The 4 Best High-Yield Business Savings Accounts In 2023
With interest rates and economic uncertainty rising, high-yield savings accounts can be safe and lucrative. Our top picks deliver interest up to 4%.

High-yield business savings accounts put your money to work for you. How? By paying an interest rate that’s significantly above the national average.
Now is a great time to look for a high-yield business savings account. Whether you’re trying to ride out economic uncertainty or just wanting to watch your money grow, starting a high-yield business savings account is a smart business move.
Another smart business move is checking if you qualify for the employee retention tax credit available to small businesses. If you are, putting the ERTC refund in a high-yield savings account could help you gain even more money for your business.
Are High-Yield Savings Accounts Safe?
A high-yield savings account is a safe way to store money while earning a high return, as long as you’re banking with a bank or credit union that offers FDIC insurance.
Especially during times of economic uncertainty, such as the current debt-ceiling negotiations and general inflationary period, a high-yield savings account is a safe way to put your money to work for you.
Learn More About Our Top Picks
Read more below to learn why we chose these options.
Table of Contents [hide][show]
- What Is A High-Yield Business Savings Account?
- The Best High-Yield Business Savings Accounts
- 1. Lili: Best High-Yield Savings Account For Freelancers
- 2. Live Oak Business Savings: Overall Best High-Yield Business Savings Account
- 3. First Internet Bank: Best High-Yield Savings Account For Long-Term Savings
- 4. NBKC Bank: Best High-Yield Business Savings With No Fees
- Why We Don't Recommend These High-Yield Business Savings Accounts
- Which High-Yield Savings Account Is Right For Your Business?
- High-Yield Business Savings Account FAQs
- In Summary: The Best High-Yield Business Savings Accounts
Table of Contents
- What Is A High-Yield Business Savings Account?
- The Best High-Yield Business Savings Accounts
- Why We Don't Recommend These High-Yield Business Savings Accounts
- Which High-Yield Savings Account Is Right For Your Business?
- High-Yield Business Savings Account FAQs
- In Summary: The Best High-Yield Business Savings Accounts
What Is A High-Yield Business Savings Account?
A high-yield business savings account is any savings account that pays a higher interest rate than a standard savings or checking account. Starting a high-yield business savings account is a great way to keep emergency funds or stash cash while you save for your business goals.
Can Businesses Have Savings Accounts?
Not only can you have a savings account for your business, but in most cases, you should. It’s smart to put some money aside for planned expenses and whatever emergencies may come up!
If you’ve already started a checking account for your small business, you’ll be well prepared to open a savings account. The list of what you’ll need to open a business account is the same for savings accounts as for checking.
What’s more, if your current business bank offers savings, adding a savings account may be very easy.
But when looking for a business savings account, you shouldn’t necessarily settle for your current bank. Expanding your search to find the best high-yield savings account is a good move.
What To Look For In A High-Yield Business Savings Account
The best high-interest business savings accounts have a few things in common, and some differences, too. The best business savings account for you may not be the best for everyone.
In compiling this list of the best high-yield savings accounts for business, we considered these factors and spotlighted them so that you can choose the business savings account that meets your needs:
- Above-average APY (interest rate)
- Number of no-fee withdrawals allowed
- Minimum balance requirements
- Monthly account maintenance fees
- ATM access
- Bill payment
The Best High-Yield Business Savings Accounts
The best high-yield business savings accounts will be easy to apply for, offer a rate of interest well above the national average, make it easy to access your money, and charge you low or no fees. With those criteria in mind, here are our top picks.
1. Lili: Best High-Yield Savings Account For Freelancers
Lili ![]() |
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Pros
- No minimum balance
- Easy qualification makes this suitable for very small businesses
- Free account available
- Cash back rewards available on debit spending
Cons
- No APY on the free plan
- Fees for cash deposits
Lili made our list of the best bank accounts for freelancers and the self-employed, and its high APY is just one of the features that earned this digital bank a spot on the list.
However, it's important to note that while Lili has a free account available, you will need to sign up for a Lili Pro account if you want to access the high APY and rewards. The Pro account comes with a $9 monthly fee.
2. Live Oak Business Savings: Overall Best High-Yield Business Savings Account
Live Oak Bank ![]() |
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Pros
- APY is more than 10x the national average
- No monthly fees
- No minimum balance
Cons
- No ATM access
- Limited free transactions
A Live Oak Bank high-yield business savings account offers a high-interest rate that, at 3.50%, is more than ten times the current national average for savings accounts. This interest rate applies to all account balances, from $0.01 on up, with no posted cap.
