How we compare business savings accounts
We compare a wide range of products, providers, and services, but we do not cover the whole market. There may be other options available to you outside of our platform. Every rate and fee comes from the provider's own rate sheet or account page, and the table shows the date each bank prints beside its rate, where it prints one. Big banks set rates by location, so the rate you are offered may differ from the one shown.
The table shows what each account would earn on your balance over the months you choose, after its monthly fees. Each month we apply a twelfth of the published APY to that month's balance, through the account's own rate tiers, and charge the monthly fee unless that month's balance reaches the waiver. Each monthly deposit is added at the end of its month and earns from the next. Interest is not added back to the balance, because an APY already includes a year's compounding; over two years that makes the figure slightly conservative. The table sorts by that net figure, highest first, and an account we can't price for the whole period comes after the ones we can. Relationship rates, rate boosts for holding other products and promo-code offers are not counted. Commission does not change the order.
The rate a business savings account pays at your balance
Some accounts pay one flat rate whatever the balance. Others step the rate up or down at set balances, or pay each slice of the balance at its own rate. The rate shown below is the one each account pays at the table's default balance; move the balance in the calculator and the table recalculates.
| Account | Rate | How the rate works | At very large balances |
|---|---|---|---|
| Axos Business Premium Savings | 3.50% | Flat | Rate on request from $5M |
| Grasshopper Innovator Savings | 3.25% | Whole balance | 3.25% with no ceiling |
| Lili Savings | 2.25% | Each slice at its own rate | No interest above $1M |
| Live Oak Bank Business Savings | 2.75% | Flat | Same rate at any balance |
| Piermont Business Money Market | 3.25% | Whole balance | 3.25% with no ceiling |
| Relay Savings | 1.19% (Starter plan) | Flat | Same rate at any balance |
| U.S. Bank Platinum Business Money Market | 3.82% | Whole balance | Falls to 1.15% from $3M |
| Chase Business Total Savings | 0.01% | Flat | Same rate at any balance |
| Bank of America Business Advantage Savings | 0.01% | Flat | Same rate at any balance |
| Wells Fargo Business Market Rate Savings | 0.01% | Flat | Same rate at any balance |
A tiered rate on the whole balance jumps when you cross a tier: below Grasshopper's top tier the whole balance earns the lower rate, and above it the whole balance earns the higher one. A sliced rate never jumps, because only the part of the balance inside each slice earns that slice's rate. Where a bank shows no rate above a balance, the table shows "Get quote" at that balance.
Some accounts pay more if you hold other products with the same bank: Chase Business Premier Savings with linked checking, Piermont with a funded checking account, and Bank of America through its Preferred Rewards program. The relationship rate row shows them. We leave them out of the estimate because they depend on what else you hold.
Introductory and new-account rates on a business savings account
Capital One and U.S. Bank quote a headline rate that is limited in time or to new accounts. Promotional rates that need a code are not counted.
| Account | Headline rate | Condition | Who it applies to |
|---|---|---|---|
| Capital One Business Advantage Savings | 3.50% for 3 months | Intro rate for 3 months | Intro rate: new accounts |
| U.S. Bank Platinum Business Money Market | 3.82% | Special new-account rate | Special rate: new accounts |
Capital One publishes how long its introductory rate lasts but not what the account pays once it ends. For a period longer than the introductory months, we count interest for those months only and mark the figure as incomplete, so it sits after the accounts we can price for the whole period. A shorter period in the calculator gives a complete figure.
U.S. Bank calls its rate a special rate for new accounts and prints no end date. We count it for the whole period, as published. It also asks for the first tier's balance to be deposited within 30 days of opening, and the table applies the special rate whenever your balance sits in its tiers, so if you open smaller and build up with monthly deposits, the figure overstates this account. If you are comparing over a year or more, ask the bank how long it holds.
