Business Savings Account
A deposit account held in a business entity's name, carrying FDIC insurance separate from the owner's personal accounts. Rates vary widely — online banks frequently beat big-four by 2–3 percentage points.
Rate Summary — as of
Typical APY range
4.00–5.00%
Typical minimum balance
$500
What Is a Business Savings Account?
A deposit account held in a business entity's name, carrying FDIC insurance separate from the owner's personal accounts. Rates vary widely — online banks frequently beat big-four by 2–3 percentage points.
Key Features
- Separate FDIC insurance from personal accounts
- Builds business credit history
- Earns interest on operating reserves
- ACH and wire capabilities
What to Watch Out For
- Required documentation (EIN, articles of incorporation)
- Monthly maintenance fees
- Limits on monthly transactions or transfers
Who This Product Fits
Compare by Bank Type
The same Business Savings product type varies significantly by institution. Select a bank category to see how rates, fees, and features differ:
Big-Four Banks
Chase, Bank of America, Wells Fargo, and Citibank. Unmatched branch network; rates typically 0.01–1.…
Regional Banks
Mid-size institutions (Regions, Huntington, Fifth Third, KeyBank). Often competitive CDs; savings ra…
Online-Only Banks
Ally, Marcus, Discover Bank, American Express Bank. Consistently lead rate tables by 1–3 percentage …
Credit Unions
Member-owned cooperatives insured by NCUA. Share rates often match or beat online banks; membership …
Fintech Neobanks
SoFi, Wealthfront Cash, Betterment Cash Reserve. Pass-through deposit models; rates competitive but …
Brokerage Banks
Fidelity, Charles Schwab, Vanguard banking arms. Sweep rates are often low on default; money market …
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