By opening a high-yield savings account (HYSA) for your business, you can save money for the future while earning a competitive interest rate. It’s an effective way to increase your company’s cash reserves and outpace inflation.

To get the most out of your business HYSA, it’s important to look for an account with a high annual percentage yield (APY), low fees and top-notch customer support.

In this article, we’ll cover some of the best business HYSAs available so you can choose an account that meets your banking needs.

Our picks at a glance

APY Minimum opening deposit Monthly fee

Lili Business Pro Account	4.15%	$0	$15
Live Oak Bank Business Savings Account	3.80%	$0	$0
Capital One Business Savings Account	4.10%	$0	$3 (waived with a minimum balance over $300)
Prime Alliance Bank Business Savings Account	4.25%	$0	$0
NBKC Bank Business Money Market Account	2.75%	$0	$0
Navy Federal Credit Union Business Money Market Savings	2.25%	$2,500	$0
Wells Fargo Business Platinum Savings	2.50%	$25	$15
First Internet Bank Business Money Market Savings	3.46%	$100	$5

Our team of experts analyzed hundreds of data points and then used data-driven methodology and thorough fact-checking to come up with the best high-yield business savings accounts. We heavily emphasized annual percentage yield (APY) because maximizing earnings is the most important feature of high-yield savings accounts. You can read more about our methodology below.

Lili is a financial technology company with excellent reviews on Trustpilot. Its banking services, including for its Business Pro Account, are provided by Choice Financial Group, which is FDIC-insured, meaning your money is protected.

For a $15 monthly fee, Lili’s Business Pro Account comes with a 4.15% APY savings account on up to $100,000 in savings (No interest paid on the portion of balance over $100,000). The account includes a tax bucket (an automated way of saving for future taxes), overdraft protection, expense management features and cash back rewards on purchases made with the included debit card.

Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

Lili Pro is best for businesses that will use its additional features. It may not be worth it if you just want a high-yield savings account, though, because the monthly fee could negate your earnings.

Live Oak Bank offers a competitive 3.80% APY on its Business Savings Account with no minimum balance required to avoid a monthly fee.

The Live Oak Bank Business Savings Account has a $300 sign-up bonus if you open an account by June 13, 2024, and maintain a balance of at least $30,000 for the first 90 days.

When you have at least $350,000 in your account, you can enroll in Live Oak’s Insured Cash Sweep. This program gives you access to up to $10 million in FDIC coverage — much higher than the standard $250,000. However, you will earn a slightly lower APY of 3.80%.

While the bank doesn’t provide customer support on the weekends, it has extended phone hours on weekdays.

The Business Savings Account from Live Oak Bank may be an excellent choice for businesses seeking a great interest rate with additional FDIC coverage and no minimum balance requirement.

The Capital One Business Savings Account offers a promotional 4.10% APY, guaranteed for the first six months. There is a $3 monthly service fee; however, Capital One will waive it if you keep at least $300 in your account.

You can link the savings account to a business checking account, which may offer some protection against overdrafts.

Capital One limits transactions to six per month and may convert or close your account if you regularly exceed it. There’s also a limit of up to $10,000 in monthly cash deposits, with a $1 fee per $1,000 after that.

If you can maintain a minimum $300 balance, Capital One Business Savings guarantees an excellent APY for six months. However, if you need to make a lot of withdrawals and cash deposits, another account may be a better fit.

While the APY with Prime Alliance Bank varies depending on your balance, its Business Savings Account offers competitive rates no matter how much is in your account.

Balances under $100,000 earn 3.85% APY, and those under $200,000 earn 4.05% APY. However, with $200,000 or more in your account, you can earn a fantastic 4.25% APY.

Although you’re limited to six withdrawals or transfers per month (with a $10 excess transaction fee), deposits are unlimited. There are also over 100,000 ATMs where you can withdraw funds fee-free.

The Prime Alliance Bank Business Savings Account may be a great option to earn a high interest rate without worrying about balance requirements or a monthly fee.

With the Business Money Market Account from NBKC Bank, you can earn 2.75% APY on all balances. The bank charges no fees for overdrafts, NSFs, stop payments, incoming wire transfers or monthly maintenance.

The account comes with a debit MasterCard that you can use fee-free at over 37,000 ATMs. NBKC Bank will also reimburse you for up to $12 in out-of-network ATM fees per month.

