8 Best Business Savings Accounts in August 2023
This article is part of a larger series onBusiness Banking.
Editor’s note: This is a recurring post with regularly updated account details.
The best business savings accounts should provide you with an interest-earning account that allows you to earn passive income off of company reserves. With interest rates rising, some of the banks on this list offer outstanding high-yield savings and money market accounts (MMAs). The banks with lower interest rates offer other strong business products and services to support your company.
The eight banks listed here offer one or more of three types of savings accounts: business MMAs, business certificates of deposit (CDs), and high-yield savings accounts. Here are the eight best savings accounts, with links directly to the provider pages:
- Live Oak Bank:Best overall with high annual percentage yield (APY) savings and short-term CDs
- Prime Alliance Bank:Best business savings account with tiered APY
- Mercury*:Best interest-earning digital savings account for balances over $250,000
- Relay*:Best automated business savings account
- U.S. Bank:Best traditional bank MMA with bonus introductory rate
- TAB Bank:Best for interest-earning savings and business financing options
- NBKC Bank:Best business savings for ATM fee reimbursements
- Nationwide*:Best business savings with high rates for large balances
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. (Partnerships: Choice Financial Group and Evolve Bank & Trust forMercury, Evolve Bank & Trust and Thread Bank forRelay, and Axos Bank forNationwide.) All other listed banks are FDIC insured.
Best Business Savings Accounts at a Glance
Ongoing APY* |
Monthly Fee |
Free Monthly Transactions |
Free Cash Deposit Limit |
|
---|---|---|---|---|
|
4.00% |
None |
No limit |
No cash deposits |
|
3.85% to 4.25% |
None |
6 |
None |
|
Up to 5.30% on treasury balances of greater $250,000 |
None |
No limit |
No cash deposits |
|
|
None |
No limit |
Cash deposits into checking at Allpoint ATMs; then transferred into savings |
|
|
$15; waivable |
Not stated |
Not stated |
|
|
None |
No limit |
No cash deposits |
|
2.25% |
None |
6 |
None; free at MoneyPass ATMs |
|
Tiered up to 4.01% |
None |
6; Fees charged after 20 transactions of any type |
Cash deposits at ATMs; fees may apply |
*APY rates were accurate at the time of publication. Rates will fluctuate as the Fed raises or lowers interest rates. Visit the provider’s page for the most current APY rates before opening a savings account.
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Best Business Savings Account Video Review
Live Oak Bank: Best Overall Business Savings Account With High APY Savings & Short-term CDs
What We Like
- No minimum balance requirements
- No monthly maintenance fees
- High-yield return on both savings and short-term CDs
Drawbacks
- Cannot withdraw cash from an ATM
- No free outgoing wires
- No cash deposits
Features
- High-yield CDs
- Small Business Administration (SBA) and other loans available
- Free online and mobile banking
|
|
---|---|
Required Opening Deposit |
None |
Required Balance Minimum |
1 cent to earn interest |
Transaction Limit Before Fees |
No limit |
Automated Clearing House (ACH) Fees |
None |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
None for incoming; $19 for outgoing |
International Wire Transfer Fees |
Unspecified |
ATM Fees |
ATM product unavailable for savings |
Cash Deposited |
None; bank doesn’t accept cash deposits |
APY |
4.00% |
Customer Service |
By phone or fax during weekdays from 8 a.m. to 8 p.m. Eastern time or through its support page |
Other Products |
Business checking, SBA loans, United States Department of Agriculture (USDA) loans, and commercial lending |
When To Choose Live Oak Bank
- You want a high-yield business savings account
- You prefer to bank online and don’t need physical branches
- You won’t be making cash deposits
Live Oak Bank is our best overall business savings account since it has one of the highest APYs, currently 4.00%. Also, it offers business CDs with some of the highest APYs on short-terms. You can get 5.10% APY on a one-year CD, with a 2.00% APY on CDs ranging from 18 months to five years.
The bank has no monthly fees and no minimum deposit required, just a one-cent requirement to earn interest on the account.
There are a few drawbacks, however. The first one is no ATM access to funds in your savings account. While Live Oak Bank has an excellent ATM network for its business checking product, that option is unavailable on its savings. So, you will need to transfer funds to a business checking before withdrawing from an ATM.
