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Home » Banking » Business » 5 Best Business Savings Accounts In May 2022

5 Best Business Savings Accounts In May 2022

Updated: May 12, 2022 By Robert Farrington

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Business savings account

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. AXOS Business Interest Checking
2. LendingClub Tailored Checking
3. US Bank Platinum Business Money Market
4. Fidelity Business Account
5. Schwab Small Business Account
6. 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. 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 0.81% 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: 0.81%
  • $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.

Bonus: Right now, new business owners can get a $200 welcome bonus, and existing business owners can get a $100 welcome bonus!

If you incorporated after June 1, 2020, we´ll add $200 to your new business bank account. Just use promo code NEWBIZ200 on your application.* Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.

You have to open an account by application must be submitted before 11:59pm on 6/30/2022 to qualify. In the first two months after account opening, the average daily balance of the account must be at least $2,500 in order to qualify for the $100 or $200 bonus.

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 0.81% APY

Availability

Nationwide

Promotions

Up to $200

Axos Bank logo
OPEN AN ACCOUNT

2. 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 $5,000 minimum balance.

The real plus with this account is that it pays interest! You can earn 0.10% APY on balances over $5,000. 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

$0

Monthly Fee

$10* (waived when requirements met)

APY

0.10%

ATM Access

Unlimited Nationwide

Availability

Nationwide

Promotions

None

LendingClub Bank Logo
OPEN AN ACCOUNT

3. 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 0.01% APY on your business cash in a Platinum Money Market Account. You do need to maintain a $10,000 balance to earn this 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 0.01% APY

Availability

28 States

Promotions

Bonus APY with Checking Account

US Bank Logo
OPEN AN ACCOUNT

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 0.01% 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

0.01% APY on SPRXX

Availability

Nationwide

Promotions

None

Fidelity Logo
OPEN AN ACCOUNT

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 0.48% 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

0.48% APY on SWVXX

Availability

Nationwide

Promotions

None

Charles Schwab Checking
OPEN AN ACCOUNT

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 0.40% 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 0.40% APY

Availability

Nationwide Online

Promotions

None

Navy Federal CU Logo
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.

5 Best Business Savings Accounts In May 2022
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.

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