You might be surprised to learn that the best place for your savings can be your own bank.
Best High Yield Business Savings Accounts
What Are High Yield Business Savings Accounts
Business savings accounts, also known as money market accounts, are the most common type of savings account available to businesses.
They offer higher interest rates than personal savings accounts but require a higher minimum balance to open the account.
The best high yield business savings accounts will typically pay 1% – 3% interest per year and have no monthly maintenance fees.
These accounts require a minimum opening balance of $500 and an average daily balance of $50,000 or more over 12 months. Your account may be subject to early withdrawal penalties if you withdraw funds before they are fully redeemed.
What are the Best High Yield Business Savings Accounts?
So where can you find better interest rates? Here are some of our favorite options:
1. Capital One 360 Savings Account: 1% APY on balances up to $10,000 (2% APY on balances up to $100,000).
2. Ally Bank Premier High Yield Savings Account: 1% APY on balances up to $15,000 (2% APY on balances up to $100,000).
CapitalOne is one of the leading financial services companies in the world. It provides a wide range of banking, credit card, savings and wealth management solutions to consumers, small businesses and commercial clients.
Capital One has been ranked among Fortune’s “100 Best Companies To Work For” every year since 2005, which makes it eligible for the Best Places to Work Hall of Fame. In 2007, Forbes named Capital One as one of America’s 100 Most Trustworthy Companies in America.
Capital One was also named one of America’s Best Corporate Citizens by Corporate.
Capital One is a major credit card issuer with a wide range of cards and options to choose from. It offers rewards credit cards like the Capital One Cash Rewards Credit Card or the Capital One Platinum Credit Card, as well as no-fee and low-rate cards such as the Capital One QuicksilverCash Rewards Credit Card.
Capital One’s credit cards are available to anyone who qualifies for them. The company does not have any minimum income requirements or annual fees for its credit cards, but its rewards program does have a limit on how much you can earn per month.
Each year, Capital One gives away about $100 million in cash rewards through its Venture® Rewards Credit Card, which is one of its most popular products. Capital One also has a credit card that doubles as a checking account called the Capital One 360 Checking Account.
This account has no monthly fees and allows you to earn interest on your deposits, which can help boost your savings rate if you use it regularly.
In addition to providing consumer banking services, CapitalOne also offers business banking products such as business checking accounts and small business loans or lines of credit that can help small businesses get off the ground quickly without having to wait weeks or months for approval.
The Capital One Spark Cash Plus* is an excellent business cash-back card for those with strong credit. The annual fee of $150 is palatable compared to many high-end card fees.
Salliemae is the parent company of Sallie Mae Bank and Navient. It provides a suite of financial products and services to consumers, students and families in the United States.
Sallie Mae’s principal business is to make education more affordable for students by providing loans, payment plans and repayment options for their student loans. The company also provides parent loans, private education loans, student debt consolidation loans and other financial products such as savings accounts and money market accounts.
Sallie Mae has been named to Fortune magazine’s “100 Best Companies to Work For” list for 12 consecutive years (2003-2013) and ranked No. 1 in 2012. The company was also named one of America’s “Most Admired Companies” by FORTUNE magazine in 2012, 2013 and 2014.
Best for a compounded interest rate that compounds daily and pays monthly
Sallie Mae is one of the largest student loan providers in the country, with over 12 million customers. The lender offers two types of student loan repayment plans standard and graduated and each option comes with different features.
The standard repayment plan allows you to choose between making fixed monthly payments or paying a smaller amount each month but having your loan paid off sooner than if you choose the graduated payment plan.
The graduated payment plan requires you to split your payments into two separate portions: an initial amount that covers interest only, and a smaller amount that covers both principal and interest over time.
The initial portion of your monthly payment is usually higher than what it would be under the standard plan, but once your balance has been reduced by 25 percent or more, then you can switch back to the standard plan or change your payment amount at any time.
Salliemae Key Features:
- Safer Home Loans: The SallieMae Mortgage Loan Center offers a variety of loans with flexible repayment options and competitive rates. Use our online mortgage calculator to get an idea of how much home you can afford.
- Convenient Payment Options: Paying your monthly mortgage bill has never been easier! Choose from our convenient automated payment options or set up automatic payments through your bank account to make paying your monthly mortgage the easiest thing in the world.
- No Closing Costs: If you are a first-time homebuyer, you may be eligible for no closing costs on your SallieMae loan! The SallieMae Zero Closing Cost Mortgage can be used as a primary or secondary mortgage and is available for purchase, refinance or cash-out transactions.
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.
CIT. is a financial services company that provides credit, banking and insurance products to businesses in the U.S. The Company’s principal business is to provide credit to small businesses in the U.S. through its lending subsidiary, CIT Bank N.A., which offers a range of commercial loans for companies with annual revenues up to $10 million and a variety of deposit products.
CIT’s core business segments are:
- SBA 8(a) Business Development Company (“BDC”) – provides financing for small businesses owned by minorities, women or disadvantaged individuals.