In addition, if you send wire transfers often, you will pay $19 per transfer. The bank doesn’t accept cash deposits, although you can deposit checks through the mobile app or by mail or transfer funds via ACH. Phone customer service is also limited to Monday through Friday, 8 a.m. to 8 p.m. ET.
Nevertheless, Live Oak Bank offers a great savings product that will earn you an excellent yield.
Prime Alliance Bank: Best Business Savings Account With Tiered APY
What We Like
- No monthly maintenance fee
- No minimum balance requirement
- Tiered deposit levels to earn additional interest
Drawbacks
- No online account opening for business savings
- No debit card for business savings accounts
- No weekend customer service
Features
- SBA loans
- Equipment financing
- Checking, money market, and CDs available
|
|
---|---|
Required Opening Deposit |
None |
Required Balance Minimum |
None |
Transaction Limit Before Fees |
Unlimited free deposits and up to six withdrawals/transfers per month; $25 each after six |
ACH Fees |
None |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
$10 incoming; $15 outgoing |
International Wire Transfer Fees |
$10 incoming; $40 outgoing |
ATM Fees |
ATM card not available with business savings |
Cash Deposited |
None |
APY |
|
Customer Service |
Can visit the physical location, message online, or call Monday through Friday between 8:30 a.m. and 5:30 p.m. Mountain time |
Other Products |
Commercial checking, money market, CDs, and commercial loans |
When To Choose Prime Alliance Bank
- You want to take advantage of the tiered APY structure to grow your savings account
- You don’t need customer service on weekends
- You prefer to bank online, as there is only one physical location in Woods Cross, Utah
Prime Alliance Bank now offers the highest APY available with its business savings product. It uses a tiered APY structure to reward you as your balance increases. The starting APY is 3.85%, which increases to 4.05% once you have at least $100,000. When your balances surpass $200,000, the APY increases to 4.25%.
The bank offers unlimited free deposits and up to six withdrawals and transfers per month. The cost of going over six withdrawals and transfers is steep at $25 per transaction, so keep that in mind if you regularly end up with more per month.
However, withdrawals made in person at the bank, by telephone, or by mail are exempt from the six-transaction limit. If you exceed the transaction limit three times in a rolling 12-month period, the account will be converted to a demand deposit account.
Customer service is available Monday through Friday during Mountain time business hours, or you can stop by the company’s lone branch in Woods Cross, Utah.
缺点包括高费用超过6withdrawals and transfers per month, no free wire transfers, either incoming or outgoing, and no debit card for either the savings or money market accounts.
Mercury: Best Interest-earning Digital Savings Account for Balances Over $250,000
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Access multiple business entities with single sign-on (SSO)
Drawbacks
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Must ask for the Treasury account and must have account balances in excess of $250,000 to qualify
Features
- Accounts integrate with major accounting software
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrates fully with QuickBooks and Xero accounting software
|
|
---|---|
Required Opening Deposit
|
None |
Required Balance Minimum
|
None |
Transaction Limit Before Fees
|
No limit |
ACH Fees
|
None |
Monthly Fee
|
None |
Domestic Wire Transfer Fees
|
None |
International Wire Transfer Fees
|
None as long as it is sent through Mercury’s structure |
ATM Fees
|
No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited
|
None; bank doesn’t accept cash deposits |
APY
|
As high as 5.30% for money in Treasury account, which can be requested after balances exceed $250,000 |
Customer Service
|
Email customer service available |
Other Products
|
Checking: Must open a checking to get a savings and interest-earning Treasury account; credit card |
Open an Account
|
|
*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
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When To Choose Mercury
- Business owners who are comfortable with anonline-only bankand don’t need their business bank to have a physical location
- Companies that don’t need to deposit cash directly into their savings account
- Businesses looking for additional FDIC insurance as Mercury Vault allows you to insure up to $5 million
Mercury is an interesting option because you must open a business checking account to get a business savings account. The savings account is not interest-bearing; however, once you have at least $250,000 in your accounts, you can request the interest-earning Treasury account—which has one of the highest APYs on the market.
