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- There are many ways to narrow down your options for a business bank account, including interest rates.
- Business bank account rates vary across brick-and-mortar banks, online banks, and credit unions.
- The most competitive interest-earning business bank accounts are paying up to 5% APY.
If you're interested in opening a business bank account, there are many features you can compare to narrow down your options. In addition to looking at monthly maintenance fees, opening deposit requirements, and business management tools, the interest rate could play an important factor in choosing an account.
The best high-yield savings rates are paying around 4% APY to 5% APY. But do business bank accounts compare to their personal banking counterparts?
Below, we've compared the annual percentage yield (APY) of the most competitive business and personal bank accounts from the same financial institutions. We've included brick-and-mortar banks, online banks, and credit unions so you have a variety of options to explore.
Business vs. personal bank account interest rates at brick-and-mortar banks
Bank | Business Bank Account | Business Bank Account APY | Personal Bank Account | Personal Bank Account APY |
0.01% to 0.04% | 0.01% to 0.04% | |||
0.01% to 0.02% | 0.01% to 0.02% | |||
Rates vary by region* | 0.01% | |||
0.05% to 4.60% | 0.01% to 4.50% | |||
0.25% to 2.50% | 0.26% to 2.51% |
*For example, the current rate for the Business Premium Money Market Account in Florida (with the zipcode 33101) is 0.01% to 3.50% APY. However, in Alabama (with the zipcode 35242) the rate is 0.01% to 2.00% APY. Rates are as of November 2, 2023.
At brick-and-mortar banks, personal and business bank accounts often have similar rates. With the exception of select financial institutions like U.S. Bank, you'll likely find more competitive interest-earning bank accounts at online banks and credit unions. You still might prefer banking with a brick-and-mortar bank if you value in-person banking or want access to a greater variety of banking services.
Business vs. personal bank account interest rates at online banks
Bank | Business Bank Account | Business Bank Account APY | Personal Bank Account | Personal Bank Account APY |
1.30% | 4.30% | |||
0.10% to 1.10% | Up to 3.30% | |||
4.00% | 4.40% | |||
4.01% | 0.20% to 0.30% | |||
2.50% | 2.75% | |||
2.00% (up to 4.25% on Premier plan) | N/A | N/A |
*Current and prior American Express Rewards Checking customers aren't eligible for American Express Business Checking.
**Bluevine is an online business banking platform featured in our best free business checking account guide. Bluevine doesn't have a personal checking account, though.
Personal bank accounts at online banks generally pay more than their business banking options. That said, online business bank accounts may still offer solid rates overall.
Online banks may have fewer business banking options than traditional financial institutions. You might only have one or two types of business bank accounts to choose from.
Business vs. personal bank account interest rates at credit unions
While credit unions have membership eligibility requirements, anyone in the U.S. can join the credit unions listed.
Credit Union | Business Bank Account | Business Bank Account APY | Personal Bank Account | Personal Bank Account APY |
0.10% to 2.00% | 0.10 to 2.00% | |||
0.01% to 3.00% | 0.15% to 5.00% | |||
0.00% to 4.13% | 0.01% to 5.00% | |||
0.50% to 5.00% | 0.50% to 5.00% | |||
0.00% to 3.50% | 0.00% to 4.00% |
*Consumers Credit Union business accounts must be opened in person at a service center. You have to be doing business in Illinois or Wisconsin.
Credit unions also tend to offer competitive rates on business and personal bank accounts. However, you may need to have a certain account balance or fulfill qualifying activities to obtain the highest APY.
Business banking vs. personal banking: What you need to know
Opening a business bank account involves more documentation than opening a traditional bank account.
When you open any bank account (whether business or personal), you must have at least two government-issued IDs to prove your identity. For a business bank account, you'll also need to have an employer identification number (EIN), a business license, and any important business documents that relate to partnerships, business, and operations agreements.
When deciding which type of bank account to open, consider what you'll use the account for and how the account can help you reach your goals. This can apply to both personal and business banking.
For example, you might consider getting a business checking account over a personal checking account because it offers greater protection and access to merchants' services. Meanwhile, a business savings account or business money market account may be a useful option if you want to save money for specific goals, like a future business project or unexpected expenses.
Ultimately, the interest rate of an account may be a notable feature that can help narrow down your options. However, you should also compare and review other account characteristics before making a decision.
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