- Commercial Finance – provides term loans, lines of credit and real estate bridge financing.
- CIT Bank – provides banking products and services.
- Purchased Receivables – purchases receivables from various companies at deep discounts.
Best for having a bank account that doesn’t charge ATM fees
If you have a bank account that doesn’t charge ATM fees, then CIT is the best place to get a credit card. It has the lowest interest rate of any credit card in the market, but it’s not as good as some other cards when it comes to rewards.
CIT has an interest rate of 13.99%, which is one of the lowest in the industry. But it’s only available if you apply for the CIT Premier Rewards Visa Signature Card, which has an annual fee of $95.
If you want something less expensive and with better rewards, try another credit card like Chase Freedom Unlimited or Capital One Quicksilver Cash Rewards Credit Card, which offer 1% cash back on all purchases.
The CIT Premier Rewards Visa Signature Card does come with some perks: No annual fee for the first year ($95 after that), no foreign transaction fees and Chip-enabled technology for added security when making purchases abroad.
- 24/7 customer support from the most knowledgeable staff in the industry.
- Online access to your account (online banking).
- Convenient payment gateway with 128-bit encryption and PCI compliance.
LendingClub is the world’s largest online marketplace connecting borrowers and investors. Borrowers get a personal loan they can use for almost any purpose, and investors earn returns by providing capital to the borrowers.
LendingClub’s platform helps borrowers get the money they need at lower rates than they would pay if they went to a bank or credit union.
LendingClub offers a variety of personal loans with fixed interest rates as low as 5.99% APR on unsecured loans. LendingClub also offers home equity lines of credit (HELOCs) with fixed rates starting at 3.99% APR, adjustable-rate mortgages (ARM) from 2.59% APR and student loans from 6.49% APR.
The company’s Safe harbor program ensures that all loans are fully compliant with federal law regarding fair lending practices and other regulations so that borrowers can be confident they will receive their money on time each month without having to worry about losing their home or job because of financial difficulties caused by unexpected medical bills or other emergencies.
Best for getting one of the highest yield rates available
LendingClub is one of the largest peer-to-peer lending platforms, having facilitated over $10 billion in loans since inception. It’s also one of the most popular, with a 4.3 out of 5 star rating on Trustpilot and more than 1,000 positive reviews on Google.
If you’re looking for a way to earn interest on your money without taking on any investment risk, LendingClub may be right for you.
What LendingClub offers
LendingClub offers fixed-rate personal loans between $1,000 and $40,000. These loans are available up to 36 months, but if you need longer than that, another top P2P lender called Prosper can help.
You can set your own rate based on what others are doing (which tends to be lower than banks), or choose from several pre-set options that range from 2% above LIBOR (the London Interbank Offered Rate) for 12 months up to 6% above LIBOR for 36 months. These rates are currently at 3.09% APY for 12 months and 6.09% APY for 36 months both among the best available at the time of writing this article!
- No origination fees, no prepayment penalties.
- The ability to borrow more than your credit score would indicate.
- Convenience and flexibility.
- An easy way to diversify your portfolio with the additional income stream of peer-to-peer lending.
- Access to an investor network of more than 1 million members, including experienced investors and financial professionals who can help you make smart investment decisions.
LendingClub is America's largest lending marketplace, connecting borrowers with investors since 2007. Our LCTM Marketplace Platform has helped more than 4 million members get over $70 billion in personal loans so they can save money, pay down debt, and take control of their financial future.
Alliant is a financial services company that offers a wide range of products and services including checking accounts, credit cards, student loans, mortgages, and bank accounts.
Alliant is based in Chicago, Illinois but has locations across the United States. The company was founded in 1930 as the Allstate Life Insurance Company. A year later it dropped the word “Life” from its name and expanded into other financial services markets.
In 1935, Allstate officially became known as Alliant Insurance Services Incorporated and added other products like annuities and mutual funds to its portfolio. In 1996, Alliant acquired Hartford Fire Insurance Company which had been founded in 1810.
In 2001, Alliant changed its name to Alliant Credit Union (ACU) in order to make it easier for people to find them online after they started offering financial services online.
ACU now serves over 700,000 members through its network of branches across 25 states plus Washington DC.
Best for having a simple savings solution on your high yield account
Alliant has a savings account that pays 1.05% APY. It’s one of the best savings accounts in the market, especially when you consider that it doesn’t have any minimum balance requirements and there are no monthly fees associated with it.
The only downside is that this offer is only available to Alliant members who have an active checking account with them.
Alliant also has a second savings account called the Prime Savings Account,which has an APY of 0.65% but requires a $100 minimum opening deposit and offers ATM access at any Alliant branch or ATM nationwide, free online bill pay and free unlimited check writing with checks made from your own design or images from their library.
Alliant’s checking accounts start at $1 to open (the Classic Checking account) and go up from there depending on what features you want included with your account.
Alliant Systems is the leading provider of business management systems for textile rental companies.
Discover is a card that rewards you for using your card. It’s a great way to get cashback or travel rewards while doing your regular shopping.
