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

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?

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 the past couple years.

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 maintenance 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 meet a minimum balance requirement. Just make sure you know and understand all the fees on your bank account so you don’t get surprised later.

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 of 1%―one of the only banks for business to do so now.

Now we will tell you that you need a high account balance (over $500,000) to get that maximum interest rate. But even if you have just a $5 balance, Small Business Bank lets you earn 0.2% interest―a higher rate than many banks will give you with even a huge account balance.

Plus, Small Business Bank savings accounts are super affordable. Small Business Bank doesn’t charge a monthly fee for its high-yield savings account, and you can get started with a minimum deposit of just $5.

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

NBKC offers the best certificates of deposit, or CDs, we’ve found.

With certificates of deposit, you basically lock away your money for a predetermined amount of time. The benefit? You get a fixed interest rate for that whole time. That means you can sometimes get higher rates with CDs than other kinds of savings―and NBKC has very competitive CD rates. NBKC’s CDs let you earn anywhere between 0.1% APY (for 14-day terms) and 0.3% APY (for five-year terms).

And unlike some banks that reserve their best rates for businesses that can lock away many thousands at one time, NBKC gives the same rates to everyone, regardless of account balance (though you do need a $1,000 deposit to open a CD). Plus, as we mentioned, NBKC has a great spread of CD term lengths, from two weeks to five years. That makes its CDs very versatile.

Put simply, NBKC Bank offers incredibly affordable and competitive certificates of deposit.

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.

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.

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.

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).

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.)

If you’re not sure about the savings accounts above, we’ve got five more options worth considering.

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 the last year or two, so now they’re just okay (but still better than many 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.

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

In other words, Truist 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.

With no fees and high maximum APY, Small Business Bank offers our overall favorite business savings account. If you want a certificate of deposit (CD), though, we recommend going with NBKC Bank. And for growing businesses, Axos Bank may offer the best savings options. Or for businesses that prefer traditional banking, Citizens and TD Bank offer excellent customer service and off-hours banking, respectively.
So no matter if you go with one of our top five recommendations or our honorable mentions, 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.

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.

We got our list of the best savings accounts for small-business owners by researching more than 30 banks for business. We scored and ranked banks based on their business savings options, geographic availability, business account fees, customer reviews, and other factors.

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.