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Best High Interest Business Checking Accounts of 2024

Katie Stiner

High interest business checking accounts is a simple way to earn money when you have a surplus in your account. We reviewed the top options based on their features, rates, fees, and overall quality.

Integrates with business software

$0

Monthly Fee

0%

Est. APY

Overview

Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.

What we like

  • Streamlines bookkeeping
  • No monthly fees
  • No minimum balance requirement
  • Seamless software connections
  • Set spending limits for employees

What we don't

  • No sign-up bonus or rewards
  • No physical branches
  • No interest earned on balances

Manage funds with sub-accounts

$0

Monthly Fee

2.00%

Est. APY

Overview

Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.

What we like

  • Unlimited transactions
  • No monthly fees
  • High APY
  • Sub accounts for easier management
  • Integration with business tools

What we don't

  • No APY on balances over $100,000
  • International wire transfers not available
  • Cash deposit fee of $4.95

Process payments on mobile device

$15

Monthly Fee

0%

Est. APY

Overview

Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.

What we like

  • In person customer support (except Alaska & Hawaii)
  • Process payments on your mobile device
  • No fee for electronic depositst
  • $15 monthly fee wavied with $2,000 min. balance
  • No minimum deposit to open account

What we don't

  • Limited fee free paper check transactions
  • Outgoing wire transfer fee of $15 - $50

Earn an APY on your balance

$10

Monthly Fee

1.01%

Est. APY

Overview

Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.

What we like

  • Earns a competitive interest rate
  • Unlimited domestic ATM reimbursements
  • 50 free checks when opening an account
  • Low minimum deposit to open account
  • Complete digital experience

What we don't

  • Monthly $10 maintenance fee
  • Limited integration with business tools
  • Limited fee-free transactions per month

Optimizes taxes and accounting

$0

Monthly Fee

0%

Est. APY

Overview

Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.

What we like

  • FDIC insured, up to $250,000
  • Optimize taxes to pay less
  • Invoicing software included
  • No maintenance fees
  • Automatic transfers to emergency account

What we don't

  • No wire transfers
  • Interest on lili pro only

Connects with accounting software

$0

Monthly Fee

0%

Est. APY

Overview

Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.

If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.

What we like

  • Free ACH transfers, mailed checks, and incoming wires
  • Minimal fees and ATM reimbursements
  • Backed by FDIC insured
  • Integration with other apps
  • Doesn’t check your credit score

What we don't

  • No APY earned on your balance
  • No cash deposit
  • No outgoing wires or checkbooks

Free unlimited transactions

$10

Monthly Fee

0%

Est. APY

Overview

NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.

What we like

  • Budgeting tool to help manage your finances
  • Smart integrations with business tools
  • Send invoices from the app
  • Low minimum deposit
  • No hidden fees
  • Unlimited transactions with no fee

What we don't

  • $10 monthly fee
  • No in persona customer support

What is a high interest business checking account?

High interest business checking accounts provide interest on your money held at the institution, typically at a variable interest rate. Interest can be compounded daily (depending on the account), allowing your money to work harder for you. 

Who needs a high interest business checking account?

Businesses that have large cash balances or cash sitting on the side should consider a high-interest business bank account. Based on your balance, look for an account that has a low minimum requirement, with fewer monthly fees. 

What are the pros and cons of a high interest business checking account?

Here are a few pros and cons to consider before applying:

Pros

  • Interest earned on balances: A high interest account allows your business to earn interest on cash balances putting your money to work. As inflation can eat away at cash balances, this can help offset some of the rising costs of running a business.
  • Waivable monthly fee: Many banks waive the monthly fee of servicing your business checking account if you maintain a minimum balance in your account. 
  • Earn interest according to tiers: If the cash balances in your business start to grow, you could earn more interest on balances if your savings jump into a higher tier. 
  • Encourage you to save more: Earning interest on your cash could encourage you to save more for your business and take control of expenses.

Cons

  • Minimum balance: If your minimum balance falls below the requirements, you could earn zero interest on your cash savings. 
  • Unpredictable rates: Variable interest rates can be unpredictable and at times can fall below the rate at the time of opening the account. 
  • Hidden fees: While the benefits can seem advantageous, be mindful of hidden fees. These can include fees applied if your account balance falls below the minimum requirement. 

What are the fees for a high interest business checking account?

Here are a few fees for you to consider when looking into an account:

  • Monthly fees: You can expect to pay $10 – $15 a month to cover the monthly maintenance costs of your account. This fee can be waived with certain banks if the minimum balance is met each month. 
  • Wire transfer fees: Incoming and outgoing wire transfers are typically subject to fees that can range between $10 – $50 per transaction. 
  • ATM fees: There may be a fee applied to an ATM withdrawal, particularly if the transaction is out-of-network. Some banks reimburse you for ATM fees. 
  • Overdraft or insufficient funds fees: There may be fees or interest charges applied to transactions when your balance turns negative. 
  • Transaction fees: Due to limits on the total number of transactions during a billing period, a small fee may apply to each transaction that is over the threshold. 

In addition, look at any other charges including cash deposit, foreign exchange, and paper statement fees to determine if they are likely to have a significant impact on your business. 

What are the alternatives to an interest bearing checking account?

For business owners looking to keep their savings separate from their checking accounts, a business savings account could be a great option. 

Savings are essential for any business. Whether you’re looking to pay employees and you fall upon a bad month, or a future investment requires you to save today, a business savings account allows you to earn interest while your cash is sitting in the bank.

Plus, if you’re looking to borrow additional money in the form of business loans or credit cards, a bank or credit union will regard your application more favorably if your business has a healthy cash balance. 

How to choose a high interest business checking account

When looking for the best high-interest business checking account, here are some key factors to consider:

  • Competitive rates: Look in the market and compare the various interest rates on the accounts. Even if an account shows a high APY, it might come back with some sit backs, such as monthly fees. You’ll have to take into consideration of the APY and any other fees that could eat away at your interest yield.
  • Tools and integrations: Many checking accounts can come with digital tools and accounting integrations that can help you run your business smoothly at no additional cost. If you use software, such as QuickBooks, Wave, Stripe, Zapier, and FreshBooks, the checking account should have the integration to make your life easier for tracking revenue, expenses, and taxes.
  • Fluctuation of rates: If your bank pays interest according to tiers, your rate could increase or decrease if your balance changes so take into consideration when you can get the highest yield based on your cash balance. 
  • Safety: Make sure that your bank or credit union is FDIC insured and you have up to $250,000 of coverage in the event of bank failure.