Personal Finance Banking Savings
Written by Sophia Acevedo, CEPF and Kit Pulliam; reviewed by Evelyn He
Updated
2024-03-27T14:29:15Z
- 8 high-yield business savings accounts
- What to look for in business savings accounts
- FAQs
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- You can open high-yield business savings accounts at banks or credit unions.
- Several financial institutions offer business bank accounts paying 4% APY or more.
- You may need to maintain balance requirements or fulfill certain activities to earn the highest APY on some accounts.
Many banks and credit unions offer business bank accounts pay earn interest. If you want to open a business bank account, we've compiled a list of some of the most competitive business banking rates right now.
Best high-yield business savings accounts
The following list includes eight business bank accounts offering at least 4% 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 the best credit unions that anyone can join, regardless of where you live in the United States.
If you're interested in a business checking account that pays interest, BlueVine is our top high-yield pick in our best free business checking accounts guide.
| Financial institution | Type of bank account | APY (Annual Percentage Yield) | Requirements to earn highest APY |
| First Internet Bank of Indiana | First Internet Bank of Indiana Business Money Market Account | 3.46% to 5.48% | Maintain a daily balance above $5 million |
| Premier Members Credit Union | Premier Members Credit Union Business Money Market Account | 0.50% to 5.00% | Maintain $2,000 or less in your account |
| U.S. Bank | U.S. Bank Platinum Business Money Market Account | 0.05% to 4.60% | Open a new account and have an account balance between $25,000 and $3 million |
| Prime Alliance Bank | Prime Alliance Bank Business Savings Account | 3.85% to 4.25% | Maintain $200,000 or more in your account |
| Consumers Credit Union | Consumers Credit Union Business Money Market | 0.00% to 4.13% | Have a minimum daily balance of $500,000 or more |
| Live Oak Bank | Live Oak Bank Business Savings | 4.00% | Open an account with $0.01 or more. |
What to look for in business savings accounts
When you're comparing business savings accounts, you'll want to consider more than just their interest rates. Here are a few other features to consider when opening up a business bank account:
- Monthly bank maintenance fees: Financial institutions may charge a fee if you don't maintain a certain account balance or fulfill certain monthly transaction requirements. If you want to avoid fees altogether, online banks may have more appealing options than brick-and-mortar banks because they often have accounts that do not charge any monthly fees.
- Opening deposit requirements: A minimum opening deposit is how much money you'll need to open an account. Some business bank accounts do not have a minimum opening deposit requirement, though.
- Mobile/online banking: If you're an avid mobile app user, review the mobile app ratings and reviews of a particular financial institution before opening an account. Also, if you are banking with an online-only financial institution, check the customer support hours and availability methods.
- Additional features offered:One feature that distinguishes money market accounts from savings accounts is that the former may offer debit card or check-writing privileges.
- FDIC/NCUA insurance:Business bank accounts are federally insured up to $250,000 per depositor, per account category. If you plan to deposit more than $250,000 in an individual account, there are ways to keep your money federally insured. You can choose to spread your money across multiple financial institutions or find an institution that's part of the IntraFi Network (a program that spreads your money across other FDIC-insured financial institutions in the network).
- Overall banking experience:Think about whether you plan to open other types of business bank accounts or products, like a business line of credit or a business credit card.
Business savings account APY FAQs
Does a business savings account earn interest?
Yes, many business savings accounts can earn interest. Most financial institutions offer business savings or business money market accounts.
What bank has the best business savings account?
First Internet Bank of Indiana offers the highest interest rate for a business bank account. The First Internet Bank of Indiana Business Money Market Account pays 5.48% APY for balances above $5 million.
Can a business have a high-interest savings account?
Any business owner can open up a high-interest savings account. You might consider opening a high-yield business savings account if you are saving for a specific business goal or want to have an account for emergency reserves.
Are business savings accounts taxed?
Yes, interest earned from business savings accounts is taxable. You could pay a penalty from the IRS if you don't report it.
What are the best business savings accounts?
First Internet Bank of Indiana and U.S. Bank are two of the best banks for business savings accounts, especially if you want to earn a high savings rate. If you're open to using a credit union, Premier Members Credit Union is another great choice for a high-yield business savings account.
Should my LLC have a savings account?
It's important to have a bank account for your LLC, and a savings account is a great option because you can earn a higher interest rate than you would with many business checking accounts.
Can I get a high-yield savings account for my business?
Yes, business owners can open business high-yield savings accounts. Banks like Prime Alliance Bank offer high rates for high-yield savings accounts specifically made for businesses to use.
Is it worth having a business savings account?
Yes, it's worth having a savings account for your business, so you can earn additional money on your excess funds safely.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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- Best CD rates
- Best High-yield savings accounts
- Four reasons why your debit card might be denied even when you have money
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a Personal Finance Insider editorial fellow at Business Insider, specializing in banking. Kit joined Business Insider in January 2024. They cover bank reviews, savings rates, and more.Kit is an alumnus of Vanderbilt University, where they studied English and psychology. Kit previously worked as an editorial specialist at Tax Analysts. They are based in the DC area. You can email them at kpulliam@businessinsider.com.
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured. There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 06/30/24).
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please 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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