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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%.

    Kate Hoots

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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.

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  • 2.0% APY
  • $9 monthly fees
  • Online only
  • 2.0% APY
  • $9 monthly fees
  • Online only

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Live Oak Bank

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  • 4.0% APY
  • $0 monthly fees
  • Online only
  • 4.0% APY
  • $0 monthly fees
  • Online only

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First Internet Bank

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  • 3.30%-5.20% APY and up
  • $0-$5 monthly fees
  • Online only
  • 3.30%-5.20% APY and up
  • $0-$5 monthly fees
  • Online only

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  • 2.00% APY
  • $0 monthly fees
  • Online, with limited branch access
  • 2.00% APY
  • $0 monthly fees
  • Online, with limited branch access

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Read more below to learn why we chose these options.

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


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  • No minimum balance
  • Easy qualification makes this suitable for very small businesses
  • Free account available
  • Cash back rewards available on debit spending


  • 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.

Lili Business Savings Features & Services

Lili’s high-yield savings account is just one of this digital bank’s best features. Here’s a rundown of what Lili delivers:

  • Free ATM use at 38,000+ ATMs nationwide
  • Fee-free overdraft protection available up to $200
  • Free bill payment
  • Cash deposits available, for a fee, from GreenDot
  • Tax optimizer tools
  • Money-management insights
  • Accounting and invoicing software
  • Mobile app for iOS and Android
  • Automatic daily transfers to savings of at least $1 required
  • Get paid two days early
  • Receipts scan and save
  • Automatic business reports

Lili Business Savings Pricing & 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. That will cost you $9/month.

In exchange for that monthly fee, you’ll be able to set up automatic savings and earn a high APY that’s currently at 1.50%. You’ll also unlock cash back rewards on purchases made with your Lili debit card.

Lili charges very few other fees: You won’t pay ATM, overdraft, check deposit, or foreign transaction fees. You will, however, pay about $5 for depositing cash via the GreenDot network.

Lili Business Savings 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.

Where Lili Business Savings Is A Good Savings Account Option

Freelancers, independent contractors, self-employed workers, and anyone who makes money from a side hustle or hobby should consider Lili’s banking services. Unlike other business bank accounts, you won’t have to worry about maintaining a minimum balance or dodging high fees.

Remember, you can use Lili’s basic free plan, but if you want to access the high APY on savings, you’ll need to sign up for a paid account.

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2. Live Oak Business Savings: Overall Best High-Yield Business Savings Account

Live Oak Bank

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  • APY is more than 10x the national average
  • No monthly fees
  • No minimum balance


  • 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.

Live Oak Business Savings Features & Services

As an internet-only bank, Live Oak does not offer the full range of features you might expect to find attached to a business savings account. That may be a problem for some users, while others happily trade things such as ATM access for a high APY.

Here’s what you can expect with Live Oak’s high-yield business savings account:

  • FDIC-insured savings account
  • 3.50% APY on all balances
  • No monthly account fees
  • Up to six free transactions per month
  • Link Live Oak’s Tidal small business checking account
  • Mobile app for iOS and Android
  • $200 bonus for a $25,000 deposit in a new account
  • Access to SBA loans
  • Bill payment
  • QuickBooks connection

Live Oak Business Savings Pricing & 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. Here’s a rundown:

  • $10 excess transaction fee after six free transactions each month
  • A returned item fee of $10
  • Stop payment fee of $25
  • NSF fee of $25
  • An outgoing wire fee of $19
  • Dormant account fee maximum of $10 on accounts with a balance of $10 or lower and no activity for 24 consecutive months

Live Oak Business Savings 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:

  • No minimum opening balance
  • 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

When Live Oak Business Savings Is A Good Savings Account Option

It’s affordable, easy to apply for, and offers the highest interest rates we’ve seen on a high-yield business savings account, even on relatively low balances. Although we wish a Live Oak business savings account offered ATM access, most users will find the ACH transfer process a reasonable accommodation.

Live Oak is one of the all-around best options available if you’re looking for a good return on your business savings.

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3. First Internet Bank: Best High-Yield Savings Account For Long-Term Savings

First Internet Bank

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  • Low opening balance
  • Low monthly fees
  • Savings, money market, and checking accounts
  • High-APY CDs are also available


  • 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.

First Internet Bank Features & Services

True to its name, First Internet Bank offers access online only, with no physical branches to visit. Although you’ll see monthly maintenance fees listed at $5 for money market and $2 for savings, they are reasonable. Those fees can be avoided by maintaining relatively low average balances of $4,000 (money market) and $1,000 (savings).

