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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?
Brand | APY | Open an account |
|---|---|---|
| Small Business Bank | 0.2%–1.25% | Apply Now |
| NBKC Bank | 0.1%–0.4% | Apply Now |
| Axos Bank | 0%–0.5% | Apply Now |
| Citizens Bank | 0.01%–0.4% | Apply Now |
| TD Bank | 0.05%–0.3% | Apply Now |
| KeyBank | 0.01%–0.05% | Apply Now |
| TIAA Bank | 0.05%–0.1% | Apply Now |
| Santander | Up to 0.2% | Apply Now |
| BB&T | 0.01% | Apply Now |
| Bank of America | 0.01%–0.05% | Apply Now |
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.
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 (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.
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.
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.
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.
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.
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.
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.
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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.
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.)
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).
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.)
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 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 (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 (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 (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.
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.
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.
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.
Most business accounts come with costs you need to know. For example, you’ll want to look for the following:
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.
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.
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.
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.
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.
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