Best Business Savings Accounts – July 2026
Business savings accounts can secure funds while earning interest on your balance. Whether your business holds a savings account for emergency funds, short- or long-term goals, tax reserves or separating funds, choosing the right business savings account can pay off. See our picks for the best business savings accounts and what’s offered on annual percentage yield, fees, minimum balances and more.
“While a high interest rate can be important in a business savings account, don’t overlook fees. Banks tend to charge higher monthly fees for business accounts than personal accounts, and they may also charge you for certain types of transactions, such as cash deposits or transfers. These costs can add up.
Greg Garrison, Banking Reporter
Best for High APY: Live Oak Bank Business Savings
Live Oak Bank pays 3.25% APY on its business savings account, which is among the most competitive rates you’ll find. The online-only bank doesn’t charge monthly fees and has no minimum deposit requirement.
Best for Unlimited Transactions: Grasshopper Bank Innovator Savings
A favorite bank of small businesses, Grasshopper Bank places no restrictions on the amount of transfers you make in and out of your savings account. The Innovator Savings account also pays up to 3.55% APY, but the highest rate only applies to balances over $25,000. Balances under that threshold still earn 1.80% APY.
Best for Branch Access: Chase Business Total Savings
It won’t come as a big surprise that Chase is a top choice for businesses that expect to do more in-person banking, as the bank boasts the largest branch network in the U.S. The Business Total Savings account is designed for businesses with lower balances. There is a $10 monthly fee, but it can be waived if you maintain a balance of at least $1,000 or link the account to a Chase Business Complete Checking account.
Best for Low Fees: Lili Basic Business Savings
Lili is a fintech company with banking services and FDIC insurance provided through Sunrise Banks. Customers can choose between paid tiers that offer more features, but the Basic account remains free and requires no minimum deposit.
Best for No Minimum Deposit: Citizens Bank Business Savings Account
This account doesn’t require a minimum deposit, and the $4.99 monthly fee can be waived as long as you maintain a $500 balance. If you also have a business checking account with Citizens Bank, you can link the accounts and your savings will automatically be used to cover any checking overdrafts that might occur.
Before you open a new business savings account, compare interest rates, fees, accessibility and customer service. Consider these key factors for business savings accounts:
- APY. Business savings accounts should yield competitive interest on your balance. Compare the APY you’ll earn for the amount in the account, as some banks offer higher APYs for large balances.
- Monthly fees. Ongoing costs can eat into your interest earnings, so find out if there are monthly maintenance fees or other fees you’ll pay to keep the account open. You may waive maintenance fees by maintaining a minimum average daily balance.
- Minimum opening deposit. Some business banks require a minimum opening deposit, which is how much you’ll have to deposit into your new account to open it.
- ATM access. Many business bank accounts are online-only, so it’s a good idea to confirm you can use convenient ATMs in your bank’s network for withdrawals and deposits.
- Monthly withdrawal or transfer requirements. Banks often limit how many withdrawal or transfer transactions you can make within a month. For example, you may only be able to withdraw or transfer funds six times each month before a transaction fee applies.
Don’t overlook customer service and accessibility, says money coach and certified financial planner Ohan Kayikchyan. “Depending on business size and transaction volume, some banks may assign a business banker as a point of contact for the business and offer additional banking services such as payroll and lending services,” Kayikchyan says.
You can often open a business savings account online and submit documentation and your opening deposit digitally. But depending on the bank, you may be able to open an account in person. You’ll need business documentation and an opening deposit before you can open your business savings account.
Some business savings accounts require thousands as a minimum deposit, while others open accounts with $100 or less.
You’ll usually need these documents when you open a business savings account:
- Business formation documents
- Ownership agreements
- Applicable business licenses
- Employer Identification Number or Social Security number for sole proprietors
“Banks are required by law to verify the business and additionally the individuals associated with the business, such as the owners, partners and any entity with the right of ownership in the business,” says Kayikchyan. “Some banks call this official ownership verification.”
Yes, having a business savings account limits personal liability by keeping business funds separate from personal funds. Opening a business savings account could also enable you to qualify for other bank products for businesses, such as a line of credit.
Generally, businesses should have three to six months of operating expenses saved. This number may be lower or higher depending on a variety of factors, including access to funds, long-term growth plans and economic conditions.
Interest earned in either a personal or business savings account should be reported as taxable income.
