5 Best Business Savings Accounts For 2024

Business savings accounts are crucial to a sound organizational strategy. Savings act as a financial buffer and can become a strategic asset. It can weather an organization through fluctuating market conditions and unforeseen expenses, providing a much-needed safety net and ensuring liquidity and financial stability.

While business savings stats are hard to come by, the average U.S. resident has only $1000 or less in their personal savings account. If this trend translates to businesses, $1000 would not go far in safeguarding against unplanned bills, let alone significant financial interruptions.

It’s not all for the bad times, either. A well-selected account can act as a growth catalyst, transforming idle capital into a source of passive income through accrued interest. Moreover, it can bolster a business’s creditworthiness and lay a foundation for future investment opportunities. In essence, the right business savings account is the cornerstone for smart financial management, blending security with the potential for fiscal growth.

In this article, we will explore the fundamental aspects businesses must consider when selecting a savings account and which business savings accounts should be up for assessment in 2024.

Table of Contents


  • Savings can be a financial buffer and a strategic asset. It can get businesses through unforeseen expenses, ensuring liquidity and financial stability. It can also extend beyond the safekeeping of funds to be a growth catalyst.
  • Interest rates, fees, deposit requirements, liquidity needs, and accessibility are some of the key considerations when selecting the right business savings account. Accounts combining high-interest rates, no fees, and advanced online solutions are available.
  • Equipped with knowledge of the accounts and a thorough assessment of the internal requirements, getting set up is as simple as visiting a branch or going online.
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Factors to Consider When Choosing a Business Savings Account

Considering that a business savings account aims to work for the business, not just to store money but to maximize it, certain critical factors must be considered to ensure the selected account will meet this objective. Each factor contributes to the overall suitability and effectiveness of the savings account for the business.

1. Interest rates

The interest rate determines the earnings on the account’s balance. Higher interest rates translate to greater returns on the saved funds.

Businesses should compare rates from various institutions, noting any tiered interest rates based on account balances. It’s also essential to distinguish between introductory rates and the standard rate that applies after the introductory period.

Introductory rates are higher savings interest rates offered by financial institutions as an incentive for new customers. This rate is typically significantly higher than the standard rate.

Standard rates are the regular interest rate that applies to a savings account after the introductory period ends.

Tiered interest rates. Some high-interest accounts offer tiered interest rates based on the account balance. Higher balances might earn higher rates, and vice versa. To assess the feasibility of these tiered savings rates, businesses need to identify the optimal average daily balance level that maximizes returns without stretching financial resources too thin.

2. Rate fluctuations and conditions

Rates are not always static. They can change according to expired offers or variable contracts. Different fluctuations and conditions include:

  • Introductory rates: If the high-interest rate is an introductory offer—a proposal exclusively for the account opening—assess how long this rate applies and what the standard rate will be post-introductory period.
  • Variable rates: For accounts with variable rates, consider how fluctuations in the rate could affect interest earnings and whether the business can withstand this variability.
  • Adjustment periods: The rate changes at predefined intervals in the statement cycle, which can be monthly, quarterly, annually, or as specified in the account or business loan terms.

3. Fees and charges

Fees can significantly reduce the account’s potential earnings. High-interest rates, coupled with high fees, will nullify the benefit of those rates. These must be understood and compared to avoid being tempted by what looks best on the surface.

Common fees include:

  • monthly maintenance fees
  • transaction fees
  • overdraft fees
  • penalties for not maintaining a minimum balance. 

Some banks might offer fee waivers under certain conditions, such as maintaining a combined balance across multiple accounts.

Net interest earnings vs. fees

Remember that high-interest accounts might also come with higher fees. Calculating the two is crucial to get an accurate picture of the net interest earnings after accounting for monthly maintenance fees, transaction fees, or other charges. This can be done by looking at the annual percentage yield and a break-even analysis:

Annual percentage yield (APY)

The APY is the rate of return that an investment earns over a year. Unlike a simple interest rate, an APY includes the effects of compounding, which is the process where earned interest is added to the principal balance, and future interest calculations are based on this increased balance.

Break-even analysis

Determine the APY and then take out the fees. Find the balance at which the interest earned outweighs the fees. This helps in understanding the minimum effective balance to maintain in the account for it to be beneficial.

4. Deposit requirements

Deposit requirements will determine which business savings account is suitable for different types of businesses. Within this, there are two types of requirements:

Minimum opening deposit

Many business savings accounts require a minimum cash deposit to open the account. Depending on the bank and the type of account, this can range from a nominal sum to a substantial amount.

Minimum balance requirement

Some accounts require a minimum balance to avoid fees or earn the advertised interest rate. This can affect cash flow, particularly for smaller businesses or those with fluctuating revenue.

5. Liquidity needs vs. withdrawal restrictions

Some accounts may have limitations on withdrawals or wire transfers. Businesses need to ensure that these restrictions align with their cash flow needs. Check for:

  • Penalties for access: penalties or fees for accessing funds could negate the benefit of higher interest earnings.
  • Minimum balance penalties: falling below the minimum could result in lower interest rates and attract additional fees. Moreover, it can impact cash flow and operational expenses, limiting the money available when it’s needed in order to maintain the balance required by the account.

