10 Best Business Savings Accounts 2022: 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. Small Business Bank offers the best balance of those features, but our other nine options have plenty to brag about too.

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 the past couple years, 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.

Lili offers an excellent APY on all savings account balances, making it great for business owners concerned about their rates.

Lili gives you a 1% APY on your savings account balance, meaning it can match Small Business Bank’s best rate. But unlike Small Business Bank, Lili offers that high APY from dollar one, meaning you can earn a lot even with low account balances.

And Lili offers much more than just a (very, very) nice rate. It earns pretty positive customer reviews, and it has all kinds of neat tools for freelancers, like tax accounts. However, Lili is a bank designed for freelancers and solopreneurs and only offers banking to sole proprietors and single-member LLCS.

If that describes your business, though, you’ll love the great rates you can get from day one with Lili.

Interested in getting a certificate of deposit (CD) for your business? First Internet Bank offers the best CD options we’ve found.

Lots of banks have CDs, but First Internet Bank has both great rates and term ranges on its CD products. You can put money away for as little as three months or as long as five years (or choose from many terms between). Either way, you’ll get a very high, very competitive interest rate.

On the low end, a three-month CD will earn a 0.35% rate―already better than we see from most banks. On the high end? You’re looking at more than 2% APY, making First Internet Bank one of the highest-earning options out there. Yeah, you have to put away your money and not touch it for a while. But First Internet Bank makes it worth it.

So if you have any interest in a business certificate of deposit, take a look at First Internet Bank’s many CD options.

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.

TIAA Bank may not have quite as many standout features as the banks above, but it still offers very solid, high-earning savings options.

TIAA Bank sticks to money market accounts and certificates of deposit (CDs). And while neither option is the absolute best we’ve seen, they’re both quite good. Its money market account earns competitive rates over 0.1% APY, and its CDs go well over 0.5% APY.

Plus, TIAA Bank earns better customer reviews than lots of banks do―and that’s even with its high minimum opening deposit (more than $1,000) and above-average (but waivable) monthly service fee. So clearly TIAA is doing something right.

So if you pass on the banks above, be sure to give TIAA Bank and its business savings a look.

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

NBKC offers a free money market savings account with its business checking accounts, making it easy and affordable to start saving. And while NBKC’s savings interest rates have dropped a lot since we first reviewed it, NBKC still offers better interest rates than most banks.

Plus, NBKC offers the same interest rate to all business owners, no matter their account balances—and it doesn’t require any minimum opening deposit either.

Put simply, NBKC’s free money market account may not be the best account we’ve seen, but it’s a good value for the cost―or rather the lack of one.

If you want a savings account from a traditional bank (rather than the online banks above), Capital One offers a good option. It has very affordable business savings accounts―just a $3 per month fee that’s easily waived with a $300 balance. And Capital One lets you lock in a (decent) interest rate for 12 full months.

That said, Capital One doesn’t publish ongoing interest rates. We assume they’re not very impressive―and that you’ll get the most bang for your buck during that first year.

All the same, promotional rates and low fees make Capital One pretty competitive for a traditional bank.

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.

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. 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. (They all have nice low monthly fees, though, and affordable opening deposits.) Also, Citizens is a traditional bank available in just 11 states, meaning it may not be an option for you.

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

Tired of trying to fit a trip to the bank around your business’s hours? 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).

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. But like Citizens, TD Bank is a physical bank with locations in 16 states, so you’ll want to make sure it’s available in your area.

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

With no fees and high maximum APY, Small Business Bank offers our overall favorite business savings account. Or you can bank with Lili and get a 1% APY on all account balances. If you want a certificate of deposit (CD), though, we recommend going with First Internet Bank. And for growing businesses, Axos Bank may offer the best savings options. TIAA Bank is another good option for banks looking for solid business savings products.

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, there is such a thing a business savings account, and 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.

Business savings accounts are worth opening, but you may not want to keep tons of extra cash in one. 

A business savings account gives you an easy way to earn interest on money you have sitting around―like a rainy day fund for your business. But we don’t recommend keeping huge balances in a business savings account, since that money is often better spent investing in your business and making your profits grow.

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.

Yes, your business savings account will be taxed on the interest you earn.

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.