8 Best Business Savings Accounts In 2023

Live Oak is one of the only banks to land on our list of the best overall business banking options and on our list of the best high-yield business savings accounts. With no account minimums and an APY of 4.00% as of the time this post is published, Live Oak is a solid choice for businesses of all sizes looking for a savings account.

Live Oak’s APY of 4.00% on savings stands at 10 times the current average for savings.

You can also open a certificate of deposit with Live Oak. The highest APY currently is 4.90% for a nine-month CD. Rates for other CDs range from 2.0% to 4.8%, depending on term length, with options from three months to five years.

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

Live Oak is an online bank, with no physical branches. You can apply online for a Live Oak savings account. Provide some basic personal and business information, mostly to verify your identity, and you can be approved in minutes.

Once you’re approved, you can link to an existing bank account to transfer funds to your new savings account. You’ll start earning interest immediately.

First Internet Bank offers two options for business savings. You can open a regular savings account with a minimum deposit of just $100 and earn an APY that more than doubles the current national average for savings.

Or, 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 5.08%. You’ll need a balance of $5 million or higher to earn that top rate. Don’t worry if you don’t have that much cash to stash. Accounts with daily balances below $5 million still earn a healthy interest rate of 3.30%.

First Internet Bank’s standard APY on savings accounts is 0.90% with a daily balance of $100 or more. That’s a good rate for such a low balance requirement.

You can bump that rate to 3.35% by opening a money market savings account instead, with the same opening deposit of at least $100. Maintain an account balance below $5 million to earn this attractive rate.

If your average daily balance tops $5 million, your rate jumps to 5.08% for money market savings.

You’ll see some fees with First Internet Bank’s savings options, but these fees are relatively low and easy to waive. For a regular savings account, you’ll pay a $2 monthly maintenance fee unless you maintain an average balance of $1,000 or more.

For money market savings accounts, expect to pay a $5 monthly maintenance fee unless you maintain an average daily balance of $4,000.

First Internet Bank offers no in-person services; all transactions take place online. A strong mobile app supports these transactions.

If you use a First Internet Bank money market account, you’ll be able to write checks. Certificates of deposit can round out your savings strategy, with terms from 3-60 months.

First Internet Bank also offers access to credit.

We admit it, we are stretching the definition of business savings accounts with Bluevine. Still, even though Bluevine technically does not offer savings accounts, we think its high-interest business checking option deserves consideration. Combine a high APY with Bluevine’s exceptional checking account features, and we are certain this option will be a great fit for many small businesses.

To earn Bluevine’s interest rate of 2.0%, you need to meet one of two activity goals with your business checking account: You can spend $500/month with your Bluevine debit card or take in $2,500/month in customer payments via check, ACH, or payment processing partners.

Bluevine also allows unlimited monthly transactions, two free checkbooks a year, free bill payment, and no in-network ATM fees. That makes it easy for you to access and spend your money.

When it comes to fees, you’ll see a lot of zeros with Bluevine. You should see $0 monthly fees, $0 transaction fees, and $0 transfer fees.

Bluevine business checking accounts also have $0 minimum balance requirements.

Because Bluevine’s savings option is an interest-earning checking account, you’ll find more features than you’d typically find with a business savings account.

You can set up your Bluevine account so that payments from customers are routed directly, and you can also set up bill payment, all for free. Bluevine supports global business in 32 countries and 14 currencies. A free QuickBooks Online integration will help you keep your business finances in order.

While many savings accounts limit transactions, Bluevine lets users make unlimited monthly transactions.

Bluevine also lets users create up to five sub-accounts, so you can set money aside for planned expenses, such as taxes and payroll, and for emergencies.

In choosing LendingClub as a good savings option for small businesses, we’re again using a loose definition of “savings account.” Like Bluevine, LendingClub does not offer a traditional savings account.

What LendingClub does offer is a Tailored Checking account with unique benefits. Not only will you earn 1.50% APY on balances below $1 million (and 0.10% APY on any portion of your balance above that limit) but you’ll also receive a straight 1% cash back on all transactions made with your debit card.

LendingClub’s unusual approach to savings delivers two types of rewards small businesses should appreciate!

LendingClub’s Tailored Checking accounts earn 1.50% APY on balances under $1 million. You’ll earn 0.10% APY on any portion of your balance above that cap.

Use your Tailored Checking account debit card to earn an unlimited 1% cash back on all purchases after meeting basic eligibility requirements.

LendingClub’s Tailored Checking account comes with a $10 monthly maintenance fee that can easily be waived. You’ll pay nothing by simply maintaining a $500 minimum balance.

As an online-only bank, LendingClub offers a strong mobile app for iOS and Android. Use it to make deposits and to pay bills. Business checks are available.

You can access integrations that let you link your Tailored Checking account to Mint, QuickBooks, or Quicken. Set up Autobooks to create and send digital invoices and take payments online.