Its Treasury account currently earns a maximum of 5.30% APY, although the provider expects that to increase as the prime rate increase from the Federal Reserve continues.
Mercury is a great choice for a tech or startup company. It is one of ourbest banks for startups. Mercury’s checking and savings accounts are free, with no minimum deposit or balance requirements. Most businesses incorporated in the United States are eligible for an account, except sole proprietorships and trusts.
The biggest perk of Mercury is its new Vault product. Mercury will use partner banks and a sweep network to insure business funds of up to $5 million.
One major drawback is its inability to accept cash deposits. Also, outside of its credit card and a venture capital term loan program, there are no standard lending products available.
Relay: Best Automated Business Savings Account
What We Like
- Tiered APY allows for higher earnings for larger balances
- No monthly fees
- Auto-transfer allows for excess funds to be swept directly into savings
Drawbacks
- Must have a Relay business checking account to open
- Cannot access funds via debit card or external transfer
- Savings can only be used to cover operating expenses if funds are moved back into checking account
Features
- Fee-free online banking and money management platform
- Open up to two savings accounts
- Can set maximum balance in checking so excess funds are swept into savings automatically
- Can also manually transfer funds between checking and savings account
- Customer service via email, mail, and web contact form, and the app
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
|
|
---|---|
Required Opening Deposit |
None |
Required Balance Minimum |
None |
Transaction Limit Before Fees |
None |
ACH Fees |
Cannot send funds from savings |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
Must transfer funds to checking to send wires |
International Wire Transfer Fees |
Must transfer funds to checking to send wires |
ATM Fees |
Cannot withdraw cash from savings; must transfer to checking |
Cash Deposited |
Cash can be deposited into checking at Allpoint ATMs, then transferred into savings |
APY |
|
Customer Service |
Available by phone, mail, or email |
Other Products |
Business checking |
Relay is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Evolve Bank & Trust and Thread Bank.
|
When To Choose Relay
- When you have Relay business checking and would like to earn interest off of reserve funds
- When you want to have a business savings account that automatically pulls funds from checking whenever a maximum threshold is reached
- When you are OK with being unable to withdraw cash or make external transfers directly from savings
Relay, which is one of thebest online business bankson the market, has added a savings product to its portfolio. If you are a business checking customer, you can open up to two savings accounts.
You can earn up to 3.0% APY on balances in your savings. Relay’s APY is tiered, so you will earn more interest with higher balances. The combined funds of your two savings accounts determine the APY rate.
To help businesses keep their reserve funds without dipping into them, you cannot link your savings to any debit card. You also cannot send payments from your savings or use it as a source account for external auto transfers.
If you need to access your funds, you can transfer them back to your business checking account. Relay’s business checking offers up to 20 checking accounts and up to 50 debit cards. You can deposit cash at Allpoint ATMs into your checking.
You must have a Relay business checking to open a savings account, and the inability to draw money directly from savings may be a problem for some businesses. Overall, for businesses wanting to have both checking and savings with Relay, it is an excellent product.
U.S. Bank: Best Traditional Bank MMA With Bonus Introductory Rate
What We Like
- Waivable monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Opening deposit required
- Expensive wire fees
- Limited free transaction
Features
- Send and receive money through app
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Free debit card and 50% discount on first check order up to $50
|
|
---|---|
Required Opening Deposit
|
$100 |
Required Balance Minimum
|
None |
Transaction Limit Before Fees
|
Not stated |
ACH Fees
|
None |
Monthly Fee
|
$15; waived with $10,000 minimum daily ledger balance |
Domestic Wire Transfer Fees
|
$40 for outgoing, $14 for incoming |
International Wire Transfer Fees
|
$75 for outgoing, $16 for incoming |
ATM Fees
|
No ATM transaction fees at U.S. Bank ATMs; Non-U.S. Bank ATM transaction fees apply
|
Cash Deposited
|
No limit stated |
APY
|
|
Customer Service
|
Customer service online, by phone, or in-branch during business hours |
Other Products
|
Business checking, lending, and cash flow products; other checking options; and POS services |
When To Choose U.S. Bank
- You have enough funds in your savings to waive the monthly fee
- You are looking for a traditional bank with a bonus APY for new account signup
- You want a full-service bank with physical locations in the Midwest and the western US
If you’re looking to take advantage of a bonus introductory rate, U.S. Bank is a good choice for a business MMA. It has a waivable monthly fee and higher APY for its standard MMA than Capital One for its business savings.
