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.
Methodology
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.
Show summary
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Lili Business Pro Account
: Best for Trustpilot ratings
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Live Oak Bank Business Savings Account
: Best for extended FDIC coverage
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Capital One Business Savings Account
: Best for link to business checking
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Prime Alliance Bank Business Savings Account
: Best for high APY
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NBKC Bank Business Money Market Account
: Best for limited fees
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Navy Federal Credit Union Business Money Market Savings
: Best for those who want a credit union
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Wells Fargo Business Platinum Savings
: Best for branch access
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First Internet Bank Business Money Market Savings
: Best for high balances
Lili Business Pro Account
Best for Trustpilot ratings
APY
4.15%
Minimum opening deposit
$0
Monthly fee
$15
Why we picked it
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.
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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 (0.00% APY 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.
Pros
- Includes helpful business features
- Competitive APY
- Excellent Trustpilot ratings
Cons
- Monthly fee to earn APY
- $100,000 balance cap for APY
- No customer support by phone on weekends
Who should use it
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 Business Savings Account
Best for extended FDIC coverage
APY
4.00%
Minimum opening deposit
$0
4.7/5
Why we picked it
Live Oak Bank offers a competitive 4.00% APY on its Business Savings Account with no minimum balance required to avoid a monthly fee.
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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 3.85%.
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While the bank doesn’t provide customer support on the weekends, it has extended phone hours on weekdays.
Pros
- Competitive APY
- No monthly fees or balance requirements
- Live Oak’s Insured Cash Sweep
Cons
- No debit card or ATM access
- Limited branch locations
- Low Apple Store ratings
Who should use it
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.
Capital One Business Savings Account
Best for link to business checking
APY
4.10%
Minimum opening deposit
$0
Monthly fee
$3 (waived with a minimum balance over $300)
4.6/5
Why we picked it
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.
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You can link the savings account to a business checking account, which may offer some protection against overdrafts.
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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.
Pros
- Excellent APY guaranteed for six months
- Debit card and extensive ATM network
- Excellent mobile app ratings
Cons
- Balance requirements to avoid monthly fee
- Monthly compounding
- Low Trustpilot ratings
Who should use it
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.
Prime Alliance Bank Business Savings Account
Best for high APY
APY
4.25%
Minimum opening deposit
$0
Monthly fee
$0
4.5/5
Why we picked it
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.
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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.
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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.
Pros
- High 4.25% APY for large balances
- Unlimited deposits
- Extensive ATM network
Cons
- No debit card or checks
- $10 fee for exceeding transfer/withdraw limits
- Limited branch access
Who should use it
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.
NBKC Bank Business Money Market Account
Best for limited fees
APY
2.75%
Minimum opening deposit
$0
Monthly fee
$0
4.1/5
Why we picked it
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.
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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.
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Customers have given NBKC Bank excellent ratings on Trustpilot, praising its support team for their professionalism and prompt response times.
Pros
- Competitive APY
- Minimal fees
- Debit card access
Cons
- Higher APYs at other banks
- No phone support on weekends
- Limited branch access
Who should use it
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 Business Money Market Savings
Best for those who want a credit union
APY
2.25%
Minimum opening deposit
$2,500
Monthly fee
$0
4/5
Why we picked it
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.
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The account gives you check-writing abilities, and you can transfer money or withdraw from an ATM anytime.
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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.
Pros
- Check-writing abilities
- 24-hour customer service
- Excellent Trustpilot ratings
Cons
- Requires membership
- Better APY offered at other banks
- Monthly compounding
Who should use it
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 Business Platinum Savings
Best for branch access
APY
2.50%
Minimum opening deposit
$25
Monthly fee
$15
3.6/5
Why we picked it
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%.
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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.
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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.
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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.
Pros
- Solid APY for large balances
- Links to a business checking account
- 4,600 physical locations
Cons
- Balance requirements to avoid monthly fee
- Low APY for smaller balances
- Low Trustpilot ratings
Who should use it
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 Business Money Market Savings
Best for high balances
APY
From 3.46%
Minimum opening deposit
$100
Monthly fee
$5
3.3/5
Why we picked it
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.
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Although there is a $5 monthly maintenance fee, you can avoid it with an average daily balance of at least $4,000.
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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.
Pros
- Excellent APY for large balances
- Great mobile app ratings
- Extended customer service hours
Cons
- Balance requirements to avoid monthly fee
- Monthly compounding
- Transaction limits
Who should use it
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.
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 | 4.00% | $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 |
Why 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, a high-yield business savings account lets you withdraw or transfer your money when you need it (although there may be some transaction limits).
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.
Advantages of high-yield business savings accounts
Businesses can use a high-yield business savings account to save for future expansion, expenses or emergencies. Businesses can also set aside money owed for taxes. While the money sits in the bank, it can earn a higher-than-average return on the balance.
High-yield business savings accounts at federally insured financial institutions offer a secure place to keep excess funds. FDIC or NCUA insurance protects your money — typically up to $250,000 — in case of a bank run or failure.
Although there can be transaction limits as to how many times you can withdraw from your account, these accounts usually allow easy access to the money with a debit or ATM card and electronic transfers when needed. Ultimately, it’ll pay to do research with your specific institution to find out about any limits.
Business high-yield savings vs. money market accounts
A business high-yield savings accounts and money market accounts (MMA) have quite a few similarities. Both are typically covered up to $250,000 by the FDIC or NCUA when held at a federally insured financial institution, making them safe investments.
While savings accounts and MMAs are relatively accessible, they can also have transaction limits, which may result in a fee if exceeded.
Money market accounts also often have higher balance and minimum opening deposit requirements, which can make them less attainable for businesses with lower amounts to invest.
Factors to consider when selecting a high-yield business savings account
When choosing a high-yield business savings account, the interest rate is one of the first factors to consider. For most business owners, you’ll want to find the highest rate possible to earn the most interest back from your savings.
You should also check if 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. It may also have fees for ATM withdrawals, wire transfers or inactivity, and some accounts require a set monthly fee regardless of your balance.
Transaction limits are another important factor to consider. 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.
Branch and digital banking options
When shopping for a high-yield business savings account, you’ll have the option of banking with an online bank or with a traditional financial institution that offers brick-and-mortar branches. Both have their own advantages and disadvantages, so it’s important to consider which will better fit your needs.
While online banks sometimes have minimum balance requirements, they tend to offer better rates and fewer fees than regular banks, as they don’t have the costs that come with managing physical branch locations. Digital banks often provide mobile check deposits, fraud monitoring and bill pay. You may find that your online bank allows you to receive your paycheck a couple of days early.
On the other hand, traditional banks and credit unions give you a more personal experience. If you have questions or concerns about your account, you can drive to a local branch and speak face-to-face with a bank employee. You can also deposit and withdraw funds there, compared to a digital bank, where you’ll likely rely on electronic transactions and ATMs.
Methodology
CNN Underscored Money analyzed CDs from more than 30 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:
APY (60%)
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.
Fees (10%)
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.
Minimums (10%)
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 (10%)
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.
Customer experience (5%)
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.
Digital experience (5%)
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 a deposit account with a higher-than-average interest rate that businesses can use to set aside excess cash.
Any business that wants to earn an excellent interest rate on its savings can benefit from a high-yield business savings account.
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.
The top-rated, high-yield business savings accounts earn a competitive APY and have no monthly fees or minimum balance requirements. They are also typically held at federally insured institutions that have excellent customer satisfaction ratings.
