Best Business Savings Accounts For 2024


As a business owner, you know how important it is to have funds set aside for a rainy day or to take advantage of future opportunities. Having cash savings for your business can provide you with financial flexibility, security, and control. The right business savings account can help your money work smarter for your company while still keeping it safe, liquid, and easily accessible.

With interest rates on the rise in 2024, now is a prime time to open or reevaluate your business savings account to take advantage of higher annual percentage yields (APYs). The Federal Reserve has indicated they will likely continue raising rates this year, which means savings rates are expected to increase as well.


However, not all savings accounts are created equal. The best business savings accounts provide exceptional rates while also offering essential features tailored to business owners. As you search for where to park your business cash, be sure to consider these key factors:

Interest rates/APY – The main reason to open a dedicated savings account is to earn interest on your money, so focus on accounts with the highest rates.

Minimum balance requirements – Many have no or low minimum deposits to open the account.

Accessibility – Good savings accounts allow easy access to your money when needed.

FDIC insurance protection – Your deposits must be insured up to at least $250,000 per depositor.


I’ve compared the top nationally available business savings accounts to provide you with the definitive list of the best places to stash your business cash this year based on interest earnings, fees, reputability, and ease of use.

Marcus by Goldman Sachs – High Yield Business Savings

Marcus by Goldman Sachs is currently offering one of the most competitive interest rates in the industry for business savings accounts. Boasting an APY of 3.15%, this account is at the top when it comes to return potential on your savings deposit.

With no monthly fees or minimum balance requirements, this account makes earning a return simple. There are also no transaction limits, allowing unlimited deposits and withdrawals when needed. Funds can be easily moved between your Marcus savings and associated checking or cash management accounts.


As an FDIC-insured bank, Marcus offers exceptional safety for cash balances up to $250,000. Known for transparency and ease of use, this streamlined account avoids hassles so you can focus on running your business.

Best for: Excellent interest rates without complicated account requirements.

CIT Bank Business Savings Builder

With one of the fastest growing APYs currently at 2.95%, CIT Bank is rewarding those businesses stashing their cash. This account prioritizes flexibility and convenience for owners, with no monthly account fees, no minimum balance requirements, and all your money earning a high published rate.

Business Savings Builder truly sets itself apart by encouraging robust savings, with one of the highest monthly transfer limits into savings accounts, currently $100,000 per month. To inspire regular saving, you can even set up recurring transfers from a CIT Bank checking account.

While this account comes with all the mobile and online account management business owners need, you can also easily connect with knowledgeable banking professionals over the phone for personalized service.

With FDIC insurance protection on deposits, CIT Bank provides both digital convenience and savings power for your business.

Best for: Robust savings rates and industry-leading transfer limits.

Regions Bank Business Savings

If you want the capabilities and assurance of working with one of the nation’s largest full-service banks, Regions Bank provides an accessible business savings option. With an APY of 2.80%, this account offers strong interest-earning potential with the convenience of a household name.

A major perk of Regions is integration and complementary services if you have or open a Regions business checking account. You’ll enjoy seamless money movement between accounts as well as in-branch support.

While there is a $25 minimum deposit required to open this savings account, there are no monthly maintenance fees or charges for withdrawals. You can easily monitor balances and initiate transfers with robust digital banking tools.

For those who prefer assistance from professionals, Regions banking experts are ready to help guide financial choices for saving, borrowing, or managing cash flow. From fraud protection to financing, Regions provides business owners with diverse account services with regional Southern hospitality.

Best for: Reputable full-service bank with competitive savings rates.

Axos Bank Business Savings

Axos Bank may not be a familiar name, but as an online bank, they consistently offer better than average deposit rates and minimal fees. Available nationwide, this savings account boasts a strong APY of 2.61% with no monthly maintenance or transaction fees.

Designed to be easy and convenient for business owners to use, this account has no minimum balance requirement and all balances earn high-yield interest. Support tools allow you to establish separate savings goals or auto-save into your account regularly.

While technologically advanced, Axos also provides access to real bankers over the phone along with a “Live Help” chat. Deposits carry FDIC insurance protection up to the maximum insurable amount.

As an online bank, Axos Business Savings accounts cannot directly access cash from a branch. However, you can easily link an external checking account for accessible liquidity when funds are needed.

Best for: Top rates from a digital-first bank with robust account management tools.

BMO Harris Business Money Market

Acting as a savings account hybrid with excellent liquidity, BMO Harris offers a premium business money market account with check-writing ability and debit card access. This unique account allows both robust savings and spending flexibility.