Monthly fees on a business savings account, and the balance that waives them
The free account row shows which accounts charge no monthly fee. Where an account does charge one, the bank waives it at a balance:
| Account | Monthly fee | Waived at |
|---|---|---|
| Axos Business Savings | $5/mo | $2,500 |
| Axos Business Money Market | $10/mo | $5,000 |
| Bank of America Business Advantage Savings | $10/mo | $2,500 |
| Capital One Business Advantage Savings | $3/mo | $300 |
| Chase Business Total Savings | $10/mo | $1,000 |
| Chase Business Premier Savings | $20/mo | $25,000 |
| Piermont Business Money Market | $25/mo | $1,000 |
| U.S. Bank Basic Business Savings | $5/mo | $500 |
| U.S. Bank Platinum Business Money Market | $15/mo | $10,000 |
| Wells Fargo Business Market Rate Savings | $5/mo | $300 |
| Wells Fargo Business Platinum Savings | $15/mo | $10,000 |
Relay has no savings fee of its own, but its higher savings rates come with its paid plans, and we count the plan fee against the interest.
Banks measure the waiver balance in different ways: a minimum daily balance must hold every day of the month, while an average balance can dip for a few days. Some banks also waive the fee if you hold their checking account or set up automatic transfers. We count the balance route only, because the other routes depend on what else you hold, and we show them in the fee waiver row.
What $10,000 earns in a business savings account
Set the balance to 10,000 and the period to 12 months, and the table shows each account's interest for that year after fees. At that size, a fee the bank doesn't waive can decide more than the rate. An account paying a hundredth of a percent earns about a dollar a year on $10,000, so a fee the bank doesn't waive turns the figure negative. A balance of exactly the waiver amount counts as meeting it.
Tiers can catch you out too. A balance that size may sit below the tier that pays the advertised rate: U.S. Bank's Platinum account is one example, and the table always uses the rate that applies to your balance. Its tiers are 0.05% to $49,999; 3.82% to $1M; 4.08% to $3M; 1.15% above
Adding a monthly deposit changes the picture over the year. The balance grows each month and can cross a fee waiver or a rate tier part way through, so the table prices each month on that month's balance.
Business money market account or business savings account?
A money market account at a bank is a deposit account, like a savings account: it pays interest on a business's spare cash and carries the same FDIC cover. A money market fund is different: it is an investment and is not FDIC insured. The label tells you little about the rate, so compare the rate, the fee and the waiver, not the account type.
| Account | Type | Rate |
|---|---|---|
| Axos Business Money Market | Money market | 0.20% |
| Grasshopper Innovator Savings | Money market | 3.25% |
| Piermont Business Money Market | Money market | 3.25% |
| U.S. Bank Platinum Business Money Market | Money market | 3.82% |
The usual downside of a money market account is the balance needed to avoid the fee, which can be higher than on a basic savings account at the same bank.
Can an LLC open a business savings account?
Yes. Every account here is sold to businesses, and each provider that lists the entity types it accepts for business accounts includes LLCs:
| Account | Entities accepted |
|---|---|
| Axos Bank (all three accounts) | Sole prop, LLC, corporation |
| Chase (both accounts) | Sole prop, single-member LLC, S and C corp |
| Grasshopper | Sole prop, LLC, corp, partnership, non-profit |
| Relay | LLC, corp, partnership, sole prop, non-profit |
Chase lists single-member LLCs; a multi-member LLC opens in a branch. For providers not listed here we have not confirmed the list. Check one more thing before you apply: some savings accounts can only be opened beside the provider's own checking account.
| Account | Checking account needed |
|---|---|
| Lili Savings | Yes |
| Relay Savings | Yes |
| Piermont Business Money Market | For top rate only |
The "No checking account needed" filter above the table shows only the accounts whose provider states that none is needed.
FDIC cover and the bank behind a business savings account
Where the provider is a bank, it holds your deposits itself. Where the table names a partner bank, the provider is a fintech: your money sits at that bank, and FDIC insurance reaches you through it.
| Account | Who holds the money | FDIC cover |
|---|---|---|
| Grasshopper Innovator Savings | Grasshopper itself (bank) | $250,000 direct, $125M via sweep |
| Lili Savings | Fintech; Sunrise Banks | Pass-through, up to $3M via sweep |
| Live Oak Bank Business Savings | Live Oak itself (bank) | $250,000 standard |
| Piermont Business Money Market | Piermont itself (bank) | $250,000 direct |
| Relay Savings | Fintech; Thread Bank | Pass-through via Thread Bank |
FDIC insurance covers the bank failing, up to $250,000 per depositor, per bank, per ownership category. It does not cover the fintech in front of the bank. If your business holds more than that in one place, a sweep network such as Grasshopper's spreads the balance across many banks to extend cover, and the "Bank, not fintech" filter shows only accounts held by the bank itself.