10 Best Business Savings Accounts For 2024

If you’re a business owner sitting on a significant amount of excess cash, it’s probably time to add a business savings account to your list of financial tools. But with so many accounts to choose from, how do you know which one is right for your business?

The best business savings accounts offer attractive yields, low monthly maintenance fees, and flexible withdrawal options. To help you find the right account, we’ve compiled a list of what we believe to be the ten best business savings accounts for 2024.

The table below lists the banks, the specific accounts offered, and what each is best for. A detailed description of each account will follow.

Account Type Best For
axos bank logo Business Premium Savings Welcome bonus of
up to $375
Read More
Live Oak Bank Logo Business Savings High 4.00% APY on all balances Read More
Prime Alliance Bank logo Business Savings Unlimited deposits Read More
Business Savings Top business credit cards Read More
Platinum Business Money Market Full-service banking Read More
tab bank logo Business Money Market Account Simple high-yield business savings Read More
Lili Logo Savings Multiple plan options Read More
Business Money Market Savings Highest APY on very large balances Read More
Business Money Market Account No fees Read More
bluevine Business Checking Flexible funding and automated accounts payable Read More

Note on transaction limits: Since these are all savings banks, historically there is a limit of 6 “convenient” withdrawals or transfers from the account per Regulation D. That regulation was suspended in 2020 during the pandemic. Many banks still list this as a requirement simply because of Regulation D.

1. Axos Bank Business Premium Savings 

Axos bank logo
  • Welcome bonus: up to $375 (see offer details below)
  • Minimum balance requirement: $5,000 to open, then no minimum balance requirement
  • Annual Percentage Yield (APY): Up to 4.01% APY variable on all balances, up to $1 million+
  • Monthly maintenance fee: None
  • Check writing: Not indicated
  • ATM card: Not indicated
  • Transaction limits: Up to six free withdrawals or transfers per statement cycle

Welcome Offer: Earn up to $375 when you open a new account and deposit at least $75,000, which must be maintained in your account for a minimum of four months. Offer available through 3/8/2024. Must use promo code BPS375 on your application.

The Axos Business Premium Savings offers one of the highest interest rates paid on business savings. You can earn interest over 4% on all balance levels. Axos Bank offers FDIC insurance on balances up to $225 million through participation in the Insured Cash Sweep network.

The account has a minimum opening balance of $5,000, but once your account is opened, there is no minimum balance requirement. There is also no monthly service fee.

You can check out our Axos Bank review here.

Get Started with Axos Bank

2. Live Oak Bank Business Savings

Live Oak Bank Logo
  • Welcome bonus: None
  • Minimum balance requirement: None 
  • APY: 4.00% APY
  • Monthly maintenance fee: None
  • Check writing: Not offered
  • ATM card: Not offered
  • Transaction limits: Up to six free withdrawals or transfers per statement cycle

Live Oak Bank Business Savings pays one of the highest interest rates among all business savings accounts available. They currently pay 4.00% APY on all account balances, complete with FDIC insurance of up to $10 million through the Insured Cash Sweep network. This can be a valuable advantage for a larger business that normally maintains a lot of excess cash.

If you’re looking for even higher interest on your savings, Live Oak Bank offers certificates of deposit paying in excess of 5.00% APY on terms of six months, nine months, one year, and 18 months.

Live Oak Bank is a cloud-based bank designed specifically to serve small business owners. It offers its services in all 50 states. Unfortunately, they do not currently offer a business checking account. This may prove to be especially problematic since neither check writing nor ATM cards are available with the savings account.

One important limitation to be aware of with Live Oak Business Savings is that they do not accept cash deposits. However, this is a typical limitation of online banks.

Get Started with Live Oak Bank

3. Prime Alliance Bank Business Savings 

Prime Alliance Bank logo
  • Welcome bonus: None
  • Minimum balance requirement: None
  • Annual percentage yield (APY): Up to 4.25%
  • Monthly maintenance fee: None
  • Check writing: Not indicated
  • ATM card: Not offered
  • Transaction limits: Unlimited deposits and up to six monthly withdrawals or transfers

Utah-based Prime Alliance Bank offers online banking nationwide, including a business savings account. They use a tiered interest rate setup, paying 3.85% APY on balances below $100,000 and as high as 4.25% APY on balances above $200,000. You should be aware that you cannot link the savings account to an ATM card, though it is available through their business checking account.

