A business high-yield savings account (HYSA) typically offers a higher interest rate compared to a business checking account, allowing businesses to earn more on their deposits while maintaining liquidity. In contrast, a business checking account is designed for day-to-day transactions, making it easier to manage expenses, pay vendors, and receive payments. While business checking accounts usually have lower interest rates or none at all, they provide essential features like debit cards and check-writing capabilities for everyday financial operations.

Making your money work for you is more important than ever. Whether you’re saving for a rainy day, a big purchase, or just trying to stay ahead of inflation, high-yield savings accounts can be a game-changer for your business. In this article, we break down the top options for your business.

How to Choose a High-Yield Business Savings Account

When choosing a high-yield business savings account, business owners should prioritize a few key factors to maximize their savings potential.

  • Annual Percentage Yield (APY): The higher the APY, the more your money earns over time. However, some banks may only offer top-tier APYs to businesses maintaining high balances. Verify that your typical cash flow can meet the APY criteria before opening an account.
  • Fees and Minimum Deposits: Look for accounts with no monthly maintenance fees or fees that can easily be waived. Assess if the account requires a significant minimum deposit to open or to earn interest, as this can impact your overall returns.
  • Account Accessibility: Consider how you access your funds. While many high-yield accounts are offered by online banks, some business owners may prefer institutions that provide debit card access, ATM withdrawals, or easy online transfers for convenience.
  • FDIC Insurance Limits: Be aware of FDIC insurance limits, especially if you hold large balances. Many high-yield accounts offer expanded FDIC coverage, which can provide added peace of mind by safeguarding larger amounts.
  • Overall Balance: The ideal high-yield savings account should balance high interest rates with flexibility, low fees, and ease of access to meet your business needs effectively.

Top High-Yield Business Savings Accounts

These HYSAs offer business owners high annual percentage yield (APY) with transparent cash flow requirements, low- or no-fees, minimum deposit thresholds and accessibility.

1. First Internet Bank of Indiana: Money Market Savings

First Internet Bank offers a 3.46% APY on its Money Market Savings account, but it comes with some strings attached. While you only need $100 to open an account, you’ll need a whopping $5,000,000 balance to snag their top rate of 4.95%. There’s a $5 monthly fee, but it’s waived if you maintain a $4,000 balance. What sets this account apart is its partnership with other banks for extended FDIC coverage, making it an attractive option for businesses with very large deposits. Sole proprietors get the added perk of an ATM card. However, the high balance requirements for both the maximum rate and fee waiver might put this out of reach for smaller businesses.

2. Live Oak Bank: Business Savings Account

For businesses looking for simplicity and solid returns, Live Oak Bank’s Business Savings Account is worth considering. Offering a competitive 4.00% APY with no minimum opening balance, no balance requirements to earn interest, and no monthly fees, it’s an accessible option for businesses of all sizes. The lack of ATM access might be a drawback for some, but the expanded FDIC coverage through bank partnerships adds a layer of security for larger deposits. Keep in mind that you can’t make cash deposits, and there are no physical branches—making this best suited for businesses comfortable with online-only banking.

3. Prime Alliance Bank: Business Money Market and Business Savings

Prime Alliance Bank offers two nearly identical accounts: the Business Money Market and Business Savings accounts, both boasting a 4.25 percent APY. These accounts shine for businesses with larger balances—you’ll need $200,000 to earn the advertised rate. The good news? There are no monthly fees. The main difference between the two is that the Money Market account offers check-writing privileges, while the Savings account doesn’t. Neither provides ATM access. You’ll also need to email the bank to open an account, which might be a bit old-school for some. These accounts are best for businesses with substantial cash reserves who prioritize high interest over accessibility.

4. nbkc bank: Business Money Market Account

For businesses that value flexibility and low fees, nbkc bank’s Business Money Market Account is an attractive option. While its 2.75% APY isn’t the highest on our list, it comes with some notable perks. There’s no minimum opening balance, you start earning interest with just a penny in your account, and there are no monthly fees. However, what really sets this account apart is the availability of a debit card, no limits on deposits or withdrawals and reimbursement of ATM fees. The trade-off is limited branch availability and no expanded FDIC coverage. This account is ideal for businesses that need frequent access to their funds and appreciate a more traditional banking experience with modern, online conveniences.

5. Axos Business Premium Savings Account

Axos Bank brings a competitive edge with its Business Premium Savings Account, offering a robust 4.01% APY. This account doesn’t charge monthly fees, and there is no minimum opening deposit. For businesses with substantial cash reserves, there’s a potential bonus of up to $375 with a promo code (requires maintaining a $75,000 balance). The real kicker is access to Insured Cash Sweep, providing extended FDIC coverage up to a staggering $240 million. However, be aware of fees for excess transactions, and the lack of ATM or debit card access.

6. Holdings High-Yield Cash Account

For businesses seeking high returns, the Holdings High-Yield Cash Account is hard to beat. With an APY starting from 4.00%, no monthly fees and no minimum opening deposit, it’s an attractive option for businesses of all sizes. The account also offers access to up to $5 million in FDIC insurance. The main drawbacks are the lack of ATM or debit card access and limited phone support hours, making this best for businesses that don’t need frequent access to their savings.

7. U.S. Bank Platinum Business Money Market Account

U.S. Bank’s offering caters to businesses that can maintain higher balances. With an APY of up to 4.25% (with bonus rate requirements and a high minimum balance) and features like checks and an ATM card, it provides a blend of high yields and traditional banking features. However, there’s a $15 monthly fee (waived with a $10,000 balance) and a $100 minimum opening deposit. There are also fees for excess transitions. The ongoing APY outside of bonus rates is relatively low, making this account most suitable for businesses that can consistently meet the requirements for the top rates.

Ready to Open a High-Yield Savings Account?

As we’ve seen, high-yield savings accounts are rich with options. Remember, the best account for you isn’t always the one with the highest rate. Consider your savings goals, how much you can commit to keeping in the account and what features matter most to you. And don’t be afraid to reassess periodically—banks are always evolving, and what works best for you today might change down the road.

Lastly, while we’ve focused on savings here, remember that the right business checking account is important, too. If you’re in the market for a business checking account that offers the same level of innovation we’ve seen in these high-yield savings options, don’t forget to check out North One. Their combination of cutting-edge features and business-friendly policies makes them a great choice for entrepreneurs and small business owners alike.