In case you are searching for the best savings accounts for business in 2018, there are a number of factors that need to be taken into consideration. Some of these factors include the highest annual percentage yield (APY), terms and conditions, FDIC insurance as well as interest rates. It is instructive to note that most of the banks that offer the highest APY and interest rates on savings accounts are online banks. Online banks are now competing in the pricing of their savings accounts, with most offering 2.05 APY and above as well as interest rates of 2.10 %.
Top 5 Best Savings Accounts for Business
1. CAPITAL ONE
One of the best savings accounts for business, if your business has to attain the highest introductory yield, is provided by Capital One. At 1.75% per annum, as their introductory offer, Capital One affords customers with the highest yield. In addition to their offer, the bank does not require its customers to pay any monthly fees. Also, there are no minimum balance requirements, and the bank has a $0.00 monthly transaction as well as a monthly service fee. Capital One has more than 39,000 ATM’s from which customers can withdraw their funds firm their respective savings accounts. However, the bank has few branch locations. In a nutshell, Capital One is a choice pick for any business that is not in need of a physical location for their savings account.
2. CHASE BANK
Another example, among five of the best savings accounts for business, is account provided by Chase. The bank has two exceptionally distinct features that make it distinct from the other banks with respect to savings accounts. Firstly, Chase has a customer service program that especially helps customers maximize their savings. Secondly, Chase has a one-of-a-kind feature that allows automatic funds transfers from a checking account into a savings account when you are unlikely to use those funds. Although this feature is only available to a customer once their daily balance exceeds $25,000, it is a great way to make more cash out of the money you are not making use of. The minimum opening and ongoing balance is $25 and there is an introductory APY of 0.15. Furthermore, Chase charges a monthly service fee of $20, which is waived when one connects to a Chase checking account. Overall, although Chase offers a low yield (due to their numerous physical locations), they are a good savings option for business.
3. LIVE OAK BANK
Live Oak Bank also offers one of five of the best savings accounts for business. The bank offers 1.10% APY on their business savings accounts, which percentage beats the national average eight times over. To open a business savings account with Live Oak Bank, there are no deposits or minimum opening balance requirements. Once you have opened a business savings account, you are eligible to deposit up to $5 million, and there are no monthly maintenance fees. Customers can withdraw from their savings accounts up to six times for each statement cycle. These withdrawals include telephone, automatic and pre-authorized transfers. Afterward, a fee of $10 will be charged for each withdrawal.
At their discretion, Live Oak may verify employment and credit history, which means that your credit history may be pulled.
4. BOFI FEDERAL BANK OR AXOS BANK
Effective 1st October 2018, BofI Federal Bank was re-branded to Axos Bank. Axos Bank offers one of the five best savings accounts for business. The bank offers a 1.06% APY, which is one of the highest rates offered on business savings accounts. There is a minimum deposit of $25,000 on the Axos Bank Premium Savings Account. The bank’s business savings account has no requirements for average daily balances or monthly maintenance fees, and their online banking is free. Axos Bank affords its customers tremendous ease of access of their funds through the ATM’s. The bank has a $5,000 daily purchase limit and a $1,010 ATM maximum daily withdrawal limit as well. Axos Bank is insured by the FDIC.
5. COMMUNITY BANK OF PLEASANT HILL
Community Bank of Pleasant Hill also provides an account that is one of the five best savings accounts for business. The bank offers a 1.75% APY and a minimum account opening deposit of $25. For customers to avoid a monthly charge of $10 and an additional $4 fee for a paper statement, they need to maintain a $10,000 minimum balance.
Be informed of the hefty fees for withdrawal. Free withdrawals are available to customers on the second and fourth Wednesday of every other month. Withdrawal fee is $25. For customers who prefer making regular withdrawals, this bank may not be the best pick.