10 Best Business Savings Accounts 2021: High Rates, Low Fees, and More

Best overall
Small Business Bank
Small Business Bank
  • Icon Pros  Dark
    Highest maximum APY
  • Icon Pros  Dark
    Consistently high rates
Best free option
N B K C Bank Logo
NBKC Bank
  • Icon Pros  Dark
    Free money market account
  • Icon Pros  Dark
    Very high rates
Best for scaling
Axos
Axos Bank
  • Icon Pros  Dark
    Many savings accounts and services
  • Icon Pros  Dark
    Options for small and large businesses
Best customer support
Citizens
Citizens Bank
  • Icon Pros  Dark
    24/7 support
  • Icon Pros  Dark
    Several support options
Best for off-hours banking
TD Bank
TD Bank
  • Icon Pros  Dark
    Extended business hours
  • Icon Pros  Dark
    Many savings account options

If your business has extra money you want to set aside (congrats, by the way), then a savings account can give you more value than a checking account would. But lots of banks offer business savings accounts―so how do you choose the right one for your business?

We’ve rounded up the best business savings accounts―including accounts with high interest rates, low account fees, and other sweet perks that will make your business saving experience better.

Ready to start saving?

Best business savings accounts 2021

Compare the best small-business savings accounts

Brand
APY
Standard savings account
Money market accounts
Certificates of deposit (CDs)
Open an account
Small Business Bank0.2%–1.25%Icon Check  DarkIcon Check  DarkIcon Close  Dark
NBKC Bank0.1%–0.4%Icon Close  DarkIcon Check  DarkIcon Check  Dark
Axos Bank0%–0.5%Icon Check  DarkIcon Check  DarkIcon Check  Dark
Citizens Bank0.01%–0.4%Icon Check  DarkIcon Check  DarkIcon Check  Dark
TD Bank0.05%–0.3%Icon Check  DarkIcon Check  DarkIcon Check  Dark
KeyBank0.01%–0.05%Icon Check  DarkIcon Check  DarkIcon Check  Dark
TIAA Bank0.05%–0.1%Icon Close  DarkIcon Check  DarkIcon Check  Dark
SantanderUp to 0.2%Icon Close  DarkIcon Check  DarkIcon Close  Dark
BB&T0.01%Icon Check  DarkIcon Check  DarkIcon Check  Dark
Bank of America0.01%–0.05%Icon Check  DarkIcon Close  DarkIcon Close  Dark

Data effective 1/9/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

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Savings vs. money market vs. CDs

Not sure why you’d choose one kind of business savings account over another? Our guide to the types of business savings accounts can help you decide.

Small Business Bank: Best overall business savings accounts

Small Business Bank (SBB) offers the best balance of interest rates and costs, making it our favorite bank for small-business savings.

While quite a few online banks (including some on this list) offer competitive interest rates, Small Business Bank consistently has the highest rates out there. While most banks have dramatically and repeatedly dropped their interest rates throughout 2020, Small Business Bank continues to offer maximum interest rates over 1%―one of the only banks for business to do so now.

Small Business Bank business savings accounts

Account name
APY
Min. opening deposit
Monthly maintenance fee
Open an account
High Yield Savings0.2%–0.7%$100$10
Money Market Savings0.75%–1.25%$10,000$10

Data effective 1/8/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Plus, Small Business Bank savings accounts remain pretty affordable. Both accounts come with a low monthly fee that you can waive with a minimum balance of just $1,000.

And sure, the minimum deposit on SBB’s money market account is pretty high―but it’s not the highest we’ve seen (not by a long shot), and it gets you access to those incredible interest rates. In other words, it’s worth it.

So for businesses that want the best possible interest rates at reasonable prices, Small Business Bank is the way to go.

Get a better business bank account

Want affordable banking with great perks? With BlueVine, you can get a fee-free business checking account―and you can even earn interest on account balances over $1,000.

NBKC Bank: Best free option

The rates on NBKC Bank’s money market account don’t get nearly as high as Small Business Bank’s do, but it has one advantage: NBKC’s money market account is free.

See, NBKC’s money market account comes as an optional add-on to its free business checking account. That checking account requires only a $5 minimum deposit, with no monthly fees. So you can get both a business checking account and savings account from NBKC Bank at virtually no cost.

