In the world of business, every penny counts. This is true whether you’re a small startup saving your first profits or a seasoned pro expanding your financial reserves. Selecting the right business savings account can significantly impact how fast you reach your financial goals by giving you the tools you need to grow your funds.

While a competitive savings interest rate is important, it won’t matter if you’re not consistently setting aside funds each month. Building effective business savings requires not just discipline but also a business account equipped with the right tools and perks to encourage saving. In fact, you might discover that the most effective business savings solution is a checking account designed to empower you with capabilities that facilitate regular saving.

In this article, we’ll guide you through the essential features to consider when selecting a business banking partner for your savings and highlight some of the top options available. With the right account, you can not only safeguard your money but also make it work harder for your business.

What to Look for in a Business Savings Account

Selecting the right savings account is a cornerstone of small business financial management. Owners should keep their eyes on a few key factors:

  • Fees and Account Requirements: Look for accounts with minimal fees and balance requirements to avoid surprise costs. Many banks charge maintenance fees, but you may be able to waive them by maintaining a minimum balance or meeting other criteria.
  • Interest Rate (APY): Choose accounts with higher APYs to maximize your savings potential. Some banks offer a sliding scale of rates based on your balance, so select one that aligns with your savings goals and account size.
  • Accessibility and Fund Management: Check for monthly transaction limitations to ensure the account meets your business needs. Look for features like online banking, a user-friendly mobile app, and integration with your checking account or accounting software for easier money management.
  • Customer Service and Support: Reliable customer service is crucial for business owners, as you’ll want assistance readily available when you have questions or encounter issues. Consider the various support channels offered by the bank, such as phone, chat, and in-person services.
  • FDIC Insurance: Ensuring that the bank is FDIC-insured is vital for protecting your deposits. FDIC insurance guarantees that your money is safeguarded up to $250,000 per depositor, per bank, in the event of a bank failure. This protection adds a layer of security to your funds, giving you peace of mind as you save for your business goals.

Best Business Savings Accounts in 2024

Now that you know what to look for in a small business savings account, consider these options:

1. Chase

Chase offers two primary savings accounts: Chase Business Total Savings and Chase Business Premier Savings, providing flexible solutions for managing excess funds while earning interest.

The Chase Business Total Savings account suits smaller businesses or those starting to build savings. It has a $10 monthly service fee that can be waived with a $1,000 average balance or by linking to a qualifying account. This account allows up to 15 deposited items per month without charge and includes $5,000 in cash deposits at no extra fee. For businesses with larger cash reserves, the Chase Business Premier Savings account provides enhanced features, including a higher allowance for deposited items and cash deposits. This account carries a $20 monthly fee, which can be waived with a $25,000 average balance or by linking to specific qualifying accounts. Both accounts offer interest-earning potential, with relationship rates available when linked to qualifying Chase business checking accounts.

For businesses seeking fixed returns, Chase also offers Business Certificates of Deposit (CDs) with higher interest rates. Additionally, features like Autosave allow businesses to set up automatic transfers from checking to savings, complemented by convenient online and mobile banking options. These offerings cater to small business owners who value the reliability and accessibility of a traditional bank.

2. Live Oak

Live Oak Banking Company’s business savings accounts are designed to maximize returns. Their flagship Business Savings Account has an impressive 4.00% APY. This high-yield account comes with no maintenance fees and no minimum balance requirements, making it available to businesses of all sizes. The account is fully FDIC insured and can be easily managed online—plus, they’ve added QuickBooks integration for streamlined management.

For businesses with larger cash reserves, Live Oak offers extended FDIC coverage up to $10 million through the IntraFi Network. This feature allows businesses to minimize risk by protecting assets well beyond the standard $250,000 FDIC limit, all while still earning competitive rates and incurring no additional costs.

Finally, Live Oak caters to businesses who need guaranteed returns with their range of Certificates of Deposit. These CDs offer fixed high-yield rates across various terms, from 3 months to 5 years. Notably, their shorter-term CDs are particularly attractive, with rates as high as 4.60% APY for a 1-year term. All CDs come with FDIC insurance, allow for online management, and provide automatic monthly interest payments.

3. Axos

Axos Bank’s Business Premium Savings account has a highly competitive 4.01% APY across all balance tiers (up to $4,999,999.99). This rate applies regardless of your balance, whether you’re just starting out or have substantial savings.

There are no monthly maintenance fees, no minimum opening deposit requirements and no average daily balance requirements. This fee-free approach allows businesses to keep more of their hard-earned money. Additionally, Axos offers free incoming wire transfers, both domestic and international—something that typically incurs fees at many other banks.

Axos has also incorporated practical features that can significantly benefit businesses, like account integrations with QuickBooks. For businesses with larger cash reserves, Axos provides FDIC insurance up to $250,000, with the option to expand coverage up to $250 million through IntraFi Network Deposits. As an added incentive, new account holders can potentially earn up to $375 in bonuses by meeting certain balance requirements in the first four statement cycles. 

4. First Internet Bank of Indiana

First Internet Bank offers a range of business savings options. Their Money Market Savings account has tiered interest rates, offering an impressive 3.46% APY for balances up to $5,000,000—and an even more attractive 4.95% APY for balances over $5,000,000. This account requires a minimum opening deposit of $100 and carries a $5 monthly maintenance fee, which is easily waived with an average daily balance of $4,000. For businesses with smaller savings, the Regular Savings account provides a 0.91% APY with a lower monthly fee of $2, waivable with a $1,000 average daily balance. Both accounts offer ATM card access for sole proprietors.

For businesses looking to lock in rates for specific periods, the CD options provide competitive yields. These range from a 3.65% APY for a 3-month term to 4.32% APY available for the 12-month CD. Early withdrawal penalties apply, varying based on the CD term. 

5. Prime Alliance

Prime Alliance Bank caters to various business sizes. Their tiered interest rate structure rewards higher balances with more attractive yields. For balances up to $99,999.99, businesses can earn 3.85% APY. This rate jumps to 4.05% APY for balances between $100,000 and $199,999.99, and further increases to 4.25 APY for balances of $200,000 and above.

The lack of monthly maintenance fees and minimum balance requirements makes it a wise choice for small business owners. The account also offers modern banking conveniences, including online and mobile banking services, as well as free mobile check deposit functionality. While the account does limit withdrawals and transfers to six per month, it allows for unlimited deposits.

Choose From the Best Business Savings Accounts

Each of these options offers something unique, whether high APYs, flexible terms or robust features that can streamline your business operations. When making your choice, consider your business’s unique needs, cash flow patterns and growth plans. Don’t be afraid to ask questions to make sure you find the right fit.

Ultimately, a great business savings account should work as hard as you do—and so should your small business checking account. Don’t let your savings do all the heavy lifting for your business. With a North One business bank account, you can simplify your daily financial operations while enhancing cash flow management.

North One’s unique Envelope system helps you allocate funds for specific purposes—like tax savings or future investments—by breaking down savings into sub-accounts and auto-funding them. Additionally, North One offers valuable perks, such as integration with popular financial tools like QuickBooks, fee-free transactions, and 24/7 customer support.

By transforming your checking account into a multifaceted financial resource, you can build savings momentum. Don’t settle for a banking experience that limits your potential—choose North One for a checking account that grows alongside your business.