Business Savings Accounts: The 6 Best High-Yield Options

Use our ultimate guide to business savings accounts to learn about the best high yield business savings accounts and how they can help your money grow.

Updated on September 28, 2022
Advertiser Disclosure

business bank account is a crucial piece of financial operations for any small business. It’s a place to store cash to cover expenses, payroll, and operating costs. But as your business grows, you may have extra capital to put aside. In that case, it may be time for a business savings account. Here’s what you need to know about the different types of accounts, how to choose one and some of the best options for high-yield business savings accounts.

Best High Yield Business Savings Accounts


High Yield Business Savings Account Business Savings Account Rate (APY) Minimum Opening Deposit Monthly Fee
0.20% APY for the first 12 months
$3, waived if maintain $300 minimum balance
1.75% APY
No fee
 0.45% APY
Have to contact Goldwater for more information
2.84% with a daily balance of $10,000,000 or below
 $5 if daily balance is below $4,000
4.00% APY
 No fee

Can a Business Have a Savings Account?

A business can open a business savings account to set aside money for future projects, improvements or expenses. This may help a business reduce the need to borrow money and help accumulate capital for expansion.

What Is a Business Savings Account?

A business savings account is a bank account to store and earn interest on extra capital. Business savings accounts—particularly high-yield business savings accounts—often require minimum deposits, minimum balances and limited withdrawals. Business savings accounts are best when a business checking account has enough to cover expenses.

Business Savings Accounts vs. Business Checking Accounts

The distinctions boil down to two features:

  1. Funds in a savings account accumulate interest over time; money in a checking account will not.
  2. Access to the funds in a savings account is more limited than it is for checking accounts.

Think of a business checking account as an essential tool from the moment you start your business—it’s what you’ll use to separate your business and personal finances. A business savings account, on the other hand, is the next step up in your financial journey once your business has sufficient capital to start investing in its future.

Types of Business Savings Accounts

With a straightforward business savings account, you can withdraw from your account for free a certain number of times (depending on which savings account you decide to go with), as well as earn interest on your funds.

  • Once you open your account and deposit your funds, your bank will add to your savings based on the savings account rate, or annual percentage yield (APY), that comes with your account.
  • A typical business savings account will not come with a predetermined term throughout which your capital will have to sit in the bank.

High-Yield Business Savings Accounts

High-yield business savings accounts offer interest rates that are well above a typical savings account. But high-yield business savings accounts often have stricter requirements—you’ll likely have to keep a minimum balance, pay monthly fees and agree to other terms as dictated by the small business bank or institution. Many high-yield business savings accounts come from online-only banks, as these banks have lower operating costs. In other words, they don’t need to spend cash to run local branches or hire staff to keep them operating. Ideally, the best savings account for your small business would be a high yield business savings account—after all, we’d all prefer to earn more money, rather than less. However, it’s important to remember that you’ll likely have to keep a high minimum balance.

Business Certificates of Deposit

This isn’t really a savings or bank account; a business certificate of deposit (also known as a CD) is a savings option that offers higher interest rates but no access to your funds for a time.

When you open a certificate of deposit, you make a deposit—normally at least $1,000—and choose a term length throughout which your savings will sit with the bank. You won’t be able to access your deposit before this term is up unless you’re willing to pay significant early withdrawal fees. However, you’ll likely be able to earn much more interest on your savings than with a standard savings account. But with the inflexibility of a CD, it may be easier to get a high-yield business savings account and just as advantageous.

Business Savings Accounts: What to Look For

Here are some features to consider.

Minimum Account Opening Deposit

Generally, business savings accounts require a certain size of savings deposit to open the account. This minimum deposit will vary depending on the savings account, but almost every option has a minimum account opening deposit. Additionally, high-yield business savings accounts may require a larger opening deposit than standard business savings accounts.

Business Savings Account Rates, aka Annual Percentage Yield

Consider what the savings account rates look like—or in other words, what the annual percentage yield (APY) is. The APY determines how much interest your savings will accumulate. Therefore, finding the best high-yield business savings account may come down to APY.


Your savings account will limit how many withdrawals you can make for free, likely on a monthly basis. In order to avoid withdrawal fees, consider how many withdrawals a business savings account offers.

Service Fees

Although there are a number of free business checking accounts out there, most business savings accounts come with monthly service fees that vary depending on the bank or account provider. Many accounts offer ways to get the service fee waived, such as maintaining a certain monthly balance in the account.

ATM Usage

You’ll likely be able to withdraw from your savings account through any ATM, but whether you’ll pay a fee depends on the bank.

