Best Business Savings Account Rates – 2022

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

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 1.50% 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)

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 $200 bonus.

You can earn a $200 bonus when opening a new Business Interest Checking account from Axos Bank. To be eligible, you must complete certain requirements.

• What you’ll get: $200 bonus + up to 1.01% APY
• Eligible account: Business Interest Checking account
• How to earn it: Customer must complete the following activities:
  • Open a new Basic Business Checking account using promo code NEWBIZ200 to earn a $200 bonus. Application must be submitted before 11:59pm on 9/30/2022 to qualify.
    • Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.
  • In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the bonus.
  • Bonus will be deposited into your new account within 5 business days of your statement cycle date.
  • Account must remain open for 180 days or an early closure fee of $50 may apply. Must be new funds to receive bonus credit.

(Visit Axos Bank to learn more)

LiLi Banking

With Lili Banking, you’ll earn 1.00% 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 1.00% 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)

Huntington Business Premier Plus Money Market Account 1.25% (0.50% APY) – Guaranteed for 90 days.

Open your Huntington Business Premier Plus Money Market account today and enjoy a (0.50% APY) 1.25% – guaranteed for 90 days.

• What you’ll get: (0.50% APY) 1.25% – guaranteed for 90 days
• Eligible Account: Huntington Business Premier Plus Money Market Account
• Monthly Fee: $10 monthly service fee waived if keep a $10,000 balance
• How to earn it:
  • Open a Huntington Business Premier Plus Money Market Account Today and Earn 1.25% (0.50% APY) – Guaranteed for 90 days.
  • Start taking advantage of this attractive rate with just a few simple steps:
    • Open your new account by requesting your unique promotional code and taking it to your local Huntington branch.
    • Make your opening deposit with a minimum of $10,000 not currently deposited at Huntington.
• Expiration Date: 10/17/2022

(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.