High-yield business savings accounts offer a higher interest rate than standard savings accounts. You can maximize earnings on idle cash, and withdraw cash whenever you need it.
First Internet Bank, Live Oak Bank, Prime Alliance Bank, NBC Bank, and Holdings offer the best high-yield business savings accounts in the US.
These financial institutions not only pay competitive interest rates but also stand out for having minimal fees, low-to-no minimum balances, and overall good customer experience with high ease of use.
Compare high-yield business savings accounts
| Bank | APY | Minimum Opening Balance | Monthly Maintenance Fee |
|---|---|---|---|
| First Internet Bank - Money Market Savings | 3.46% or 5.48% | $100 | $5, waived for average daily balance of $4,000 |
| Live Oak Bank - Business Savings Account | 4.00% | $0 | $0 |
| Prime Alliance Bank - Business Money Market | 3.85%, 4.05%, or 4.25% | $1 | $0 |
| Prime Alliance Bank - Business Savings Account | 3.85%, 4.05%, or 4.25% | $1 | $0 |
| nbkc Bank - Business Money Market | 2.75% | $0 | $0 |
| Holdings - High-Yield Cash Account | 4.32%, 4.47%, or 4.62% | $0.01 | $0 |
Best high-yield business savings accounts
Although the best business savings accounts can vary based on your situation, some prefer having their business checking account and savings account at the same bank, for example. It can be helpful to review some of the top business savings accounts based on factors such as interest rates, fees, and usability so that you at least have a starting point for comparisons.
Keep in mind that the name of an account doesn't have to pigeonhole you. Just because something isn't called a savings account, that doesn't mean you can't keep business savings there.
For example, some business cash management accounts have APYs that compete with high-yield savings accounts, and you could use it as sort of a combined checking and savings account. Similarly, business money market accounts act as somewhat of a cross between business savings accounts and business checking accounts, as they generally give you easier access to your funds than a savings account, but they tend to pay higher interest rates than checking accounts.
That said, you generally can't use personal savings accounts for business purposes.
With that in mind, consider the following best business accounts:
1. First Internet Bank - Money Market Savings
First Internet Bank is a pioneer in online banking. It started in 1999 as the first state-chartered, FDIC-insured, entirely online bank. It offers several business bank accounts, with its Money Market Savings account standing out for its high APY potential.
- APY: 3.46% or 5.48%
- Minimum balance to earn APY: $5 million daily balance minimum to earn 5.48% APY; no minimum balance to earn 3.46% APY
- Minimum opening balance: $100
- Monthly maintenance fee: $5, waived for average daily balance of $4,000
Why we chose it
First Internet Bank is a great choice for businesses with substantial savings, considering the high APY potential and the ability to waive monthly maintenance fees if your average daily balance is at least $4,000.
That said, businesses should be mindful of FDIC limits. The 5.48% APY may be enticing, but you have to weigh that against the risk of possibly keeping more in the account than would be insured against by the FDIC. Generally, the limit for a bank account is $250,000, but First Internet Bank partners with other banks to offer additional coverage, though you'll want to check with a bank representative to confirm what applies to your specific situation.
Also, First Internet Bank has a highly rated mobile app on the Apple App Store and Google Play, which is good for those who like to bank from their phones.
| Pros | Cons |
|---|---|
| High APY | Highest APY tier is out of reach for many businesses |
| Ability to waive monthly maintenance fee | Minimum daily balance to avoid monthly maintenance fee is higher than some competitors |
| Low minimum opening balance requirement | No customer service live chat and no phone support on Sundays |
| ATM card available to sole proprietors | Possibility of exceeding FDIC coverage if reaching for top APY tier |
Account fees
Some of the main fees for the First Internet Bank Money Market Savings account to consider include:
- Monthly account maintenance fee: $5, waived for average daily balance of $4,000
- Incoming wire transfer: $15
- Outgoing domestic wire transfer: $20
- Outgoing foreign wire transfer: $50
- ATM fees: Free first-time replacement card, $5 thereafter; no fees for ATM transactions aside from what other financial institutions may charge, First Internet Bank reimburses up to $10 per month in foreign
- Stop payment: $30
2. Live Oak Bank - Business Savings Account
Live Oak Bank is a fully online bank geared toward small businesses. Its Business Savings Account is an appealing option for companies looking for a straightforward way to earn interest on their savings with no monthly maintenance fee.
