Best Overall Bank for Business Savings Accounts: Live Oak Bank
Best Business Savings for Full Banking Services and Branch Access: Capital One
Best Online Savings with High-Yield and FDIC Insurance: Axos Bank
Best Automated Business Savings Account: Relay
Best Digital Bank for Tiered APY Business Savings: Prime Alliance Bank
Best High-Yield Savings and Financing Options: TAB Bank
Best Business Savings with ATM Surcharge Rebates: First Internet Bank
Business savings accounts can effectively grow your funds while providing a financial cushion for unexpected costs. Look for accounts with competitive interest rates, minimal fees, easy access to other bank products, and strong online and mobile banking features. Here’s a quick comparison of the seven top options.
Live Oak Bank: Best Overall Business Savings Account
Rating: 4.05 out of 5
Live Oak Bank stands out with a solid APY of 3.80% and no minimum deposit required to earn interest. Their account has no monthly fees and offers up to $10 million in FDIC insurance through Insured Cash Sweep accounts. They also provide business CDs with attractive fixed rates, making this a great choice for small businesses.
Monthly Fees: $0
Features: 3.80% APY, high-yield CDs, QuickBooks integration, personalized customer service.
Pros: No monthly fees, high interest.
Cons: No cash deposits, $19 wire transfer fee.
Capital One: Best Business Savings for Full Banking Services and Branch Access
Rating: 4.03 out of 5
Capital One offers the Business Advantage Savings account with a promotional rate of up to 4.0% for the first three months. After that, your rate may vary based on your balance. With access to physical branches and a monthly cash deposit limit of $10,000, it’s great for businesses that handle cash.
Monthly Fees: $3, waived with $300 average balance
Features: Six free withdrawals, free debit card, overdraft protection.
Pros: High-rated mobile app, numerous ATMs.
Cons: Limited branches, variable rate after promotion.
Axos Bank: Best Online Savings with High-Yield and FDIC Insurance
Rating: 4.02 out of 5
Axos offers two savings accounts, but the Business Premium Savings account is particularly appealing as it has no monthly fee, balance requirements, or initial deposit. With 20 free transactions per month and an APY of up to 4.01%, it’s an excellent pick for businesses with fewer cash deposits.
Monthly Fees: $5 (waived with $2,500 balance); Premium: $0
Features: High APY, FDIC insurance up to $250 million via ICS.
Pros: High APY, welcome bonus.
Cons: Limited to 20 transactions, online-only bank.
Relay: Best Automated Business Savings Account
Rating: 3.99 out of 5
Relay provides an automated savings product with no monthly fees and allows up to two savings accounts. You earn tiered interest rates based on your balance, with up to 3% on funds exceeding $1 million.
Monthly Fees: $0
Features: Automates transfers, integrates with various software.
Pros: No monthly fees, tiered APY.
Cons: No cash withdrawals, funding requires a checking account.
Prime Alliance Bank: Best Digital Bank for Tiered APY Business Savings
Rating: 3.94 out of 5
With an APY of up to 4.25%, Prime Alliance Bank’s tiered structure rewards higher balances well. There are no monthly fees and unlimited deposits, but only six transactions per month.
Monthly Fees: $0
Features: High APY, robust lending options.
Pros: Competitive rates, no initial deposit.
Cons: Requires emailing the bank to open an account, no cash deposits.
TAB Bank: Best High-Yield Savings and Financing Options
Rating: 3.28 out of 5
TAB Bank may offer a lower APY of 0.25%, but it has a wide array of financial products, including business loans and CDs. You can open an account with a mere $25 and have only a $1 minimum balance.
Monthly Fees: $0
Features: Business lending options, integrates with invoicing tools.
Pros: No monthly fees, broad service offerings.
Cons: Online-only, no debit card.
First Internet Bank: Best Business Savings with ATM Surcharge Rebates
Rating: 3.11 out of 5
First Internet Bank’s savings account earns an APY of 0.91% and waives a $2 monthly fee with a $1,000 balance. They also refund $10 for third-party ATM surcharges, adding value for users frequently using ATMs.
Monthly Fees: $2 (waived with $1,000 balance)
Features: Competitive interest, various lending options.
Pros: Great mobile app, ATM surcharge reimbursement.
Cons: Limited to sole proprietors for debit cards, no cash deposits.
These options vary in features and benefits, catering to different business needs and financial strategies. Consider what matters most to your business when choosing the right account.