Customers have given NBKC Bank excellent ratings on Trustpilot, praising its support team for their professionalism and prompt response times.

If you’re looking for a bank with minimal fees, NBKC Bank’s Business Money Market Account may be a good choice. You can earn a competitive APY, even if you don’t have much to invest.

Navy Federal Credit Union’s Business Money Market Savings is a tiered-rate account. You’ll need a balance of at least $2,500 to earn the minimum 0.95% APY. However, higher balances can earn you a better rate.

The account gives you check-writing abilities, and you can transfer money or withdraw from an ATM anytime.

Like many other credit unions, membership is required to access Navy Federal Credit Union products and services. Either you or one of your relatives must be a part of the armed forces to qualify. You must also open a Membership Savings Account with a minimum of $5.

The Navy Federal Credit Union Business Money Market Savings may help military personnel and their families earn an interest rate well above the national average on money market accounts. Unlimited transfers and ATM withdrawals make it easy for members to complete business transactions.

Wells Fargo also has APY tiers for its Business Platinum Savings Account. You can earn 0.25% for balances below $100,000, but balances of $1 million or more earn 2.50%.

The account has a $15 monthly fee, but Wells Fargo will waive it if you keep a $10,000 daily minimum balance or link your savings to Wells Fargo’s Navigate Business Checking or Optimize Business Checking.

Business Platinum Savings comes with an ATM card and check-writing abilities. You can access it via Wells Fargo Online and the Wells Fargo Mobile app, which has excellent ratings on both the Apple Store and Google Play Store.

With about 4,600 branches, Wells Fargo has far more than any other financial institution on this list, making it a great fit for anyone who likes to bank in person.

The Business Platinum Savings Account is best for those who plan to link the account to one of Wells Fargo’s business checking accounts or can maintain a $10,000 minimum balance to avoid the monthly fee. It’s also a strong option for those who prefer to bank in person.

First Internet Bank’s Business Money Market Savings earns a substantial 5.48% APY on daily balances above $5 million. However, even if your balance falls below that amount, the account still pays a generous 3.46% APY.

Although there is a $5 monthly maintenance fee, you can avoid it with an average daily balance of at least $4,000.

Sole proprietors can receive an ATM card, but transactions are limited to six per month. The bank requires a $100 minimum deposit to open the account.

Your business can receive a fantastic APY if it has over $5 million to invest. You can still earn a great rate with lower balances; just make sure to keep a minimum of $4,000 in the account to avoid the monthly fee.

What is a high-yield business savings account?

A high-yield business savings account is a deposit account with a higher-than-average interest rate that businesses can use to set aside excess cash.

How do high-yield business savings accounts work?

High-yield business savings accounts are similar to regular business savings accounts, except they typically earn better interest rates. This way, you can keep your business’s cash reserves in a safe place while earning a greater return on the balance.

Depending on the banking institution and specific account, a high-yield business savings account may have minimum balance requirements. The bank may charge a service fee if you don’t maintain the required balance, or you could lose the promotional APY on your account.

Factors to consider when selecting a high-yield business savings account

When choosing a savings account, business owners should look beyond the obvious benefits of the account to consider which kinds of problems a financial institution can solve for them, said Steve Pilloff, associate professor of finance at George Mason University’s Costello College of Business.

“Business owners should look at their bank as providing an important service, not simply a place to earn a return on their cash,” he said.

For the most part, this means making sure the bank helps keep funds as accessible as possible with minimal fees and fine print. Here’s a rundown of various factors to consider when selecting an account.

Fine print: Make sure you understand the fine print on an account, which could limit its functionality or effectiveness. “Take into account fees and other restrictions such as limits on check-writing, as well as the convenience of depositing and accessing funds,” said Pilloff.
Interest rates: When choosing a high-yield business savings account, the interest rate is an important factor to compare alongside other features. If you’re like most business owners, you’ll want to find the highest rate possible to earn the most interest back from your savings.
Minimum balance requirements: You should also check whether the account has a minimum balance requirement. A financial institution may charge a fee for monthly maintenance if your balance falls below a certain amount.
Miscellaneous fees: High-yield business savings accounts may also have fees for ATM withdrawals, wire transfers or inactivity.
Transaction limits: Many banks and credit unions limit withdrawals or transfers to six per month. If you need to make frequent transactions from your high-yield business savings account, try to find one without transaction limits or consider a checking account instead.

There are several reasons why businesses might want to get a high-yield business savings account.