-
APY: 4.00%
Minimum balance to earn APY: $0.01 -
Minimum opening balance: $0
Monthly maintenance fee: $0
Why we chose it
Live Oak Bank offers one of the best mixes of high APY and low fees in an easily accessible way. You can open an account online and receive a 4% APY on any balance (technically, you need at least one cent to earn interest, though).
You also don't have to meet any requirements to avoid the monthly maintenance fee, such as maintaining a certain minimum daily balance. You just can't let your account go dormant, which is pretty standard across financial institutions.
Live Oak Bank also partners with other banks to provide up to $10 million in FDIC coverage for no extra fees, so if your small business starts to turn into a thriving enterprise, you don't necessarily have to change banks. Plus, Live Oak Bank has strong customer reviews overall, such as with a 4.4 out of 5 rating on TrustPilot, although its mobile app doesn't have strong reviews.
| Pros | Cons |
|---|---|
| High APY | No customer service live chat and no phone support on weekends |
| No monthly maintenance fee | Cannot accept cash deposits |
| No minimum opening balance requirement | Mobile app has poor reviews |
| Up to $10 million in FDIC coverage |
Account fees
Some of the main fees for the Live Oak Bank Business Savings Account to keep in mind include:
- Monthly account maintenance fee: $0
- Incoming wire transfer: $0
- Outgoing standard wire transfer: $19
- Stop payment: $25
3. Prime Alliance Bank - Business Money Market
Prime Alliance Bank is based in Utah but offers nationwide online access to customers. One of its offerings, the Business Money Market account, provides the same benefits as a high-yield savings account but with check-writing capabilities.
- APY: 3.85%, 4.05%, or 4.25%
- Minimum balance to earn APY: $1 for 3.85% APY; $100,000 for 4.05% APY; $200,000 for 4.25% APY
- Minimum opening balance: $1
- Monthly maintenance fee: $0
Why we chose it
Prime Alliance Bank is a great option if you're looking for a business money market account that has a competitive APY across all balances while incentivizing you to save more by increasing the APY at higher balances.
The account doesn't come with many bells or whistles, and it's not as popular as some other online banks, but it's a solid option for those looking to earn interest while minimizing potential fees.
| Pros | Cons |
|---|---|
| High APY with potential to earn more at higher balances | Different APYs for different balance tiers can add complexity |
| No monthly maintenance fee | No customer service live chat and limited weekday phone hours |
| No minimum balance requirement | Limited customer reviews |
Account fees
Some of the main fees for the Prime Alliance Bank Business Money Market account to know include:
- Monthly account maintenance fee: $0
- Incoming wire transfer: $10
- Outgoing domestic wire transfer: $15
- Outgoing foreign wire transfer: $40
- Stop payment: $15
4. Prime Alliance Bank - Business Savings Account
The Prime Alliance Bank Business Savings Account is very similar to the money market offering, with perhaps the main noticeable difference being that the savings account does not offer check-writing capabilities.
To some, however, this lack of a feature could be seen as a positive, considering that like most money market and savings accounts, there's a limit of six withdrawals or transfers per month/statement cycle, so not being able to write checks might make it easier for you to stay within that limit.
- APY: 3.85%, 4.05%, or 4.25%
- Minimum balance to earn APY: $1 for 3.85% APY; $100,000 for 4.05% APY; $200,000 for 4.25% APY
- Minimum opening balance: $1
- Monthly maintenance fee: $0
Why we chose it
Prime Alliance Bank offers the potential to earn a very high APY at the highest balance tiers, but even if you're just getting started, the rates on the lowest balance tier are still very competitive.
As alluded to with its money market account, Prime Alliance Bank overall isn't the most cutting-edge business bank, but it still provides a good option for businesses that want to earn interest without facing many potential fees.
| Pros | Cons |
|---|---|
| High APY with potential to earn more at higher balances | Different APYs for different balance tiers can add complexity |
| No monthly maintenance fee | No customer service live chat and limited weekday phone hours |
| No minimum balance requirement | Limited customer reviews |
Account fees
Some of the main fees for the Prime Alliance Bank Business Savings Account include:
- Monthly account maintenance fee: $0
- Incoming wire transfer: $10
- Outgoing domestic wire transfer: $15
- Outgoing foreign wire transfer: $40
- Stop payment: $15
5. nbkc Bank - Business Money Market
If you're looking for an online bank or happen to be in the Kansas City area and want to bank in person, consider nbkc Bank, particularly for its Business Money Market account. Although it doesn't have the highest APY, it still offers more than many other business savings accounts, and nbkc has minimal fees, even for some more niche services.
