Best Business Savings Accounts In 2024

Get Started With Live Oak Bank

Read our Review

Total Rating	2.9
Rates & Fees2.1 Pricing 3.0 Affordability 1.2
Services4.4
Eligibility Requirements2.1
Application1.0
Sales & Advertising Transparency4.6 Sales Practices 5.0 Web Presence 4.0
Customer Service3.9
User Reviews3.9

Pros

High APY
$0 monthly fees
$0 minimum balance
Up to $10m in FDIC insurance

Cons

High foreign transaction fee
No cash deposits

Why We Chose Live Oak As The Best High-Yield Business Savings Accounts

Live Oak is one of the only banks to make it on our list of best online banks, best savings accounts, and best high-yield savings accounts. With no account minimums, an APY of 4.00%-5.40%, and up to $10 million in FDIC insurance, Live Oak is a solid choice for businesses of all sizes looking for a savings account. Live Oak Bank also sets itself apart by offering lending options as well, so that if you ever need additional business funds, you can operate through your existing business bank, which makes the loan application process easier.

Monthly Fee: $0
APY: 4.0% - 5.4%
Opening Deposit: $0
Minimum Balance: $0
Services: Savings, CDs, Loans

Live Oak Bank Features, Rewards, & Perks

Live Oak’s APY of 4.00% on savings stands at x8, the current national average for savings. Interest is compounded daily.

You can also open a certificate of deposit with Live Oak. The APY range for CDs is from 2.00%-5.40% depending on the term length.

Live Oak also offers up to $250k in FDIC insurance for all accounts and up to $10 million for accounts with a minimum balance of $350k. This amount of FDIC coverage is much higher than the competition, which enhances Live Oak Bank’s viability as a great high-yield business bank account.

You can access your Live Oak Bank account online or through the company’s mobile apps.

Live Oak Savings Fees

Live Oak Bank is very forthright with its fees. You won’t find any monthly account fees with a Live Oak business savings account. There are no minimum opening or ongoing balance requirements.

There’s no charge for ACH transfers, overdrafts, or incoming wire transfers. Outgoing wire transfers cost $19/each and there’s a 3% foreign transaction fee, so if your business does a lot of international business, a Live Oak account might not be right for you (granted, most businesses can avoid this fee by having foreign transactions come out of their business checking account, leaving Live Oak specifically to savings).

Read our in-depth review

Lili: Best for smaller businesses

Lili

Read our Review

Total Rating	4.1
Fees & Rates4.0
Services5.0
Rewards3.3 Quality & Value Of Earned Rewards 3.3
Features3.6
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9 Sales Practices 5.0 Web Presence 4.3
Customer Service4.1
User Reviews2.9

APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

Pros

Unique small business perks & features
No minimum balance required
High APY
Built-in bookkeeping

Cons

Free plan does not include interest earning

Why We Chose Lili For Best Business Savings Accounts

Lili Bank is an up-and-coming online bank with features and rewards ideal for small businesses and even works for sole proprietors or freelancers. Lili offers a competitive APY of 4.15% and an easy-to-use online banking platform with time-saving perks like auto-saving. If you have multiple small businesses, you can manage them from one single login, making it ideal for entrepreneurs and small business owners. Lili's unique advantage is that it also offers built-in accounting and finance management tools like tracking tax deductions.

Monthly Fee: $0-$35/month
APY: 4.15% APY
Opening Deposit: $0
Minimum Balance: $0
Services: Savings, checking, accounting

Lili Features, Rewards, & Perks

Lili Bank offers 4.15% APY on balances up to $100k. While the APY max is a bit lower than larger businesses may need, it’s a competitive option for smaller businesses.

In addition to a high APY, the Lili Pro account includes overdraft protection of up to $200, cash deposits, bill pay, tax optimization tools, automatic savings transfers, and business checking with cashback rewards. Lili also integrates with accounting software to make managing your business finances even easier.

Lili Fees

Although Lili offers a free account, you’ll need to sign up at the Pro level if you want to earn interest on your savings. Pro accounts come with a monthly fee of $15/month.

While you will have a monthly fee, there are very few other fees. There’s no overdraft, ACH, ATM, foreign transaction, or wire transfer fees, which is why we put Lili as the best overall small business savings account.

There are no minimum balance or opening balance requirements with Lili either.

