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The 5 Best High-Yield Business Savings Accounts

The best high-yield business savings accounts will be easy to apply for, offer a rate of interest that's well above the national average, make it easy to access your money, and charge you low or, even better, no fees.

    Kate Hoots
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Whether you’re saving for a business expansion, preparing for economic uncertainty ahead, or just wanting your money to work harder for you, starting a high-yield business savings account is a smart business move.

Simply finding and opening a business bank account can feel like a big step 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 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.

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Capital One

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Best high-yield savings for short-term goals
Best high-yield savings for short-term goals

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Live Oak Bank Business Loans

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Overall best high-yield savings account
Overall best high-yield savings account

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TAB Bank

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Best high-yield savings account for variable balances
Best high-yield savings account for variable balances

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First Internet Bank

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Best high-yield savings for long-term goals
Best high-yield savings for long-term goals

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Silicon Valley Bank

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Best APY on high-yield savings account
Best APY on high-yield savings account

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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 yield, or interest rate, than a standard savings or checking account. And a high-yield business savings account is an ideal place to keep emergency funds or to stash cash while you save for your business goals.

Can Businesses Have Savings Accounts?

Not only can business owners have a savings account, but in most cases, they should. Just as with personal savings, it’s smart to put some money aside for planned expenses and whatever emergencies may come up. However, as with checking accounts, it’s smart to open a business savings account instead of using your personal account for your business.

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 to do. But when you’re looking for a business savings account, you shouldn’t automatically look to your current bank. It’s smart to expand your search, to find the highest possible rate of return.

What To Look For In A Good High-Yield Business Savings Account

It’s easy to find lists of the best checking accounts for small businesses, but if what you’re looking for is the best business savings account, high yield especially, you’ll want to consider a few additional factors. Start with this list:

  • Above-average APY (interest rate)
  • Number of no-fee withdrawals allowed
  • Minimum balance requirements
  • Monthly account maintenance fee
  • ATM access
  • Bill payment
  • Available transfer methods and associated fees

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 that’s well above the national average, make it easy to access your money, and charge you low or, even better, no fees. With those criteria in mind, here are five top choices:

  • Capital One Business Advantage Savings: Best high-yield savings for short-term goals
  • Live Oak Business Savings: Overall best high-yield savings account
  • TAB Bank Business Money Market: Best high-yield savings account for variable balances
  • First Internet Bank: Best high-yield savings for long-term goals
  • SVB Startup Money Market Account: Best APY on high-yield savings account

1. Capital One Business Advantage Savings

Capital One



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Pros

  • Guaranteed 0.2% APY on balances up to $5 million
  • Fees waived with a $300 balance
  • $250 opening deposit
  • Fee-free ATM network

Cons

  • Promotional APY expires after 12 months
  • Limit of 6 withdrawals/month

Capital One’s Business Advantage Savings account is a solid option for small businesses searching for a physical bank that offers above-average interest and low fees. With a combination of physical branches, a fee-free ATM network, and online banking options, this account offers the access you’ll need.

Capital One Business Advantage Savings Features & Services

A Capital One high-yield business savings account includes the basic features you need. Here’s a rundown:

  • FDIC-insured savings
  • 0.2% APY for 12 months
  • $3 monthly fee waived with $300 minimum balance
  • ATM card with free in-network use
  • Up to six free withdrawals/transfers per month
  • Link checking account for overdraft protection
  • Certificates of deposit available
  • Access to credit via Capital One credit cards
  • Mobile app

Capital One Business Advantage Savings Pricing & Fees

The fees associated with this high-yield business savings account are straightforward:

  • $3 monthly service fee (waived with $300 minimum balance)
  • $250 opening deposit
  • $5 out-0f-network ATM fee

Capital One Business Advantage Savings Eligibility Requirements

You can apply for a Capital One high-yield savings account online or in a branch office. Whichever way you apply, you’ll need to meet the following requirements:

  • At least 18 years old
  • A legal US resident

Be prepared to provide the following information:

  • Personal information including name, date of birth, Social Security number, and more
  • Physical address, email address, and phone number
  • The legal name of business
  • Tax ID number, ownership structure, and number of employees
  • Percent of ownership
  • Annual gross revenue

When Capital One Business Advantage Savings Is A Good Savings Account Option

Capital One Business Advantage high-yield savings account offers a promotional interest rate of 0.2% on balances up to $5 million. This rate is valid for the first 12 months the account is open. That could make this a good account to choose if you have a large short-term savings goal.

