7 Best High Yield Business Savings Accounts Of 2023 (Ranked)
Finding the right high yield savings account can be one of the keys to having a thriving business.
With a savings rate of 20 to 25 times higher than a traditional savings account, you can make a much better return on your investment.
With most high-yield accounts offering super simple electronic transfers to and from your current accounts, you can quickly move funds between the two without worrying about paperwork or fees.
Many of these high yield business bank accounts also have no minimum balances needed as well as reduced accounting fees.
In this post, I go over all the best high yield savings accounts that allow a small business to earn the most money while ensuring that its hard-earned money is in the safest hands.
Let’s jump right into it.
What are the Best High Yield Business Savings Accounts?
The following are the best high yield business savings accounts right now.
Best for getting started with an account in as little as 5 minutes.
Capital one allows you to create a 360 Performance savings account in as little as 5 minutes, making it one of the quickest processes to get started.
With no monthly maintenance fees and no minimum balance requirements, you can make the most out of your savings without worrying about extraneous fees.
With the inclusion of digital saving tools, you can easily perform the tasks you need without jumping through extra hoops.
Available features include the ability to move your funds between accounts, perform automatic transfers, get spending alerts, and access to an app that puts you in control at all times.
- An annual percentage yield of 0.40% gives you great business savings account rates and a very good return.
- Their no minimum balance requirement helps you avoid fees and gives more freedom to make use of your funds as needed.
- Track your business and personal savings on the go with the 360 apps and get automatic savings alerts that help you save even more.
- Quickly get started with an online application that takes less than 5 minutes to complete.
Best for a compounded interest rate that compounds daily and pays monthly.
Salliemae offers a 0.50% annual percentage rate yield on your savings.
The money you deposit will be compounded daily and paid monthly, giving you a great return on investment over time.
With no minimum balance requirement, small business owners can put as much money as needed in business without worrying about lost interest or fees.
The ability to write checks directly from your account makes it easier to carry out transactions without having to move money around.
- Easy online account management gives you the ability to transfer funds between accounts and write checks without the aid of a banker.
- Their transactions fees policy helps you save more money over time by keeping your money in the high yield savings account for as long as possible.
- FDIC secured protection is available in case your bank fails, giving you peace of mind when saving money.
- An annual interest rate of 0.50% gives you some of the biggest returns on your savings.
Best for having a bank account that doesn’t charge ATM fees.
CIT offers no monthly service fees when opening a high yield savings account.
Not only do they not charge monthly fees, but CIT also doesn’t charge any ATM fees either, plus offers up to $30 monthly back when using other bank’s ATMs.
With a 0.5% APY and a $100 minimum opening balance requirement, you can decide to increase the rate on your savings account by putting $200 (or more) into your deposit account during the initial period of evaluation, and each month after that to earn a better interest rate.
With a linked eChecking account, you can easily move funds between accounts for free, allowing you to save more money.
- Provide an address, email, phone, SSN and you’ll be on your way to saving money efficiently.
- An annual percentage yield of 0.50% earns you one of the best returns on investment.
- With a yield of 8x more than the national average, you’ll get more of a return on your money when saving with CIT.
Best for getting one of the highest yield rates available.
LendingClub offers a whopping 0.6% APY when you have more than $2500 or more in your account balance.
With zero monthly fees with this type of account, you can save money without worrying about losing interest over time.
You’ll get a free ATM card when you open your account so you can get access to your money at any ATM when you need it.
LendingClub also ensures your money is in safe hands with FDIC insurance for up to the highest amount allowed by law.
- You are protected for up to $250,000 per deposit with FDIC insurance; this guarantees your money will be safe so you don’t have to worry about losing your savings.
- Access your account any time of the day with the LendingClub mobile app and deposit checks on the go.
- Earn up to 0.6% APY on your savings with a large enough account balance.
- Customer support is available via online chat, email, or even phone to help you with any questions you might have.
Best for having a simple savings solution on your high yield account.
Alliant Savings offers a high yield account with an APY of 0.55%, which is 11x the bank industry average rate.
Use their app to deposit checks and track your spending wherever you go, making it easy to save more money while on the move.
By signing up for electronic statements, you can get access to your savings account without actually having to do anything with paper mail.
If you want to use your mobile banking to deposit checks, then simply log in using touch ID (to ensure top-notch security), and manage your money without breaking a sweat.
- An APY of 0.55% gives you one of the best interest rates on your savings account
- Choose eStatement options to ensure that there are no monthly account fees involved with your savings account.
- With a personable customer service team that is open 7 days a week, you can gain easy access to any information you need 24/7.
- No tier rates on your savings accounts, meaning you get the same interest rate on your account no matter how much money you have.
