As a business owner, you probably have a business checking account you use to handle payroll or write company checks. A business savings account can come in handy as well, since it provides you with a place to store cash that’s easily accessible, while earning some interest on the funds.

Finding the right business savings account is important whether you’re setting aside money for business goals or want to have funds on hand for unexpected company expenses.

What is a business savings account?

A business savings account is a liquid deposit account in which you can set aside business funds for future use. Like a personal savings account, a business savings account typically earns a modest amount of interest, and its offerings may include an ATM card, a mobile banking app and the ability to transfer money to and from other accounts.

When shopping for a business savings account, factors to consider include the annual percentage yield (APY), minimum deposit and balance requirements, fees that are charged, and digital banking features. The best accounts earn some interest and don’t impose fees that would eat away at your savings.

Here we go over some of the best business savings accounts, including some money market options that offer tiered rates and come with debit cards.

Bankrate’s picks for the top business savings accounts

Live Oak Bank Business Savings: Best for earning a competitive APY

Axos Bank Business Premium Savings: Best for earning a welcome bonus

Chase Business Total Savings account: Best for branch access

First Internet Bank of Indiana Money Market Savings account: Best for large balances

NBKC Bank Business Money Market Account: Best for no fees

Note: Annual percentage yields (APYs) shown are as of April 26, 2023, and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.

A closer look at the top business savings accounts

Live Oak Bank, Business Savings account: Best for earning a competitive APY

Live Oak Bank is an online-only financial institution that offers high-yield deposit products. Its Business Savings account earns a competitive APY and doesn’t require a set minimum balance or opening deposit amount. You won’t be charged a monthly maintenance fee, and you can manage your accounts either online or through the mobile banking app.

Through a limited-time promotion, a $300 bonus is currently available to
those who open a new Live Oak Business Savings account, deposit at least $30,000 into the account within 15 days, and maintain a balance of at least that amount for 90 days. This bonus is only available to first-time Live Oak business savings customers.

Perks: Competitive APY, no monthly maintenance fees, no required minimum balance

What to watch out for: Live Oak doesn’t maintain branches, so those who prefer to bank in person should look elsewhere. Fees to watch out for include a $10 fee per transaction after an account holder has already made the six allowed transactions per statement cycle.

Axos Bank, Business Premium Savings account: Best for earning a welcome bonus

Business owners who open the Business Premium Savings account at Axos bank can receive a cash welcome bonus. New business owners who filed after June 1, 2020 are eligible for a $200 bonus, while those who filed prior to then are eligible for a $100 bonus. An average daily balance of $2,500 is needed for the first two months in order to qualify for the bonus.

Aside from meeting the bonus requirement, the Business Premium Savings account requires no average daily balance and charges no monthly maintenance fee. The account earns interest, yet balances of less than $24,000 don’t earn any interest.

Perks: Welcome bonus, no monthly maintenance fees

What to watch out for: You’ll need a balance of $24,000 or more to earn interest. An early closure fee may apply when an account is kept open for fewer than 180 days. Axos is an entirely digital bank, so it might not be best for those who prefer access to branches.

Chase Business Total Savings account: Best for branch access

The Business Total Savings account from Chase could be a good fit for a business owner who prioritizes in-person banking. The bank offers a presence in nearly every state, with more than 4,700 branches nationwide. It requires just $25 to open, and the $10 monthly service fee is waived with a balance of at least $1,000 or a linked Chase Business Complete Banking account.

The account earns a low APY, however, so business owners who are comfortable either banking online or with a smaller branch network will be able to find significantly higher rates with other banks.

Chase also offers a Business Premier Savings account that earns a slightly higher APY when it’s linked to a qualifying Chase business checking account.

Perks: Widespread branch availability, low minimum opening deposit

What to watch out for: The yield is significantly lower than what you can find on business savings accounts at some other banks. After 15 deposited items occur per month, a fee of $0.40 is charged for each additional deposited item. (Cash deposits per month are included at no charge.)

First Internet Bank of Indiana, Business Money Market Savings account: Best for large balances

The Money Market Savings account from First Internet Bank of Indiana has a tiered interest structure. Daily balances of $5 million or less earn a lower APY than daily balances higher than $5 million.

The account can be opened with as little as $100, and the monthly maintenance fee of $5 is waived for those who maintain an average daily balance of at least $4,000. Business owners who are sole proprietors receive an ATM card with the account.

Perks: Low minimum opening deposit, competitive APYs

What to watch out for: The account’s higher APY is only attainable for those who have a balance of $5 million or more. Business owners who aren’t sole proprietors do not qualify for the ATM card.

NBKC Bank, Business Money Market Account: Best for no fees

Unlike some other bank accounts, the Business Money Market Account from NBKC Bank doesn’t charge you for things like incoming domestic wire transfers, stop payments, returned items, overdrafts or nonsufficient funds.

The account earns the same APY on all balances, and it requires no minimum opening deposit or balance. It comes with a business debit card.

Perks: No fees for overdrafts or nonsufficient funds, returned items, stop payments or incoming domestic wire transfers

What to watch out for: Branches are only located in the Kansas City metro area.

What to look for in a business savings account


Business savings accounts might not always earn as high of a rate as personal savings accounts, yet it still pays to shop around for a competitive APY. Often, the best rates can be found from online-only banks, some of which are included in our list.


When shopping for a business savings or business money market account, be sure to find one that doesn’t have fees that will chisel away at your principal or interest earnings. In addition to monthly maintenance fees, some banks charge for out-of-network ATM use, overdrafts, sending or receiving wire transfers, or closing a new bank account within a certain period of time.

Branch access

Some business owners prefer bank accounts that can be managed entirely online, whereas others prefer being able to visit branches and speak face-to-face with bank representatives. Plenty of brick-and-mortar banks offer business savings accounts — although you might not receive as favorable of a rate there as you would from an online bank.

You may be able to find a credit union with branches near you that pays better rates on a business savings account than the rates offered by big banks.

Business savings account FAQs

  • As a business owner, you likely have a business checking account to cover things like day-to-day expenses and payroll. A business savings account can be a good spot for additional money you don’t plan to use in the immediate future. This account earns some interest on your business funds, and it keeps them easily accessible in case unplanned expenses arise.
  • It pays to shop around for a business savings account that earns a competitive rate of return. It’s also important to find an account that won’t charge you fees — or one with fees you can avoid, such as by maintaining a set minimum balance.

    Other factors business owners often consider when looking for a savings account include whether the bank offers branches and whether there is a mobile banking app.

    Make sure your money is kept safe by choosing a business savings account that’s covered by Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) insurance. The FDIC insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. The standard share insurance amount at NCUA credit unions is $250,000 per share owner, per insured credit union, for each account ownership category.
  • You’ll need to fill out an application either online or in person. Documents and information often requested by banks include an employer identification number or Social Security number, a business license and formation documents, and ownership agreements.

Methodology for Bankrate’s best business savings accounts

Bankrate’s editorial team receives no direct compensation from advertisers, and our content is fact-checked to ensure accuracy. Our editorial and research teams analyze more than 100 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

Account minimums, monthly service fees and ATM charges are some important things to consider when choosing a savings account. It’s easy to find a savings account that doesn’t charge fees and has minimal balance requirements. Many online banks offer them, and they are a good fit for many consumers.

Choosing a bank or credit union that’s backed by the federal government will ensure your money is safe. Be sure to follow FDIC and NCUA limits and guidelines.

Banks we monitor

These financial institutions are featured in our rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.