Best Business Savings Accounts

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

Built-in bookkeeping and tax tools
No minimum balance required
High APY
Automatic savings features

Cons

Interest-earning features require paid plans

Why We Chose Lili

Lili is an all-in-one financial platform designed for small businesses that want more than just a business savings account. In addition to checking and savings accounts, Lili includes built-in bookkeeping, invoicing, expense tracking, and tax optimization tools.

Lili also offers automatic savings features and high-yield savings opportunities with APYs up to 4.00% on eligible plans. Combined with low fees, no minimum balance requirements, and integrated financial management tools, Lili stands out as a strong option for small business owners.

The BusinessBuild program, powered by Dun & Bradstreet, also helps businesses monitor and build business credit directly through the platform.

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

Lili Features, Rewards, & Perks

Here’s a breakdown of Lili’s features:

Lili Features	Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations

And its rewards and perks:

Lili Yield and Cashback	Value
Checking APY	None
Savings APY	4.00%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	Varies

In addition to high APY opportunities, eligible Lili plans include overdraft protection up to $200, automatic savings transfers, cash-back rewards, bill pay, and integrated bookkeeping tools.

Lili also integrates with accounting software to make financial management easier.

Lili Fees

Lili offers a free account option, though interest-earning savings features are only available on eligible 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

While paid plans include monthly fees, Lili charges very few additional banking fees.

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

Choose Lili If...

You want built-in bookkeeping, invoicing, and tax tools alongside your business savings account
You want automatic savings features and high APY opportunities
You want low fees and no minimum balance requirements
You want to monitor and build business credit through the BusinessBuild program

Get Started With Lili

Grasshopper Bank: Best Digital-First Business Savings Account

Grasshopper Bank

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

Low opening deposit
No minimum balance required
High APY

Cons

No cash deposits

Why We Chose Grasshopper

Grasshopper Bank stands out for its fast and fully online application process. Businesses can open an Innovator Savings account in just a few minutes from virtually any device.

Beyond convenience, Grasshopper also offers competitive APYs, no minimum balance requirements, unlimited fee-free transactions, and unlimited check deposits with a low opening deposit requirement.

Grasshopper also goes beyond basic banking by offering SBA lending options, business checking accounts, accounting integrations, and partner perks designed for growing businesses.

Grasshopper Bank Features, Rewards, & Perks

Here are the features you can expect from Grasshopper Bank:

Grasshopper Bank Features	Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations

Grasshopper Bank also offers the following perks:

Grasshopper Bank Yield and Cashback	Value
Checking APY	1.00% – 1.35%
Savings APY	1.55% – 3.00%
CD APY	N/A
Treasury Account APY	N/A
Checking Cashback	1%

In addition to APY opportunities, Grasshopper also offers accounting integrations with QuickBooks and Autobooks, partner discounts, bill pay, and 24/7 online and mobile banking access.

Grasshopper Bank Fees

Grasshopper keeps fees relatively low and avoids many of the monthly maintenance costs found with traditional business banks.

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

Choose Grasshopper If...

You want a fast and fully online account setup process
You want high APY opportunities with no minimum balance requirements
You want access to business checking, savings, and SBA lending in one place
You want low-fee business banking with accounting integrations

Live Oak Bank: Best High-Yield Business Savings Account

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

Competitive APY
No monthly savings account fees
No minimum balance requirements
Expanded FDIC insurance coverage available

Cons

High foreign transaction fee
No cash deposits

Why We Chose Live Oak Bank

Live Oak Bank stands out for combining strong APY opportunities with low fees and flexible balance requirements. Businesses can earn competitive APYs on savings and CDs without worrying about minimum balance requirements or APY caps tied to balance tiers.

Live Oak also offers expanded FDIC insurance coverage through partner programs, making it an appealing option for businesses holding larger reserve balances.

In addition to savings products, Live Oak offers SBA and business lending options, allowing businesses to keep banking and financing services under one roof.

Live Oak Bank Features, Rewards & Perks

Here are Live Oak’s current features:

Live Oak Bank Features	Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations

And its rewards and perks:

Live Oak Bank Yield and Cashback	Value
Checking APY	None
Savings APY	up to 2.85%
CD APY	up to 4.00%
Treasury Account APY	N/A
Checking Cashback	None

Live Oak Fees

Live Oak charges no monthly maintenance fees for its business savings accounts and does not require minimum opening deposits or ongoing balances.

Businesses may still encounter fees for optional services like wire transfers and 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

Choose Live Oak If...

You want a high-yield business savings account with low balance requirements
You want expanded FDIC insurance coverage options
You want access to SBA loans and business financing through your bank
You want strong APY opportunities without monthly savings account fees

First Internet Bank: Best Money Market Business Account

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

Waivable monthly fees
Competitive money market APYs
Savings, money market, and CDs available

Cons

Online only banking
Higher balances required for top APY tiers

Why We Chose First Internet Bank

First Internet Bank stands out for its business money market accounts, which offer a higher APY than its standard business savings account.