  • Generally, withdrawals from savings accounts are free if you use one of the bank’s ATMs. However, free ATM withdrawal isn’t always included, so check with the bank.
  • If you opt for an online business savings account, you won’t have access to ATMs through your bank, but they may have a network of free ATMs you can use or will reimburse you for your ATM usage.


Find out how the account handles wires. Can you send and receive domestic wires? Can you send and receive international wires? Some business savings accounts include a certain number of free wires per month; others may charge a fee for any wire you send or accept.

Best Business Savings Accounts of 2022

Here are our picks.

1. Capital One Business Advantage Savings Account

The first option on our list of the best high-yield business savings accounts is the Capital One Business Advantage Savings Account.

This is a great option for entrepreneurs who want to take advantage of a high interest rate but still enjoy the brick-and-mortar convenience of banking with Capital One. In order to open this account, you’ll have to go to a Capital One location, but once you’ve done so, you’ll have free access to online banking, as well as the ability to connect to your Capital One Business checking account. Plus, this Capital One business savings account offers a promotional 0.20% APY for the first 12 months and then bases your APY on your account balance.

Capital One Business Advantage Savings Account Features

  • Minimum opening deposit of $250
  • Promotional APY of 0.20% for the first 12 months; after the 12 months are up, Capital One will apply a standard business savings account rate to your balance
  • Six free withdrawals per month
  • Monthly service fee of $3 waived if you maintain a balance of $300
  • Free ATM withdrawals from Capital One ATMs
  • $2 fee to withdraw from most other ATMs; select ATMs will incur a $5 withdrawal fee
  • Send foreign and international wires, fees range from $10 to $50

2. nbkc Business Money Market Account

For a savings account option that not only offers a great APY, but also allows you to open an account online quickly and easily with no minimum deposit, you might consider the nbkc Business Money Market Account. This savings account is a notable choice for business owners who don’t have a substantial amount of extra funds to invest in their savings account, but nevertheless, want to start saving for the future. Plus, the nbkc Money Market account can be managed wholly online—using your computer or mobile device.

Open an nbkc Account Now

nbkc Business Money Market Account Features

  • No minimum opening deposit required
  • APY of 1.75%
  • Up to six included monthly withdrawals
  • Free online and mobile banking with eStatements
  • No monthly account fee
  • Free nbkc Business Debit MasterCard with ATM access
  • $0 transaction fees, unlimited transactions
  • $0 check deposit and incoming domestic wires
  • $5 fee for outgoing domestic wires, $45 fee for international wires (incoming and outgoing)

3. Goldwater Bank Savings Plus Business Account

The Goldwater Bank Savings Plus Business Account has a solid APY, but it also has the highest minimum opening deposit on our list—meaning you’ll need significant funds stored up for this option. However, applying for an account with Goldwater is easy—you can do so in-person or online—and you’ll be able to take advantage of Goldwater Bank’s online and mobile banking platforms.

Goldwater Bank Savings Plus Business Account Features

  • $25,000 minimum opening deposit
  • 0.45% APY
  • Two free withdrawals per month
  • Wire transfers (will incur a fee)
  • Quarterly e-statements

4. First Internet Bank of Indiana Money Market Savings Account

The First Internet Bank of Indiana offers a great rate for their online business savings account, the Money Market Savings account. You can apply online and quickly access the full suite of free online and mobile banking tools. With one of the highest APYs on our list, this savings account could be a worthwhile option for a variety of small businesses.

First Internet Bank Money Market Savings Account Features

  • $100 minimum opening deposit
  • 0.70% with a daily balance of $10,000,000 or below; 0.25% with a daily balance above $10,000,000
  • $5 monthly maintenance fee if the daily balance is below $4,000
  • Six free withdrawals or transfers per month; $5 for additional transactions
  • ATM debit card for sole proprietors only

5. Live Oak Bank Business Savings Account

You can open a Live Oak account completely online, making it a great option if you’re looking for almost instant access to your savings account.

Live Oak Bank Business Savings Account Features

  • No minimum opening deposit
  • 4.00% APY
  • No monthly maintenance fee
  • Free online banking
  • No incoming wire fee
  • $19 outgoing wire fee

The Bottom Line

Now that we’ve made it through our list of the best business savings accounts, the choice is up to you. After all, you know your business best, and therefore, you’re the only person who can determine which savings account will meet your needs.

This being said, however, any of these high-yield business savings accounts may be able to serve your business well—each offers a substantial APY and notable accessibility, as well as other account benefits. Regardless of your choice, opening a business savings account is an exciting step—one that means your business is growing and that you’re ready to invest in your future.

Check Your Banking Options
Randa Kriss
Senior Staff Writer at Fundera

Randa Kriss

Randa Kriss is a senior staff writer at Fundera.

At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions. 

Read Full Author Bio
In This Review