- A minimum opening balance of $5 is enforced but Alliance makes the actual deposit for you.
Best for never having to pay a fee for insufficient funds.
Discover has a $0 policy when it comes to monthly fees, insufficient funds fee, or even a minimum opening deposit.
This means that no matter how much money you have in your savings account, you’ll never be charged any monthly fees at all. On the flip side, if your account reaches below a specific minimum balance, you will also not be charged any fees.
With a yield of 0.4% (which is 5x the national average), you’ll be getting one of the best rates on your high yield account.
You’ll easily be able to see how much money you can save based on any amount you enter on their website calculator. This calculator allows you to compare such savings with other banks that offer similar services.
- No monthly fee and no charge for insufficient funds at all, so your savings account will never cost you money.
- Easy to use online calculator shows you how much you could be saving with Discover.
- 24/7 U.S.-based customer service makes it easy to get in touch at any time of the day if you have any questions about your savings account or another banking service.
- No hidden fees and no tiers on interest rates mean you’ll be able to easily see how much interest you’ll gain for a certain amount of money deposited in your account.
7. American Express.
Best for having the best consumer-friendly features.
American Express has been proven to have some of the highest customer satisfaction ratings in the banking industry.
Making it simple to transfer and perform auto deposits, American Express makes it super easy to manage your money. Providing digital statements on your savings account, American Express also makes it easy to see your earnings at any given time.
With a 0.4% APY that compounds daily, you’ll be able to see your savings account grow before your very eyes.
- Your credit won’t be affected when opening a new account, allowing you to easily get a high yield account without having to worry about your credit rating.
- Giving you an education on how to save better, American Express provides various articles on their website to help you save more money and make it easy for you to know where your cash is going.
- Allowing you up to 9 withdrawals or transfers per month from your savings account, American Express makes it easy for you to get a hold of your money when you need it.
- With one of the most consumer-friendly banking policies in the industry, American Express provides unmatched levels of service for its customers.
Other high yield business savings accounts to consider, not mentioned in this post, are Axos Bank, First Internet Bank, and Live Oak Bank.
What Are High yield Business Savings Accounts?
A high yield business savings account gives an annual percentage yield APY that is much higher than that of a traditional savings account.
This type of account is designed for businesses that are looking to save money without compromising on the level of service provided by their bank. In fact, the most common use for a high yield business savings account is to save money that is needed in the short term.
A high yield business savings account is very convenient because you can easily access your money and deposit additional funds whenever you want, so there’s no need to worry about money in this account being unusable.
With monthly maintenance fees typically being less than those set by traditional savings accounts, your business can easily get a high yield saving account to help you save money as needed.
In addition, the best business savings accounts will have no minimum balance requirements making it even easier to save money as and when you can.
To get the most out of a high yield business savings account, you should make sure that you can take advantage of any introductory or sign-up offers which may be available with these accounts.
How Does An Online High-Yield Savings Account Work?
With a high-yield savings account, you’ll typically have direct access to your money when you need it, so there’s no reason for not taking advantage of this type of account if it is available in your area.
It will take just minutes to open an online high-yield savings account and once it is set up, you simply deposit the amount of money that you wish to save into your new bank account.
If there are any changes in interest rates or other fees associated with these accounts, most banks provide a notification through their online banking portal, so you can stay up to date.
Online high-yield savings accounts typically offer daily compounding interest which means that the money in your account will be earning interest from day one.
This helps to ensure that you have more money saved into your account over time and although daily increments may seem small, they will add up after a few months and become a major factor when withdrawing your money.
The Importance Of Security In A Business Savings Account
Online business savings account providers typically offer a wide range of security features to help you keep track of your money and stay safe online.
Many online high-yield savings account providers offer two-factor authentication, which is the use of additional login verification in addition to usernames and passwords.
This can be in the form of key fobs or special verification codes that are sent via text message when trying to access your account from an unknown device.
You’ll also often find password strength meters as well as random challenge questions and answers on some business savings accounts, so you should consider choosing a provider who offers strong security measures like these to keep your money secure at all times.
One business advantage savings account offer is FDIC insurance. This means that your bank account can be insured up to the maximum amount of $250,000, in case anything goes wrong with the bank itself.
This offers you peace of mind and can help you feel more comfortable knowing that your money won’t be at risk if something bad were to happen.
Questions to ask when opening an online banking savings account
Let’s now have a look at a few of the most important questions to consider and ask yourself when opening an online high-yield business savings account.
What kind of interest rate can you expect?
You’ll typically find that these accounts offer compounding, higher interest rates than other banks. This is one of the main benefits of using a savings account over any other type of bank account.