Featuring an APY of 2.15%, this provides reliable interest income on deposited funds that can compound monthly when thresholds are met. There is a $1000 minimum balance to open the account and avoid a monthly fee, which is on par with a money market account.

One of the biggest differentiators of this account compared to traditional savings is convenient access to your money. You can write checks or make point-of-sale purchases with the debit card provided. ATM access allows cash withdrawals when necessary as well.

Additionally, you’ll benefit from seamless integration if you have BMO Harris business checking and robust digital account management. From spending reports to budgeting tools, this account provides visibility along with strong interest earnings.

Best for: Hybrid money market savings account with exceptional liquidity access.

How Do Business Savings Account Interest Rates Compare?

To put into perspective how these accounts stack up against others you may be considering, here is a comparison of current annual percentage yields:

Marcus by Goldman Sachs – 3.15% APY
CIT Bank – 2.95% APY
Regions Bank – 2.80% APY
Axos Bank – 2.61% APY
BMO Harris – 2.15% APY
Capital One – 1.90% APY
Wells Fargo – 0.05% – 0.13% APY
Bank of America – 0.03% APY

As you can see with Wells Fargo and Bank of America, big-name banks tend to offer lower deposit rates while leading high-yield savings accounts provide 10x higher yields or greater. Even an incremental rate difference of half a percent or more results in thousands of dollars in extra interest income over time.

What to Look for in the Best Business Savings Accounts

Now that you know where you can score the highest business savings rates this year, let’s examine other important components that set apart quality business savings accounts.

1. Minimum balance requirements

Many banks require you to deposit a minimum amount to open a savings account, with some needing additional minimums to avoid monthly fees. Look for low minimums or no minimums at all.

2. Check writing and/or debit card access

While less common among savings accounts, some do provide direct spending ability. This adds additional flexibility for when you need money fast.

3. Linking capabilities

Convenient integration with business checking accounts at the same provider enables seamless cash management. Easy transfers back and forth prevent delays in accessing money.

4. Rate guarantees

Some banks guarantee the rate for a specified period that will not drop regardless of market movement. This prevents sudden declines before you expect them.

5. ATM fee rebates

To easily grab cash from your savings, make sure your account provider offers adequate ATM access and preferably fee rebates for using out-of-network machines when necessary.

6. Insurance protection

Verify complete FDIC or NCUA insurance coverage on deposits to guarantee the safety of funds evenworst-casecase bank failure scenarios.

7. Liquidity needs

Analyze upcoming needs for accessed savings so your money maintains ideal availability fitting your situation. Savings accounts limit withdrawals while money market/CDs add flexibility.

Which Business Savings Account is the Overall Best?

Based on interest earning potential balanced with ease of use and accessibility, Marcus by Goldman Sachs High Yield Business Savings handily emerges as the best business savings account for 2024. Boasting one of the highest interest rates nationwide without any hidden fees or overly restrictive rules on your deposits, this streamlined account simplifies saving money while maximizing return.

With no minimum balance requirement, all of your deposited funds will earn 3.15% APY as long as Marcus maintains this attractive rate. Choosing Marcus means efficiently growing your business savings faster through compound interest.

The standout rate, combined with Marcus’ reliability and lack of surprising account fees, makes this accessible savings solution ideal for small to mid-sized businesses to stash excess cash. Pleasantly easy to manage online, you can monitor balances and initiate withdrawals 24/7 without jumping through hoops.

While not yet a household name like some mega banks, Marcus Goldman Sachs delivers an elite business savings offering with premium interest earnings for companies seeking to get the most from money in the bank.

Open or Reevaluate Your Business Savings Account Today

As this new year kicks into high gear, now is prime time to open or reassess your business savings account to seize higher annual yield potential. Whether stashing operating profits or aggregating reserves for upcoming investments, choosing where to park your cash matters.

Don’t let subpar savings rates from outdated legacy bank accounts minimize interest income you’ve earned. By contrast, the newest crop of high yield savings accounts allows your balances to grow significantly faster through leading rates.

Remember, even fractions of a percent add up substantially over months and years. Lock in a complete business savings solution that goes beyond just good rates to offer the account management capabilities and access you require.

Review our list of top-rated business savings accounts paying yields up to 10x higher or more than alternatives. Simply switching to where your money can work smarter maximizes how much you accumulate in the bank through hands-off compound growth. More cash availability empowers you to confidently run your business and spend from a position of financial strength this year.


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