SMB Yields: Best Small Business Bank Accounts to Earn Interest

Every dollar counts as a business owner—so why let your money sit idle? Many small business bank accounts now offer interest on your deposits, allowing you to earn a passive income by keeping your funds in the right place. Whether you’re looking for a high-yield business savings account or a checking account that rewards your balance, plenty of options are available.

In this round-up, we’ll explore the best business bank accounts that offer 1% APY or more (at the time of writing). We’ll compare business checking vs. savings, highlight key features to consider, and help you find the right account to maximize your earnings while keeping your business finances flexible and accessible.

What to Look for in a High-Yield Business Bank Account

When choosing a business credit union or bank account that earns interest, it’s important to consider several key factors beyond just the APY. By evaluating these factors, you can find the best high-yield business bank account that aligns with your financial goals while keeping your money accessible and secure.

Competitive rates

A high-yield business account should offer an interest rate that maximizes your earnings. Compare rates across different banks and ensure they apply to your expected balance range.

Fees and account costs

Look for accounts with no or low monthly maintenance fees. Some banks waive fees if you meet certain balance requirements or have other types of accounts with them. Avoiding unnecessary fees helps maximize your earnings.

Minimum balance requirements

Some banks require a high opening deposit or minimum balance to earn interest. Make sure the account’s balance requirements align with your cash flow needs.

FDIC insurance and bank security

Ensure your deposits are FDIC-insured, which protects up to $250,000 per depositor, per bank. This is crucial for safeguarding your business assets.

Access to funds

Check whether the bank allows easy access to your money. Some accounts limit transactions, while others provide unlimited withdrawals and transfers. If liquidity is a priority, consider a business checking account that earns interest.

Online and mobile banking features

A digital-first banking experience is essential for business owners who need to manage finances on the go. Look for convenient online and mobile banking options, including mobile check deposits, bill pay, and integration with accounting tools.

Business perks and benefits

Some banks offer additional perks such as cash back debit cards, free wire transfers, or discounts on business services. These features can add extra value beyond the yield rate.

Best Small Business Bank Accounts to Earn Interest

1. Axos Bank Premium Business Savings

2. Live Oak Bank Business Savings

3. TAB Bank Business Money Market Account

4. Grasshopper Innovator Business Checking

5. Bluevine Business Checking

6. American Express Business Checking

How to Choose Your Business Bank Account

To find a business bank account that best fits your needs, you’ll need to think about how you intend to use it. 

Business checking vs. Money market vs. Savings

• Choose a business checking account if you need frequent access to your money for expenses, payroll, or day-to-day transactions.
• Choose a business savings or money market account if you want to grow your reserves while earning a higher interest rate and don’t need immediate access to the funds.
• Consider a combination of these to maximize earnings on reserve cash while also maintaining cash flow liquidity.

Understanding balance limits and APY impact

• Some accounts offer high APYs but cap interest earnings after a certain balance threshold. Beyond that limit, you may only earn a fraction of the yield.
• If your business maintains large cash reserves, look for accounts with a higher cap on interest-earning balances or consider multiple accounts to store your funds.
• Be mindful of minimum deposit requirements—some high-yield accounts require a larger opening balance, minimum monthly balance, or monthly transaction qualifiers.

Evaluating account features

• Online and mobile banking: Ensure the bank offers a great digital experience with mobile deposits, bill pay, and easy fund transfers to connect with your account anywhere.
• Business integrations: Some good banks provide accounting software integrations with QuickBooks or other bookkeeping tools, and some make linking external accounts easy and seamless. 
• ATM access and transfers: Check if what matters to you is included in the account terms. For example, cash deposits, ATM withdrawals, or wire transfers.

Wrap-up: High-Yield Business Accounts

Choosing an interest earning small business bank account for LLCs or other business types can help earn passive income while maintaining financial flexibility. Whether you prioritize a high APY rate, fee-free banking, or seamless digital tools, there’s an option that fits your business needs. Take the time to compare features and select an account that maximizes your earnings while offering the accessibility you need.

Editor’s note: Opinions shared in this article are solely the author’s and do not represent the views of any bank, credit card issuer, hotel, airline, or other organization. The content has not been evaluated, approved, or endorsed by any of the mentioned entities. These are our recommendations but it isn’t financial advice. We may receive a commission if you click through any of the links in this article.

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