Table of Contents

Best Business Savings Accounts for June 2024

Competitive yields and innovative services make these business savings accounts worth exploring.

Why You Can Trust CNET Money
Our mission is to help you make informed financial decisions, and we hold ourselves to strict . This post may contain links to products from our partners, which may earn us a commission. Here’s a more detailed explanation of .

Your business needs a savings account designed to support your long-term financial strategy. The right business savings account should provide tools to help you build a safety net or set aside capital for future purchases. 

Commercial savings accounts offer services and products that vary depending on the bank. Before making a decision for your business, compare the fees, balance requirements and annual percentage yields, or APYs, offered by each bank or credit union. To jump-start your research, review CNET’s list of the best business savings accounts to learn more about the features that make these business savings accounts stand out from the competition.

Top business savings accounts

Business savings accountAPYMinimum depositsMonthly fees
Brex business account4.91%$0$0*
Nationwide business premium savings4.01%$5,000$0
Live Oak business savings4.00%$0$0
First Internet Bank business money market savings3.46% – 5.48%$100$5
NBKC business money market account2.75%$0$0
Axos business savings0.20%$1,000$5
Rates as of March 5, 2024.
*There are no fees for startups and growing companies.
Brex Business Account

Brex Business Account

  • No minimum balance requirement
  • Expanded FDIC insurance up to $6 million
  • 4.91% APY on a money market fund investing option


A Brex business account isn’t solely a savings account. It’s a cash management account operated by Brex Treasury, a brokerage firm that allows you to write checks, store cash and receive payments -- even internationally. Unlike a bank’s business savings account, the Brex business accounts allow you to choose whether your money is kept in traditional bank accounts insured by the Federal Deposit Insurance Corporation or invested into government money market funds. It’s an option worthy of consideration by some entrepreneurs. 

Similar to Live Oak Bank, Brex distributes deposits in traditional accounts across multiple FDIC-insured institutions for up to $6 million of coverage. However, there’s an option to invest a portion of your cash in a money market fund that keeps at least 99.5% of its money in US securities (translation: it’s very low risk) that earns a 4.91% APY. 

There are no minimum balance requirements. Brex is a great option for business owners who need an all-in-one solution to manage reimbursements, employee travel and other expenses, thanks to a powerful corporate card rewards program. There is a free option, depending on the services you select, for startups and growing companies. Larger companies will pay a subscription fee starting at $12 a month.

Nationwide Business Premium Savings

Nationwide Business Premium Savings

  • No monthly fees or minimum balance requirements
  • $5,000 minimum initial deposit  
  • All tiers offer a 4.01% APY
  • Expanded FDIC insurance up to $225 million


You’re probably familiar with Nationwide being “on your side” thanks to the company’s insurance ad campaign. But Nationwide also offers a business premium savings account powered by Axos Bank that earns 4.01% APY on all balances. 

An added benefit -- especially for account holders with large balances -- is that Axos’ Insured Cash Sweep (ICS) through IntraFi® Network Deposits spreads large deposits across multiple bank accounts. This insures your money beyond the $250,000 FDIC limits. In this case, Nationwide offers up to $225 million of FDIC protection.

Live Oak Bank Business Savings

Live Oak Bank Business Savings

  • 4.00% APY
  • Ability to qualify for up to $10 million in FDIC insurance coverage via a cash sweep program
  • No minimum balance requirement
  • No cash deposits


If you’re looking to score the best APY possible on a business savings account, look at Live Oak Bank. The all-digital bank focuses on small-business offerings (there are also personal banking options), and it’s a great choice for any entrepreneur sitting on a large pile of cash. 

The bank’s cash sweep program will distribute up to $10 million of deposits across multiple FDIC-insured institutions so you don’t have to worry about its per-account insurance limit of $250,000. If you have a chunk of cash you’re comfortable locking away for a longer period, be sure to consider the bank’s business CDs, as well. Its one-year CD currently pays a 5.20% APY.

First Internet Bank Money Market Savings

First Internet Bank Money Market Savings

  • 3.46% APY on balances less than $5 million; 5.48% APY on balances above $5 million
  • Minimum balance of $4,000 to avoid a $5 monthly fee
  • Minimum opening deposit of $100


First Internet Bank’s money market savings pays a generous 3.46% APY on all balances below $5 million. If your business is sitting on even more cash, its 5.48% APY is certainly a compelling proposition.

One important consideration, though: The bank doesn’t share any information about potential “sweep” options -- the transfer of funds between accounts -- that can help account holders take advantage of higher FDIC protection limits. So, depositing anything above the $250,000 threshold might be a bit risky.

Business owners with lower balances may want to avoid this account until they can maintain at least the $4,000 minimum daily average balance requirement. Otherwise, the monthly fee is $5.

NBKC Business Money Market Account

NBKC Business Money Market Account

  • No minimum balance requirement
  • 2.75% APY
  • Includes a business debit card with up to $12 in out-of-network ATM fee refunds per month


NBKC’s business money market account earns a spot on our list due to no minimum balance requirement and a 2.75% APY -- interest potential that’s more than 200 times the typical 0.01% you’ll find at many big banks. You’ll be limited to online banking unless your business operates near Kansas City, where several in-person branches exist in the area.

