Personal Finance Banking Savings
Written by Sophia Acevedo and Kit Pulliam; reviewed by Evelyn He
Updated
- 8 high-yield business savings accounts
- What to look for in business savings accounts
- FAQs
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- You can open high-yield business savings accounts at banks or credit unions.
- Several financial institutions offer business bank accounts paying 4% APY or more.
- You may need to maintain balance requirements or fulfill certain activities to earn the highest APY on some accounts.
Many financial institutions provide business banking products in addition to personal banking products. This includes things like business checking accounts and business savings accounts. If you want to open a business bank account, we've put together a list of some of the most competitive business savings rates right now.
Best high-yield business savings accounts
The best business savings accounts offer at least 4% APY. Some are savings accounts; others are money market accounts, which are like savings accounts but may include additional features like ATM cards or paper checks.
We've covered accounts at brick-and-mortar banks, online banks, and credit unions. Credit unions have membership eligibility requirements. That said, we've selected the best credit unions that anyone can join, regardless of where you live in the United States.
If you're interested in a business checking account that pays interest, we also have a list of thebest free business checking accounts.
| Financial institution | Type of bank account | APY (Annual Percentage Yield) | Requirements to earn highest APY |
| First Internet Bank of Indiana | First Internet Bank of Indiana Business Money Market Account | 3.46% to 5.48% | Maintain a daily balance above $5 million |
| Premier Members Credit Union | Premier Members Credit Union Business Money Market Account | 0.50% to 5.00% | Maintain $2,000 or less in your account |
| U.S. Bank | U.S. Bank Platinum Business Money Market Account | 0.05% to 4.60% | Open a new account and have an account balance between $25,000 and $3 million |
| Prime Alliance Bank | Prime Alliance Bank Business Savings Account | 3.85% to 4.25% | Maintain $200,000 or more in your account |
| Consumers Credit Union | Consumers Credit Union Business Money Market | 0.00% to 4.13% | Have a minimum daily balance of $500,000 or more |
| Axos Bank Review | Axos Business Premium Savings | 4.01% | Open an account. |
| Live Oak Bank | Live Oak Bank Business Savings | 4.00% | Open an account with $0.01 or more. |
What to look for in business savings accounts
When you're comparing business savings accounts, you'll want to consider more than just their interest rates. Here are a few other features to consider when opening up a business bank account:
- Monthly bank maintenance fees: Financial institutions may charge a fee if you don't maintain a certain account balance or fulfill certain monthly transaction requirements. If you want to avoid fees altogether, online banks may have more appealing options than brick-and-mortar banks because they often have accounts that do not charge any monthly fees.
- Opening deposit requirements: A minimum opening deposit is how much money you'll need to open an account. Some business bank accounts do not have a minimum opening deposit requirement, though.
- Mobile/online banking: If you're an avid mobile app user, review the mobile app ratings and reviews of a particular financial institution before opening an account. Also, if you are banking with an online-only financial institution, check the customer support hours and availability methods.
- Additional features offered:One feature that distinguishes money market accounts from savings accounts is that the former may offer debit card or check-writing privileges.
- FDIC/NCUA insurance:Business bank accounts are federally insured up to $250,000 per depositor, per account category. If you plan to deposit more than $250,000 in an individual account, there are ways to keep your money federally insured. You can choose to spread your money across multiple financial institutions or find an institution that's part of the IntraFi Network (a program that spreads your money across other FDIC-insured financial institutions in the network).
- Overall banking experience:Think about whether you plan to open other types of business bank accounts or products, like a business line of credit or a business credit card.
Business savings account APY FAQs
Does a business savings account earn interest?
Yes, many business savings accounts can earn interest. Most financial institutions offer business savings or business money market accounts.
What bank has the best business savings account?
First Internet Bank of Indiana offers the highest interest rate for a business bank account. The First Internet Bank of Indiana Business Money Market Account pays 5.48% APY for balances above $5 million.
Is there a high-interest business savings account?
Yes, there are several high-yield business savings accounts. The one that currently offers the highest rate is First Internet Bank of Indiana's Business Money Market Account, which pays 5.48% for balances above $5 million. But there are other high-yield business savings accounts, if you're not planning on storing that much money in your account.
Can a business have a high-interest savings account?
Any business owner can open up a high-interest savings account. You might consider opening a high-yield business savings account if you are saving for a specific business goal or want to have an account for emergency reserves.
Are business savings accounts taxed?
Yes, interest earned from business savings accounts is taxable. You could pay a penalty from the IRS if you don't report it.
What are the best business savings accounts?
First Internet Bank of Indiana and U.S. Bank are two of the best banks for business savings accounts, especially if you want to earn a high savings rate. If you're open to using a credit union, Premier Members Credit Union is another great choice for a high-yield business savings account.
Should my LLC have a savings account?
It's important to have a bank account for your LLC, and a business savings account is a great option because you can earn a higher interest rate than you would with many business checking accounts. And it's likely to be more fitted to your LLC's needs than a personal high-yield savings account.
Can I get a high-yield savings account for my business?
Yes, business owners can open business high-yield savings accounts. Banks like Prime Alliance Bank offer high rates for high-yield savings accounts specifically made for businesses to use.
Is it worth having a business savings account?
Yes, it's worth having a savings account for your business, so you can earn additional money on your excess funds safely.
Our Methodology: How We Chose the Best Business Savings Accounts
At Business Insider, we consider many different aspects of a business savings account when deciding which ones should make our list of the best business savings accounts. We follow our bank rating methodology and consider the following aspects of business savings accounts, among others: the bank's ethics, the account's interest rate, the bank's customer support, the bank's mobile app, the account's monthly service fees, and the account's required minimum opening deposit.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a Personal Finance Insider editorial fellow at Business Insider, specializing in banking. Kit joined Business Insider in January 2024. They cover bank reviews, savings rates, and more.Kit is an alumnus of Vanderbilt University, where they studied English and psychology. Kit previously worked as an editorial specialist at Tax Analysts. They are based in the DC area. You can email them at kpulliam@businessinsider.com.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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