As a small business owner, you may have some cash reserves that you want to keep in a safe and accessible place.
However, leaving your money in a low interest checking Account or a traditional savings account may not be the best option.
You could be missing out on earning more interest and growing your savings faster.
That’s why you may want to consider opening a high Yield Savings Account for your business.
A high yield savings account is a type of savings account that offers a higher interest rate than the average savings account.
It also allows you to access your funds when you need them, without paying penalties or fees.
we will explain how to choose the best high yield savings account for your business, based on factors such as interest rates, fees, minimum balance requirements, access to funds and customer service.
We will also review some of the best high yield savings accounts for small businesses in 2023.
There are several factors to consider when comparing different savings accounts, such as:
There are several factors to consider when comparing different savings accounts, such as:
Interest rate: This is the percentage of interest that you earn on your balance over a year.
The higher the rate, the more money you make.
However, some accounts may have tiered rates that depend on your balance or other conditions.
Fees: These are the charges that you may incur for using the account, such as monthly maintenance fees, transaction fees, ATM fees or overdraft fees.
Some fees can be waived if you meet certain requirements, such as maintaining a minimum balance or linking another account.
Minimum balance requirement: This is the amount of money that you need to keep in the account to avoid fees or earn interest.
Some accounts have no minimum balance requirement, while others may have a high threshold.
Access to funds: This is how easy it is to withdraw or transfer money from the account.
Some accounts offer check-writing and debit card access, while others may limit you to online banking or wire transfers.
Customer service: This is how well the bank or credit union responds to your questions and concerns.
You may want to choose an account that has 24/7 support, online chat or phone assistance.
Based on these criteria, we have selected some of the best high yield savings accounts for small businesses available in April 2023:
Based on these criteria, we have selected some of the best high yield savings accounts for small businesses available in April 2023:
Live Oak Business Savings: This is an online-only account that offers a 4.00% APY with no monthly fees and no minimum balance requirements.
You can transfer funds by ACH payment, mobile check deposit, mailed check or wire deposit.
Live Oak Bank also has a mobile app and a dedicated customer service team for business customers.
First Internet Bank Business Money Market Savings: This is another online-only account that offers a 3.14% APY with a daily balance of $5,000,000 or below or a 4.65% APY with a daily balance above $5,000,000.
It has a low monthly fee of $5 that can be waived with an average daily balance of $4,000.
You can access your funds by check, debit card or online banking.
First Internet Bank also has a mobile app and a live chat option for customer support.
Capital One Business Savings: This is a hybrid account that offers both online and in-person banking.
It offers a 0.20% APY with a low minimum deposit of $250 and a low monthly fee of $3 that can be waived with an average daily balance of $300.
You can access your funds at over 40,000 ATMs nationwide or through online banking.
Capital One also has a mobile app and a phone line for customer service.
nbkc Bank Business Money Market Account: This is another online-only account that offers a 1.75% APY with no monthly fees and no minimum balance requirements.
You can access your funds by check, debit card or online banking.
nbkc Bank also has a mobile app and a phone line for customer service.
These are some of the best options for high yield savings accounts for small businesses in April 2023.
These are some of the best options for high yield savings accounts for small businesses in April 2023.
However, you may want to do your own research and compare different accounts based on your specific needs and preferences.
You can use online tools such as NerdWallet or Forbes Advisor to find more information and reviews on various savings accounts.
By definition, saving – for anything – requires us to not get things now so that we can get bigger ones later. — Jean Chatzky