6. Accessibility and online services

Easy access to the account and robust online services are essential for efficient business operations. When assessing these features, small business owners should focus on how they align with the business’s operational efficiency and convenience. The ease of managing finances can significantly impact a business’s day-to-day operations. The following should be considered:

  • Online banking capabilities: User interface, account management features, and integration with business software can streamline financial management and save time.
  • Mobile banking services: A robust mobile app with comprehensive features like mobile check deposit, real-time alerts, and transaction capabilities allow for smooth management of finances on the go. Strong mobile banking security measures, such as two-factor authentication and encrypted data transmission, are essential to protect sensitive financial information.
  • ATM and branch network: ATM access is important for businesses that handle cash or need to deposit checks frequently. Access to ATMs, as well as branch locations, might be of significant convenience.

7. Additional benefits and features

Beyond the basic features, some accounts offer additional benefits that can be valuable for businesses. These might include free business advice, options to set up joint account holders for partnerships, higher transaction limits, or bundled products and services that offer cost savings. Specialized features tailored to specific business needs, such as integration with accounting software, can also be a deciding factor.

Additionally, look out for banks that say “Member FDIC” on their website. All reputable banks in the U.S. are compliant with FDIC insurance, but it’s worth an extra check.

Top Business Savings Accounts for 2024

Looking at high-interest accounts, no-fee accounts, the most accessible accounts, and those with extra perks, we have put together a list of the best business bank accounts to build business savings in 2024.

Live Oak Bank Business Savings Account

Live Oak Bank specializes in small business financing, offering business loans, lender solutions, and savings products. Its focus on business growth makes it a go-to for companies seeking comprehensive financial services beyond just savings. In addition, they offer personal finance solutions, including personal savings accounts — great for businesses that like a single bank to suit all needs.

Live Oak Bank Business Savings Account offers:

  • APY: 4.00%
  • Minimum Deposit: $0
  • Maintenance Fee: $0

First Internet Bank Business Money Market Savings

First Internet Bank, a pioneer in online banking, offers a range of digital-first banking services. Its advanced online platform caters to businesses looking for efficient, tech-savvy banking solutions along with competitive savings options. Although its services are online-first, money can be accessed in person with their ATM card.

First Internet Bank Business Money Market Savings account offers: 

  • APY: 3.67% to 5.33%
  • Minimum Deposit: $100
  • Maintenance Fee: $5

Axos Business Premium Savings

Axos Bank is a digital-first financial institution offering a broad spectrum of innovative banking services, including high-yield business savings accounts, checking accounts, commercial lending, and treasury management solutions. Known for its efficient online platform, Axos caters to both personal and business customers, emphasizing convenience, competitive rates, and reduced fees.

Axos Business Premium Savings account offers: 

  • APY: 4.01%
  • Minimum Deposit: $5,000
  • Maintenance Fee: $0

nbkc Bank Business Money Market Account

nbkc Bank is known for its transparent fee structure and customer-centric approach. It provides a suite of digital banking tools, making it an attractive option for businesses valuing simplicity and clarity in their banking relationships.

nbkc Bank Business Money Market Account offers: 

  • APY: 2.50%
  • Minimum Deposit: $0.01
  • Maintenance Fee: $0

Capital One Business Savings

Capital One offers a broad spectrum of financial products and is recognized for its extensive branch and ATM network. Its commitment to both digital innovation and physical accessibility makes it a strong choice for businesses seeking versatile banking solutions.

Capital One Business Savings account offers: 

  • APY: 0.10%
  • Minimum Deposit: $250
  • Maintenance Fee: $3 (if businesses maintain a minimum balance of $300, Capital One waives its $3 monthly maintenance fee)

Best High-Interest Accounts

High-interest accounts are ideal for businesses looking to maximize returns on surplus business funds. The best high-interest accounts for 2024 are:



Live Oak Bank Business Savings Account 4.00%
First Internet Bank Business Money Market Savings 3.67% to 5.33%
Axos Business Premium Savings 4.01%

Best No-Fee Accounts

For cost-conscious businesses, no account fee savings accounts offer an opportunity to save without the burden of monthly service fees, minimum balance requirements, and other charges.


Minimum deposit

Maintenance fee

nbkc Bank Business Money Market Account $0 $0
Live Oak Bank Business Savings Account $0 $0
Axos Business Premium Savings $5,000 $0

Top Easily Accessible Accounts

Ease of access is vital for businesses that need to withdraw or transfer from their savings account regularly. For some businesses, this may mean ATM access is paramount; for others, easy accessibility could mean advanced online features.


Access benefits

Capital One Business Savings Extensive branch and ATM network
First Internet Bank Business Money Market Savings Range of digital-first banking services

Best Small Business Savings Account

What is “best” should be carefully determined by each business, but of the business savings account providers on our list, one stands out above the rest for small businesses and sole proprietors:

Live Oak Bank Business Savings Account

What we love about Live Oak Bank Business Savings Accounts:

  • High-interest rates: APY: 4.00%
  • No minimum deposit
  • No fees
  • Offers a CD account
  • Provides a broad range of services beyond business banking.