Prime Alliance also offers business checking and certificates of deposit, which pay rates as high as 5.30% with a minimum balance of just $500. The bank also offers commercial loans, including real estate and Small Business Administration Loans (SBA) of up to $10 million.

Get Started with Prime Alliance Bank

Related: Best Business Bank Account Promotions

4. Capital One Business Savings 

capital one logo
  • Welcome bonus: None
  • Minimum balance requirement: $100
  • APY: A 6-month promotional rate of up to 4.1%
  • Monthly maintenance fee: $3, waived with a minimum balance of $300.
  • Check writing: Not indicated, but the account can be linked with Capital One business checking.
  • ATM card: Debit card with access to more than 70,000 fee-free ATMs.
  • Transaction limits: Up to six free withdrawals per monthly statement cycle

Capital One is another full-service bank, and though it has some local branches, it mostly operates online. In addition to Business Savings, they also offer Business Checking, loans, lines of credit, card payment processing, trade credit, and other business services.

You can open a Business Savings account with just $100 and avoid the $3 monthly service fee by maintaining a minimum balance of just $300. Capital One is currently paying a promotional rate of 4.1% APY on balances between $10,000 and $5 million.

Capital One is famous for having some of the best credit cards in the industry. They offer specialized business credit cards, including Spark Business Credit Cards. 

Get Started with Capital One

5. U.S. Bank Platinum Business Money Market 

  • Welcome bonus: Not indicated
  • Minimum balance requirement: $100
  • APY: 0.05% on all balances, but currently paying 4.60% variable Bonus APY on balances over $25,000, up to $3 million.
  • Monthly Maintenance fee: $15, waived with a minimum daily balance of $10,000.
  • Check writing: Not indicated, but the account can be linked to a business checking account
  • ATM card: Visa Business Debit Card, with fee-free access to 40,000 MoneyPass ATMs.
  • Transaction limits: No deposit fee for the first 25 deposit transactions per statement cycle, then $0.25 for each additional deposit.

Technically speaking, the US Bank Platinum Business Money Market – as its name implies – is a money market account, not a savings account. But it fills the same role as a savings account, even offering interest up to 4.60% APY on account balances greater than $25,000 and all the way up to $3 million. The account comes with a Visa Business Debt Card. 

US Bank is a traditional full-service bank based in Minneapolis, Minnesota. The company has over 3,000 local branches and nearly 5,000 bank-owned ATMs – in addition to participating in the MoneyPass network, with more than 40,000 ATM locations. They offer business bank accounts, credit cards, loans, lines of credit, business services, treasury and payment solutions, investment services, wealth management, and all types of personal banking products.

Get Started with US Bank

6. TAB Bank Business Money Market Account

tab bank logo 2024
  • Minimum balance requirement: $25, then $1 ongoing minimum balance required.
  • APY: 3.50% on the first $1 million, then 0.25% on any remaining balance.
  • Monthly maintenance fee: None
  • Check writing: Not offered
  • ATM card: Not offered
  • Transaction limits: Up to six free withdrawals or transfers per statement cycle.
  • Welcome bonus: Not indicated

If you’re looking for a simple business deposit account that earns high interest with no monthly fees, TAB Bank Business Money Market fits the bill. It doesn’t pay the highest interest on business savings, but you can open an account with just $25, earn 3.50% APY on the first $1 million on deposit, and pay no monthly fees.

Like most money market accounts, this account does not offer either check-writing or debit card access. TAB Bank also offers business checking, high-yield business CDs, business lending, and treasury management.