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2. Live Oak Business Savings

Live Oak Bank Business Loans



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Pros

  • APY of 0.6% on all balances
  • $200 bonus with $25,000 deposit
  • High-yield CDs available
  • Linked checking account
  • Mobile check deposit

Cons

  • No ATM access
  • No physical locations

A Live Oak Bank high-yield business savings account offers a high-interest rate that at 0.6% is 10 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. At this time, a $200 bonus is available when you deposit $25,000 into a new Live Oak savings account.

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. For some users, that may be a problem, while others will happily trade things like ATM access for a high APY. Note that while this is not a promotional rate, it is subject to change.

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

  • FDIC-insured savings account
  • 0.6% 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 $25,000 deposit in new account
  • Access to SBA loans

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:

  • Excess transaction fee of $10 each after six free transactions each month
  • Returned-item fee $10
  • Stop payment fee $25
  • NSF fee $25
  • Outgoing wire fee $19
  • Dormant account fee maximum of $10 on accounts with 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:

  • No minimum opening balance
  • A verified bank account to transfer the initial deposit from
  • Personal identification including Social Security number for authorized signers
  • Business information including name, physical address, and EIN

When Live Oak Business Savings Is A Good Savings Account Option

It’s easy to apply for, easy to afford, and offers one of 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. If you’re looking for a good return on your business savings, Live Oak is one of the all-around best options available to you.

Read our in-depth review

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3. TAB Bank Business Money Market

TAB Bank



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Pros

  • Savings and money market accounts
  • $25 minimum opening deposit
  • No monthly fees
  • No minimum balance requirement
  • Mobile app
  • Checking privileges

Cons

  • No physical branches
  • Some transaction fees
  • No ATM network

TAB Bank offers two kinds of high-yield business accounts: a standard savings account and a money market account. Both offer the same above-average APY, but only the money market account allows users to write checks, a privilege that may come in handy for small business owners. At this time, TAB Bank’s Business Money Market Account comes with an interest rate of 0.25%, well above the national average.

TAB Bank Business Money Market Features & Services

The TAB Bank Business Money Market account comes with a robust mobile platform that allows users to make withdrawals, write checks, and initiate transfers. However, TAB Bank does not maintain or participate in any ATM network, so users cannot expect to receive a debit card or access cash at ATMs or stores. Here’s what you do get:

  • FDIC-insured accounts
  • 0.25% APY on all balances
  • No monthly account fees
  • Up to six free transactions per month
  • Write checks on your money market account
  • Mobile app for iOS and Android
  • Access to specialized credit and factoring

TAB Bank Business Money Market Pricing & Fees

You won’t pay monthly fees for your TAB Bank Business Money Market account, and you don’t need to worry about maintaining a minimum balance. Like most savings accounts, this one allows users to make up to six transactions each month without incurring a $20 per-transaction charge. Here is a rundown of other fees you may encounter with this account:

  • $15 incoming wire fee
  • $30 outgoing wire fee
  • $5 paper statement fee
  • $1 for same-day ACH payment
  • $8 for each cashier’s check
  • $30 overdraft or returned item fee ($150 daily max)

TAB Bank Business Money Market Eligibility Requirements

TAB Bank’s money market account is open to all small businesses. You’ll need to provide standard information, such as:

  • $25 opening deposit
  • Personal information such as name, date of birth, and Social Security number
  • Business name, address, business type, and tax ID

When TAB Bank Business Money Market Is A Good Savings Account Option

TAB’s business money market account does not provide the very highest APY we’ve seen. But we think it’s a good option for small businesses that don’t need to visit a physical branch, don’t mind giving up ATM access, and plan to have varying balances in their savings account. The interest rate you’ll earn with TAB Bank won’t change when you make a withdrawal, and you won’t have to worry about dipping below minimum requirements, because there aren’t any.

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4. First Internet Bank

First Internet Bank



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Pros

  • Savings, money market, and checking accounts
  • $2-$5 monthly fee
  • $100 opening balance
  • 0.4% interest
  • High APY CDs also available

Cons

  • ATM card only for sole proprietors
  • Limited support

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.

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 and 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
  • 0.4% APY on all balances
  • Account fees can be waived with minimum balance
  • Up to six free transactions per month
  • CD rates from 0.35%-1.26%, depending on 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 transactions each month. Here are some fees you can expect to encounter:

  • $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-issues 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 1.26% 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 exceeds the average, even among high-yield accounts.

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5. SVB Startup Money Market Account

Silicon Valley Bank



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Pros

  • 1.25% APY on balances up to $1 million
  • Linked Rewards card with 2X points earned
  • No minimum balance
  • No monthly fees

Cons

  • No physical location
  • Linked checking account free for only 3 years

Don’t let the name fool you: The letters SVB stand for Silicon Valley Bank, but its reach goes far beyond that tech hub. SVB offers small businesses and startups complete financial services, from checking and high-yield savings to a rewards card and merchant services.

