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Learn how business savings accounts work, what they cost, and when it makes sense for your business to open one.
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Editor & Senior Staff Writer
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Business savings accounts work similarly to personal savings accounts, but they’re designed specifically for managing business funds and often come with different features and account requirements.
This guide explains what a business savings account is, how it works, what it costs, and when it makes sense for your business to open one.
Table of Contents
A business savings account is a bank account designed to store and earn interest on business funds over time. Businesses commonly use savings accounts to store reserve funds, emergency savings, tax savings, or cash they don’t need for everyday spending.
Business savings accounts are generally better suited for long-term savings, while business checking accounts are designed for day-to-day business expenses and transactions.
Like personal savings accounts, business savings accounts earn interest on deposited funds. However, business savings accounts may also include business-focused features such as accounting software integrations and cash management tools.
A business savings account gives businesses a place to store funds that aren’t needed for everyday expenses. Business owners can deposit or transfer money into the account and use it to:
Many online banks and fintech banking platforms now offer business savings accounts with competitive interest rates and modern digital tools. Most partner with FDIC-insured banks to provide deposit protection.
Online business savings accounts often offer:
Traditional banks may offer:
The right choice depends on your business’s banking needs, cash management preferences, and whether you value in-person banking services or higher digital savings rates.
Both traditional business savings accounts and high-yield savings accounts allow businesses to store and grow reserve funds. The biggest difference is that high-yield savings accounts typically offer much higher interest rates.
Many high-yield business savings accounts currently offer APYs in the 3% to 4% range, though rates can change over time.
Some high-yield savings accounts apply the full APY to all balances, while others limit high APY earnings to specific balance tiers or require certain account conditions to qualify for the highest rates.
Business savings accounts may charge monthly maintenance fees, though many accounts offer ways to waive those fees through minimum balances, linked checking accounts, or other account requirements.
While many business savings accounts charge little to no monthly fees, businesses should also watch for additional banking costs, including:
Some business savings accounts charge monthly maintenance fees, though many banks waive them with minimum balances or linked accounts.
Overdraft or non-sufficient funds fees may apply if transactions exceed your available account balance.
Banks may charge separate fees for sending or receiving domestic and international wire transfers.
Businesses making international transactions may face foreign transaction fees, which commonly range from 1%-3%.
A business savings account can help businesses organize reserve funds, separate savings from everyday spending, and potentially earn interest on idle cash.
Additional benefits of a business savings account may include:
Some very small businesses may be able to operate with only a business checking account, but many businesses can benefit from having a separate savings account as well.
A business savings account can help businesses:
Many business savings accounts also charge little to no monthly fees, making them an easy way to begin building business reserves and long-term financial stability.
To open a business savings account, start by comparing business savings accounts based on factors like APY, fees, minimum balance requirements, and banking features.
Once you’ve chosen the right account for your business, you can typically complete the application process online or at a bank branch. Most banks will require basic business information and documentation before opening the account.
To open a business savings account, you’ll typically need to provide basic business information and supporting documentation.
Common requirements include:
Some banks may also have additional eligibility or documentation requirements, so it’s a good idea to confirm requirements before applying.
For a more detailed breakdown, read our full guide on how to open a business bank account.
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