Businesses with larger balances can unlock even higher APY tiers, though accounts below the top balance thresholds can still earn competitive yields. 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 Bank Features, Rewards, & Perks

First Internet Bank offers a mix of traditional business banking products, including savings accounts, money market accounts, CDs, and checking accounts. Businesses can also access standard digital banking tools like ACH transfers, bill pay, mobile banking, and wire services.

First Internet Bank Features	Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations

And here are First Internet Bank’s rewards and perks:

First Internet Bank Yield and Cashback	Value
Checking APY	0.50%
Savings APY	0.90%
CD APY	N/A
Treasury Account APY	2.94% – 3.64%
Checking Cashback	None

First Internet Bank Fees

First Internet Bank keeps routine banking fees relatively low, though 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

Choose First Internet Bank If...

You want a business money market account with competitive APYs
You maintain larger reserve balances
You want access to savings, CDs, and checking accounts through one bank
You’re comfortable with online-only banking

Prime Alliance Bank: Best Variety Of Savings Options

Prime Alliance Bank

Get Started With Prime Alliance Bank

Total Rating	3.5
Fees & Rates3.7
Services5.0
Rewards2.6
Features3.7
Eligibility Requirements2.0
Application Process2.7
Sales & Advertising Transparency3.7
Customer Service1.9
User Reviews4.0

Monthly Fee Range

$0/month

APY Range

0.05% - 3.85%

Account Types Offered

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

Pros

Competitive APYs
No monthly maintenance fees
Multiple interest-earning account options

Cons

Top APYs require higher balances
Account opening process is less streamlined
Limited fee transparency compared to larger banks

Why We Chose Prime Alliance

Prime Alliance Bank stands out for offering several different ways for businesses to earn interest on reserve funds. In addition to traditional business savings accounts, businesses can also choose from money market accounts, interest-bearing checking accounts, and CDs.

With competitive APYs and multiple account types available, Prime Alliance gives businesses more flexibility when deciding how they want to manage savings and cash reserves.

Prime Alliance Features, Rewards, & Perks

Prime Alliance offers a mix of business savings and cash management products, along with standard digital banking tools like ACH transfers, mobile banking, bill pay, and wire services.

Prime Alliance Bank Features	Availability
Incoming Domestic Wire Transfers
Outgoing Domestic Wire Transfers
International Wire Transfers
ACH
ATM
Cash Deposits
Mobile Deposits
Check
Virtual Cards or Digital Wallet
Bill Pay
Cash Flow Management
Reporting
Standard FDIC Insurance
Invoicing
Accounting Integrations

And its rewards and perks:

Prime Alliance Bank Yield and Cashback	Value
Checking APY	0.05 – 0.20%
Savings APY	3.35% – 3.75%
CD APY	3.80% – 3.85%
Treasury Account APY	3.35% – 3.75%
Checking Cashback	None

Prime Alliance Fees

Prime Alliance business accounts do not charge monthly maintenance fees or require minimum balances.

Businesses may still encounter fees for certain wire transfers, overdrafts, or optional banking services.

Prime Alliance Bank Category Fees	Value
Monthly Fee Range	$0/month
Monthly Checking Fee	$0/month
Monthly Savings Fee	$0/month
ATM Fee	None
Overdraft Fee	$0
ACH Fee	0%
Incoming Domestic Wire Transfer Fee	$10
Outgoing Domestic Wire Transfer Fee	$15
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	None
Foreign Transaction Fee	Unknown
Excessive Transactions Fee	Varies
Stop Payment Fee	$15

Choose Prime Alliance If...

You want multiple interest-earning business account options
You want access to business savings, money market accounts, and CDs in one place
You want competitive APYs without monthly maintenance fees
You maintain larger balances and want stronger yield opportunities

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.

What Is A Good Interest Rate For Business Savings?

Online business banks and fintech platforms typically offer much higher APYs than traditional brick-and-mortar banks.

While the national average savings rate is still relatively low, many online business savings accounts now offer APYs in the 3.00% to 4.00% range, with some accounts offering even higher promotional or tiered rates.

Generally:

Around 1.5% – 2.0% APY is decent
Around 3.0% – 4.0% APY is strong
Above 4.0% APY is highly competitive

If maximizing APY is your top priority, it may also be worth comparing dedicated high-yield business savings accounts.

Does My Business Need A Savings Account?

While most businesses start with a business checking account, a business savings account can also play an important role in managing cash flow and reserve funds.

A business savings account can help businesses prepare for emergencies, future growth, equipment purchases, taxes, payroll, and other large expenses while earning interest on idle cash.

Many business savings accounts now have low or no minimum balance requirements, making it easier for businesses to start building savings over time.

How To Choose The Best Business Savings Account

Choosing the right business savings account starts with identifying which banking features matter most to your business.

When comparing accounts, consider factors like APY, fees, cash deposit support, transaction limits, transfers, ATM access, and integrations with your existing banking tools.

It’s also worth checking whether your current business bank or credit union offers a savings option that fits your needs. However, comparing multiple providers can help you find stronger APYs, lower fees, or better business banking features.