NBKC Bank business savings accounts

Account name
APY
Min. opening deposit
Monthly maintenance fee
Apply Now
Business Money Market0.25%$0$0
Business CD0.1%–0.4%$1,000$0

Data effective 1/8/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Fortunately, NBKC’s free money market account has a very competitive interest rate and APY (second only to Small Business Bank), so you’re getting a lot of bang for no bucks. And if you want to get more aggressive with your savings, NBKC also offers business certificates of deposit with similarly high rates and low opening deposits.

Put simply, NBKC Bank offers incredibly affordable and competitive business savings.

Axos Bank: Best for scaling businesses

If you plan on big growth for your business, consider a savings account with Axos Bank.

Axos Bank has a nice spread of savings options that will appeal to both small and large businesses, so it can meet your business’s growing needs. Smaller businesses will like Axos Bank’s standard savings account and money market account, both of which have a decent (if not stellar) APY.

Axos Bank business savings accounts

Account name
APY
Min. opening deposit
Monthly maintenance fee
Open an account
Business Savings0.5%$1,000$5
Business Money Market0.5%$1,000$10
Business Premium Savings0%–0.5%$25,000$0
Business Certificate of Deposit0.15%–0.4%$1,000$0

Data effective 1/8/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Larger businesses will appreciate Axos Bank’s premium savings account (despite the hefty minimum opening deposit) and its Insured Cash Sweep service.

This service spreads your savings across different accounts, so all your funds get FDIC-insured (the FDIC only insures a singular account up to $250,000). That makes it a great way for big businesses to safely save.

All those accounts and services mean that Axos Bank has what it takes to serve your business, no matter its size.

Citizens: Best for customer service

Interest rates matter, but so does knowing you can get help when you need it―and that’s what Citizens excels at.

Citizens is one of the only banks that offer true 24/7 customer service. So whether it’s midnight on a Sunday or noon on a Wednesday, you can get help with your savings account. As an added bonus, Citizens gives you quite a few options for getting in touch, including phone, email, chat, and social media.

Citzens business savings accounts

Account name
APY
Min. opening deposit
Monthly maintenance fee
Open an account
Business Savings Account0.01%Any amount$4.99
Business Money Market0.02%Any amount $9.99
Business Certificates of Deposit0.1%–0.4%$1,000$0

Data effective 1/8/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

The tradeoff? Citizens doesn’t have the best interest rates. The rates on its certificates of deposit are decent, but the rates on its standard accounts are nothing to write home about. They all have nice low monthly fees, though, and affordable opening deposits.

So if customer service matters to you, Citizens’ 24/7 help may be worth the lower rates.

(Note that Citizens is a traditional bank available in just 11 states, so it may not be an option for you.)

TD Bank: Best for off-hours banking

Tired of trying to fit a trip to the bank around your business’s hours? TD Bank can help.

TD Bank offers extended business hours at many locations. That means that many branches open at 8:30 am and don’t close until 6 pm, giving you time to bank outside of typical business hours. Likewise, many TD Bank branch locations open on weekends and on some holidays (like Presidents’ Day and Veterans Day).

TD Bank business savings accounts

Account name
APY
Min. opening deposit
Monthly maintenance fee
Open an account
TD Business Savings0.05%$25$5
TD Small Business Money Market PlusUnlisted$25$15
TD Business Basic CDs0.15%–0.2%$5,000$0
TD Business No-Catch CDs0.1%$25,000$0
TD Business Jumbo CDs0.1%–0.3%$50,000$0

Data effective 1/8/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Those extended hours make it easier to make deposits into or withdrawals from your business savings when it’s convenient for you. And while TD Bank doesn’t have the best interest rates on all its accounts, the rates on its CDs are pretty good―so you don’t have to sacrifice tons of interest to save with TD Bank.

If you want to start saving on your own schedule, then you want TD Bank.

(Like Citizens, TD Bank is a physical bank. It has locations in 16 states.)

Honorable mentions

KeyBank

We really only recommend KeyBank savings accounts to people who already bank with KeyBank (available in 15 states). That’s because KeyBank offers the KeyBank Relationship Rate―a better interest rate for KeyBank customers that have a business checking account, a business credit product (like a business loan or line of credit), and a business payment product (like a credit card or merchant services).