SVB Startup Money Market Account Features & Services

SVB is a direct bank offering the full range of financial services businesses need. That includes the following features and services:

  • FCIC-insured accounts
  • 1.25% APY on money market balances up to $1 million
  • No monthly fees
  • Free checking account for 3 years, with unlimited wire payments and bill pay
  • Access to credit via SVB Innovators rewards card
  • Merchant services
  • Global growth services
  • Discounts on business services
  • Mobile app with remote deposit
  • Integrations with popular business apps

SVB Startup Money Market Account Pricing & Fees

You won’t pay any monthly maintenance fees for a SVB Startup Money Market Account. Here are the basics of SVB’s approach to common business banking fees:

  • $0 monthly fees
  • $50 monthly fee for linked checking waived for 3 years
  • $0 annual fee on SBV Innovators Rewards card
  • $0 incoming wires, bill payment, and mobile deposit

SVB Startup Money Market Account Eligibility Requirements

SVB business banking services support startups, venture-funded businesses, and corporations. SVB does not list its eligibility requirements; if you’re interested in learning if your business is qualified for a SVB Startup Money Market account, you’ll need to provide your contact information. It’s safe to assume that you’ll need to show basic eligibility such as:

  • US-based business
  • Personal identification
  • Business name and address

When SVB Startup Money Market Account Is A Good Savings Account Option

If you’re looking for a full-service bank that offers everything you might need as your business grows, SVB could be the right choice. SVB offers the only high-yield business savings account on this list that can be paired with the full suite of financial services, such as a business credit card and merchant services. Plus, its APY of 1.25% on balances up to $1 million blows the competition out of the water.

If high yield is your top requirement, it’s going to be hard to beat SVB.

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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.

Axos Bank

Axos is a direct bank that offers business services, including checking and savings. While the savings option is technically high-yield, at a maximum of 0.2% APY it’s not among the highest we’ve seen. Moreover, to earn that rate, you’ll need a minimum deposit of $25,000. Below that relatively high balance, you won’t earn any interest at all, making this an option that won’t appeal to many small businesses. Furthermore, while you won’t pay any monthly fees with an Axos savings account, you won’t be able to have an ATM card unless you have a linked checking account.

NorthOne

We like NorthOne’s business checking a lot and are disappointed that we can’t recommend this bank as a high-yield business savings account option. That’s because NorthOne doesn’t offer a separate savings option. If you open a NorthOne business checking account, you can set up subaccounts called “envelopes” to help you reach your savings goals.

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 1.2% interest on balances up to $100K — that’s far above the current national average. If you’re interested in learning more, read our full BlueVine Bank review. (As of May 1, 2022, 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.)

Which High-Yield Savings Account Is Right For Your Business?

When your business is bringing in more than you need to cover your daily expenses, you have a chance to plan and save for the future. It’s an exciting time for a small business owner, and it can be even more exciting if you find a home for your money that delivers a high rate of interest on your savings.

With this list of five top high-yield business savings accounts, we hope we’ve helped you see some of the options you have available to you. A business savings account should offer not just a high interest rate but also low fees, low or no minimum balance requirements, and easy access to your cash, with low fees for withdrawing or transferring money when you need to. Each savings option on this list meets those requirements and more. So read about each type of account, and then choose with confidence and get started 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 an all-around good option for high-yield business savings accounts. The 0.6% APY is hard to beat, and right now you can earn a $200 bonus for opening a new account.

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

Yes, you not only can open a high-yield savings account for your business but also 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 as well as for 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 Silicon Valley Bank. With a rate of 1.25% in the Startup Money Market account, SVB also offers free checking and a linked credit card to qualified businesses. Since not all businesses will qualify for SVB, we suggest looking at Live Oak Bank, too, where you’ll find a respectable 0.6% APY on business savings.

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: What Is A High-Yield Business Savings Account?

  1. Capital One: Best high-yield savings for short-term goals
  2. Live Oak Bank Business Loans: Overall best high-yield savings account
  3. TAB Bank: Best high-yield savings account for variable balances
  4. First Internet Bank: Best high-yield savings for long-term goals
  5. Silicon Valley Bank: Best APY on high-yield savings account
Kate Hoots

Kate Hoots

Expert Analyst & Reviewer at Merchant Maverick
An expert in business banking, consumer finance, and online payments, Kate Hoots has been writing about small business commerce since 2020. A former journalist for the West Linn Tidings and the Wilsonville Spokesman, Kate boasts wide experience in business leadership and communication. She has a degree in English Literature from Lewis & Clark College.
Kate Hoots
View Kate Hoots's professional experience on LinkedIn.

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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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