The 4 Best High-Yield Business Savings Accounts

Get Started With Grasshopper Bank

Total Rating	4.0
Fees & Rates4.5
Services3.6
Rewards3.9
Features3.7
Eligibility Requirements3.9
Application Process4.7
Sales & Advertising Transparency3.2
Customer Service4.3
User Reviews3.1

Monthly Fee Range

$0/month

APY Range

1.00%-3.55%

Account Types Offered

Checking accounts, savings accounts

Pros

High APY
No minimum balance
Fast & easy application process

Cons

No cash deposits

Why We Chose Grasshopper

Grasshopper isn't just a great choice for growing businesses -- it's a solid option for any business that wants a great choice of products from an online bank. In addition to its high-yield Innovator Savings accounts (which offers 1.8%-3.55% APY), businesses can also earn 1.00%-2.00% APY and 1% cashback with an Innovator Checking account and even apply for SBA loans for extra capital to grow their businesses.

Advanced security features, perks from Grasshopper's partners, no minimum balances, and a hassle-free application round out the reasons Grasshopper made our list.

Grasshopper Bank Fees

While Grasshopper Bank does have some fees, there are no monthly, ACH, or overdraft fees.

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

Grasshopper Bank Eligibility Requirements

The application process for Grasshopper Bank’s Innovator Savings account is completely online. The application takes about five minutes, and you will need the following:

$100 opening deposit
Personal identification, including Social Security numbers for authorized signers
Business information, including name, business structure, and physical address

What To Watch Out For:

Grasshopper Bank does not take cash deposits
Grasshopper Bank is online-only, so it isn’t ideal for businesses that may want to visit a physical branch

Live Oak Bank: Overall best high-yield business savings account

Live Oak Bank

Get Started With Live Oak Bank

Total Rating	3.8
Fees & Rates3.3
Services5.0
Rewards3.8
Features3.1
Eligibility Requirements4.5
Application Process3.3
Sales & Advertising Transparency4.1
Customer Service4.5
User Reviews3.9

Monthly Fee Range

$0-$100/month

APY Range

2.00%-4.10%

Account Types Offered

Checking, high-yield savings, and CD accounts

Pros

APY is more than 8x the national average
No monthly fees
Up to $10M in FDIC Insurance
No minimum balance or maximum APY earning cap

Cons

No ATM access
No cash deposits

Why We Chose Live Oak

Live Oak Bank offers an impressive APY which is 8x the national average. Live Oak Bank has affordable fees, an easy application, and one of the highest interest rates we've seen from a high-yield business savings account. While other HYSAs require a minimum balance, have tiered APYs, or max out at a certain point, Live Oak Bank's APY applies to all balance sizes, making it our top choice for the best high-yield business savings account.

Live Oak Fees

Live Oak charges no regular monthly or maintenance fees for its high-yield business savings account. However, you may incur some charges for various optional 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 (3% for out-of-network ATMS)
Overdraft Fee	Varies
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	$0
Foreign Transaction Fee	3%
Excessive Transactions Fee	None
Stop Payment Fee	$25

Live Oak Bank Eligibility Requirements

The application process for a Live Oak high-yield business savings account is entirely online. Eligibility requirements are easy to meet. You’ll need the following:

$0 minimum opening deposit
A verified bank account to transfer the initial deposit from
Personal identification, including Social Security numbers for authorized signers
Business information, including name, physical address, and EIN

What To Watch Out For:

Live Oak Bank does not support cash deposits
Live Oak Bank only allows six free transactions a month
No ATM access

First Internet Bank: Best for large balances

First Internet Bank

Get Started With First Internet Bank

Total Rating	3.3
Fees & Rates2.7
Services5.0
Rewards2.7
Features3.3
Eligibility Requirements3.6
Application Process4.2
Sales & Advertising Transparency2.3
Customer Service2.6
User Reviews2.7

Monthly Fee Range

$0-$5/month

APY Range

0.50%-5.38%

Account Types Offered

Checking, savings, and money market accounts

Pros

Low opening balance
Low monthly fees
Savings, money market, CDs, and checking accounts available

Cons

Limited support
ATM cards available only to sole proprietors

Why We Chose First Internet Bank

First Internet's HYSA account is decent, but its money market account is where this company shines. While First Internet Bank used to have an incredibly high balance requirement to get the max APY on a money market account, they've recently redone their tiered APY, making First Internet Bank a solid option for businesses looking to earn on large balances. First Internet Bank also offers certificate deposits (CDs).