That better rate, plus the convenience of keeping all your bank accounts in one place, could make KeyBank’s saving accounts more appealing. But if you don’t already bank with KeyBank, we suggest going with one of the banks above.

TIAA Bank

TIAA Bank is an online bank that used to have really competitive rates. Unfortunately, its rates have dropped a lot in 2020, so now they’re just okay (but still better than most traditional banks). That said, TIAA Bank does have one advantage over other banks: ATMs, and lots of them. TIAA has a huge ATM network, and it reimburses you for out-of-network ATM fees.

So if you think you’ll regularly withdraw cash from your savings account, you might find that TIAA Bank’s large ATM network is just what you need.

Santander

Santander (available in eight states) offers only a money market account. To sweeten the deal for new customers, Santander almost always offers a promotional APY when you open a money market account. For six months, you’ll get a higher, more competitive interest rate if you keep a $50,000 minimum balance. But after that six month period, your interest rate will drop―and Santander doesn’t publish its usual rates.

The high balance required to qualify for a promotional rate keeps Santander from being one of our top picks. Even so, Santander customers with cash on hand might find the offer tempting.

BB&T

BB&T (available in 16 states) offers a nice spread of savings account options―including standard savings, money market, and CDARS (which spreads your savings across accounts). But despite all the choices BB&T offers, it has lower rates than most banks on this list. So does BB&T offer better business savings options than many banks? Absolutely. Does it have better savings options than our top picks? Nope.

In other words, BB&T is a fine choice for business savings if you happen to like it already―but our top picks offer better perks

Bank of America

Bank of America (available in 37 states) has a rewards program that can get you better interest rates on its savings accounts. You have to have at least $20,000 in Bank of America accounts qualify for even the lowest tier of the rewards program. And while the rewards program can boost your interest rate by quite a bit, Bank of America still has lower rates than the accounts we recommend above.

So as with other honorable mentions, we mostly recommend Bank of America savings accounts if you already have an existing relationship and want to keep things easy.

Choosing the right business savings account

We’ve given you quite a few choices for business savings accounts. So how do you choose between them? Start by considering a few factors.

Availability

Your bank choices can be limited by your geography. Traditional banks and credit unions have limited availability, often serving just a handful of states.

Online banks (like Small Business Bank) offer more flexibility. Of course, you won’t have access to a branch if you go with online banking.

To be clear, both types of financial institutions―online and traditional―can be great for business banking. It just matters which experience you prefer.

Interest rates and APY

The main reason you’d choose a savings account over a checking account? You want to earn interest. So it only makes sense that you want to get the best interest rate possible.

You should keep in mind, though, that pretty much all banks have a variable rate―not a fixed rate―on their savings accounts. That means your interest rate can (and almost certainly will) change over time. For example, almost all of the best high-yield savings accounts for business have lowered their interest rates in 2020.

So while a bank’s rate matters, it’s not the only factor to think about.

Fees

Most business accounts come with costs you need to know. For example, you’ll want to look for the following:

  • Monthly service fee
  • Minimum opening deposit
  • Cash deposit fees
  • Transaction fees

Some banks don’t charge any fees, and many banks let you waive the monthly fee when you keep a certain account balance.

Just make sure you know and understand all the fees on your bank account so you don’t get surprised later.

Business savings account FAQ

What is APY?

APY, or annual percentage yield, describes how much interest your account will earn in a year. It’s not the same thing as your interest rate, though. APY takes the effects of compounding interest into account, while your interest rate doesn’t.

For a (much) more thorough explanation, check out our guide to APY.

Can business open savings accounts?

Yes, your business can absolutely open a savings account. Just make sure you get a business bank account for your business savings and not a personal savings account.

Will my business savings account come with a debit card?

Your savings account probably won’t have a debit card, since savings accounts are designed for, well, saving. But many banks will give you an ATM card for your business savings account so you can withdraw cash when you need to.

The takeaway

With the savings accounts recommended above, your business can start making the most of its extra funds. Whether you want the best interest rates possible, the lowest costs, or some other feature, we’re sure one of our top picks for business savings accounts will work for you.

Happy saving!

Now that you’ve found a great business savings account, get a checking account to match with our rankings of the best banks for small-business checking.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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