The 4 Best High-Yield Business Savings Accounts In 2024
With high interest rates and economic uncertainty, high-yield savings accounts are 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. So, let’s see which accounts made the cut.
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?
- How Do High-Yield Business Savings Accounts Work?
- The Best High-Yield Business Savings Accounts
- Live Oak Bank: Overall best high-yield business savings account
- Lili: Best for freelancers & smaller businesses
- LendingClub: Best for savings & checking
- First Internet Bank: Best for large balances
- Other High-Yield Options For Businesses
- How We Chose The Best High-Yield Business Savings Accounts
- What To Look For In A Good High-Yield Business Savings Account
- Which High-Yield Savings Account Is Right For Your Business?
- High-Yield Business Savings Account FAQs
Table of Contents
- What Is A High-Yield Business Savings Account?
- How Do High-Yield Business Savings Accounts Work?
- The Best High-Yield Business Savings Accounts
- How The Best Business High-Yield Savings Accounts Compare
- Live Oak Bank: Overall best high-yield business savings account
- Live Oak Bank
- Why We Chose Live Oak As The Overall Best High-Yield Business Savings Account
- Live Oak Bank Fees
- Live Oak Bank Eligibility Requirements
- Watch Out For:
- Lili: Best for freelancers & smaller businesses
- Lili
- Why We Chose Lili As The Best High-Yield Business Savings Account For Freelancers & Smaller Businesses
- Lili Bank Fees
- Lili Bank Eligibility Requirements
- Watch Out For:
- LendingClub: Best for savings & checking
- LendingClub
- Why We Chose LendingClub For The Best High-Yield Business Savings & Checking
- LendingClub Fees
- LendingClub Eligibility Requirements
- Watch Out For:
- First Internet Bank: Best for large balances
- Why We Chose First Internet Bank As The Best High-Yield Business Savings Account For Large Balances
- First Internet Bank Fees
- First Internet Bank Eligibility Requirements
- Watch Out For:
- Business Banking Review Methodology
- Other High-Yield Options For Businesses
- How We Chose The Best High-Yield Business Savings Accounts
- What To Look For In A Good High-Yield Business Savings Account
- Which High-Yield Savings Account Is Right For Your Business?
- High-Yield Business Savings Account FAQs
What Is A High-Yield Business Savings Account?
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.
How Do High-Yield Business Savings Accounts Work?
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
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 Bank: Overall best high-yield business savings account
- Lili: Best for freelancers & smaller businesses
- LendingClub: Best for savings & checking
- First Internet Bank: Best for large balances
How The Best Business High-Yield Savings Accounts Compare
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 Balnace | ||||
Cash Deposits |
Live Oak Bank: Overall best high-yield business savings account
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 As The Overall Best High-Yield Business Savings Account
Live Oak Bank offers an impressive 4.00% APY which is 8x the national average. Live Oak Bank also stands out with up to $10m of FDIC insurance available. 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.
- APY: 4.0%
- Interest Compounded: Daily
- Monthly Fee: $0/month
- Minimum Balance: $0
Get Started With Live Oak Bank
Lili: Best for freelancers & smaller businesses
APY
4.15%Monthly Fee
$0-35/monthMinimum Account Balance
$0Pros
- 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 As The Best High-Yield Business Savings Account For Freelancers & Smaller Businesses
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: 4.15%
- Interest Compounded: Daily
- Monthly Fee: $15/month
- Minimum Balance: $0
LendingClub: Best for savings & checking
APY
1.5%-3.5%Monthly Fee
0$-$10Minimum Account Balance
$0-$500Pros
- High APY
- No minimum balance
- High-yield checking account available
Cons
- Monthly fee
- Interest compounded monthly
Why We Chose LendingClub For The Best High-Yield Business Savings & Checking
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.
- APY: 4.65%
- Interest Compounded: Monthly
- Monthly Fee: $0-$10/month
- Minimum Balance: $0
First Internet Bank: Best for large balances
First Internet Bank |
---|
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 As The Best High-Yield Business Savings Account For Large Balances
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).
- APY: 0.80% - 5.46%
- Interest Compounded: Daily
- Monthly Fee: $5/month (waivable)
- Minimum Balance: $0 ($4,000 to waive fee)
Get Started With First Internet Bank
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.
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 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: Best High-Yield Business Checking Account
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.
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!