Get Started With Lili

Read our in-depth review

LendingClub: Best business savings and checking accounts

LendingClub

Get Started With LendingClub

Read our Review

Total Rating	4.3
Fees & Rates3.9
Services5.0
Rewards4.2 Quality & Value Of Earned Rewards 4.2
Features4.0
Eligibility Requirements5.0
Application Process5.0
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.7
Customer Service4.4
User Reviews4.2

APY

1.5%-3.5%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

Why We Chose LendingClub For Best Business Savings & Checking

Known for its lending services, LendingClub offers a savings account that's worth being known for too. LendingClub has a high-yield business savings account option with a highly competitive 4.65% APY. Paired with LendingClub's Tailored Checking account that offers 1.5% APY and 1% cashback, LendingClub becomes a great banking option for businesses looking to maximize their interest-earning returns.

Monthly Fee: $10 (waivable)
APY: $4.65%
Opening Deposit: $100
Minimum Balance: $0
Services: Savings, checking, lending

LendingClub Features, Rewards, & Perks

LendingClub offers 4.65% APY. LendingClub also offers a competitive business checking account with 1.5% APY and 1% cashback. If you need additional business funds, LendingClub has multiple small business loans and SBA loans, making it a good all-in-one business bank account.

LendingClub Fees

LendingClub has a $10/month maintenance fee that can be waived if you have a minimum balance of $500. There is also an opening minimum deposit of $100.

For additional fees, you’ll find a $18 outgoing wire transfer fee, a 0.20% foreign transaction fee, and a $25 stop payment fee.

LendingClub has no ATM fees and uniquely offers unlimited ATM reimbursements to cover all out-of-network ATM fees.

Read our in-depth review

Get Started With U.S. Bank

U.S. Bank: Best for building a savings fund

U.S. Bank	Visit Site

Pros

Low opening deposit
Full banking services, including loans
Automated savings features

Cons

High minimum balances to waive $15 monthly fee

Why We Chose U.S. Bank For Building A Business Savings Fund

U.S. Bank offers two business savings accounts and three money-market accounts, but the thing that sets this bank apart is the Business Savings Sweep Account. With the Business Savings Sweep Account, U.S. Bank "automatically sweeps (moves) excess balances daily from your U.S. Bank business checking account" into your savings account to help you build savings fast. While this service may not be desired by every business, if you want to build a low-effort business savings account, U.S. Bank is worth looking into.

Monthly Fee: $10-$15/month (waivable)
APY:
Opening Deposit: $100
Minimum Balance: $500+
Services: Savings, money market accounts, merchant services, business credit cards, cash management accounts, & payroll

U.S. Bank Features, Rewards, & Perks

U.S. Bank offers a basic business savings account with 0.05% APY and a Platinum Money Market account with 4.50%. U.S. Bank does not disclose the APY on its automatic savings Business Savings Sweep account. For details on the Business Bank Sweep account, you have to make an appointment with U.S. Bank directly.

U.S. Bank Fees

Monthly fees vary from $10-$15/month for U.S Bank. These fees are waivable if you maintain certain account balances. You may encounter deposit fees if you exceed the deposit limits.

U.S. Bank requires a minimum opening deposit of $100.

Get Started With First Internet Bank

First Internet Bank: Best money market business account

First Internet Bank	Visit Site

Pros

Waivable monthly fees
High APY
Money market and CDs available

Cons

Online only
High balance required for top APY

Why We Chose First Internet Bank As The Best Business Money Market Account

First Internet Bank offers a traditional business savings account, but if you have more money to deposit, you can open a First Internet Bank money market savings account and bump that APY up as high as 5.46%. You'll need a balance of $1 million or higher to earn that top rate. Don't worry if you don't have that much cash to stash, as accounts with less than $1m still earn 3.76%.

Monthly Fee: $0-$5/month (waivable)
APY: Up to 5.46%
Opening Deposit: $100
Minimum Balance: $0
Services: Savings, money market accounts, CDs

First Internet Bank Features, Rewards, & Perks

First Internet Bank’s standard APY on savings accounts is 0.80%, which for a free account isn’t too bad.

You can bump that rate to 3.76% – 5.46% by opening a money market savings account instead. The higher the daily balance, the higher the APY, with balances under $1m earning the low end and over $1m earning the high end. Since our last update of this post, First Internet Bank dropped its balance earning thresholds from $5m to $1m, making it a much more competitive and achievable option for small businesses.

First Internet Bank Fees

With First Internet Bank’s business savings account, there’s no monthly fee or minimum balance. There is a $25 opening deposit though.

For the money market account, there’s a monthly fee of $5 that can be waived if you maintain a balance of $4k. The minimum deposit for a First Internet Bank money market account is $100, but the more you put in there, the quicker you can unlock the highest tier of interest earnings.

Both types of accounts come with an ATM surcharge rebate of up to $10/month.