Here’s what you can expect from First Internet high-yield savings accounts:

  • FDIC-insured accounts
  • $100 opening balance
  • APY up to 4.65%
  • Account fees can be waived with a minimum balance
  • Up to six free transactions per month
  • CD rates from 2.0%-4.65%, depending on the term (3-60 months)
  • Write checks on your money market account
  • Mobile app
  • Access to credit
  • ACH and wire payments

First Internet Bank Pricing & Fees

You won’t find a long list of fees associated with a First Internet Bank high-yield savings account. You can make up to six free transactions each month and waive the monthly fees by maintaining relatively low balances of $1,000-$4,000.

Here’s a rundown of First Internet’s fees:

  • $2-$5 monthly account maintenance fee
  • $5 excessive transaction fee per item
  • $0 ATM fees
  • $15 incoming transfer fee
  • $30 outgoing transfer fee
  • $50 outgoing foreign transaction fee
  • $10 or 3% of transaction fee for deposits made via credit card

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

When First Internet Bank Is A Good Savings Account Option

First Internet Bank offers several high-yield savings options for businesses. In addition to regular business savings and money market accounts, First Internet offers certificates of deposit with varying terms and rates as high as 4.65% APY.

Depending on how far out you’re planning and how much time to have to reach your savings goals, you could see a rate of return that far exceeds the average, even among high-yield accounts.

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4. NBKC Bank: Best High-Yield Business Savings With No Fees


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  • No minimum balance
  • $0 opening deposit
  • High-yield money market and CDs


  • 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.

NBKC Business Savings Account Features & Services

NBKC offers not just savings options to businesses but also checking accounts. Here’s what else you’ll get with an NBKC account:

  • Unlimited transactions
  • Fee-free business banking
  • MoneyPass ATM network
  • Cash deposits accepted via ATM deposit
  • Cash back Visa card
  • Access to credit
  • Live customer support
  • High-yield CDs (up to 3.25% APY)

NBKC Business Savings Account Pricing & Fees

Finding a business bank account that beats NBKC in the fees category is hard to do. That’s because you’ll find practically zero fees with this bank. That means no overdraft fees, no monthly fees, no stop payment fees, and $0 domestic wire fees.

Don’t bother looking for NBKC’s excess transaction fees because there are none; NBKC allows unlimited transactions. You’ll pay fees only for outgoing wire payments.

Additionally, NBKC has a $0 opening deposit amount and $0 minimum balance requirements.

NBKC Business Savings Account Eligibility Requirements

The letters in this bank’s name stand for National Bank of Kansas City, but you don’t have to be a KC resident to open an account. As an online bank (with limited local branch offices), NBKC is open to any US-based business, with applications processed online.

When NBKC Business Savings Account Is A Good Savings Account Option

If you’re looking for fee-free business banking, you won’t be able to do better than NBKC. The fact that this bank offers high-yield savings options sweetens the deal significantly. And unlike other high-yield options, NBKC doesn’t require high balances to earn the best rate. You’ll earn 1.75% on all balances, starting at $0.01.

Get Started With NBKC Bank

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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.


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

What is the best high-yield business savings account?

We like Live Oak Business Savings as a good all-around option for high-yield business savings accounts. And the current APY of 3.50% is hard to beat.

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.

Can businesses have savings account?

Yes, a business can have a saving account. In fact, it’s smart to add a savings account to your business’s financial strategy, so you can put money aside for planned expenses and any emergencies that may come up. A savings account is a good way to put your money to work for you, too, especially if you put your money into a high-yield business savings account.

Are high-yield business savings accounts secure?

A high-yield business savings account is as secure as the bank that offers it. That’s why you should do business only with banks that are FDIC-insured. Whether a bank is online only or has a physical location, it should offer FDIC protections to make sure your money is safe.

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.

In Summary: The Best High-Yield Business Savings Accounts

  1. Lili:
    • 2.0% APY
    • $9 monthly fees
    • Online only
  2. Live Oak Bank:
    • 4.0% APY
    • $0 monthly fees
    • Online only
  3. First Internet Bank:
    • 3.30%-5.20% APY and up
    • $0-$5 monthly fees
    • Online only
  4. NBKC Bank:
    • 2.00% APY
    • $0 monthly fees
    • Online, with limited branch access
Kate Hoots

Kate Hoots

Senior Staff Writer at Merchant Maverick
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
Kate Hoots
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