Best Certificate of Deposit Account

Different from a business savings account, a Certificate of Deposit (CD) account is a financial product offered by banks and credit unions that provides an interest rate premium in exchange for a lump-sum deposit that is to be untouched for a predetermined period, anywhere from a few months to several years.

CD accounts often have higher interest rates than traditional savings accounts, making them an attractive option for businesses with idle funds available to lock away for a specific duration.

Live Oak Bank

  • Business Savings Account APY: 4.00%
  • CD Account APY: 5.40%
  • Terms: 12-month hold with a minimum deposit of $2,500, with a cap of $250,000 per CD.

Chase, Bank of America, and U.S. Bank fall short

Notably absent from the list above are traditional banks, Chase, Bank of America, and U.S. Bank. Barely comparable to those on our list, U.S. Bank offers 0.05% APY, while Chase and Bank of America come in well below at only 0.01%.

While not competitive in their business savings account offering, the traditional banks still prove their value for other business services like loans and business credit cards.

Interest-Earning Business Checking Accounts

Another great interest-earning strategy, particularly for businesses seeking additional functionalities such as check writing and a business debit card, is a high-yield business checking account. Our favorites are:

  • Bluevine Business Checking: This account provides a 2.0% interest rate on balances up to $250,000 and is free from monthly, minimum balance, and non-sufficient funds (NSF) fees.
  • Grasshopper Business Checking Account: This account yields an APY of up to 2.25% for balances between $25,000 and $250,000. Additionally, it offers unlimited 1% cashback rewards on signature-based purchases made online and in-store.

Tips for Maximizing Benefits from Your Business Savings Account

Minimums, variable rates, fees and other accounts all make it necessary to actively manage a business savings account. Set and forget may not yield the best benefits. Careful planning can go a long way.

Strategically balance between savings and checking accounts

  1. Strategically allocate funds: Keep enough in the checking account to cover operational expenses and short-term needs. Then, move excess funds to a savings account to earn higher interest.
  2. Set up automatic transfers: Automate transfers from the checking to the savings account. This can be a fixed amount or a percentage of monthly revenue.

Understand the implications of interest rates and fees

  1. Compare APYs across different banks to ensure you’re getting a competitive rate.
  2. Beware of introductory rates that drop significantly after a certain period.
  3. Analyze all associated fees, such as monthly maintenance fees, transaction fees, or minimum balance fees, and how they might offset interest earnings.

Best practices for account management and review

  1. Periodically review the business savings account to ensure it still meets business needs, especially as the organization grows or market conditions change.
  2. Utilize online and mobile banking tools for convenient account monitoring and management.
  3. Build a relationship with the bank to get a better service, valuable financial advice, and potentially more favorable terms or rates.
  4. Set up alerts for low balances, large transactions, or other important account activities to stay informed and proactive in account management.

Start Saving for Your Business

Money in the bank serves as one of the most crucial buffers against the unpredictable nature of business operations. A solid financial reserve can help businesses navigate tough times without disrupting the business’s core operations. In good times, this financial cushion can also be pivotal in capitalizing on sudden opportunities, such as investing in growth initiatives or taking advantage of favorable market conditions.

As with all business solutions, individual research is imperative. Every organization has unique requirements, and while certain options stand out in key categories, each business needs to conduct thorough due diligence to find the solution that best fits its specific needs. Once that’s done, all that’s required is to go in-store or online, provide a social security number and employer identification number (EIN), and get started building this invaluable asset.

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FAQs about the Best Business Savings Accounts

Q: Are there savings accounts for business?

Yes, there are savings accounts specifically designed for businesses. These accounts are tailored to meet the unique needs of businesses, such as higher transaction limits and potential for earning interest.

Q: Do businesses use savings accounts?

Many businesses use savings accounts to manage their finances. These accounts can help businesses save for future expenses, earn interest on surplus funds, and provide a buffer for unexpected costs.

Q: What is the best interest rate on business savings accounts?

The best interest rate on business savings accounts varies depending on the financial institution and the current economic environment. Be sure to shop around and compare rates from different banks or credit unions to find the most competitive offer.

Q: Do you pay taxes on business savings?

Generally, the interest earned on business savings accounts is subject to taxation. Businesses must report this interest income on their tax returns. The tax treatment can vary depending on the business structure (e.g., sole proprietorship, partnership, corporation).

Q: Where can I open a business savings account?

Business savings accounts can be opened at most banks, credit unions, and online financial institutions. 

Q: How many months of savings should a business have?

A common guideline is to have enough savings to cover at least 3 to 6 months of operating expenses, though some businesses may need more.

Q: Does FDIC apply to business accounts?

Yes, the Federal Deposit Insurance Corporation (FDIC) insures business accounts just like personal accounts. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

Q: Do business savings accounts pay interest?

Most business savings accounts pay interest. The rate of interest can vary based on the account balance, the type of account, and the policies of the financial institution. It’s important to read the terms and conditions to understand how interest is calculated and paid.