee Range	$0 – $100/month
Monthly Checking Fee	$0 – $100/month (waivable)
Monthly Savings Fee	$0/month
ATM Fee	None for in-network ATMs
Overdraft Fee	$0
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$10
Outgoing Domestic Wire Transfer Fee	$19
Incoming International Wire Transfer Fee	$10
Outgoing International Wire Transfer Fee	$40
Wire Transfer Fee Start Point	$10
Wire Transfer Fee Range	$10 – $40
Cash Deposit Fee	N/A
Foreign Transaction Fee	3%
Excessive Transactions Fee	None
Stop Payment Fee	$10 – $25

Live Oak Bank Eligibility Requirements

The application process for a Live Oak high-yield business savings account is fully online. You’ll generally need:

A verified bank account for funding
Personal identification, including Social Security numbers for authorized signers
Business information, including business name, address, and EIN

There is no minimum opening deposit requirement.

What To Watch Out For

Live Oak does not support cash deposits
Transaction limits may apply to savings accounts
Live Oak does not offer ATM access for savings accounts

First Internet Bank: Best for large balances

First Internet Bank

Get Started With First Internet Bank

Total Rating	3.5
Fees & Rates3.1
Services5.0
Rewards2.2
Features3.2
Eligibility Requirements3.6
Application Process4.2
Sales & Advertising Transparency2.3
Customer Service3.1
User Reviews2.7

Monthly Fee Range

$0 - $5/month

APY Range

0.50% - 3.64%

Account Types Offered

Checking, savings, and money market accounts

Pros

Competitive money market APYs
Low opening deposit requirement
Savings, money market, CDs, and checking accounts available

Cons

Monthly fee unless balance requirements are met
Highest APY requires very large balances

Why We Chose First Internet Bank

First Internet Bank stands out for its business money market account, which offers stronger APY potential than its standard business savings account.

The bank recently updated its APY tiers, making its money market account more competitive for businesses with both moderate and very large balances.

In addition to money market accounts, First Internet Bank also offers business savings accounts, CDs, and checking accounts, giving businesses several ways to manage reserve funds and earn interest.

First Internet Fees

Businesses may encounter fees for wire transfers, foreign transactions, and excessive savings account transactions.

First Internet Bank Category Fees	Value
Monthly Fee Range	$0 – $5/month
Monthly Checking Fee	$0
Monthly Savings Fee	$2 (waivable)
ATM Fee	$0
Overdraft Fee	$0
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$15
Outgoing Domestic Wire Transfer Fee	$20
Incoming International Wire Transfer Fee	$15
Outgoing International Wire Transfer Fee	$50
Wire Transfer Fee Start Point	$15
Wire Transfer Fee Range	$15 – $50
Cash Deposit Fee	N/A
Foreign Transaction Fee	2%
Excessive Transactions Fee	$5
Stop Payment Fee	$30

First Internet Bank Eligibility Requirements

The application process for First Internet Bank business accounts is fully online. Applicants will generally need:

Government-issued identification for all signers
Names of authorized signers and owners
Business formation documents

What To Watch Out For

First Internet Bank’s money market accounts generally offer stronger APYs than its standard savings accounts
Some accounts charge monthly fees unless minimum balance requirements are met

Lili: Best For Small To Mid-Sized Businesses

Lili

Total Rating	4.3
Fees & Rates4.3
Services5.0
Rewards3.1
Features4.4
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9
Customer Service4.7
User Reviews2.9

Monthly Fee Range

$0 - $55/month

APY Range

up to 4.00%

Account Types Offered

Checking and high-yield savings accounts

Pros

High APY opportunities
No minimum balance requirements
Easy qualification requirements
Built-in bookkeeping and tax tools

Cons

APY only available on paid plans
Cash deposit fees may apply

Why We Chose Lili

Lili is a strong option for small to mid-sized businesses that want more than just a business savings account. In addition to business checking and savings, Lili includes built-in bookkeeping, expense tracking, invoicing, and tax-related tools within its platform.

Lili also offers automated savings features and high-yield savings accounts with APY available on eligible paid plans. Combined with low fees and no minimum balance requirements, Lili stands out as a flexible all-in-one banking platform for smaller businesses.

Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

Lili Fees

Lili offers a free basic checking account. High-yield savings features are only available on paid plans.

Lili Plans	Price	When To Use
Lili Core	$0/month	If you want a free business savings account and checking account with no fees
Lili Pro	$15/month	If you want to add expense and cash management tools
Lili Smart	$35/month	If you want to add smart bookkeeping and financial reporting to your cash-back checking and high-APY savings account
Lili Premium	$55/month	If you want to add a dedicated account specialist and priority support to your Lili accounts

In exchange for the monthly fee on eligible plans, businesses can access automated savings features and APY-earning savings accounts.

Lili Category Fees	Value
Monthly Fee Range	$0 – $55/month
Monthly Checking Fee	$0 – $55/month
Monthly Savings Fee	$0 – $55/month
ATM Fee	$0 ($2.50 on non-MoneyPass networks)
Overdraft Fee	None (covers overdrafts up to $200)
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$15
Incoming International Wire Transfer Fee	$15
Outgoing International Wire Transfer Fee	$25
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $25
Cash Deposit Fee	$0
Foreign Transaction Fee	0%
Excessive Transactions Fee	None
Stop Payment Fee	None

Lili Eligibility Requirements

Business owners who are at least 18 years old with a Social Security number and US address are generally eligible to apply for Lili business banking services.