Get Started with TAB Bank

7. Lili Savings 

Lili Logo
  • Minimum balance requirement: None
  • APY: 4.15% APY
  • Monthly maintenance fee: Lili Pro, $9 per month; Lili Smart, $20 per month; Lili Premium, $35 per month – each comes with a 30-day free trial.
  • Check writing: Not offered
  • ATM card: Yes, Visa debit card with access to more than 38,000 fee-free ATMs.
  • Transaction limits: None
  • Welcome bonus: Not indicated

Lili is an online banking service offering four different checking account plans. While it doesn’t offer a formal savings account, three of its checking account plans offer 4.15% APY.

Lili Pro, Lili Smart, and Lili Premium are three premium checking account options, each requiring a monthly fee, but giving you access to the high-yield savings option. However, they do offer Lili Basic as a free program, but it does not offer the high-yield savings option.

Despite the monthly fees, Lili may be an excellent option if you want to take advantage of the remaining business services and still enjoy one of the highest interest rates available, all business savings accounts.

For example, the middle-of-the-road Lili Smart plan, at $20 per month, comes with a business checking account, Visa debit card with cash back rewards, a fee-free ATM network with 38,000 locations, free overdraft up to $200, bookkeeping, financial reporting, and unlimited invoices and payments – as well as high-yield savings. 

For more information, check out our Lili review.

Get Started with Lili

8. First Internet Bank Business Money Market Savings 

first internet bank logo
  • Welcome bonus: None
  • Minimum balance requirement: $100
  • APY: Up to 5.46%
  • Monthly maintenance fee: $5, can be waived with an average daily balance of $4,000.
  • Check writing: No
  • ATM card: Yes, Visa debit card for sole proprietors only. 
  • Transaction limits: Up to six free withdrawals or transfers per statement cycle, then $5 per excess transaction.

As its name implies, First Internet Bank is an all-online bank – there are no bank branches. They offer their First Internet Bank Business Money Market Savings, where you can earn 3.45% APY on up to $5 million. If you have more than $5 million, you’ll earn 5.46% APY on the excess balance. The account comes with a small monthly service fee of just $5, which can be waived if you maintain a minimum balance of $4,000 in the account.

First Internet Bank also offers a business checking account, commercial checking account, and CDs paying high yields on terms ranging from three months to as long as five years. They also offer SBA loans, commercial lending, and commercial real estate lending.

Get Started with First Internet Bank

9. nbkc Bank Business Money Market Account

nbkc bank logo
  • Welcome bonus: None
  • Minimum balance requirement: None
  • APY: 2.75% on all balances
  • Monthly maintenance fee: None
  • Check writing: Not indicated
  • ATM card: Business Debit Mastercard can be used at 37,000 fee-free MoneyPass ATMs.  
  • Transaction limits: Unlimited
  • Welcome bonus: None

nbkc Bank offers its Business Money Market Account, which is one of the simplest business savings accounts there is. There is no minimum balance requirement, either at the time of account opening or any time thereafter. All account balances currently earn 2.75% APY. Not only are there no monthly fees, but there are practically no fees of any kind. That means no fees for returned items, overdrafts on insufficient funds, deposits, stop payments, or incoming domestic wires.

Other services offered by the bank include Free Business Checking, high-yield business CDs, commercial lending, cash management services, and professional invoicing.

Learn more in our nbkc review.

Get Started with nbkc

10. Bluevine Business Checking 

  • Welcome bonus: None
  • Minimum balance requirement: $0 on Business Checking and Bluevine Premier.
  • APY: 2.00% APY on balances up to $250,000; Bluevine Premier pays 4.25% on balances up to $3 million.
  • Monthly maintenance fee: None on Business Checking; $95 per month for Bluevine Premier.
  • Check writing: Yes
  • ATM card: Business Debit Mastercard
  • Transaction limits: Unlimited

Bluevine Business Checking is a checking account, but it pays high interest on your account balance, which really makes it more of a hybrid combining checking features with a savings function. You can earn 2.00% APY on cash balances up to $250,000. Bluevine is a business banking platform that offers access to a revolving line of credit, as well as automated Accounts Payable. The latter enables you to pay bills with automation that digitizes bills, streamlines payment approvals, and simplifies reconciliations.

