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Key takeaways

  • The best bank for a business savings account depends on factors like interest rates, fees, accessibility and services.
  • Online banks typically offer higher APYs and lower fees, while national and regional banks provide in-person banking and additional business services.
  • Look beyond interest rates. Monthly fees, withdrawal limits and additional services can significantly impact the value of a savings account.
  • Business savings accounts come in different forms, such as high-yield savings accounts, money market accounts and CDs.

A business savings account is more than just a place to stash excess cash. The right account can help you earn interest, avoid unnecessary fees and even provide additional banking perks that support your business growth. With so many banks and account options available, how do you choose the right one? Here are the essential factors to consider.

Why is it important to pick the right bank?

Picking the right bank for your business savings account is crucial to managing cash flow, maximizing savings and minimizing fees. The right banking partner can offer:

  • Financial stability: Safeguards your funds and supports long-term business growth.
  • Cost-effective solutions: Provides low fees and competitive interest rates to maximize your savings.
  • Convenience: Access to banking tools that simplify financial management, such as automated transfers and mobile banking.
  • Customer support: Strong customer service ensures that issues can be resolved quickly and efficiently.

How to pick the right bank for your business

The right bank for your business should offer a combination of competitive rates, low fees and convenient access to funds. Here’s what to keep in mind when evaluating your options.

1. Interest rates matter — but they’re not everything

While a high annual percentage yield (APY) is attractive, it shouldn’t be the sole factor in choosing a bank. Excellent customer service, flexible access to funds and valuable business banking services can outweigh the benefits of slightly higher interest earnings. Also, consider that banks with high fees can wipe out any competitive gains you would have otherwise made.

Some accounts may offer promotional APYs that drop after an initial period, so always check for long-term rate stability. You’ll also want to verify how frequently interest compounds, since daily or monthly compounding can make a difference in your earnings.

Remember to weigh the trade-off between liquidity and returns. Some high-yield accounts may impose withdrawal restrictions that could limit your access to funds when you need them most.

2. Fee structures can impact your bottom line

Many banks charge monthly maintenance fees, withdrawal fees and excess withdrawal fees when you go over the allowed number of monthly transactions. Look for accounts that minimize these costs — or better yet, either waive them if you meet balance requirements or don’t have them at all.

Some banks offer incentives like sign-up bonuses or reduced costs for new business customers. Factor these into your decision-making process to find the best value.

3. Access and convenience may be important

Does your business rely on cash deposits? If so, an online-only bank might not be the best fit. However, withdrawing money might not be a big deal with online banks that partner with large ATM networks like AllPoint or that reimburse you for ATM fees. Still, using a national bank with an extensive branch network and ATM access might be more convenient overall if cash is central to your business.

A national bank may also be convenient for businesses operating in multiple states. Local banks and credit unions are less ideal if you need branch and ATM accessibility because they typically have fewer locations, although they do tend to have more personalized service.

4. Additional business banking services are helpful

Not all banks specialize in business accounts, so choose one committed to supporting businesses, including through tailored products and services.

Business-specific features can make a significant difference in how efficiently you manage your savings. Look out for:

A dedicated business banking team can also offer helpful advice and tools, from cash flow management to lending options.

5. Customer support and reputation make doing business easier

Look for banks with highly rated support teams and in-person, online or phone assistance options. You want to make sure that when you have a problem or need, the bank will meet or exceed your expectations. Banks with 24/7 customer service are helpful, particularly for time-sensitive matters like account freezes or unauthorized transactions.

J.D. Power, a reputable data analytics company that uses objective measures to score businesses, has several studies ranking banks. You can look at its U.S. Small Business Banking Satisfaction Study and U.S. National Banking Satisfaction Study to see which banks have higher customer satisfaction scores.

6. Different business sizes have distinct banking needs

Small businesses, startups and large enterprises often need different things from banks:

  • Startups and small businesses may benefit from banks with lower fees, flexible account requirements and online banking options that streamline account management. Some institutions offer free business savings accounts for those just getting started.
  • Mid-sized businesses might need access to business lines of credit, treasury management tools and higher withdrawal limits. Regional banks or credit unions may provide more personalized service while offering competitive rates.
  • Large enterprises may require more sophisticated banking features, such as sweep accounts, cash management services and multi-location access. National banks often provide robust business banking suites tailored to enterprises with significant cash flow.

Considering how a bank supports businesses of different sizes ensures that as your company grows, your bank can grow with you.

What types of savings accounts are available to businesses?

While you’re looking at banks, you’ll also need to consider what kind of savings accounts you need because not all banks offer every option. Here are the most common types of business savings accounts:

  • Standard business savings accounts: A simple, low-maintenance option to store excess cash while earning some interest.
  • High-yield business savings accounts: Offers a higher interest rate, helping businesses maximize returns on idle cash.
  • Business money market accounts: A hybrid between savings and checking, allowing for limited transactions while offering competitive interest rates.
  • Certificates of deposit (CDs): Provides a guaranteed return in exchange for locking up funds for a fixed period.

The bottom line

Choosing the right bank for your business savings account requires balancing interest rates, fees, accessibility and banking features. Whether you prioritize digital convenience, in-person service or high-yield returns, carefully comparing your options will help you find a bank that aligns with your business goals.

Once you set up an account, consider enabling automatic transfers to build your business’s savings consistently and reviewing your account periodically to ensure it still meets your needs. If your business grows or your financial goals change, don’t hesitate to switch banks or explore additional savings options that offer better benefits.

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