- APY: 2.75%
- Minimum balance to earn APY: $0.01
- Minimum opening balance: $0
- Monthly maintenance fee: $0
Why we chose it
Although the 2.75% APY from nbkc is the lowest yield on this list of the best high yield business savings accounts, it's still much better than what most financial institutions offer, and nbkc arguably makes up for the gap by offering outstanding customer reviews and very minimal potential fees. You can also get access to your business funds through a debit card.
| Pros | Cons |
|---|---|
| No monthly maintenance fee | Some competitors have higher APYs |
| No minimum opening balance requirement | No customer service live chat on Sundays or phone support on weekends |
| Debit card/ATM access | |
| Live chat customer support option |
Account fees
Some of the main fees for the nbkc Bank Business Money Market account include:
- Monthly account maintenance fee: $0
- Incoming domestic wire transfer: $0
- Outgoing domestic wire transfer: $5
- Incoming foreign wire transfer: $45
- Outgoing foreign wire transfer: $45
- ATM fees: no fees at nbkc bank-owned ATMs or ones in MoneyPass network; nbkc bank reimburses up to $12 per month in other ATM fees
- Stop payment: $0
6. Holdings - High-Yield Cash Account
Holdings is a Registered Investment Advisor, not a bank, but it offers a product that functions similarly to a high-yield savings account, with a great APY that can work well as a complement to another financial account.
-
APY: 4.32%, 4.47%, or 4.62%
Minimum balance to earn APY: $0.01 for 4.32% APY; $250,000 for 4.47% APY; $10 million for 4.62% APY
Minimum opening balance: $0.01
Monthly maintenance fee: $0
Why we chose it
Although Holdings is not a traditional bank, it offers a great option for businesses to park their idle cash in a way that can earn a high APY, maintain flexibility, and receive significant FDIC coverage, without direct fees.
Holdings, a startup that began in July 2022, works by partnering with Evolve Bank & Trust to open a sweep account, which means your cash is distributed to different banks in order to provide up to $5 million in FDIC coverage.
You can then use same-day ACH transfers or wire transfers to move your money into other accounts as needed, considering that Holdings does not offer traditional business banking services, like running payroll through the account (though for that matter, you generally wouldn't do so with most business savings accounts).
Holdings claims to have no fees, though it's always important to read the fine print before opening an account, as issues like fees and APY are subject to change.
| Pros | Cons |
|---|---|
| High APY | Different APY tiers can add complexity, and highest APY tier exceeds FDIC coverage |
| No monthly maintenance fee | No traditional banking services/complementary accounts within the same financial institution |
| No minimum balance requirement aside from $0.01 to open | No phone support on weekends |
| Same-day transfer capabilities | Limited reviews |
Account fees
Holdings claims to have no account fees, though that's subject to change. In some sense, you might be paying a fee in terms of Holdings taking a cut of the APY, though the fintech startup still tends to provide higher rates than many other financial institutions that you can bank with directly.
How to choose a business savings account
While different businesses have different preferences when it comes to choosing a business savings account, typically some of the most important criteria to consider include:
APY
The APY is what separates a high-yield business savings account from a regular business savings account. That said, there's no definitive line in terms of what's a high APY or not. For one, APYs are typically variable. Also, a bank might have a high APY but a lot of requirements to earn that APY, so that might not be worthwhile.
Still, the higher the APY, the more interest you can earn just by saving money. So, it pays to shop around for financial institutions with the best rates.
Fees
On the other side of the spectrum, the higher the fees, the lower your net earnings. Sometimes a bank or credit union charges nominal fees that are worthwhile for the overall service you're getting, but in general, small businesses often look to minimize banking fees to keep more of their savings intact.
FDIC or NCUA insurance
The Silicon Valley Bank collapse highlighted the importance of businesses making sure they have adequate deposit insurance. Banks typically have Federal Deposit Insurance Corporation (FDIC) insurance, while credit unions typically have National Credit Union Administration (NCUA) insurance.
While that usually means deposits are insured for at least $250,000, you can potentially obtain more insurance, such as based on the account structure or by a financial institution partnering with others to extend coverage. So, consider how much cash you want to keep at one financial institution and see if you can insure that full amount.