A $200 bonus is available when you deposit $25,000 into a new Live Oak savings account. Note that while this is not a promotional rate, it is subject to change.
Get Started With Live Oak Bank
3. First Internet Bank: Best High-Yield Savings Account For Long-Term Savings
First Internet Bank ![]() |
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Pros
- Low opening balance
- Low monthly fees
- Savings, money market, and checking accounts
- High-APY CDs are also available
Cons
- Limited support
- ATM cards available only to sole proprietors
Officially known as First Internet Bank of Indiana, this online bank offers high-yield savings options for small businesses nationwide, including savings, money market, and certificates of deposit. These accounts all feature interest rates well above the national average.
To earn the top rate, you'll need an average daily balance of more than $5 million. However, the APY is still significantly above the national average for accounts with lower balances.
Get Started With First Internet Bank
4. NBKC Bank: Best High-Yield Business Savings With No Fees
NBKC Bank ![]() |
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Pros
- No minimum balance
- $0 opening deposit
- High-yield money market and CDs
Cons
- Limited physical locations
- No accounting integrations
With a high APY on its money market savings and $0 fees, it's easy to see how NBKC earns its place on this list of the best high-yield business savings accounts. Even though it's not the highest rate of return available, an NBKC account delivers some fantastic features, including an APY that is solidly above the national average.
Why We Don't Recommend These High-Yield Business Savings Accounts
We left a few popular business banking options off this list of the best high-yield savings accounts. Here they are, along with our reasons for omitting them.
TAB Bank
With our most recent update, TAB Bank dropped off our list of the best high-yield savings accounts for business.
Sadly, at a time when interest rates are rising across the board, TAB has not updated its APY, and it’s now offering a rate that lags the national average of 0.33% for savings accounts. TAB’s 0.25% rate stood out when the national average was around 0.06%, but that’s no longer the case.
We like TAB Bank’s offerings and hope to add this option to our “best of” list again soon.
Capital One Business Advantage Savings
We have previously included the Capital One Business Advantage Savings account on our list of the best high-yield savings accounts for business. However, although the bank’s website continues to reference a special high promotional rate on savings, the only figure we could uncover was a 0.20% APY. That’s lower than the current national average of 0.33%.
A Capital One representative did remind us that business accounts must be opened in person, and there are branch locations only in eight states plus Washington, D.C. The rep also confirmed that business savings account rates vary by location, and he was unable or unwilling to give us any numbers.
BlueVine
We debated including BlueVine on this list of the best high-yield business savings accounts. Ultimately, we are leaving it off because BlueVine doesn’t offer savings accounts. However, it’s important to note that a BlueVine business checking account lets you earn 2.0% interest on balances up to $100K — that’s far above the current national average of 0.33%.
If you’re interested in learning more, read our full BlueVine Bank review. Note that, to earn that rate, you’ll need to meet one of two requirements to earn that rate: spend $500/month with your debit card or receive $2,500/month in customer payments. You won’t earn interest for any month when you don’t meet at least one of those requirements.
Axos Bank
Axos Bank is a direct bank that serves businesses. In the past, Axos’s APY has exceeded the national average, though not by much. At 0.20%, Axos’s current rate is notably below the national average.
In the past, Axos offered tiered rates tied to the deposit amount, and you didn’t hit the highest APY until you had at least $250,000 in your Axos account. Right now, all accounts with balances from $0-$5 million earn the same low rate.
Which High-Yield Savings Account Is Right For Your Business?
The work involved in finding and opening a business bank account is an important process for a small business. As you move out of startup mode and your sales start to build, you’ll probably first want a checking account so that you have a place to deposit funds and pay your bills.
Eventually, as your business grows, you may notice a little more money in the bank each month. Now’s the time to look for a business savings account — high-yield, if possible, so you can be sure your money is working as hard as you do.
You can see some options with this list of four top-rated high-yield business savings accounts. Read about each type of account, then choose with confidence and start building your business savings with your choice of these great high-yield accounts.
High-Yield Business Savings Account FAQs
In Summary: The Best High-Yield Business Savings Accounts
- Lili:
- 2.0% APY
- $9 monthly fees
- Online only
- Live Oak Bank:
- 4.0% APY
- $0 monthly fees
- Online only
- First Internet Bank:
- 3.30%-5.20% APY and up
- $0-$5 monthly fees
- Online only
- NBKC Bank:
- 2.00% APY
- $0 monthly fees
- Online, with limited branch access