This MMA is now available nationwide and not just in the 26 states where U.S. Bank operates physical branch locations.
U.S. Bank charges a $15 monthly fee, which can be waived if you have at least a $10,000 daily ledger balance. The company’s website doesn’t list cash deposit limits, so check with your local branch for additional fees. The bank requires a $100 minimum opening deposit.
TAB Bank: Best For Interest-earning Savings & Business Financing Options
What We Like
- Full-service online bank
- Customer service Monday through Saturday
- Partners with Autobooks for invoicing services
Drawbacks
- No physical branches
- No free incoming wires
- No ATM network, no reimbursements for ATM use
Features
- Checking, savings, MMAs, and CDs
- Accounts receivable (A/R) financing
- Asset-based lending
- Term loans
- Equipment financing
|
|
---|---|
Required Opening Deposit |
$25 |
Required Balance Minimum |
$1 to maintain |
Transaction Limit Before Fees |
No limit |
ACH Fees |
None |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
$15 for incoming wire; $30 for outgoing |
International Wire Transfer Fees |
Unspecified |
ATM Fees |
No ATM card provided |
Cash Deposited |
None; bank doesn’t accept cash deposits |
APY |
|
Customer Service |
Message through the website, or call toll-free Monday through Friday 6 a.m. to 7 p.m. Mountain time; Saturday from 9 a.m. to 3 p.m. MT |
Other Products |
A/R financing, asset-based lending, invoice factoring, equipment financing, business checking, money market, CDs, and commercial real estate (CRE) lending |
When To Choose TAB Bank
- You have business financing needs, as the bank offers a wide array of lending products
- You prefer an online bank and don’t need to visit a branch
- You don’t need to use an ATM with your savings account, as there is no ATM card available with this account
TAB Bank is a great option for a business savings account thanks to a solid APY and a wide array of other business lending and deposit accounts.
选项卡银行已经提高了MMA通过提供3.5%年on the first $1 million. Balances above that, and business savings balances earn 0.25% APY. You need at least $25 to open either account, but as long as the account balance remains above $1, you’ll earn interest.
In addition, it has interest-earning business checking and CDs. Its CD rates are much stronger than its savings and MMAs, with APY earning between 4.00% and 5.02%, depending on the length. The minimum balance to open a CD is $1,000.
However, there are drawbacks to this savings account, starting with no option to obtain an ATM card. If you need to withdraw money from your savings, you cannot do it through an ATM. In that case, you probably want to consider another savings provider on this list.
In addition, the bank cannot accept cash deposits, no physical branches, and no free wire transfers.
NBKC Bank: Best Business Savings for ATM Fee Reimbursements
What We Like
- No monthly fees, minimum balance, and initial deposit required
- No fees for incoming domestic wires
- ATM fee reimbursements of up to $12 per month
Drawbacks
- Limited branches (only in Kansas and Missouri)
- Autobooks subscription costs $10 per month after 60-day free trial
- International and domestic outgoing wires aren’t free
Features
- Free debit card
- 业务帐户附加组件,如商业欺诈tools and desktop deposits
- Deposit checks and pay bills via the NBKC app on your mobile, tablet, or desktop
- Autobooks software integration
- Business MMAs and business CDs to grow your funds
- Other business solutions, including disbursement, fraud management, collections, and cash management
|
|
---|---|
Required Opening Deposit |
None |
Required Balance Minimum |
None |
Transaction Limit Before Fees |
Six free transactions; exceeding those transactions could result in the account being reclassified |
ACH Fees |
None |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
$5 per outgoing wire, free for incoming |
International Wire Transfer Fees |
$45 per outgoing wire, $45 for incoming |
ATM Fees |
No charge for out-of-network ATM usage; refunds ATM fees up to $12 per month |
Cash Deposited |
Free at 34,000-plus MoneyPass ATMs |
APY |
2.25% |
Customer Service |
Hotline:(888) 905-2165
Monday to Friday, 8 a.m. to 5 p.m. Central time
E-mail:customersupport@nbkc.com |
Other Products |
Money market, CDs, credit cards, lending, business solutions including disbursement, fraud management, collections, and cash management |
When To Choose NBKC Bank
- You’re looking for a largely fee-free banking experience with a solid APY on business money market balances
- You make frequent ATM withdrawals, as NBKC refunds up to $12 in out-of-network fees each month
- Your business is located near one of the bank’sfour branches(Kansas City, Missouri; Liberty, Missouri; Overland Park, Kansas; and Leawood, Kansas)
If you’re specifically looking for an online-only business MMA for your business savings, NBKC Bank is an excellent choice. You can earn 2.25% APY on all balances in its MMA.
