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5 Best Business Savings Accounts

Jodie Price

By Jodie Price | Updated November 10, 2025

A business savings account helps secure funds, earn interest, and manage cash flow. The best options combine competitive APYs, low fees, and easy access, while offering tools like automated savings and smooth transfers to support growth.

  • NBKC Bank Business Money Market Account

    The “Best for Low Fees,” NBKC Bank Business Money Market Account offers a 2.75% APY with no minimum deposit requirement and no monthly maintenance fee. This makes it a strong choice for businesses that want to earn interest while keeping costs low and account access flexible.

    Editor’s Take

    The NBKC Business Money Market Account gives businesses a way to earn interest on funds while keeping them accessible. With no monthly maintenance or overdraft fees, it provides predictable savings growth without the restrictions of a CD or tiered-rate account.

    This account has minimal entry requirements, making it accessible for smaller businesses that want liquidity and digital convenience. You can manage transfers, deposits, and withdrawals through NBKC’s online and mobile tools, which streamline daily banking tasks.

    While in-person branches are limited to Kansas and Missouri, the account’s low-fee structure and straightforward terms make it appealing nationwide. It’s best suited for businesses seeking steady yields and simple fund access rather than chasing temporary high-rate promotions.

    Pros & Cons

    Pros

    • Low or no minimum balance to open
    • Competitive interest rates for a business money market account
    • Easy online and mobile banking access
    • FDIC insured for added security
    • No complex tiered rate structure

    Cons

    • May lack promotional bonuses offered by banks like U.S. Bank Platinum Business Money Market Account
    • Limited physical branch access compared to larger banks
    • Interest rates may not be the highest available nationally
    • Transaction limits apply, which can restrict frequent withdrawals
    • No advanced cash management tools for larger enterprises

  • Grasshopper Innovator Savings

    The “Best for Large Balances,” Grasshopper Innovator Savings offers a 1.80% APY on balances under $25,000 and a higher 3.55% APY on balances of $25,000 or more. With a $100 minimum deposit requirement and no monthly maintenance fee, it’s designed for businesses that keep larger savings and want to maximize returns.

    Editor’s Take

    The Grasshopper Innovator Savings account stands out for its competitive yields and absence of monthly fees, making it an attractive option for businesses seeking growth without extra costs. Its tiered rate system rewards higher balances, giving companies additional motivation to increase savings and maximize returns.

    Designed as a digital-first account, Grasshopper offers seamless integrations with accounting software and supports unlimited check deposits. This online convenience allows for easy transfers and automation, ideal for tech-forward businesses. However, the lack of cash deposit options may limit its appeal for cash-dependent operations.

    Compared to traditional banks like Live Oak that focus on lending and larger accounts, Grasshopper prioritizes accessibility and simplicity. It’s best suited for startups and small businesses that want high-yield savings combined with efficient online tools and a streamlined banking experience.

    Pros & Cons

    Pros

    • Competitive APY that outperforms many brick-and-mortar banks
    • No minimum balance requirements to earn interest
    • Easy online account management with mobile access
    • Quick transfers between Grasshopper checking and savings
    • FDIC-insured up to legal limits

    Cons

    • No physical branches for cash deposits or in-person service
    • Limited product range compared to larger banks
    • May not offer the same lending options as Live Oak Business Savings
    • Interest rate could change with market conditions
    • Customer support is digital-first, which may not suit all business owners

  • Brex Business Account

    The “Best for Startups,” Brex Business Account offers an APY range of 0% to 4.35%, with its money market fund (DGVXX) currently paying 4.35% APY. With no minimum deposit requirement and no monthly maintenance fees, it’s a flexible option for businesses looking to earn strong returns without added costs.

    Editor’s Take

    The Brex Business Account combines checking, Treasury, and Vault accounts into one streamlined platform, offering up to 4.35% APY and FDIC insurance of up to $6 million. It eliminates wire transfer fees, includes built-in invoicing, and provides 24/7 support, ideal for startups and growing businesses seeking an efficient, high-yield solution.

    New account holders can earn a 10,000-point bonus after spending $3,000 in the first three months, redeemable for travel, gift cards, or statement credits. This reward, paired with Brex’s no-fee structure, gives businesses quick value while managing both cash flow and perks effectively.

    Brex also integrates with accounting, payroll, and expense tools to automate financial operations without requiring personal guarantees or credit checks. However, it lacks cash deposit and ATM options, making it better suited for digital-first companies that prioritize automation, security, and flexibility with digital transactions over in-person banking.