LendingClub is a Small Business Association Preferred Lender. That means you can access small business loans from $5K-$500K through the SBA.

LendingClub also offers unlimited automatic repayment of all ATM fees you incur.

NBKC’s money market savings account for businesses delivers a solid APY of 2.0% on all balances. That’s a good interest rate, though it’s not the highest we’ve seen.

NBKC shines in its range of business CDs offerings. Unlike some banks, NBKC doesn’t limit its highest APYs to certificates of deposit with the longest terms, and you won’t need a large balance to qualify, either.

If you have some cash you’d like to store for six months or longer, you can access an attractive APY with NBKC and put your money to work for you in a CD.

Open a money market savings account with NBKC, and you’ll earn 2.0% interest on your balance. There’s no minimum deposit required, and you won’t pay any fees.

If you choose to store your money in a certificate of deposit instead or in addition to your savings account, you will find some attractive interest rates to choose from, with reasonable minimum deposits. You will need to choose a term above six months to earn top rates.

At this time, business CDs with terms from seven to 15 months come with a minimum opening deposit of $1,000 and earn 4.50% APY.

You’ll find almost no fees with NBKC, even in the fine print. There are no monthly fees, overdraft fees, stop-payment fees, or domestic wire fees.

NBKC accounts come with $0 opening deposit requirements and $0 minimum balance requirements.

One of NBKC’s top features is its live service options. You can talk to a banker on the phone, via email, or in person (if you live in or visit the Kansas City area) for free. That’s exceedingly rare these days.

NBKC also delivers some more common $0 features, such as free online banking, mobile check deposit, and bill pay. You’ll also pay nothing for overdrafts, NSF, stop-payment orders, and incoming domestic wires.

If you’d like to open a business checking account, NBKC can offer you that option with no balance requirements and fees.

U.S. Bank offers a full range of business banking services, including access to credit opportunities that smaller online banks can’t match. And now U.S. Bank is offering a limited-time interest rate boost that pushes rates on its Platinum Business Money Market account into high-yield territory.

Although the bonus rate is available only for six months, the standard rate for this account beats the national average for savings. If you have some money to put to work for a short time, this is a great option for your business savings account.

At this time, U.S. Bank offers a bonus that bumps your interest rate on business money market savings from respectable to stellar. Exact rates depend on your savings account balance.

For example, balances up to $50K earn a standard 0.05% but can jump to 4.50% with the bonus. Balances up to $3 million can earn as much as 4.75%. Note that these rates are valid for six months only.

Standard rates are higher for accounts with higher balances. The top rate currently is 1.15% for balances above $1 million.

U.S. Bank’s Platinum Business Money Market account comes with a $15 monthly maintenance fee. This fee can be waived by keeping a $10,000 minimum daily balance.

U.S. Bank is a full-service, chartered bank. In addition to business checking and money market savings accounts, you can open a U.S. Bank line of credit or take out a loan.

U.S. Bank also offers merchant services, business credit cards, cash management accounts, and payroll services.

Many of the options on this list cater more to businesses on the larger side. If you are running a business that exemplifies the “small” in small business, Lili could be just what you’re looking for.

Note that while Lili has a free account that earned it a spot on our list of the best bank accounts for freelancers and other self-employed workers, if you want to access Lili’s savings account you’ll need to pay a monthly service fee.

To earn Lili’s high APY on savings, which stands currently at 2.0%, you’ll need to sign up for a Lili Pro account. The Pro account operates on the Banking as a Service model and promises to deliver top-tier financial tools at a modest price that’s affordable for smaller businesses.

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 $9.

In addition to a high APY, the Lili Pro account includes overdraft protection, tax optimization tools, automatic savings transfers, and business checking. But that’s not all. You’ll also earn cashback rewards when you spend with your Lili Pro Business Visa card. The card comes with free overdraft protection for up to $200.

Lili accounts also give you access to business accounting, tax preparation, invoicing, and payment tools.

As you can see from some of the nontraditional savings accounts we’ve included on this list, out-of-the-box thinking can lead your small business to high APY. We include Prime Alliance on this list because this bank offers a variety of interest-earning options that let you bank how you want.

Choose among Prime Alliance’s traditional savings accounts, money market savings, interest checking, or CDs to find the mix that’s right for your small business.

Let’s start with Prime Alliance’s basic business savings account. You can earn an APY of 3.60% on balances up to $100K. If your balance tops $200K, your rate jumps to 4% APY.

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 and rising to 0.20% on balances of $200K and up. These rates compare favorably to the national average for savings.

You can open a certificate of deposit with Prime Alliance, with a minimum balance of just $500. A 6-month CD comes with a very respectable 5.0% APY. Rates decline slightly as term lengths increase, to a maximum of 60 months at 3.0% APY.

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

Business savings accounts with Prime Alliance Bank include online banking. You’ll be allowed unlimited deposits and up to six withdrawals or transfers each month.

Business checking accounts include unlimited transactions, online banking, bill payment, and a Visa debit card.