Whether you're starting a new business or just in the market for a new savings account, you've likely encountered dozens of options that all seem equally appealing.
We've rounded up the best small business savings accounts, and here's a closer look at the Capital One Business Savings Account. Below, we dive into what you need to know about account fees, accessing your cash and how this account compares to others on the market.Capital One Business Savings
Capital One Business Savings
Annual Percentage Yield (APY)
Earn a promotional interest rate for the first 3 months. Visit a Capital One location or contact a banker for details.
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
Terms apply.
Pros
- Above-average promotional intro APY
- 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 6 months
- Minimum deposit required to open account
- There is a $3 monthly fee if you don't maintain a $300 balance
- No welcome offer
Find business checking that's right for you
APY
The Capital One Business Savings Account currently offers a strong APY well above the national average. New account holders can earn a fixed promotional rate for the first three months from account opening. After that, you'll earn a variable rate. The promotional rate you receive depends on your account balance.
Access to your cash
You can access your savings online or through Capital One's mobile banking app. You can also link external accounts to make transfers. Account holders are allowed up to six free withdrawals per month.
Perks
This account offers overdraft protection free of charge. With Capital One's overdraft protection program, you can link a checking account to your savings account so if you don't have enough money for a transaction, it will automatically transfer funds from your linked account so you don't get hit with a fee.
Other than that, though, the Capital One Business Savings Account is a fairly bare-bones account and doesn't offer many perks.
Fees
This account comes with a $3 monthly service fee, which is waived as long as you maintain a minimum monthly balance of $300. This is a fairly attainable minimum for a business bank account, so it could be a good choice if your business is just starting out or isn't earning much money yet.
How does the Capital One Business Savings Account compare?
There are several other business savings account options on the market. For instance, the Axos Bank Business Premium Savings account also provides a straightforward experience. Like the Capital One account, the Axos account offers an APY and a checking account option. However, the Axos Bank account doesn't charge a monthly maintenance fee or overdraft fee.
While the Capital One account does have an option to waive the monthly fee, it's nice to have an account that doesn't require you to maintain a minimum balance to avoid fees.
One huge plus for the Capital One account is that you can bank in person since there are Capital One branches across the country. Axos Bank doesn't offer this option, so this might be a drawback for those who want to build an in-person business banking relationship.
Axos Bank Business Premium Savings
Annual Percentage Yield (APY)
3.60%
Minimum deposit
None
Monthly maintenance fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Overdraft fees
None
Offer checking account?
Yes
Offer ATM card?
Yes, if the account holder has an Axos business checking account
Terms apply.
Pros
- Above-average APY
- No monthly fees
- Deposit checks remotely using your mobile device
Cons
- No physical branches for in-person banking
The Live Oak Business Savings account also doesn't charge a monthly maintenance fee, but it does have a $25 overdraft fee and no overdraft protection. This account doesn't offer a companion checking account and there are no in-person branches, but if you're comfortable with an online-only account, the Live Oak Business Savings might be a solid option for you thanks to its solid APY.
Live Oak Business Savings
Annual Percentage Yield (APY)
2.75%
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
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
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