• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcasts
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In March 2023
        • 10 Best Private Student Loans Of March 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In March 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of March 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 54 Side Hustle Ideas To Make Money Fast In 2023
        • 100 Ways To Make Money In College In 2023
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Best Passive Income Ideas To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of March 2023
        • 10 Best Money Market Accounts Of March 2023
        • 10 Best Free Checking Accounts In March 2023
        • Best Bank CD Rates Of March 2023
        • 10 Best Business Checking Accounts In March 2023
        • Best Online Banks Of March 2023
        • Best Credit Unions Nationwide Of March 2023
        • Best College Student Checking Accounts Of March 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Awards
  • Search
Home » Banking » Business » Best Business Savings Accounts In March 2023

Best Business Savings Accounts In March 2023

Updated: March 24, 2023 By Robert Farrington

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Best Business savings accounts in March 2023

If you're a side hustler or small business, you might be considering where to park your business cash.

Maybe you want to create a business emergency fund? Maybe you don't want to take a distribution but you want your cash to at least earn some decent interest. 

You might already have a business checking account, and you're looking for a savings account to compliment it. The hard part is, most business accounts don't pay the same interest that the best personal high yield savings accounts do. 

Well, we have found your best options, and we put them here below.

Best Business Savings Accounts
1. Nationwide Premium Business Savings
2. US Bank Platinum Business Money Market
3. AXOS Business Interest Checking
4. LendingClub Tailored Checking
5. Fidelity Business Account
6. Schwab Small Business Account
7. Navy Federal Credit Union Business Money Market

Note: The savings offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all savings companies or all savings offers available in the marketplace.

The Best Business Savings Account Options

Based on our criteria, here are our choices for the best business savings and money market accounts available. Some of these are a little unorthodox, but they work!

1. Nationwide Premium Business Savings

The Nationwide Premium Business Savings account is an excellent choice for business savings because of the potential to earn exceptionally high rates.

The account does have a $25,000 minimum to open, but right now, you can earn up to 3.75% APY on your savings. There are no monthly maintenance fees, online check deposit, and more! However, it's a tiered account. Here are the tiers:

  • $0 - $23,999.99 - 0%
  • $24,000.00 - $249,999.99 - 2.00%
  • $250,000.00 - $499,999.99 - 2.75%
  • $500,000.00 - $999,999.99 - 3.00%
  • $1,000,000.00 or more - 3.75%

Read our full Nationwide Banking review here.

Why I Like It: A straightforward business savings account with top rates.

Learn more about Nationwide Premium Business Savings here.

Nationwide Premium Business Savings

Min Opening Deposit

$25,000

Min Balance Requirement

$0

Monthly Fee

$0

APY

Up To 3.75%

ATM Access

Unlimited Nationwide

Availability

Nationwide

Promotions

None

best business savings account: nationwide premium business savings
OPEN AN ACCOUNT

2. US Bank Platinum Business Money Market

The US Bank Platinum Business Money Market is one of the best business money market accounts available. It pays a high APY, connects to your US Bank Business Checking Account, and even offers a bonus APY when you sign up.

Right now you can earn up to 2.60% APY on your business cash in a Platinum Money Market Account - this is due to an awesome bonus APY of 3.50% you get for the first 6 months. You do need to maintain a $10,000 balance to earn this APY.

You can earn based on the following tiers:

  • Under $25,000: 0.01% APY
  • $25,000 to $49,999: 2.02% APY
  • $50,000 to $99,999: 2.14% APY
  • $100,000 to $249,999: 2.14% APY
  • $250,000 to $499,999: 2.32% APY
  • $500,000 to $999,999: 2.32% APY
  • $1,000,000 or more: 2.60% APY

Why I Like It: One of the best business money market accounts.

Learn more about US Bank Platinum Money Market.

US Bank Platinum Money Market

Min Opening Deposit

$100

Min Balance Requirement

$0 ($10,000 to earn APY)

Monthly Fee

None

APY

Up to 2.60% APY

Availability

28 States

Promotions

Bonus APY with Checking Account

Business savings accounts: US Bank
OPEN AN ACCOUNT

3. AXOS Business Interest Checking

Axos Business Interest Checking makes this list because it offers some of the highest interest available for business accounts.

Right now, you can earn up to 1.01% APY on your money with the Axos Business Interest Checking account (which is better than most business savings accounts). The interest on this account is tiered, and the tiers may change over time:

  • $0 - $49,999.99: 1.01%
  • $50,000.00 - $249,999.99: 0.20%
  • $250,000.00 - $499,999.99: 0.10%
  • $500,000.00 - $699,999.99: 0.10%
  • $700,000.00 - $999,999.99: 0.10%
  • $1,000,000.00 - $4,999,999.99: 0.10%
  • $5,000,000 or more contact Business Relationship Manager

You must maintain a $5,000 minimum balance to waive the $10 per month maintenance fee.

Open an account here >>

Why I Like It: One of the top earning accounts available.

Learn more about AXOS Business Interest Checking account.

AXOS Business Interest Checking

Min Opening Deposit

$100

Min Balance Requirement

$0

Monthly Fee

$10 (Waived with $5,000 Balance)

APY

Up to 1.01% APY

Availability

Nationwide

Promotions

None

Business savings accounts: Axos Bank
OPEN AN ACCOUNT

4. LendingClub Tailored Checking

The LendingClub Tailored Business Checking Account is another great solution for side hustlers and small business owners. This isn't truly a business savings account, but rather a checking account with a high yield! 

This account does have a small monthly fee, but that can be waived with a $500 minimum balance.