NBKC is largely a fee-free banking product, with no minimum balance or opening balance required, no monthly fees, and free domestic incoming wires. NBKC refunds up to $12 in ATM fees each month. You can also make deposits at one of over 34,000 MoneyPass ATMs nationwide.
If your business is near one of the four physical locations in Missouri and Kansas, you can use NBKC as a traditional brick-and-mortar bank. If you aren’t located near a branch bank, this account can be used just like any other online-only bank.
Short-term CD rates are low compared to other providers in this guide, with three-month and six-month CDs at 0.10% APY. However, NBKC has added seven-, 11-, and 15-month CDs at 4.50% APY. It appears those three CDs can be opened directly online. Rates on CDs longer than 15 months range from 2.75% to 3.25% APY.
Nationwide: Best Business Savings With High Rates for Large Balances
What We Like
- High APY for larger balances
- No monthly fees
- Free incoming wires
What's Missing
- Minimum opening deposit of $25,000 required
- Limited free transactions of any type before fees are charged
- High balance required before any interest is earned
Features
- No monthly maintenance fee or average daily balance requirement fee
- Free image statements
- Free online banking
- Remote deposit from anywhere
- Tiered interest earning for higher APY for larger balances
- Uses Insured Cash Sweep through partner Axos Bank to extend FDIC insurance for balances up to $150 million
|
|
---|---|
Required Opening Deposit |
$25,000 |
Required Balance Minimum |
None |
Transaction Limit Before Fees |
Six transactions per month |
Processing Fee |
30 cents for each debit, credit, and deposited item over 20 per month |
ACH Fees |
None |
Monthly Fee |
None |
Domestic Wire Transfer Fees |
Incoming are free; Up to $15 outgoing |
International Wire Transfer Fees |
Incoming are free; $50 outgoing |
ATM Fees |
Free; ATMs out of Axos Bank’s network may charge third-party fees |
Cash Deposited |
Cash deposits may be possible at certain ATMs; fees may apply |
APY |
Tiered up to 4.01% APY. No interest on balances less than $24,000. |
Customer Service |
Available by phone, mail, or email |
Other Products |
Personal checking and savings, mortgage, and personal loans |
Nationwide is a business fintech platform backed by FDIC-insured Axos Bank.
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When To Choose Nationwide
- If you have large business reserves and you want to earn a higher interest return
- You have at least $25,000 to open an account
- You don’t have many monthly transactions, as Nationwide limits free transactions
Nationwide has partnered with Axos Bank to provide a solid business savings product. For businesses with large amounts of business reserves wanting a higher interest rate, Nationwide offers up to 4.01% APY.
While you won’t earn interest on balances of less than $24,000, balances of $24,000 to less than $250,000 start at 3.00% APY. For balances of $250,000 or more, you will earn 4.01% APY.
There are some drawbacks to Nationwide. They still have the six transaction limit, so it is an account best for businesses with limited monthly transactions into and out of a savings account.
In addition, it charges 30 cents for any transactions above 20 in a month, which includes all debits, credits, and deposited items. Accounts that limit transactions typically reclassify accounts to noninterest-earning accounts if that limit is regularly exceeded.
Otherwise, it’s a solid business savings product with no monthly or balance requirement fees. However, the $25,000 minimum opening deposit may be a nonstarter for many businesses looking to earn interest on small reserve amounts.