Axos Bank Business Savings

Axos Bank Business Savings

  • $1,000 minimum opening deposit
  • $2,500 minimum balance to avoid $5 monthly fee
  • 0.20% APY
  • 24-7 customer service


Axos also offers a business savings account directly, apart from its partnership with Nationwide. The minimum initial deposit is lower than the Nationwide business savings account requirement. However, it requires a $2,500 minimum average daily balance to avoid the $5 monthly fee.

For an online bank, the APY Axos offers is rather low. However, you may appreciate the expanded FDIC insurance available through Axos’ Insured Cash Sweep (ICS) program, which protects accounts with balances up to $200 million against loss due to bank failure. Axos also offers 24/7 customer service.

What is a business savings account?

A business savings account is a place to store some of your company’s surplus funds -- the money you don’t need to keep in your checking account for paying your employees and vendors on a regular basis. A business savings account is similar to a personal savings account: You deposit money and watch it grow, thanks to interest rates that are generally higher than you’ll find on checking accounts.

Another feature business and personal savings accounts share is insurance protection. If you enroll in a business savings account at a federally insured bank or credit union, your money is insured up to $250,000 by the Federal Deposit Insurance Corporation or the National Credit Union Administration respectively.

How do business savings accounts fare in today’s economy?

Today’s interest rate environment is great news if you’re focused on saving money. While rates for business savings accounts aren’t as high as some of the best personal savings accounts, there are still some attractive options for parking your cash and watching your interest earnings grow.

How to choose a business savings account

As you compare different business savings accounts, be sure to consider these factors:

The type of account: Don’t limit your search strictly to “business savings accounts.” Our research shows that some money market accounts and cash management offerings deliver some compelling benefits for business owners, too.

Deposit requirements and fees: Some business savings accounts come with fairly high minimum monthly balance requirements to avoid fees. If you’re worried about maintaining the required balance, it’s wise to look elsewhere and avoid the monthly fees.

Promotional rates: There are loads of attractive promotional rates that will turn your head. U.S. Bank is currently guaranteeing a bonus APY of 4.50%, for example, on its Platinum Business Money Market account for accounts opened before May 8, 2024. But the rate applies to balances from $25,000 to $2,999,999.99. If your balance falls outside these limits, you’ll earn just 0.05% to 1.15%.

Remember, your business is a long-term operation, so worry less about promotional gimmicks and more about a bank that will meet your needs for years to come. If you’re torn between two similar accounts, however, a bonus could help tip the scales.

Rates: Pay close attention to the APY you can earn with a business savings account. Some of the biggest banks pay a pittance -- 0.01%, for example -- that won’t do much to advance your savings goals.

How your company is paid: If you deal regularly in cash, you’ll need to make deposits at a nearby branch or ATM. If you aren’t worried about physical cash, however, you should consider an online bank. In the banking industry, lower real-estate overhead typically translates to higher APYs.

Your expected balance: If your business will have more than $250,000 in savings, you’ll want to divide your deposits among multiple accounts to ensure your money is fully insured or look for business accounts that offer an expanded FDIC insurance option. These programs provided greater coverage for your business deposits by automatically transferring funds across multiple federally insured institutions.

How do business savings accounts work?

Business savings accounts work similarly to personal savings accounts. You’ll deposit cash and checks in person at a branch, ATM or via mobile deposit. It’s important to note that some of the best business savings accounts on our list are digital banks that don’t accept cash deposits.

Pros and cons of business savings accounts


  • Helps establish a habit of saving for your company’s long-term needs

  • Provides a cushion for your business in case of unexpected dips in cash flow

  • Ability to earn interest on unused capital

  • Potential for expanded FDIC insurance coverage


  • Often come with higher minimum balance requirements to avoid fees

  • Require more documentation to open (some banks also require an in-person visit)

  • Attractive promotional rates often last for a limited time, followed by significantly lower APYs

  • Monthly withdrawal limits (typically up to six)

Setting up a business savings account

Opening a business savings account is a bit more complicated than opening a personal savings account. Some banks allow you to open a business savings account online, while others require you to visit a branch to sign all the necessary documents. To avoid delays, call the bank to verify you have all the necessary documentation before going in.

What you need to apply for a business savings account

If you’re going to open a business savings account, be prepared with the following information:

  • Your business’s employee identification number or tax ID number
  • Articles of incorporation that show when your company was formed
  • A government-issued ID and Social Security number for any business employee who will be authorized to manage the account

It’s important to note that if your business qualifies as a sole proprietorship, your requirements will be limited. You may only need your Social Security number. If you don’t have an SSN, some banks may allow you to open an account with an Individual Taxpayer Identification Number, or ITIN.


The biggest difference is the documentation needed to open an account. While a standard savings account typically only requires your Social Security number, you’ll likely need to show additional proof of your business and its operations to open a business savings account.

Many banks cap free withdrawals from business savings accounts to six per statement cycle. After that, an excessive transaction fee may apply. Be sure to ask any bank you’re considering about excessive transaction fees before opening an account.

Any interest your business earns from a business savings account is considered taxable income. Expect to receive a Form 1099 from your bank that you can use when you file your business taxes.

Yes, provided the account is protected by FDIC or NCUA insurance. Make sure, though, that you’re staying within the coverage limits. If your business has more than $250,000 in savings, you’ll want to try to divide your deposits among multiple accounts or look for business accounts that offer an expanded FDIC insurance program.

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Advertiser Disclosure

CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.

Editorial Guidelines

Writers and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.

How we make money

CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.