What To Watch Out For

APY is only available on eligible paid plans
Cash deposits may be limited depending on the deposit method used

Get Started With Lili

Axos Bank: Best Checking & Savings Combo

Axos Bank

Get Started With Axos Bank

Total Rating	3.9
Fees & Rates4.1
Services5.0
Rewards2.8
Features4.2
Eligibility Requirements4.7
Application Process3.4
Sales & Advertising Transparency2.3
Customer Service3.0
User Reviews2.4

Monthly Fee Range

$0 - $10/month

APY Range

0% - 3.60%

Account Types Offered

Checking, high-yield savings, CDs, and money market accounts

Pros

High APY on business savings
No monthly maintenance fee
Business checking and savings available
No minimum opening deposit

Cons

Higher balances required for the best APY

Why We Chose Axos Bank

Axos Bank is a strong option for businesses that want both business checking and high-yield savings from the same online bank.

Axos offers competitive APYs on its Business Premium Savings account while also providing business checking, CDs, lending products, and cash management tools. Businesses can earn APY on balances up to $5 million, making Axos especially appealing for companies with larger reserve balances.

Combined with low fees, no minimum opening deposit, and integrated business banking services, Axos stands out as a flexible all-in-one banking option.

Axos Bank Fees

Axos charges no monthly maintenance fee for its Business Premium Savings account, and no minimum opening deposit is required.

Businesses may still encounter fees for optional services like wire transfers, excessive transactions, and certain out-of-network ATM transactions.

Axos Bank Category Fees	Value
Monthly Fee Range	$0 – $10/month
Monthly Checking Fee	$0 – $10/month
Monthly Savings Fee	$0/month
ATM Fee	Varies (ATM fees fully refunded for domestic use)
Overdraft Fee	None
ACH Fee	$0
Incoming Domestic Wire Transfer Fee	$0
Outgoing Domestic Wire Transfer Fee	$15
Incoming International Wire Transfer Fee	$0
Outgoing International Wire Transfer Fee	$50
Wire Transfer Fee Start Point	$0
Wire Transfer Fee Range	$0 – $50
Cash Deposit Fee	$0
Foreign Transaction Fee	1%
Excessive Transactions Fee	$10
Stop Payment Fee	$10 – $35

Axos Bank Eligibility Requirements

Businesses can apply for Axos accounts entirely online. Applicants will generally need:

Personal identification for authorized users
Business formation documents
Business tax identification information

There is no minimum opening deposit requirement for Business Premium Savings.

What To Watch Out For

Axos is a digital-first bank
The highest APY opportunities require larger balances
Some checking accounts charge monthly fees unless requirements are met

Business Banking Review Methodology

We spend hours researching and evaluating each business banking service we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

Weighted Rating Breakdown

Fees & Rates 20%

Services 20%

Features 15%

Rewards 10%

Eligibility Requirements 10%

Application Process 10%

Sales & Advertising Transparency 5%

Customer Service 5%

User Reviews 5%

When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.

Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.

Read more about how we rate business banking services.

Other High-Yield Options For Businesses

There are several interest-earning business banking and treasury options that aren’t technically high-yield savings accounts but are still worth considering for businesses looking to earn more on reserve funds.

Mercury: Best Treasury Management Alternative

Mercury doesn’t offer HYSA, but if you are already using Mercury or are in the market for a business checking account,¹ Mercury has a unique perk up its sleeve. Mercury Treasury² is a treasury management product designed to help businesses earn yield on idle cash.

Businesses can transfer funds directly from Mercury accounts into eligible treasury products, though a minimum combined Mercury account balance is required to qualify.

¹Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.

²Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser. This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies. Mercury Treasury is not insured by the FDIC. Funds in Mercury Treasury are not deposits or other obligations of Choice Financial Group, Column N.A., or Evolve Bank & Trust, and are not guaranteed by Choice Financial Group, Column N.A., or Evolve Bank & Trust.

Bluevine: Best High-Yield Business Checking Account

Bluevine doesn’t offer a traditional high-yield business savings account, but it does offer APY opportunities through its business checking products.

For businesses that want interest-earning potential while keeping funds accessible in a checking account, Bluevine can be an appealing alternative to a traditional HYSA. Bluevine also includes business banking tools like sub-accounts, bill pay, and access to business lines of credit for eligible customers.

Bluevine is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.

What To Look For In A Good High-Yield Business Savings Account

The best high-yield business savings accounts combine strong APYs with low fees and flexible banking features.

When comparing accounts, consider:

APY and interest compounding
Withdrawal limits
Minimum balance requirements
Monthly fees
ATM access
Cash deposit support
ACH and wire transfer fees

The right account for your business depends on how you plan to use and access your savings.

Which High-Yield Savings Account Is Right For Your Business?

A high-yield business savings account can help businesses earn more on reserve funds while keeping money relatively accessible and secure.

The right account for your business will depend on factors like APY, fees, FDIC insurance coverage, balance requirements, and how easily you need to access funds.

While many business banks now offer some type of high-yield savings option, it’s worth comparing providers carefully to find the best fit for your business’s financial goals and banking needs.