If you're a side hustler or small business, you might be considering where to park your business cash. But you don't want to earn 0% interest like you do in your checking account. That's where business savings accounts come into play.
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.
What Is A Business Savings Account?
A business savings account is a bank savings account that you open in your company's name that's designated as savings for your business. Just like you might keep your personal emergency fund in a personal savings account, you might want to keep your business emergency fund in a business savings account.
A business savings account works just like a personal savings account, except that you need to open it in your business' name. You also need to account for it on your business tax return.
You might want to open a business savings account to earn more interest on your business cash. Some businesses need to store a good amount of cash - and leaving that money in a checking account can cost you serious interest!
For example, with interest rates near 4%, every $100,000 in your business could be earning you $4,000 per year. That's $333 per month! Don't leave that money on the table.
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!
Note: Annual percentage yields (APYs) shown are as of July 1, 2026. The College Investor's team updates this information regularly, typically Monday-Friday. Rates may have changed since they were last updated and may vary by region for some products.
1. AXOS Business Premium Savings
Axos Business Premium Savings makes this list because it offers some of the highest interest available for business accounts.
Right now, you can earn up to 3.60% APY on your money with the Axos Business Premium Savings account (which is better than most business savings accounts). The interest on this account is tiered, but all tiers are currently the same rate:
- $0 - $23,999.99: 3.60%
- $24,000.00 - $249,999.99: 3.60%
- $250,000.00 - $499,999.99: 3.60%
- $500,000.00 - $999,999.99: 3.60%
- $1,000,000+: 3.60%
There are also no minimum balance requirements and no monthly maintenance fees.
Plus, right now discover the Axos Business Bundle, combining flexible checking with high-yield savings and earn an exclusive bonus up to $600. Use promo code SBB600 by January 31, 2027 and complete the qualifying activities.
Why I Like It: One of the top earning accounts available.
Learn more about AXOS Business Premium Savings account.
AXOS Business Premium Savings | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
APY | Up to 3.60% APY |
Availability | Nationwide |
Promotions | $600 Bonus |
Earn up to a $600 bonus!
2. Live Oak Bank Business Saving Account
Live Oak Bank offers a very competitive Business Savings Account. The business savings account has no monthly maintenance fees, no minimum balance requirement, and currently earns 2.85% APY.
Why I Like It: One of the best business savings accounts.
Read our full Live Oak Bank review here.
Live Oak Bank Business Savings Account | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Availability | Nationwide |
3. North One
The NorthOne 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!
To earn the highest balance, there is a monthly fee, but you can still earn a solid rate on their free account.
Right now, you can earn 2.50% APY on your balance with North One Standard. That can rise to 3.00% APY if you enroll in North One Plus.
You also must maintain a daily balance above $0, keep your account in good standing, and spend $500+ a month with your North One Mastercard® Small Business Debit Card.
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 NorthOne review here.
Why I Like It: A business checking account option that can earn interest.
Learn more about NorthOne Business Checking here.
NorthOne Checking | |
|---|---|
Min Opening Deposit | $50 |
Min Balance Requirement | $0 |
Monthly Fee | $0 - $20 |
APY | Up to 3.00% |
ATM Access | 2 million+ Nationwide |
Availability | Nationwide |
Promotions | None |
4. 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 3.35% 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 | 3.35% APY on SPRXX |
Availability | Nationwide |
Promotions | None |
5. 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 3.49% 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 | 3.49% APY on SWVXX |
Availability | Nationwide |
Promotions | None |
6. 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 0.80% 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 0.80% APY |
Availability | Nationwide Online |
Promotions | None |
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.
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.
Tips To Maximize Your Business Savings
Lot's of businesses have cash that is laying idle until it's needed. For example, maybe you run payroll near the end of the month, but you may have enough cash for that for several weeks before you pay it out. That money could be earning your business money!
That's the value of a high interest business savings account or a business money market account.
I strongly suggest that you consistently park any extra cash into a business savings account to earn money. Even better if your account is linked to you business checking account. Then you can instantly transfer money over as needed, but you can also be earning interest when you're not needing to pay bills.
Second, consider a good business credit card. By charging everything you can to a business credit card, you can float payments out an additional 30-60 days. During that time period, you could be earning interest on your savings before paying the credit card. As we mentioned above, you could earn $333 on every $100,000 in savings per month!
If you float a business credit card two months, that's an extra $800 into your pocket!
Why Should You Trust Us?
I have been writing and researching banking and personal finance products since 2009. At The College Investor, we've been comparing and reviewing banks since 2018, and track the best banks for savings and money market accounts daily from a list of over 50 major banks and credit unions.
We are also small business owners, and finding bank accounts that match our needs has been a challenge - especially when it comes to business savings accounts. That's what led us to review the best business banks and share those with you.
Furthermore, our compliance team reviews our rates every weekday to ensure that we are accurately showing the correct rates and terms so you can make an informed decision about where to open a bank account.
Final Thoughts
Hopefully you can see that there are good options for a business savings or business money market account. Plus, you can also check out out list of the best new business bank account offers and promotions to see if you can get paid to open a new 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.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best business savings account. We do this by providing unbiased reviews of the top banks and savings accounts for our readers, and then we aggregate those choices into this list.
We have picked business savings and money market accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best business savings accounts in the marketplace for side hustlers, small business owners, and freelancers.
Editor: Colin Graves Reviewed by: Richelle Hawley
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.