Our top picks of timely offers from our partners

More details
Chase Sapphire Preferred® Card
Learn More
Terms Apply
New 100K bonus point offer - highest bonus ever offered for the card!
Chase Slate Edge℠
Learn More
Terms Apply
New card with no annual fee, $100 bonus offer, and you can reduce your APR after meeting requirements
Citi Custom Cash℠ Card
Learn More
Terms Apply
New no annual fee card that rewards you for your top eligible spending category
Blue Cash Preferred® Card
Learn More
Terms Apply
$150 offer and, in the first 6 months, 20% back at Amazon.com, up to $200 back
The Platinum Card® from American Express
Learn More
Terms Apply
Earn 100K points plus, access to valuable travel benefits
Select’s editorial team independently created this content. We may receive a commission from affiliate partner links. Click here to read more about Select. Click here to read our full advertiser disclosure.
Reviews

Here are the best savings accounts for small business owners looking for no fees and higher-than-average interest rates

These top 5 savings accounts offer small business owners the best APYs.

Share
Getty Images
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. Select will update as changes are made public.

Picture this: Your small business is making enough revenue that you're left with excess cash that you can just set aside in a savings account because you don't yet have an immediate need to spend it.

While this is good news for your business, that extra capital you aren't using to cover everyday business expenses, like payroll and operating costs, is best placed in a high-yield business savings or money market account that also gives you checking account privileges.

These accounts offer higher interest rates than your standard savings or business checking account so your money grows faster, making those future business goals not too far out of reach, whether you'd like to take out a small business loan or plan to boot-strap future expansion.

Select analyzed and compared business savings accounts offered by online and brick-and-mortar banks, including large credit unions. We favored online banks since they typically offer above-average APYs, but there is an option for those who prefer to have access to physical branches. We also considered each account's accessibility, monthly fees and minimum deposit requirements. All of our top picks are FDIC-insured. (See our methodology for more information on how we choose the best business savings.)

Best small business savings accounts

Small business savings account FAQs

Best for banking online

Live Oak Business Savings

Information about the Live Oak Business Savings has been collected independently by Select and has not been reviewed or provided by the bank prior to publication.
  • Annual Percentage Yield (APY)

    0.50%

  • Minimum deposit

    None

  • Monthly maintenance fee

    None

  • Special offer

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $10

  • Overdraft fees

    $25

  • Offer checking account?

    No

  • Offer ATM card?

    No

See our methodology, terms apply.

Pros

  • Above-average APY
  • No minimum deposit required to open account
  • No monthly fees

Cons

  • No welcome offer
  • No physical branches to do in-person banking
  • No checking account option

Best for in-person banking

Capital One Business Advantage Savings

Information about the Capital One Business Advantage Savings has been collected independently by Select and has not been reviewed or provided by the bank prior to publication.
  • Annual Percentage Yield (APY)

    0.20% for first 12 months (after, a standard variable rate)

  • Minimum deposit

    $250 to open account

  • Monthly maintenance fee

    $3, with option to waive

  • Special offer

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $10

  • Overdraft fees

    $35

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if account holders also have a Capital One business checking account

See our methodology, terms apply.

Pros

  • Above-average promotional intro APY
  • Low minimum deposit required to open account
  • Option to waive $3 monthly fee if account holder maintains a $300 minimum balance
  • Business owners in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C. can bank in-person at physical branches

Cons

  • The above-average APY is only available for the first 12 months
  • There is a $3 monthly fee if you don't maintain a $300 balance
  • No welcome offer

Best for saving in a money market account

TAB Bank Business Money Market Account

Information about the TAB Bank Business Money Market Account has been collected independently by Select and has not been reviewed or provided by the bank prior to publication.
  • Annual Percentage Yield (APY)

    0.25%

  • Minimum deposit

    $25 to open; $1 minimum balance to earn 0.25% APY

  • Monthly maintenance fee

    None

  • Special offer

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $20

  • Overdraft fees

    N/A

  • Offer checking account?

    Money market account has checking account privileges

  • Offer ATM card?

    Yes

See our methodology, terms apply.

Pros

  • Above-average APY
  • Low minimum deposit required to open account
  • No monthly fees or overdraft fees
  • The money market account comes with checking account privileges and an ATM card

Cons

  • No welcome bonus
  • No physical branches for in-person banking

Best for making a large deposit

Axos Bank Business Premium Savings

Information about the Axos Bank Business Premium Savings has been collected independently by Select and has not been reviewed or provided by the bank prior to publication.
  • Annual Percentage Yield (APY)

    Up to 0.20%

  • Minimum deposit

    $25,000 to earn 0.20% APY (below $25,000, the APY is 0%)

  • Monthly maintenance fee

    None

  • Special offer

    New business owners get a $100 welcome bonus if business was incorporated after June 1, 2020

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $10 (currently waived during the pandemic)

  • Overdraft fees

    $25

  • Offer checking account?

    Yes

  • Offer ATM card?

    Yes, if the account holder has an Axos business checking account

See our methodology, terms apply.

Pros

  • Above-average APY
  • No monthly fees
  • $100 welcome bonus if business was incorporated after June 1, 2020
  • Deposit checks remotely using your mobile device

Cons

  • High minimum balance ($25,000) required to earn 0.20% APY
  • No physical branches for in-person banking

Best for sole proprietors

First Internet Bank Business Money Market Savings

Information about the First Internet Bank Business Money Market Savings has been collected independently by Select and has not been reviewed or provided by the bank prior to publication.
  • Annual Percentage Yield (APY)

    0.40% on all balances

  • Minimum deposit

    $100 to open account

  • Monthly maintenance fee

    $5, with option to waive

  • Special offer

    None

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle

  • Excessive transactions fee

    $5

  • Overdraft fees

    $30

  • Offer checking account?

    Money market account has checking account privileges

  • Offer ATM card?

    Yes, for sole proprietors only

See our methodology, terms apply.

Pros

  • Above-average APY on all balances
  • Low minimum deposit required to open account
  • Option to waive $5 monthly fee if account holder maintains a $4,000 minimum daily balance

Cons

  • $5 monthly fee if you don't maintain a $4,000 daily balance (which is high compared to other accounts)
  • No welcome bonus
  • No physical locations for in-person banking

Small business savings account FAQs

What's the difference between business checking and business savings

There are two main differences between your business checking account and your business savings account.

For starters, the money in your checking account will typically not accrue interest over time like the money in your savings account. That's why it's important business owners don't keep all their funds stashed in their checking — it's earning very little in return.

The second big difference is account holders usually can't access the money in their savings account as easily as they can with a checking account. Account holders are limited to six withdrawals per statement cycle with savings accounts, and it's likely you'll be charged a fee if you exceed that limit.

What is a business savings account for?

Much like your personal savings account, a business savings account is ultimately a place where you can set aside your money for future use.

For business owners, a savings account can act as your company's emergency fund, should you have a bad month or face an unexpected expense. Having some savings is also crucial whenever there is an economic downturn or uncertainty, as we have seen many businesses struggle during the pandemic.

A healthy balance in your business savings account may help you get approved for a small business loan in the future, too. Lenders typically like to see that your business has the finances to repay borrowed money.

Our methodology

To determine which small business savings accounts offer the best return on your company's money, Select analyzed U.S. business savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an above-average APY, as well as no monthly maintenance fees, or the option to waive. Since most business savings accounts require a minimum deposit upfront, we favored accounts with manageable minimums.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.