Best Business Savings Accounts Of 2025

Here are some popular reasons small business owners open savings accounts for their companies.

• Security. Business savings accounts provide a safe place to deposit business income you don’t immediately need to pay for an expense.
• Growth. Business savings interest rates are variable and let you withdraw funds at any time.
• Cushion. Business savings accounts can be a lifeline for your company if you suddenly face unexpected expenses.

High-yield business savings accounts provide distinct advantages, but they also have drawbacks that may be deal-breakers for some.

Pros

• Solid rates. By definition, high-yield business savings accounts earn more interest than traditional savings accounts. 
• Minimal fees. With few exceptions, small business savings accounts have no mandatory fees. This is especially true of accounts offered by online banks, which have far less overhead than brick-and-mortar banks, and therefore don’t need to charge fees to stay in business.
• Readily available. It’s easy to move funds into and out of business savings accounts via a variety of means. Wires, in-person withdrawals and ACH transfers make it easy to access your money, usually within a day or two at most.

Cons

• Limited local options. Brick-and-mortar banks generally don’t offer attractive rates on business savings accounts, so you likely won’t find a decent APY at your neighborhood bank.
• Better rates available elsewhere. Business savings accounts beat keeping your cash under a mattress, but your funds can grow far faster when invested.
  
• Requirements to earn interest. It’s not uncommon for banks and credit unions to impose minimum balance requirements in order to earn advertised interest rates.

Finding the best high-yield business savings rates can be challenging, because only some providers offer high-yield savings for businesses. Start with the accounts on our top five list and expand your search until you find an account that fits your needs.

Consider these factors when comparing accounts:

• Institution type. Traditional banks may not be the first place to look for competitive savings rates, but they are usually a better option for in-person banking and ATM access. Alternatively, credit unions often offer higher rates but have limited accessibility.
• Rates. Compare business savings account rates and find the highest APY to maximize your savings. Online banks are known for offering higher rates than brick-and-mortar banks due to lower overhead costs.
• Fees. Monthly maintenance fees eat into the interest earned on your account balance. Check the fee schedule for any other fees charged by the bank before opening an account.
• Customer service. Choose a bank with highly rated customer service. If you need in-person support, look for a local institution that offers business banking. Consider features like phone support, private messaging and customer service hours when making your decision.
• Digital banking features. Many banks now offer mobile apps and online business savings account access. Check how apps are rated and compare the online and mobile banking features offered with the accounts you’re considering.

What Do You Need To Apply for a Business Savings Account?

Prepare to provide the following details when applying for a business savings account.

• Full name
• Date of birth
• Social Security number or employer identification number (EIN)
• Contact information
• Physical address
• Legal name of business
• Business type
• Business establishment date with signer’s full name
• Business license
• Ownership structure
• Number of employees
• Annual gross revenue
• Initial deposit

Most modern banks let business owners open accounts online, but some traditional banks may require you to visit a brick-and-mortar branch.

If you’re not sold on the benefits of business savings accounts, here are some other financial products that might be a better fit for your company.

BUSINESS MONEY MARKET ACCOUNTS	BUSINESS CERTIFICATES OF DEPOSIT (CDS)	INVESTMENT ACCOUNTS
Money market accounts offer high interest rates and often come with benefits like a checkbook and debit or ATM card for more convenient access to cash.	CDs often carry higher earnings rates than savings accounts and require you to keep funds in the bank for a predetermined period in return. They’re ideal for cash you won't need to use immediately.	Some brokerage firms offer investment accounts for businesses, with options that often include stocks, bonds, mutual funds and exchange-traded funds (ETFs). Brokerage accounts made up of volatile assets come with greater risk than savings accounts, but also offer the potential to earn higher returns.

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To create this list, Forbes Advisor analyzed 34 savings accounts at 23 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 22 data points within the categories of fees, access, customer experience, digital experience, minimums and APY.

The following is the weighting assigned to each category:

• APY: 40%
• Fees: 20%
• Digital experience: 10%
• Customer experience: 10%
• Minimum deposit requirement: 5%
• Minimum balance requirement: 5%
• Access*: 10%

*Access refers to the following: whether the account links easily to business checking; whether the account comes with a debit or ATM card; whether the account comes with check-writing capability; branch network size; ATM network size.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

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