How We Evaluated the Best Business Savings Accounts
When compiling this list, we reviewed more than 100 banks, including more than a dozen specific savings accounts. When we evaluated the best small business savings accounts, we considered the following terms and features:
- Interest earned (in APY)
- Monthly fees, and how easy they are to waive
- Minimum opening deposit and balance requirements
- ATM fees and withdrawal limits/availability
- Customer service availability
- Cash deposit availability and limits
- Other business products provided by the bank
- Wire transfer fees and transaction fees
What To Consider When Choosing the Best Small Business Savings Account
While we used our own criteria to select the best small business savings accounts for this list, here are some things you should review before making a selection:
1. Understand the Types of Savings Accounts
Not every business savings account is the same. In addition to traditional business savings accounts, there are high-yield business savings,business MMAs, andbusiness CDs. Each type of account has slightly different rules and will earn you different rates of return.
See our guides comparing some of these account types to learn more:
2. Understand the Fee Structure and How It Will Apply to Your Business
Fees can vary widely in a business savings account. Here are some of the fees you may encounter:
- Monthly fees:Some business savings accounts charge a monthly fee to operate the account
- Minimum balance fees:Some accounts require you to keep a minimum balance in your account and may charge you a fee if you drop below that balance
- Transaction fees:This is the most important one to know. Even though federal transaction limits have been dropped, many banks still limit savings transactions. If you exceed those, you may pay penalty fees or have your account reclassified to a non-interest-bearing account.
While our buyer’s guide is a great starting point to compare fees between providers, you should always review a schedule of fees directly from the provider before opening an account.
3. Consider Opening a Savings Account at the Same Bank as Your Business Checking
It isn’t required that you open a business savings account at the same bank that holds your business checking. However, there could be some advantages to doing that, such as:
- Increased savings rate:You might get a bump in your savings rate by having a business checking at the same bank.
- Faster transfers:如果你在同一家银行转账, those transfers will likely be almost immediate. External transfers can take a couple of days.
- Growing a banking relationship:If you add banking products to an existing business checking provider, it will continue to grow the relationship, which can be beneficial as your business grows and needs financing or merchant service products.
For more information, see our guide onhow to choose a bank for your small business.
Alternatives to the Best Small Business Savings Accounts
- Bluevine:Best for those looking for an interest-earning, digital-only bank account. Earn up to 2.0% APY on balances of $250,000 or less with qualifying transactions. Check outour Bluevine business checking reviewfor more information.
- Grasshopper:Best for businesses looking for interest-earning business checking and cash back on debit card purchases. It offers up to 2.25% APY uncapped on business checking and 1% cash back. Readour Grasshopper reviewto learn more.
When choosing a savings account over a checking account, you are looking for aninterest-earning accountthat exceeds most checking account APYs. Choosing one of these accounts would give you more freedom with fee-free transactions, making them two of thebest small business checking accounts.
What You Need To Open Small Business Savings Accounts
The documents required toopen a small business savings accountare the same as for a small business checking account. Be sure to confirm whether you can open the account online or if you need to visit a branch to do so. Requirements may vary from bank to bank and depend on your business type, but they typically include the following:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
- Percent of ownership and annual gross revenue
Frequently Asked Questions (FAQs)
Business savings accounts are a great way to earn interest on reserve business funds. If your business has extra finances that are not needed for the day-to-day operations of your business, it is worth it to open a business savings account so that money can grow.
这取决于储蓄存款业务提供er you choose, it may have a minimum or maximum amount of money on which you can earn interest. You should keep at least enough money to make sure you’re drawing interest. If your bank has a tiered APY structure for its savings account, you’d like to keep enough money in your savings to earn the highest interest rate possible.
At a minimum, you should figure out how much you need to operate your business for one month and keep anywhere from three to six months’ worth of reserves in your savings account in the event of an emergency.
There are four major benefits to having a business savings account: saving for a future large purchase, saving for an emergency, earning extra revenue, and saving for scheduled payments such as taxes and insurance.
Bottom Line
Abusiness savings accountcan help your business earn extra revenue on its reserve funds. It lets you earn interest while allowing you access to the funds in the event you need to use them—money market accounts and CDs can put restrictions on when you can access the funds, but both often come with higher APY. Compare the options on this list and choose the provider that best meets your business needs.