Best Business Savings Account Rates – 2023

Here you’ll find best business savings, money market, and interest bearing account rates.

You may already have a business checking account and looking to open an interest bearing account for your business to earn interest on the money.

This can help business owners accrue interest for a rainy day fund / emergency fund, a purchase, expansion, and more!

Featured Best Business Savings Rates

Nationwide Business Premium Savings

With the Nationwide Business Premium Savings account:

• Business owners get up to $375 welcome bonus!*
• Choose smarter business banking by Dec. 31 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.
• $25,000 minimum opening deposit
• No monthly maintenance fee
• No average daily balance requirement fee
• Free image statements
• Free online banking
• Remote deposit from anywhere

How to earn it:

• You must be approved for your new Business Premium Savings account and fund it within 30 days of account opening.
• An 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.

(FDIC Insured)

Live Oak Bank Business Savings

With the Live Oak Bank Business Savings account, earn 4.00% APY + $300 bonus.

• Human-powered service. Their customer success team is dedicated to providing you personalized support
• No monthly fee. Their accounts have no online banking or monthly maintenance fees
• FDIC insurance. Funds deposited are insured up to $250,000
• Online account opening. Open your account in minutes and manage it completely online.

How to earn it:

• Earn $300 when you open a new Live Oak business savings account between 4/3/23 and 5/31/23.
• Deposit at least $30,000 into your savings account within 15 days of opening the account and no later than 5/31/23.
• Maintain a balance of $30,000 or more for 90 consecutive days and watch your business savings grow.
• Must be a first-time Live Oak business savings customer to be eligible for this bonus offer. See full terms and conditions.

(FDIC Insured)

U.S. Bank Platinum Business Money Market

Receive up to 4.86% APY from the account opening date when you open a new Platinum Business Money Market Account and complete qualifying activities, subject to certain terms and limitations. Offer valid through October 4, 2023. Member FDIC.

Complete these steps to earn the offer:

• Open a new Platinum Business Money Market Account
• Deposit $25,000 – $2,999,999.99 in new money deposits
  • 4.60% APY on balances between $25,000 to $499,999.99
  • 4.86% APY on balances between $500,000 – $2,999,999.99

(FDIC Insured)

Axos Bank Business Interest Checking

With the Axos Bank Business Interest Checking, you’ll earn up to 1.01% APY and the opportunity to earn a $400 bonus.

You can earn a $400 bonus when opening a new Business Interest Checking account from Axos Bank. To be eligible, you must complete certain requirements.

• What you’ll get: $400 bonus + up to 1.01% APY
• Eligible account: Business Interest Checking account
• How to earn it: 
  • Open a new Business Interest Checking account using promo code NEW400.
  • You must be approved for your new Business Interest Checking account and fund it within 30 days of account opening.
  • An incentive of up to $400 can be earned during the first five (5) statement cycles.
  • You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.
    • $75 will be earned for each statement cycle, up to $300 when you meet three requirements:
      • 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99,
      • 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
      • 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
    • $100 will be earned for each statement cycle, up to $400 when you meet three requirements :
      • 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000,
      • 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
      • 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
  • Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.

(Visit Axos Bank to learn more)

LiLi Banking

With Lili Banking, you’ll earn 4.15% APY on your funds with business banking. You’ll enjoy banking that was designed for your business with checking, taxes, account, and more – all in one app!

• Savings with 4.15% APY
• No Minimum Balance
• $0 overdraft fees
• No hidden fees
• Tax Optimizer. Write-Off Tracker, Automatic Tax Savings, Schedule C Generator
• DIY Accounting. Invoicing Software, Receipt Scan & Save, Transaction Categorization
• Customer Support on Your Schedule
• FDIC Insured

(Member FDIC)

Bluevine Business Checking

With the Bluevine Business Checking account, you’ll get big benefits on top of saving on fees, earn interest, and setting up your business for success.

• Earn 2.0% high yield interest on your balance up to and including $100,000 if you meet a monthly activity goal.
• No monthly fees; no overdraft fees
• Open an account with no minimum deposit required.
• Make all the deposits or payments you need with no limit on your number of transactions.

(FDIC Insured)

Best Business Savings Rates

Business Savings vs Business Money Market Accounts

Both accounts enable you to earn interest on the money in the accounts and are FDIC insured; both will typically hold a withdrawal limit of six times per month.

Business money market accounts may generally offer higher interest rates compared to savings, however, this does not always hold true in the present day as some business savings account offered may outperform their counterparts.

Now, a perk of business money market accounts include a debit / ATM card, checks, and features resembling a checking account.

Business Checking vs Business Savings Accounts

There are two key differences between a business checking and business savings account.

• Typically, money in a checking account will not earn interest over time like a savings account would. This is important as savings accounts will earn interest on your funds, so it’s ideal to not store your entire business funds in a checking account that’s earning little to no interest. As a note: as of present day, there are checking accounts offered that do you offer fairly competitive rates.
• As far as availability, savings account holders may not be able to access their funds as easily as a checking account. To explain why, savings account holders may be limited to 6 withdrawals per statement cycles and a fee may incur if the limit is exceeded.

What To Look for When Opening An Account

Opting to open a business savings, money market, or interest bearing account has many factors depending on your business’ needs. Below are some key factors to help you decide on which savings account is best for you and your business on top of the rate.

• How to open an account: Are you able to open the account online or will you need to open it in-branch? Do you have flexibility in these options?
• Is there a minimum balance requirement? Will you need to hold minimum balance to earn the interest rate / APY? This will be a good indicator if you’re able to hold the balance, if any, to earn the rate on your funds.
• Is there a minimum opening deposit? This may range from $0 to a specified amount – but it a good idea to check for this factor to see if your business account has the funds to open the account.
• Are there any monthly fees? Will the account come with any fees and are there ability for waived fees? There are plenty of free savings accounts, so ideally, you will want an account that offers low to no fees. This may go hand in hand with the minimum balance requirement (example: you must maintain a balance of $xxxx to waive the monthly fee, otherwise, $x monthly fee).
• Are there monthly withdrawal / transfer limits? Typically, you’ll find that there is a limit of six withdrawals per month or a fee may incur. You business savings account may convert to a business checking account with excessive withdrawals.
• Will you have ATM access? Will the account offer a business ATM or debit card with your account? If the institution does, where will you be able to use it?

Conclusion

Having a business savings account is a great idea to not only earn interest on your business’ money, but it can be a great way to save up for a big purchase, emergency fund, an unexpected expense, and more!

In addition, having a savings account for your business may grant you loan approvals in the future as lenders can see that your business has the cash and liquidity to pay back the borrowed money.

Hopefully this list helped you find the best savings account and rate for your business.

For more options for personal accounts, see our list of the best bank rates for savings, money market accounts and more!

If you’re looking to open a checking account for your business, see our list of the latest promotions for business checking accounts.