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Best Bank for Opening a Business Savings Account

We reviewed the best bank for opening a business savings account and found that LiveOak Bank earns one of the highest savings rate.

Business savings accounts are a valuable tool for business owners to promote financial stability and support growth while earning interest.

Live Oak Bank offers one of the best business savings rate along with an integration of popular business apps and a responsive U.S.-based customer service team.

Best Business Savings Account Of 2024

Quick Overview

LiveOak Bank offers small business owners a high-interest business savings account that can be used for cash reserves, taxes, investments, and more.

  • High interest rate – Earn 4.00% APY.
  • Quickbooks integration – Connect essential business tool to your account.
  • U.S.-based customer service – Important to many customers
Open Now

Apply at LiveOak's secure site.

Features

High-Yield Business Savings Account

Business savings customers earn 4.00% APY with no minimum balance requirements.

No Monthly Maintenance Fees

Account holders are not required to keep a minimum balance to avoid fees.

Connect with QuickBooks

Manage your business finances by linking your account.

Minimum Opening Deposit

There’s no minimum deposit requirement to open a Live Oak Bank Business Savings Account. Customers must have a balance of at least $0.01 to earn interest. 

Pros

Cons

About LiveOak Bank

Live Oak Bank was founded in 2008, with current assets of $9.6 billion. As a fully digital bank, LiveOak can offer business owners as well as individuals competitive high-yields on savings and CDs across the country.

While LiveOak is primarily known for their focus on small business banking, they also offer personal high-yield savings accounts, personal and business CDs (Certificates of Deposit).

Here's a breakdown of Live Oak's products:

For Businesses

  • Business Checking Accounts
  • Business Savings Accounts
  • Business CDs
  • SBA Loans, USDA Loans, and Commercial Loans
  • Treasury Management Services

For Individuals

  • Personal Savings Accounts
  • Personal CDs

Why Have a Business Savings Account?

A business savings account can be a valuable asset for small business owners as well as solo entrepreneurs,  providing several crucial benefits:

1. Emergency Fund: Unexpected expenses are a reality for any business. A savings account can provide a financial cushion to cover unforeseen costs like repairs, legal fees, or slow sales periods. This safety net can prevent you from dipping into personal funds or relying on high-interest loans.

2. Tax Payments: Quarterly estimated tax payments can be a significant financial burden. Having a dedicated savings account for taxes ensures you have the funds available when they're due, avoiding penalties and interest for late payments.

3. Future Investments: Whether it's purchasing new equipment, expanding your marketing efforts, or launching a new product line, having savings allows you to invest in your business's growth without accumulating debt or sacrificing daily operations.

4. Cash Flow Management: Separating your savings from your operating expenses helps you better understand your cash flow patterns and plan for future financial needs. It can also help you identify areas where you can cut back on spending to increase your savings rate.

5. Financial Stability and Peace of Mind: Knowing you have a financial safety net in place can reduce stress and allow you to focus on growing your business with confidence. It can also make it easier to weather economic downturns or industry fluctuations.

Final takeaway

A business savings account can be a valuable tool for businesses to manage their finances, save for future goals, and prepare for unforeseen circumstances.

While we recommend Live Oak Bank Business Savings Account due to its competitive rate, it's essential to research different options and choose an account that best suits the business's specific needs and financial goals.

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Best online savings rates

The national savings rate is 0.47% APY. This online bank pays way more.

CIT Bank

Platinum Savings
5.05% APY
/Month
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Upgrade

PREMIER SAVINGS
5.21% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

HIGH-YIELD SAVINGS
4.50% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

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