Discover has a variety of cards to choose from, including:
Cashback: These cards give you a percentage of your purchase back as cash. You can use this money to pay off your balance, or just keep it in your account as a credit.
Reward points: Some cards offer points that can be redeemed for a variety of prizes, like gift cards, travel and more.
Travel: These cards are similar to cashback cards, but they offer higher rewards rates and sometimes provide special perks such as complimentary roadside assistance or travel services like trip cancellation protection.
Best for never having to pay a fee for insufficient funds
Discover it Credit Card is one of the best credit cards for students. It offers a generous rewards program, and its 0% intro APR on balance transfers can help you save money on interest payments if you have other credit card debt.
It has no annual fee, which makes it ideal for people who don’t want to pay extra money just to have a card.The Discover it Cash Back is another good choice for students.
It offers 5% cash back at different retailers on up to $1,500 in purchases each quarter (1% after), plus 1% cash back on all other purchases, so you’ll earn more rewards than with most other cards. The only downside is that there’s an annual fee of $0, which is higher than some others charge.
The Capital One® Spark® Cash Select for Business might be right for you if you’re looking for great travel rewards or cash back. You’ll earn 2% cash back on every purchase and an unlimited 1.5% cash back on all your other purchases that means you could earn up to 3 percent back each month! Plus, there’s an annual fee of $0 per year.
The Discover it® Secured Credit Card offers a number of perks, mostly related to credit and identity monitoring, but also inclusive of a $0 fraud liability for cardholders and free overnight shipping on card replacements.
7. American Express
American Express offers a Savings Account that provides a competitive interest rate on your deposits. The savings account is available for both business and personal use, allowing you to earn more on your funds.
The interest rate may vary based on a number of factors, including whether you have an existing American Express card or not.
The interest rate for this account is variable and is calculated on the amount in your account each month. You will receive monthly statements detailing your earnings and any fees incurred during the previous month’s activity.
The minimum deposit required to open an account is $1,000; however, there are no monthly service fees associated with this account. You can make deposits into your savings account via direct deposit or by mailing a check directly to American Express at P.O. Box 40003 San Francisco, CA 94140-0003 .
The American Express Blue Cash Everyday card has a 1.5% cash back rate on all purchases, so you can use it for everyday spending and still earn rewards for your purchases. The card also comes with an introductory $150 cash signup bonus after spending $1,000 in the first 3 months.
You can redeem those rewards for statement credits or gift cards at a rate of 1%, so you’ll need to spend $1,500 to get $15 in cash back. But when you combine that cash back with a high yield savings account, it’s possible to see returns as high as 2%.
The card has no annual fee and no foreign transaction fees, but it does charge 3% foreign transaction fees on transactions made outside the U.S., so it’s not a good choice if you plan on traveling abroad often or doing business internationally.
Apply for the Blue Business Plus Card from American Express and earn 2x Membership Rewards® points on everyday business purchases up to $50K
Questions to ask when opening an online banking savings account
How much of my money can I save in this account?
The first question to ask when opening an online banking savings account is how much of your money you can save in it. This varies from bank to bank, but a good rule of thumb is to look for a maximum interest rate of 5%.
What types of accounts are available?
Different banks offer different types of accounts. You should choose the one that best suits your needs. For example, some banks offer term deposits, which allow you to lock in an interest rate for a specified period of time.
Other banks offer regular savings accounts, which allow you to withdraw your money at any time and are only available for short periods (usually a few months).
Are there any fees or charges?
Most banks charge fees for their services, but these fees vary greatly from one provider to another.
Make sure you know what charges you will have to pay before opening an online banking savings account with them so you can budget accordingly. Some banks charge monthly maintenance fees while others charge no fees at all!
Best High Yield Business Savings Accounts – FAQs
What accounts are you looking for?
We’re looking for the best high yield business savings accounts in the US. We’ll consider any type of business account that earns interest and has no monthly fee (or a very small one).
Is there a minimum deposit requirement to open an account?
No, there is no minimum deposit requirement to open a savings account. However, some banks require you to keep a minimum balance so make sure you know what the requirements are before opening an account.
Are there any restrictions on how I use my money? How much can I withdraw each month or year? Are there other limits on my account?
There are no restrictions on how you use your money except that some banks may require a minimum balance in order to waive their monthly fee. Some banks also limit how much money can be withdrawn from an ATM at any given time or per day/week/month (although this isn’t as common with online banks).
A few banks also limit how many checks can be written per month/year or how often automated payments can be made from your account.
What is an average daily balance?
The average daily balance is the average of the balances for the last 30 days. This is the number that most banks use to determine when to charge you a fee for an overdraft.
For example, if your balance was $50 on January 1st, $100 on January 2nd and $150 on January 3rd, your average daily balance would be ($50+$100+$150)/3 = $125.
If you have several transactions all around the same time, it’s best to calculate your average daily balance based on their times of posting rather than their dates of entry. If you do this, you’ll get a more accurate picture of how much money you have available at any given time.
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