The real plus with this account is that it pays interest! You can earn 1.50% APY on balances up to $99,999.99 and 0.10% on balances after that. It's nearly unheard of to have a business checking account that pays interest.

This account also has the usual features you'd expect in a top notch business checking account:

  • Online banking
  • Free ATM withdrawals
  • Free online bill pay
  • Mobile check deposits

Read our full LendingClub Bank review here.

Why I Like It: A business checking account option that can earn interest.

Learn more about LendingClub Bank Tailored Checking here.

LendingClub Bank Tailored Checking

Min Opening Deposit

$100

Min Balance Requirement

$500

Monthly Fee

$10* (waived when requirements met)

APY

1.50% on balances up to $99,999 and 0.10% on all balances after that

ATM Access

Unlimited Nationwide

Availability

Nationwide

Promotions

None

Business savings accounts: Lending Club Bank
OPEN AN ACCOUNT

5. Fidelity Business Account

The Fidelity Business Account isn't technically a bank account - it's a brokerage account. However, you can open this brokerage account in your business's name, and you can invest in the Fidelity Money Market Fund (as well as just about any other investments you want).

The Fidelity Money Market Fund (SPRXX) currently yields 4.35% APY. 

This account has no minimums or annual fees, and charges the same commissions as a regular brokerage customer. 

Why I Like It: Lots of options to invest for your business.

Learn more about the Fidelity Business Account here.

Fidelity Business Account

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

APY

4.35% APY on SPRXX

Availability

Nationwide

Promotions

None

Business savings accounts: Fidelity
OPEN AN ACCOUNT

6. Schwab Small Business Account

The Schwab Small Business Account is very similar to the Fidelity account mentioned above, except its offered by Charles Schwab. 

Inside the Schwab Small Business Account you can invest in Schwab's Prime Money Fund (SWVXX), which is currently yielding 4.51% APY.

Note: They don't advertise this on their website, but after doing some due diligence, Schwab does have a $250,000 to open their Schwab Organization Account. I wish they would make this more clear for business owners.

Learn more about the Schwab Small Business Account here.

Schwab Small Business Account

Min Opening Deposit

$250,000

Min Balance Requirement

$0

Monthly Fee

$0

APY

4.51% APY on SWVXX

Availability

Nationwide

Promotions

None

Business savings accounts: Schwab Small Business Account
OPEN AN ACCOUNT

7. Navy Federal Credit Union Business Money Market

Navy Federal Credit Union Business Money Market is one of the best business savings products available, if you qualify to be a member of Navy Federal Credit Union. 

This account is a basic business money market account with online banking, mobile check deposits and more.

The interest it pays is decent - starting at 0.95% APY. You must maintain at least $2,500 to earn interest on your account.

Why I Like It: Solid interest the can combine with a solid checking account.

Learn more about NFCU Business Money Market Account.

NFCU Business Money Market

Min Opening Deposit

$0

Min Balance Requirement

$0 ($2,500 to earn APY)

Monthly Fee

$0

APY

Starting at 0.95% APY

Availability

Nationwide Online

Promotions

None

Business savings accounts: Navy Federal Credit Union
OPEN AN ACCOUNT

Business Savings Account Alternatives

While there are business savings and business money market accounts, sometimes it makes sense to go with savings account alternatives. 

We already mentioned a couple in this article - a high yield checking account and a business brokerage account.

But there are other alternatives as well. For many investment products, you can always open an account in your business's name. For example, the Wealthy Accountant recently wrote about how he is using Worthy Bonds to earn a 5% return on his money. 

The key is to simply open an account in the name of your business, and use your business EIN.

What You Need In A Business Savings Account

You could find yourself needing or wanting a business savings account for a few reasons. Usually, it's because you have cash inside your business checking account, and hate seeing it earn 0% interest. If you're going to keep your money in your business, you want to at least see it earn something.

But why not simply take a distribution and put it in your personal account? Well, you may be saving it for a bigger purchase, future expenses, a business emergency fund, or simply to keep your business well capitalized. 

In order to be one of the best business savings accounts, we put the following criteria in place:

  • No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee, or at least have an easy way to waive them.
  • No Or Low Monthly Balance Required: You shouldn't have to have huge amounts of money to waive fees or qualify for a business savings account. We only look for banks that don't have a monthly minimum balance requirement or if they do, it's incredibly low.
  • Awesome Online Access: The best business savings accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.

Final Thoughts

Hopefully you can see that there are good options for a business savings or business money market account.

You don't have to pay fees to have a business account - you just need to open your account at a good bank or brokerage.

Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.

Primary Sidebar

Featured Bank Reviews

>  CIT Bank (recommended)
>  Discover  (recommended)
>  Barclays
>  Chime
>  Chase Bank
>  American Express Savings
>  Axos Bank
>  Quontic Bank

Checking Accounts

  • Best Free Checking Accounts
  • Best High-Yield Checking Accounts
  • Best College Student Checking Accounts
  • Best Starter Checking Accounts For Kids
  • Best Teen Checking Accounts
  • Best Checking Accounts for Military Members
  • Second-Chance Checking Accounts

Savings Accounts

  • Best High Yield Savings Accounts
  • Best Money Market Accounts
  • Best Student Savings Accounts

Certificates Of Deposit

  • Best No-Penalty CDs Rates
  • Best 12 Month CD Rates
  • Best Jumbo CD Rates
  • Best Overall Bank CD Rates

Business Banking

  • Best Business Checking Accounts
  • Best Business Savings Accounts

More On Banking

  • Best Bank Bonus Offers
  • Best Free Online Banks
  • Best Credit Unions
  • Best Banks For Students
  • Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information