Best Small Business Savings Accounts

If your business has a lot of money saved up for future expenses, leaving the cash in your business checking account may not be the best way to maximize it. The good news is that there are several solid high-yield business savings accounts that are worth considering.

Live Oak Bank Business Savings Account

The Live Oak Business Savings account offers an impressive 4.00% APY on deposits. The only requirement is that you have at least $0.01 in the business account. Beyond that, there’s no minimum balance requirement and no monthly fees.

That said, if you have $10 or less in your savings account and don’t use it for 24 consecutive months, the bank will charge a dormant fee, which will be the amount of your balance, up to $10.

It also charges other common bank fees, including a stop payment fee, a non-sufficient funds fee, a returned item fee, legal action fees and wire fees (though many banks don’t charge a fee for outgoing wires, this one charges $19).

Axos Business Savings Account

While Axos Bank’s Business Savings Account doesn’t offer the most competitive APY on the market, all balance tiers earn the same 0.20% interest rate, which helps keep things simple.

The account’s $5 monthly maintenance fee is relatively low, and if you maintain a minimum balance of $2,500 or greater, it’s waived entirely.

For a limited time, new cusomters can earn a signup bonus worth up to $200. If you incorporated after June 1, 2020, earn a $200 bonus when you use NEWBIZ200 on your new account application; if you incorporated prior to June 1, 2020, earn a $100 bonus by using promo code NEWAXOSBIZ on your account application.

If you’re confident that you’ll always meet the minimum balance requirement, this account is a solid option.

First Internet Bank Business Money Market Savings

If you’d like a business savings account that gives you a little more flexibility, First Internet Bank Business Money Market Savings account might be a good option.

It offers one of the strongest APYs currently available, but you’ll need to maintain an average daily balance of $5,000,000 or more to earn that rate. However, even if this isn’t possible, you can still earn a healthy APY on lower balance tiers.

The minimum to open an account is $100. However, you’ll need to have an average daily balance of $4,000 or more if you want to avoid the account’s $5 monthly service fee.

But while money market accounts typically have a hybrid set of features that straddle the line between checking and savings accounts, it’s important to note that you can only make six fee-free withdrawals from the account every month.

If you like what First Internet Bank offers but don’t want the high minimum balance requirement, consider the bank’s Regular Business Savings Account. It has a $2 monthly maintenance fee but waives it if your average daily balance stays above $1,000.

Presidential Bank Commercial Premier Savings

The Presidential Bank Commercial Premier Savings account offers up to 0.50% APY on small business balances.

You’ll get that interest rate on balances up to $35,000, but balances above that threshold will earn just 0.35% APY.

This bank has the highest minimum deposit requirement of any accounts on our list at $5,000. Once you open the account, though, the minimum balance is $0. There’s also no monthly service fee.

You can get your savings account linked to a debit card so you can access your funds at an ATM, but you’ll need one of the bank’s business checking accounts to make that happen.

Business Premium Savings Account

Open Account

at Nationwide

  • Our Rating 4.5/5 How our ratings work Read the review
  • APY4.01% More Info

    While the Business Premium Savings account features five balance tiers, all tiers currently earn the same interest rate.

  • Minimum
    Deposit Required
  • Intro Bonus Up to $375Expires March 8, 2024 More Info

    Choose smarter business banking by March 8 and enjoy up to 4.01% APY* and a bonus of up to $375 when you maintain a minimum average daily balance of $75,000. Just use promo code BPS375 on your application.

The Business Premium Savings account is a great option for businesses that have a lot of cash on hand. So long as you can meet the account’s minimum opening deposit requirement of $5,000, you’ll earn a competitive APY. While previously, this account required a high account balance to earn its top interest rate, Nationwide has since eased this requirement, and all balance tiers currently earn 4.01% APY. This change makes the account a lot more accessible to the average small business owner, which impressed us enough to raise this account’s review score from its original rating of 4/5.


For businesses with substantial funds on hand, the Business Premium Savings account offers a strong APY with fewer fees than you may find with competing products. While this account requires a minimum opening deposit of $5,000, there’s no ongoing balance requirement, all balance tiers earn the same high APY and customers are not charged a monthly maintenance fee.