Get Started With Prime Alliance Bank

Prime Alliance Bank: Best variety of savings options

Prime Alliance Bank	Visit Site

Pros

High APY available
No monthly fee
Multiple interest-earning account options

Cons

Top rates require high balances
Have to email to open an account
Not transparent about additional fees

Why We Chose Prime Alliance For The Best Variety Of Business Savings Options

Prime Alliance offers a variety of interest-earning options traditional savings accounts, money market savings, interest checking, or CDs so that you can find the perfect mix of interest-earning accounts for your business. With competitive high-yield savings APYs, and plenty of additional interest-earning account options, Prime Alliance is a solid business bank worth looking into.

Monthly Fee: $0
APY: Up to 4.25%
Opening Deposit: $0
Minimum Balance: $0 ($500 for CDs)
Services: Savings, money market, CDs, checking, commercial loans

Prime Alliance Features, Rewards, & Perks

Prime Alliance Bank’s savings account and money market account have an APY of 3.85% for balances of $1 – $99,999, 4.05% for balances from $100,000-$199,999, and 4.25% for balances of $200,000+ with interest paid quarterly.

Prime Alliance Bank’s certificates of deposit range from 3.94% APY to 5.15% APY depending on the term.

If you need to keep a significant balance in a checking account, Prime Alliance has you covered with its interest checking. The rates are respectable but not eye-popping, ranging from 0.05% on balances up to $100k, $0.10% on balances between $100-$200k, and rising to 0.20% on balances of $200k+. These rates compare favorably to the national average for savings but are not as impressive as other high-earning business checking rewards accounts like LendingClub.

The main downside is that Prime Alliance Bank is a bit behind the times with its website and sign-up processes, as you have to email the Prime Alliance team to open an account.

Prime Alliance Fees

Prime Alliance business accounts have no monthly maintenance fees or minimum balance requirements.

There is a $500 minimum balance for CDs. Beyond that, Prime Alliance Bank is less forthcoming with additional fees than the other competitors on this list.

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.

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?

For traditional banks, looking at the national average for interest rates was a good way to gauge competitive APY. However, now online banks blow the traditional banks APY out of the water. For example, the national average APY for savings accounts is 0.46%, whereas online banks regularly have APYs ranging from 3.00%-4.00%.

A decent APY is anywhere from 1.5% – 2%, while a good APY is 3.00%-4.00%. An outstanding APY is 4.5% or higher.

If high APY is important to you, check out the best high-yield business savings accounts available today, so you can let your hard-earned money start working for you.

Does My Business Need A Savings Account?

Although most business banking begins with a business checking account, it’s wise to open a business savings account too. You can find business bank accounts with very low or even $0 minimum balance requirements, so you can start your business savings fund today and add to it when you’re able.

On top of processing payments from customers and paying your bills, you’ll want to set aside some funds to keep your business in the black. Whether you’re saving for an expansion, new equipment, or an unforeseen emergency, savings work to your advantage. You can also set aside money for regular expenses, such as payroll and taxes, and let that money earn interest until you need to spend it.

How To Choose The Best Business Savings Account

Choosing the right business bank starts with knowing which type of bank account you need, so by looking at business savings accounts you’re already well on your way!

We have a whole post on how to choose a business bank, but the long as short of it is identifying which features are most important to your business and then comparing from there. Consider if you need high APYs, cash deposits, large transaction limits, a large number of deposits or transfers, checks, etc., and then go from there to find an account that meets all of your needs.

It’s smart to start by looking at the savings accounts available to you at the bank or platform where you have your business checking. Don’t overlook your favorite credit union either. Many credit unions offer business bank accounts, and you may find a favorable APY that lets your money grow.

Whichever you choose, we hope this list has helped you compare some great business savings options. Choose one, or keep exploring, and start your business savings account today.

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Chelsea Krause

Lead Staff Writer

Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.

@AccountingMage

View Chelsea Krause's professional experience on LinkedIn.

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Sources

National Rates & Rate Caps (Accessed 06/15/2023) — FDIC

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1. Live Oak Bank

❮ ❯

4.00%-5.40% APY
$0 monthly fees
$0 account minimum

2. Lili

❮ ❯

4.15% APY
$15+/month
$0 account minimum

3. LendingClub

❮ ❯

Up to 4.65% APY
$10/month
No minimum balance

4. U.S. Bank

❮ ❯

0.05%-4.50% APY
$10-15/month
$100 account minimum

5. First Internet Bank

❮ ❯

Up to 5.64% APY
$5/month
$100 account minimum

6. Prime Alliance Bank

❮ ❯

0.05%-5.15% APY
$0 monthly fees
No account minimum