Best Business Savings Accounts of 2025

• You can open business savings accounts at banks or credit unions.
• Several financial institutions offer business savings accounts paying 4% APY or more.
• You may need to maintain balance requirements or fulfill certain activities to earn the highest rates on some accounts.

One of the most important financial steps to take as a business is to make sure your business funds are separate from your personal funds. A business savings account lets you do that while earning a high interest rate on your business's money.

The best business savings accounts offer at least 4% annual percentage yield (APY). Some are savings accounts; others are money market accounts, which are like savings accounts but may include additional features like ATM cards or paper checks.

We've covered accounts at brick-and-mortar banks, online banks, and credit unions. Credit unions have membership eligibility requirements. That said, we've selected credit unions that anyone can join, regardless of where you live in the United States.

Featured High-Yield Business Savings Accounts

Best Business Savings Accounts

*Receive a bonus interest rate of 3.50% 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.

Introduction to Business Savings Accounts

What is a Business Savings Account?

Business savings accounts work a lot like personal savings accounts in that they are a low-risk place to put your savings with relatively easy access while still earning interest. Interest rates on business savings accounts are variable, which means they can change over time. And while you'll have easier access to your money in a business savings account than something like a CD, business savings accounts generally put a limit on how many times you can withdraw money per month.

Importance of Having a Business Savings Account

If you run a business, it's important to keep your personal money and your business money separate. Opening a business savings account will allow you to do this while still letting you earn money off of your savings, without opening you up to the sort of risk you'd expect from investments or brokerage accounts.

Key Features to Look for in a Business Savings Account

Business Savings Account Interest Rates

One very important aspect of business savings accounts is the interest rate they offer. You can expect fairly similar rates comparing business banking interest rates vs. personal banking interest rates, which makes it easy to tell when you're getting a good rate. Keep in mind, though, that some of the business savings accounts with the highest interest rates offer tiered interest, which means your account has to have a specific amount of money in it to earn the best interest rate. If an account you're interested in has a tiered interest, make sure you can meet the higher tiers' requirements before you open the account.

Business Savings Account Fees and Charges

When opening a business savings account, watch out for monthly bank maintenance fees and try to get a no-fee business bank account. Financial institutions may charge a fee if you don't maintain a certain account balance or fulfill certain monthly transaction requirements. If you don't have a lot of money to open the account with, also check to see if there's a minimum opening deposit you have to provide in order to open the account. 

Many brick-and-mortar banks offer relationship banking benefits if you have multiple bank accounts with them, and they may include waived fees. For example, if you have a checking account and a savings account with the same bank, you might not have to pay monthly service fees, or you might earn a higher interest rate on your savings account. This may be one potential option to explore if you aim to primarily bank with one financial institution. 

Depending on the account, you might also be charged excessive withdrawal fees if you go over a certain number of withdrawals a month. If you know you'll be making a lot of withdrawals, check with the bank or credit union you're interested in to see if they charge excessive withdrawal fees.

Accessibility and Convenience of Your Business Savings Account

If you travel a lot because of your business, you'll want to make sure your business savings account is accessible no matter where you go. You might consider using one of the best online business savings accounts or a bank with a strong mobile banking app; if access to physical branches is important to you, you might instead want to go with a nationwide bank that has many branches across the U.S.

Additional Business Savings Account Services and Perks

One thing to consider when opening a business savings account is whether you'll want to do all of your banking at the same institution. If so, you might be interested in banks that also offer strong business checking accounts or business credit cards. Also consider if you're interested in having debit cards or check-writing privileges for your savings account; if so, you might want to go with a money market account, since it's more likely to have those features.

Another thing to consider is whether you want to bank with an eco-friendly bank or a community development financial institution. Both of these types of financial institutions use the money in your account to build funds for important causes; eco-friendly banks help the environment, while CDFIs provide financial services to underserved banking populations. Using one of these two types of banks and credit unions can help forward a cause you care about with very little effort from you.