Competitive rates: With a HYSA for your business, you can earn a much higher return rate on interest than the national average for savings accounts.
Safety: A high-yield business savings account is generally a secure place to keep your company’s cash reserves, especially at a federally insured financial institution. All accounts on our list are insured by either the FDIC (for banks) or NCUA (for credit unions).
Liquidity: If you want to retain access to your funds, many high-yield business savings accounts let you withdraw or transfer your money if you need it (although there may be some transaction limits).

However, high-yield business savings accounts may not be the best choice for all businesses. Here are some reasons you might want to choose a different account.

Accessibility: Many business savings accounts don’t include checks or ATM cards, so accessing your money might require transferring it to another account. Funds you need immediate access to are better suited for a checking account.
Transaction limits: Some business savings accounts limit you to a certain amount of transactions per month.
Higher returns elsewhere: While some business savings accounts pay a generous APY, you can likely find higher returns through other forms of investments.

Alternatives to a high-yield business savings account

If you’re on the fence about getting a savings account specifically for your business, you may want to consider alternatives that can keep funds accessible while offering other benefits. The following account types could work for your needs.

Business certificates of deposit: CDs are available for businesses as well as consumers, and these products can help business owners earn a sizable yield on their money if they can commit to saving for a specific length of time. If you opt for a certificate of deposit for business, make sure to compare rates and durations to find one that suits your saving timeline and goals.
Business checking accounts: Pilloff says a checking account for business can work as an alternative to high-yield savings accounts, although you may have to make some trade-offs. “Although a checking account is likely to produce a lower yield, it may be a better fit for the firm’s needs, especially if the firm needs to write checks to suppliers and others,” he noted.
Money market mutual funds: Pilloff also points out that, although they’re relatively safe, money market funds do not offer the same safety as accounts held at federally insured banks and credit unions. Depositing funds into one of these accounts may not be as easy or convenient, either. However, money market mutual funds may provide higher returns in the long run.

Remember that you can have a business savings account but still use other account types, including the alternatives we mention here. Most businesses have more than one type of bank account — or accounts with more than one bank or credit union. Having more than one business bank account is common since it lets business owners take advantage of the perks and features of different accounts for funds that are earmarked for different purposes.

Potential earnings from a business savings account

Here’s a look at estimated earnings over time on a high-yield business savings account that pays a 4.00% APY:

Methodology

CNN Underscored Money analyzed business savings accounts from more than 25 financial institutions to come up with the rankings for the best high-yield business savings accounts. This included accounts from a mix of traditional banks, online banks and credit unions that are available nationally. We ranked each account on 14 data points across six categories.

Here are the categories we analyzed and how we weighted each:

When it comes to a high-yield savings account for your business, a high APY rate is key. You’ll want to get the most return for your business. Accounts with higher APYs scored better in our rankings.

Keeping fees to a minimum — if any at all — means you’ll be able to keep your savings in your account. We scored accounts that charge low or no fees better.

Some financial institutions require you to keep a certain amount of money in your account to take advantage of higher interest rates. We scored accounts that don’t charge a minimum account balance and those that don’t require an initial deposit better.

Access to your money is important. We looked at the debit card options for each of our picks, as well as access to in-person branches and ATM locations. Institutions with better access scored higher.

The availability of customer service is an important factor to consider. Institutions that offer around-the-clock customer service and those with high Trustpilot ratings scored better.

A good app experience — either with Google Play or the Apple App Store — helps to set accounts apart. We scored those with better app ratings better.

Frequently asked questions (FAQs)

A high-yield business savings account is used exclusively for a business, while a traditional one is typically for personal savings. High-yield savings accounts — both for businesses and personal use — tend to have better rates than regular savings accounts.

When opening a high-interest business savings account, consider the rate, minimum balance and deposit requirements as well as any transaction limits. Also consider if the financial institution you’re considering is online-only or offers physical brand locations.

Any interest earned on your business high-yield savings account must be reported to the IRS and is treated as regular taxable income. You should receive a Form 1099-INT from your financial institution.

Yes, a business can open multiple high-yield savings accounts. The number of savings accounts a business can open is unlimited. In fact, if a business plans to hold a large amount of money in savings accounts, spreading the funds across several accounts may be necessary to prevent going over FDIC insurance maximums on a single account.

This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.

Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.

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The best high-yield business savings accounts in November 2024