Minimum deposit requirements
Some financial institutions have high minimum deposit requirements to open an account, earn a certain APY, or waive fees. That can be burdensome for small businesses, as you might not want to keep your cash tied up in minimum balance requirements when perhaps it could be better used elsewhere, like invested in marketing your business.
That said, a high-yield savings business account might have low or no minimums, but that could then mean you're earning little to no interest if you're not keeping much in the account.
Customer support
Another factor to consider is customer support, as you might prefer to choose a financial institution that's easy to get in touch with if you have any questions. For example, some banks have phone support on nights and weekends while others have limited weekday hours. While you might not need the help at off-hours frequently, it can still give you comfort knowing you have that option if an issue arises.
Online banking capabilities
Lastly, you might compare online banking capabilities to get a better sense of which account to choose. For example, you might find one bank has an easy-to-navigate website and mobile app, which could make it worthwhile to choose that bank over one that has a slightly higher APY but clunky interface.
Why look for a high-yield business savings account
Finding a high-quality business savings account is important for two main reasons:
Save money
When setting aside business savings, you want that cash to grow by earning an annual percentage yield (APY) — which just means the annual interest rate when accounting for compound interest. The higher the APY, the less your money erodes due to inflation; ideally, you can even outpace inflation, giving you more purchasing power to reinvest in your business or take profits.
Meanwhile, fees eat into your business savings. The lower your fees, the more net profit you have.
Nowadays, it's easy to find banks or other financial institutions that offer high APYs and low fees, you just have to do a little comparison shopping. Be aware though that essentially no bank truly has no fees, as there can be rare instances that incur costs, like a dormant account fee, so you should read the fine print. But many offer no monthly maintenance fees, which is an easy way to save money.
Save time
You don't want to have to jump through hoops to access your business savings account. For example, if you use brick-and-mortar banks that only let you withdraw funds during limited weekday hours, you could find yourself in a cash crunch, leading to issues like having to borrow money or use a wire transfer service that adds fees.
Plus, as a business owner, you want to focus on the business itself as much as possible, rather than getting held up by banking. So, easy-to-use online banking or mobile banking features like mobile check deposit or online transfer capabilities can improve your efficiency.
Potential earnings from a high-yield business savings account
Typically, there's no limit to how much you can earn from a high-yield business savings account; the more money you save and the higher the APY, the more you can earn.
Consider the following scenarios:
| Account Balance | APY | Annual Interest Earnings (before taxes) |
|---|---|---|
| $1,000 | 1% | $10 |
| $1,000 | 3% | $30 |
| $1,000 | 5% | $50 |
| $5,000 | 1% | $50 |
| $5,000 | 3% | $150 |
| $5,000 | 5% | $250 |
| $10,000 | 1% | $100 |
| $10,000 | 3% | $300 |
| $10,000 | 5% | $500 |
| $50,000 | 1% | $500 |
| $50,000 | 3% | $1,500 |
| $50,000 | 5% | $2,500 |
While you can earn more with a higher balance and higher APY, there's an opportunity cost to keeping your money in savings. Perhaps keeping a lower balance while investing more in marketing, for example, ultimately yields a higher return by leading to more sales than what you could earn based on the APY.
Find the best business savings account
Choosing the right business savings account is critical for establishing your company's financial foundation. The best business savings account depends on your banking needs, but in general, you want to look for one that has the right balance of factors like competitive interest rates, low fees, and ease of use.
You don't always have to go through traditional banks either. Consider how alternative offerings like Shopify Balance can make it easier for you to manage your business finances. Shopify Balance partners with trusted financial institutions like Stripe, Evolve Bank & Trust, and Celtic Bank to offer Shopify sellers a free business financial account that helps you get paid faster, earn competitive APY rewards, simplify taxes, and more.
High-yield business savings account FAQ
Can your business have a high-yield savings account?
Yes, a company — whether that's a sole proprietorship or corporation — can typically open a high-yield business bank account, but not a personal savings account. However, not all financial institutions offer high-yield business savings accounts, so you may need to dig around for ones that offer high interest rates and overall high-quality accounts for businesses.
Can an LLC open a high-yield savings account?
Yes, an LLC can generally open a high-yield savings account in the company's name if the account is designated as a business account, but an LLC would generally not be able to open a personal savings account.
Which bank is best for a business account?
The best bank for a business account depends on your preferences and financial needs. For example, one business might prefer a business account with low fees and a low minimum balance requirement with a high APY, while another business might be willing to choose a bank with a low APY yet access to robust lending solutions.