What kind of fees are involved?
When choosing an online high yield savings account, you must find out whether or not there are any other kinds of fees associated with the account.
These types of fees can add up over time and can eat into your interest, so it’s always worth making sure that you look for an account without any monthly fees.
In some cases, there will be monthly fees associated with these types of accounts if you’re required to use them for another purpose, such as using investments apps directly connected to your bank account.
In addition to monthly fees, you should also try and avoid any setup fees if and when possible. This money will be better utilized by depositing it into your account to start saving.
What kind of account will you need?
There are typically three account types that you can choose from when deciding on whether or not to open a business high-yield savings account. These include the money market account, the business checking account, and your standard online savings accounts.
Money market accounts are typically higher interest accounts and allow you to write checks against your money in the account. You’ll find that this is a good option for businesses and individuals looking to grow their savings to pay off larger expenses at a later date.
Business checking accounts are another good option for businesses that are looking to save money to pay off expenses. These accounts allow you to write checks against your account balance and get instant access to your cash if needed.
Your standard online savings accounts are best suited to people who simply want the interest generated by their money minus any extra charges which may get charged along the way.
These types of accounts typically earn more interest than any other kind of traditional bank account, but they don’t offer much else besides the actual saving facility itself.
How easy is it to move money between accounts?
Moving your funds between your accounts can also be done instantly and without any hassle with most services, which is a nice benefit to have if you’re trying to balance your savings based on what you’re putting into each account.
Can I access my account from any device?
Having access to your online business savings accounts from anywhere in the world is a huge advantage over having to go down to a physical branch to manage your money.
If you’re going for a high-yield account, then try and choose one that also offers mobile apps or even telephone banking support if possible, as these features will allow you to access your account whenever you need – at no extra cost.
Best High Yield Business Savings Accounts – FAQs
What is an average daily balance?
The average daily balance refers to the amount of money in your account throughout a certain time period. In most cases, the minimum average daily balance is between $1,000 and $5,000 depending on the type of account you choose and who provides it.
Is it easy to get business loans with high-yield savings accounts?
Most high-yield accounts will only offer online saving facilities, which means that you probably won’t be able to get a business loan with these types of services on offer.
What are certificates of deposit?
A financial institution will offer a certificate of deposit as an investment option for those who want to earn more interest than what standard savings accounts can offer.
These accounts come with a fixed term and usually require that you invest your funds into them for the duration specified, which means that you cannot access this money until the end of the term.
Do sole proprietors or corporations pay taxes?
The amount of business income that you receive is considered to be your personal income and assets unless you have a corporation. You can use a limited liability company structure to keep the profits in the company’s accounts.
Although sole proprietorships and corporations are taxed separately, they have to be separate entities from a legal standpoint.
You can use an LLC as a way to legally separate your own assets from the profits of the business so that you don’t have to put your personal finances at risk if something goes wrong. This structure is becoming more popular with small businesses thanks to its simplicity and ease of use.
How important is cash flow liquidity in business?
While credit cards (and sometimes even a debit card) can be a great way to manage cash flow, you’ll find that it can quickly become difficult to access your money if you’re heavily relying on these options.
You need to have quick and easy access to the money in your account so that you don’t run into any issues when paying for business expenses or even covering salaries.
If you’ve chosen the right financial institution then you’ll be able to manage your account quickly and easily, with some even offering real-time funds transfers as the need arises.
High-yield business savings accounts can offer you a lot of benefits and, if chosen correctly, can help you make your money work for you.
Once you’ve determined your needs and found the account which best meets them, open the account and then simply watch your money grow based on the highest APY available.
To recap, these are the best high yield business savings accounts:
- CapitalOne: Best for getting started with an account in as little as 5 minutes.
- Salliemae: Best for a compounded interest rate that compounds daily and pays monthly.
- CIT: Best for having a bank account that doesn’t charge ATM fees.
- LendingClub: Best for getting one of the highest yield rates available.
- Alliant: Best for having a simple savings solution on your high yield account.
- Discover: Best for never having to pay a fee for insufficient funds.
- American Express: Best for having the best consumer-friendly features.
These accounts can also come with a lot of additional features, allowing you to manage your money easier than ever before. Choosing the right account can make a big difference to your bank balance, especially over time.
What do you think are the best high yield savings accounts? Are there any great banks that I missed in the list above? Let me know in the comments below.
Further reading on AdamEnfroy: Thinking about opening a business checking account? Here are the best checking accounts to choose for an LLC.
You can also read my post on the best commercial real estate loans and rates if you’re interested in how to get a mortgage on your commercial property.
Finally, here’s a post on the best credit unions for small businesses that you might want to check out.