    Pros & Cons

    Pros

    • No account fees or minimum balance requirements
    • Earn yield on cash balances through partner banks
    • Fast setup with no personal credit check
    • Strong integrations with accounting and expense tools
    • FDIC insurance up to $250,000 via partner banks

    Cons

    • Not a traditional bank; no branch access
    • Limited to digital banking only
    • Cash deposits and paper checks are not supported
    • FDIC coverage spread across partner banks, which may be confusing
    • Geared toward startups and tech-driven businesses, not all industries

  • Lili Savings Account

    The “Best for Accounting Support,” Lili Savings Account provides a 3.00% APY on balances, giving businesses a solid return without extra requirements. With no minimum deposit and no monthly maintenance fees, it’s a simple and accessible choice for managing savings efficiently.

    Editor’s Take

    The Lili Savings Account offers a 3.00% APY on balances up to $1 million, with no minimum balance requirements or monthly maintenance fees. Interest applies to balances above $0.01, and the APY is variable, meaning it can change based on market conditions. Balances over $1 million do not earn interest.

    This account is available exclusively to Lili Pro, Smart, and Premium customers, with monthly plan fees of $15, $35, or $55, respectively. Users can set up automatic transfers from checking to savings, keeping both everyday transactions and reserves in one convenient platform.

    Lili’s integrated system combines checking, tax tools, and savings, streamlining finances for small businesses. However, its earning potential is limited compared to traditional high-yield business accounts, making it best suited for entrepreneurs who prioritize simplicity, automation, and built-in money management tools.

    Pros & Cons

    Pros:

    • Automatic transfers from checking to savings
    • Easy to manage within the same Lili app
    • No separate account opening process required
    • Good fit for freelancers and small businesses

    Cons:

    • Lower APY compared to top business savings accounts
    • Limited features for larger businesses with complex needs
    • Best benefits tied to paid plans like Lili Pro
    • Not ideal if you want to keep savings at a different bank

  • Square Savings

    The “Best for Savings Tools,” Square Savings offers a 1.00% APY on balances, making it a straightforward way to grow business funds. With no minimum deposit and no monthly maintenance fees, it’s an accessible option for businesses that prioritize simplicity and automation.

    Editor’s Take

    Square Savings is designed for businesses already using Square for payments, offering automatic deposits from each sale directly into your savings. You can organize funds into customizable folders, making it simple to set aside money for taxes, payroll, or future growth.

    With no monthly fees or minimum balance requirements, it’s accessible for businesses with fluctuating cash flow. However, the APY is just 1.00%, which is lower than many other high-yield business savings options, so it’s better suited for automation and convenience than maximizing returns.

    The main limitation is that funds can only be accessed by transferring them back to your Square Balance, which reduces flexibility compared to a traditional bank account. Still, for businesses prioritizing seamless integration and hands-off savings, Square Savings is a practical choice.

    Pros & Cons

    Pros

    • Automatic transfers from sales into savings folders
    • No monthly fees or minimum balance requirements
    • Easy to separate funds for taxes, payroll, or expenses
    • Interest accrues on all balances
    • Integrated with Square’s business tools

    Cons

    • Limited access to funds outside the Square ecosystem
    • Interest rates may trail top business premium savings accounts
    • No physical branches or in-person service
    • Lacks broader banking services like loans or checking
    • Withdrawals require transfers back to Square Balance before use

Frequently Asked Questions

What does an LLC need to open a business savings account?

To open a business savings account, an LLC typically needs to provide basic identification details, such as the owner’s name, address, phone number, and driver’s license, similar to a personal bank account. Most banks also require business documents like the articles of organization and the employer identification number (EIN).

Are there any new banks that have become competitive in business savings?

Several smaller online platforms and fintech-focused banks have entered the market with high-yield business savings accounts. Some credit unions have also improved their offers, giving you more options if you prefer a member-owned institution with lower fees and community-focused services.

What features should I look for in a business savings account?

Check the annual percentage yield (APY), monthly maintenance fee, and minimum deposit requirements. Look for accounts with low or no transaction fees, FDIC insurance, and strong online banking tools. Some banks also provide an ATM card for easier access to funds, though this is less common with business savings accounts.

How have business savings account rates changed this year compared to previous years?

Rates have eased slightly compared to the highs of 2024, but they remain well above pre-2023 levels. Many online business savings accounts still offer yields above 3%, which is stronger than what you would have found just a few years ago.

What are the advantages of high-yield business savings accounts for small businesses currently?

High-yield accounts help your cash reserves grow faster through higher interest earnings. For small businesses, this can offset costs like transaction fees or monthly maintenance fees. Keeping funds in an FDIC-insured account also adds security while giving you flexibility through online banking or, in some cases, limited in-person banking access.