Pros and Cons of Business Savings Accounts

Pros of Business Savings Accounts

• Useful for saving money for financial goals specifically for your business
• Allows you to keep personal and business savings separate
• Some banks offer competitive rates that allow you to grow a good amount of interest
• Many banks allow linking to a business savings account as a method of overdraft protection for business checking accounts

Cons of Business Savings Accounts

• Requires more maintenance than simply owning a business checking account
• Have to be mindful of monthly service fees and excess withdrawal fees
• May not be able to easily withdraw bank if you part of an online-only bank

How to Choose the Right Business Savings Account

Assessing Your Business Savings Needs

Consider what size your small business is and what features it needs access to when deciding what business saving account to open. For example, does your small business generate a lot of physical cash? If so, an online bank might not be your best bet, as it can be hard to deposit cash with them. And if you just started your small business, you'll probably want to go with one of the best business bank accounts for small businesses instead of an account that only starts earning interest when you've deposited hundreds of thousands of dollars.

Comparing Different Banks and Business Savings Accounts

Business savings accounts will differ heavily between banks. Make sure to make thorough business savings account comparisons to figure out what different accounts offer, along with what requirements they have for you before you commit.

Reading the Fine Print on Your Business Savings Account

Some business savings accounts will claim to completely avoid bank fees while still charging for things like bank transfers. Make sure to pay close attention to banks' fee schedules and truth in savings disclosures to avoid being caught unaware by surprise fees.

Tips for Maximizing Your Business Savings Account

Regular Deposits and Business Savings Goals

Setting savings goals for your business and regularly depositing money into your savings account to meet those goals will help your business continue to grow.

One easy way to do this is to set up automated transfers from your business checking account each month. Some banks may also offer an autosave feature, so debit card purchases are rounded to the nearest dollar, and the extra change is transferred automatically to a savings account.

Taking Advantage of High-Interest Business Savings Accounts

The best high-yield business savings accounts can help you earn money on your savings without exposing them to the risks that investing comes with. While you'll probably earn more money by investing, there are business savings accounts with 5% interest or more that can earn you significantly more than the average savings account rate.

Minimizing Business Savings Account Fees and Penalties

When opening a business savings account, make sure to pick an account that offers low or no monthly service fee, or choose an account with an easily-waivable service fee. You'll also want to avoid savings accounts that penalize you for things you're likely to do, such as withdrawing money regularly or dipping under a specific balance threshold.

Alternatives to Business Savings Accounts

Business Savings Accounts vs. Business CDs

You may prefer a business savings account over a business CD if you need to access your money frequently or make frequent deposits. Business CDs require you to make one upfront deposit, and then let it be until it matures. That might not be optimal if you have to move money around, though. You can technically take out money from business CDs before the term needs, but you'll have to pay an early withdrawal penalty, which is usually some of the interest you've earned.

If you don't need to access your money and find a term that fits with your goal, then a business CD could be a better fit than a business savings account. Business CDs have fixed interest rates, while business savings accounts have variable interest rates. When economic conditions are shifting — like now, as rates are declining — it can be beneficial to get a CD that offers one of the best CD rates so you can lock in a good rate, especially as other bank account rates start falling. 

Business Savings Accounts vs. Business Money Market Accounts

Business savings accounts and business money market accounts are structurally very similar, which is why we included both in this guide. The most notable distinction between the two is that money market accounts tend to have higher minimum opening deposit requirements and more accessibility options, like debit cards and check-writing privileges. This doesn't necessarily translate across all banks, though, so truly, you'll have to compare individual options to figure out if a business savings account or business money market account is a better fit. 

Business Savings Account FAQs

Why You Should Trust Us: How We Chose the Best Business Savings Accounts

At Business Insider, we consider many different aspects of a business savings account when deciding which ones should make our list of the best business savings accounts.

We follow our bank rating methodology and consider the following aspects of business savings accounts, among others: the bank's ethics and security, the account's interest rate, the bank's customer support, the bank's mobile app, the account's monthly service fees, the account's miscellaneous features and the account's required minimum opening deposit. Each category is rated from zero to five, and then we calculate the weighted average to determine a bank account's total star rating. 

Business savings accounts with a five-star rating indicate the product is superior. It's also the highest possible rating we give. If a business savings account has one star, that means it requires significant improvement.

Business Insider's personal finance team is editorially independent, meaning that we choose what we cover and write about. You can learn more about our editorial standards here.

Kit Pulliam

Banking reporter

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider.ExpertiseTheir expertise includes:

• Certificates of deposit
• Savings accounts
• Checking accounts
• CD rates
• Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions.ExperienceAs part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney.ExpertiseEvelyn is an expert in the following areas:

• Compliance
• Quality assurance
• Affiliate marketing
• Search engine optimization (SEO)
• Content strategy

EducationEvelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University.Evelyn has two dogs, Money and Tibber.

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