If you want even higher interest, you can sign up for the Bluevine Premier plan. For a fee of $95 per month you can earn 4.25% APY on balances up to $3 million. But the fee can be waived if you maintain a minimum balance of $100,000 and complete at least $5,000 in debit card transactions per statement period. The Premium plan includes priority customer support and 50% off most standard payment fees. 

Either account comes with the Business Debit Mastercard, which pays 4% cash back with more than 50,000 merchants, and up to 20% on select business services, then 1% on gasoline purchases. 

Learn more in our Bluevine review.

Get Started with Bluevine

How to Choose a Business Savings Account

When choosing a business savings account, you need to consider several factors based on the needs of your business. Here are some things to consider before making a final decision.

Account Balance Requirements

Choose an account with a minimum balance requirement that works for your business. For example, if a business savings account pays the highest interest in the industry – but requires a minimum of $10,000 to open an account – that won’t work for you if you don’t have that kind of money in your business.

Similarly, an account with a minimum ongoing balance requirement of $5,000 will do you little good if your business doesn’t normally have that much money available.

Interest Rate (APY)

Interest rate is often the primary deciding factor in choosing a business savings account. After all, the whole purpose of investing business savings into a high-yield account is to earn additional income for your business.

However, don’t be blinded by APY. For starters, you may not meet the deposit requirements to earn the highest rate offered by an institution. You also have to consider other features, like maintenance and transaction fees, and whether you can access your account online or via an ATM.


Bank account fees can eat away at the APY you earn on your account, not to mention your account balance. Most banks will allow you to avoid monthly maintenance fees if you meet certain minimum financial requirements.

You may also face fees for wire transfers, ACH, deposits, and services performed for you by bank personnel. Before opening any bank account, read the disclosure carefully, paying particular attention to the fee schedule.

Access to Funds

Because of federal Regulation D, banks typically limit your ability to transfer funds out of either a savings or money market account to no more than six per statement period. 

If you expect to access your funds more than six times per month, a savings or money market account may not be the right choice for you. You may have to consider a checking account instead.

Banks will typically charge a fee for each excess withdrawal. But they also limit the number of excess withdrawals you can have in a calendar year. Typically, if you have three or more excess transactions within 12 months, the bank reserves the right to convert your account into a regular checking account.

Other Accounts and Services Offered

Before opening a business savings account, consider the other business products the bank offers. This can include business checking accounts, commercial and treasury management services, and business credit cards.

Related: Best Business Checking Accounts

How to Open a Business Savings Account 

When opening a business savings account, you’ll be required to provide information typical of applying for any financial account. That includes your full name, home address, contact information (phone, email address, etc.), and government-issued photo IDs for any applicants who will have ownership of the account or the ability to complete transactions on behalf of your business.

Business-specific information likely to be requested will include:

  • The employer identification number (EIN) for your business, though your Social Security number should be acceptable if you are a sole proprietor.
  • If you are incorporated, you’ll be required to provide articles of incorporation, articles of organization, or other legal documentation confirming your business entity. These will usually have to be the originals, with any stamps and embossing.
  • A description of your business, how long it has been in operation, the number of locations (if applicable), the number of employees or contractors, and related information.
  • Financial information, including a profit and loss statement for the most recent business year completed.

This is only a partial list since each institution will have its own unique requirements. You should also be prepared to provide the required minimum opening deposit, though many institutions will allow you to open an account and deposit the required funds within 30 days.

Final Thoughts on the Best Business Savings Accounts

Unlike a business checking account, a business savings account is not absolutely essential. It only makes sense if your business normally accumulates a significant amount of excess cash that you want to keep in your business and earn high interest while you do. If that describes your business, check out one or more of the business bank accounts included in this guide.

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About Kevin Mercadante

Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance blog writer – on He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires.

He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering workarounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the “savings barrier” and transitioning from debtor to saver.

Kevin has a B.S. in Accounting and Finance from Montclair State University.

Opinions expressed here are the author’s alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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