First Internet Fees

You may encounter wire transfers, foreign transactions, and excessive transaction fees.

First Internet Bank Category Fees	Value
Monthly Fee Range	$0-$5/month
Monthly Checking Fee	$0
Monthly Savings Fee	$2 (waivable)
ATM Fee	None
Overdraft Fee	None
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

First Internet Bank Eligibility Requirements

It’s easy to apply for a First Internet Bank high-yield savings account, and you’ll complete your application entirely online. First Internet says you’ll need to be prepared to share this information:

Government-issued identification for all signers
Name of authorized signers and owners
Legal documents for the business

What To Watch Out For:

First Internet Bank’s HYSA has a much smaller APY than its money market account
First Internet Bank charges a monthly fee, and the minimum to waive it is much higher than other banking options

Lili: Best for freelancers & smaller businesses

Lili

Total Rating	4.2
Fees & Rates4.0
Services5.0
Rewards3.3
Features4.4
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9
Customer Service4.1
User Reviews2.9

Monthly Fee Range

$0-$35/month

APY Range

up to 3.65%

Account Types Offered

Checking and high-yield savings accounts

Pros

High APY
No minimum balance
Easy to qualify for
Helpful additional business features

Cons

APY has a maximum cap
Fees for cash deposits

Why We Chose Lili

Lili Bank is ideal for smaller businesses, sole proprietors, and even freelancers. Lili offers unique built-in bookkeeping and tax tools and even has automated savings capabilities to help you grow your business savings. Lili's APY rewards do cap out at $100k (though there's no minimum balance), which is why we designate it as the best option for smaller business endeavors.

Lili Bank Fees

Although Lili does have a basic free checking account, if you want access to high-yield savings, you’ll need to upgrade to a Lili Pro account:

Lili Plans	Price	When To Use
Lili Basic	$0/month	If you want a free business savings account and checking account with no fees but limited perks
Lili Pro	$9/month	If you want to add cash-back checking rewards and APY earning on savings
Lili Smart	$20/month	If you want to add smart bookkeeping and financial reporting to your cash-back checking and high-APY savings account
Lili Premium	$35/month	If you want to add a dedicated account specialist and priority support to your Lili accounts

In exchange for that monthly fee, you’ll be able to set up automatic savings and earn a high APY.

Lili Category Fees	Value
Monthly Fee Range	$0-$35/month
Monthly Checking Fee	$0-$35/month
Monthly Savings Fee	$0-$35/month
ATM Fee	$0
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

Lili Bank Eligibility Requirements

Any business owner 18 or older with a Social Security number and a US address is eligible to use Lili’s small business banking services. It’s ideal for small and nontraditional business owners, such as freelancers, side hustlers, and independent contractors.

What To Watch Out For:

Lili Bank’s APY caps out at $100k
Lili does have a monthly fee, though you’re paying for a bunch of business finance and bookkeeping tools, rather than just paying a traditional monthly bank maintenance fee

Get Started With Lili

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 25%

Services 15%

Rewards 15%

Features 15%

Eligibility Requirements 10%

Application Process 5%

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.

Other High-Yield Options For Businesses

There are other high-yield, interest-earning options that aren’t technically “savings” accounts but are definitely still worth keeping on your radar. Here are the most noteworthy high-yield interest-earning accounts for businesses.

