Did you know that fewer Americans are using traditional bank accounts? During the last 12 months, 81% of Americans still had bank accounts with physical locations. If you are a small business looking for savings accounts for business along with the best business savings account rates, we are here to help.
Read on to learn about the best business savings accounts out there.
1. Parke Bank
With Parke Bank, you have options when it comes to the different tiers of interest rates. The higher your daily balance is, the higher the interest rate will be. They do not charge a monthly fee as long as you maintain the required minimum balance.
We recommend you click for more info if you want to see the difference between the tier options they offer.
2. Live Oak Bank
Live Oak Bank offers a .50% APY no matter what your balance is. They also do not require you to have a minimum balance in your savings account. One of the cons is that you do not have the option of unlimited withdrawals each month.
Keep in mind that this savings account is best for people that prefer to bank online because they do not have physical branches, they strictly offer online business savings accounts. Also, all of your deposits have to be via check through their mobile app.
3. TAB Bank
This is another full service bank online, meaning they don’t have a physical address either. As long as you don’t use ATMs often, then TAB bank might work for you because they do not have an ATM network, meaning that whenever you do use an ATM, you have to pay the fees (they will not reimburse you).
One pro about TAB Bank is that they are partners with AutoBooks for invoicing services.
4. Prime Alliance Bank
If you are looking for a savings account that offers interest options based on the amount of money you have saved, then this might be a good option. Their lowest ongoing APY is 0.25% and increases based on the money you have in your account. One con is that they do not offer customer service on weekends.
A pro is that you do not have to worry about paying a monthly maintenance fee no matter what your balance is because they do not have a minimum balance requirement.
5. Capital One Bank
There are very limited branches, so you more than likely would have to open this account online. Capital One has thousands of ATMs to choose from without worrying about a fee.
For business savings accounts, they do not have a minimum balance requirement in order to earn interest.
Ready to Choose Between These Business Savings Accounts
Hopefully now that you have our list of the best business savings accounts, you can feel confident making an informed decision. In some cases, a business might find it best to have more than one account.
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