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With high interest rates and economic uncertainty, high-yield savings accounts are safe and lucrative. Our top picks deliver interest up to 4%.
WRITTEN & RESEARCHED BY
Lead Staff Writer
Last updated onUpdated
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Expert Contributor
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. So, let’s see which accounts made the cut.
Learn More About Our Top Picks
| Company | Best For | Next StepsBest For |
|---|---|---|
Live Oak Bank
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Lili
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LendingClub
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First Internet Bank
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Read more below to learn why we chose these options.
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Table of Contents
A high-yield business savings account is a savings account with an annual percentage yield, or APY, that is significantly higher than the national average. This allows businesses to get a return on their money in a secure and relatively easy way.
A high-yield business account is designed to store small to large sums of business funds. Generally, the more money you have in a high-yield savings account, the more money you will make as the interest earned is compounded daily, weekly, or monthly based on your current balance.
Some high-yield bank accounts have minimum balance requirements or maximum caps where APY is no longer offered; however, there are a couple of options on this list with no balance cap.
Because of the nature of high-yield savings accounts, these types of accounts are ideal for long-term business savings, emergency funds, or low-risk investing.
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 deposit and withdraw your money, and charge you little to no fees. With those criteria in mind, here are our top picks.
| Live Oak | Lili | Lending Club | First Internet | |
|---|---|---|---|---|
| Services | Savings, CDs, Loans | Savings, Checking, Accounting | Savings, Checking, Lending | Savings, money market accounts, CDs |
| Monthly Fee | $0 | $0 – $55 | $10 | $0 – $5 |
| APY | 4% | 4.15% | 4.65% | 0.80%-5.46% |
| Opening Deposit | $0 | $0 | $100 | $100 |
| Minimum Balance | $0 | $0 | $0 | $0 |
| Maximum APY Earnings Cap | NA | $100K | NA | NA |
| Tiered APY Rates Based On Balance | ||||
| Cash Deposits |
Pros
Cons
Live Oak Bank offers an impressive 4.00% 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.
Get Started With Live Oak Bank
APY
4.15%Monthly Fee
$0-35/monthMinimum Account Balance
$0Pros
Cons
With an APY of 4.15%, we can't have a list of business high-yield savings accounts without 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 $100k (though there's no minimum balance), which is why we designate it as the best option for smaller business endeavors.
APY
1.5%-3.5%Monthly Fee
0$-$10Minimum Account Balance
$0-$500Pros
Cons
LendingClub earns a spot on this list for having a high-yield business savings account and a high-yield business checking account. LendingClub offers 4.65% for its high-yield business savings and 1.5% for its high-yield business checking accounts. Previously, LendingClub had an APY cap of $200k. Now, the company doesn't openly disclose any earnings caps, and while LendingClub does have tiered APY earnings, currently every single tier earns 4.65% no matter the balance. While LendingClub currently has a higher APY than Live Oak Bank, it only has FDIC insurance up to the standard $250k, and interest is compounded monthly instead of daily.
First Internet Bank |
|---|
Pros
Cons
First Internet's HYSA account comes in at 0.80%, but their 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 so that balances under $1M earn 3.76% APY and balances over $1M earn 5.46% APY, making First Internet Bank a solid option for businesses looking to earn on large balances. First Internet Bank also offers certificate deposits (CDs).
Get Started With First Internet Bank
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.
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.
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 doesn’t offer HYSA, but if you are already using Mercury Bank or are in the market for a business checking account, Mercury has a unique perk up its sleeve — mutual funds. Mercury offers businesses a high-yield mutual funds option with earnings of 5.47%. You can transfer funds directly from your Mercury checking account to your mutual funds for easy earnings. Plus, you’ll already be earning 1.5% cashback with the Mercury credit card.
BlueVine doesn’t offer HYSA, but it does offer a business check account with 2.0% APY on balances between $-$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.
To choose the best high-yield business savings accounts, we researched and analyzed over 2 dozen different banks. We only included banks with:
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:
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!
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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