Mercury: Best High-Yield Mutual Funds For Business

Mercury doesn’t offer HYSA, but if you are already using Mercury or are in the market for a business checking account,¹ Mercury has a unique perk up its sleeve — mutual funds. Mercury offers businesses a high-yield mutual funds option with high earnings through Mercury Treasury.²

You can transfer funds directly from your Mercury checking account to your mutual funds for easy earnings. Just note that you must have a balance of $500,000 across your Mercury accounts to qualify.

¹Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC.

²Mercury Treasury is offered by Mercury Advisory, LLC, an SEC-registered investment adviser. This communication does not constitute an offer to sell or the solicitation of any offer to purchase any security. Funds in Mercury Treasury are subject to investment risks, including possible loss of the principal invested, and past performance is not indicative of future results. Please see full disclosures at mercury.com/treasury. Mercury Advisory is a wholly-owned subsidiary of Mercury Technologies. Mercury Treasury is not insured by the FDIC. Funds in Mercury Treasury are not deposits or other obligations of Choice Financial Group, Column N.A., or Evolve Bank & Trust, and are not guaranteed by Choice Financial Group, Column N.A., or Evolve Bank & Trust.

Bluevine: Best High-Yield Business Checking Account

Bluevine doesn’t offer HYSA, but it does offer a business checking account with high APY on balances between $0-$100,000. Whether you don’t have the long-term savings for a high-yield savings account or you want to have a high-yield checking account in addition to your HYSA, Bluevine Checking is definitely worth looking into.

How We Chose The Best High-Yield Business Savings Accounts

To choose the best high-yield business savings accounts, we researched and analyzed over 2 dozen different banks. We only included banks with:

High APY: While the national average APY is 0.46 currently, we only picked banks that had over 4.00% APY to ensure businesses earn the most possible with their HYSA.
Interest Method: We ruled out any companies with interest compounded quarterly, favoring daily compounding overall.
FDIC Insurance: We only included backs with at least the standard $250k in FDIC insurance and gave bonus points to banks with a higher FDIC insurance allowance.
Account Type: While many other HYSA lists include businesses that don’t offer business savings accounts, we only included unique account types (like money market accounts), if the company still provided a high-yield savings account option and that option was still above the national average.
Eligibility Requirements: Eligibility requirements played a big factor in our decisions. Only companies with easy requirements that many businesses could qualify for made the cut.
Fees: We ruled out companies with large monthly fees (unless additional non-banking services were included in the monthly price like Lili). We also took additional fees and fee transparency into account.
Company Reputation: We looked at customer reviews to ensure that each company on the list is reputable and has a decent number of positive customer reviews.

What To Look For In A Good 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 (2% is decent, 3% is good, and 4% is the best; but why settle for less than the best when you can be getting at least 4% in APY?)
Number of no-fee withdrawals allowed
Minimum balance requirements
Monthly account maintenance fees
ATM access
Bill payment
Cash deposit
ACH fees

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. Your work hard for your money; your money should work hard for you too.

A business high-yield savings account is a great choice if you have an established savings, like a business emergency fund, or if you want to build one.

If your current business bank offers a HYSA, 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. And you already took the first step by reading this post.

Any of the options on this list offer the top APYs on the market, but the right account will depend on what features you need, how much FDIC insurance you want, and what minimum and maximum balances you expect to have. Once you know what’s important to your business, choosing the right business HYSA gets much easier.

Best of luck, and happy earning!

High-Yield Business Savings Account FAQs

Can I open a high-yield savings account for my business?

Yes, you can open a high-yield savings account for your business and probably should do so. Look beyond the banks where you do your personal banking and your business checking account to find the highest possible APY with the lowest fees and easiest access to your money.

Are high-yield business 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.

Which bank has the highest high-yield savings?

The highest APY we found for business banking is from Live Oak Bank. With a rate of 3.50%, Live Oak also offers free checking with no minimum balance and no monthly fees.

Is a high-yield business savings account a good idea?

A high-yield savings account is a good idea for businesses that want to put their money to work for them. High-yield means you can expect a higher-than-average interest rate from the savings account. And that means your money will be working as hard as you do.