  • Competitive interest rates on all balance tiers
  • No monthly maintenance fee
  • No ongoing balance requirement


  • Relatively high minimum opening deposit

Nationwide Business Premium Savings offers a welcome bonus to new eligible business owners now through March 8, 2024. To earn the bonus, be sure to use the current promotional code when applying. Some requirements apply.*


To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “BPS375,” a Business Premium Savings (BPS) account must be submitted between 09/13/2023 at 12:00 am PT and 3/8/2024 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder or business title to one (1) savings account promotional offer per year. Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account past 12 months under the same title are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Business Premium Savings bonus of up to $375 You must be approved for your new Business Premium Savings account and fund it within 30 days of account opening. A incentive of up to $375 can be earned during the first four (4) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. $75 will be earned for each statement cycle during which the average daily balance in your Business Premium Savings account is between $30,000 and $74,999.99. $125 will be earned for each statement cycle during which the average daily balance in your Business Premium Savings account is a minimum of $75,000 or greater. You can earn a maximum of three (3) payouts during the four (4) statement cycles, and the incentive will be deposited into your Business Premium Savings account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Business Premium Savings account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Business Premium Savings account must remain open for 120 days, or an early closure fee of up to $375 may apply.

How to Choose the Best Small Business Savings Account

Business bank accounts are as varied as businesses themselves. No two businesses are exactly alike, and of course different business owners will have different long term goals and different preferences when it comes to banking. What works for a food truck might not be the best fit for a woodworking shop. 

If your business deals with a lot of cash, for example, if you take cash payments, then you might run into trouble using an online-only bank, regardless of its competitive interest rates. On the flip side, if your business is based online,a digital  bank account  might be able to  meet your needs and provide convenience.

And of course, while interest rates are a huge factor, you can’t forget to look at eligibility requirements as well as available account tiers.  If you don’t expect your business to hit a high enough minimum deposit to waive monthly maintenance fees, then an account might not be worth it, even if it has a higher-than-average APY.

When looking for any new account, you’ll always want to consider the bank’s other financial products, such as checking accounts, loans, credit cards, investment options and more. If you find a bank that has products to fit multiple of your financial needs – and fits projected needs down the line – then you’ll save yourself the hassle of having to juggle multiple accounts.

Small Business Savings Account FAQs

As we researched the best business savings accounts, we came across several questions from small business owners about the banking process and experience. 

  • Most banks offer insurance through the Federal Deposit Insurance Corporation (FDIC). This protection means that your balance, up to a certain amount, is guaranteed in the event that the bank fails. In general, you’ll get $250,000 in FDIC insurance per bank, per depositor, per ownership category.

    So if you have $250,000 at one bank and $250,000 at another, you’re insured for up to $500,000. The same principle applies if you have two accounts with the same bank, for example a personal account and one you share with your business partner.

    If you opt to bank through a credit union, you’ll likely be provided with similar protection. Credit unions are generally protected through the National Credit Union Association (NCUA), also for $250,000 per bank, per depositor and per ownership category.

    As you search for business bank accounts, make sure they’re either FDIC-insured or NCUA-insured.

  • For obvious reasons, banks don’t offer many of the same features on checking accounts – like overdraft protection – for their saving accounts. We’ve covered just about all the features you need to keep an eye out for above.

    That said, if you’re also looking at getting a small business checking account, then definitely be on the lookout for various fees, especially fees for overdrafts or monthly maintenance. And, as with shopping for any product, make sure to look at customer feedback and concerns regarding the banking experience through reviews. It’s also important to check out whether you’ll get perks with your debit card, the number of free transactions you have and more.

    And don’t forget about ATMs.Does the account have a huge network through Allpoint or MoneyPass, or does it restrict you to certain ATMs in a local area?

    You might also want to get an account with a bank that suits your needs for credit cards, loans and other financial products, so you don’t have to have multiple accounts with different financial institutions.

  • Some banks that offer high-yield savings accounts for small businesses also offer business credit cards. If you’re interested in a business credit card, consider the following benefits:

    – Division of business and personal expenses.
    – Relatively affordable financing when you’re just starting out and don’t yet qualify for traditional business loans.
    – Building a line of business credit distinct from your personal credit.
    – Getting some additional time to pay your vendors — in fact, some business credit cards offer an introductory 0% APR, so you could theoretically take months to pay off a balance interest-free.
    – Potentially earning rewards and taking advantage of other perks.

    However, as with a personal credit card, using a business credit card regularly can get you in trouble if you start using it to purchase things your company can’t afford to pay back.

    And keep in mind, you must agree to a personal guarantee with most of these cards. This means that if your business can’t repay the debt, then your personal assets are on the hook.. If you can’t pay it back, it could wreck your credit.

    If you’re considering a business credit card, most of the best options come from major banks like American Express, Chase, Bank of America and Citi.

    As with any important financial and business decision, it’s worth taking your time and comparing multiple options. That’s the only surefire way to find the one that works best for you and your business.