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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

*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

*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.

*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.

Products in this post: Bank of America Advantage Savings Account, Bank of America Savings Account, Chase Business Premier Savings, Chase Premier Savings℠ Account, Regions Bank Business Premium Money Market, Regions LifeGreen® Savings Account,     U.S. Bank Platinum Business Money Market Account, U.S. Bank Elite Money Market AccountWells Fargo Business Platinum Savings, Wells Fargo Platinum Savings Account, American Express Business Checking, American Express® High Yield Savings Account, Axos Business Interest Checking, Axos Bank Rewards Checking, Live Oak Bank Business Savings, Live Oak Bank Online Savings Account, Nationwide Business Premium Savings, Nationwide My Savings Account, NBKC Business Money Market Account, NBKC Money Market Account, Bluevine Business Checking Account, Bluevine Business Checking Premier Account, Bethpage Federal Credit Union Business Money Market, Bethpage Federal Credit Union Money Market Account, Blue Federal Credit Union Business Tiered Money Market, Blue Federal Credit Union Accelerate Savings, Consumers Credit Union Business Money Market, Consumers Credit Union Free Rewards Checking Account, Premier Members Credit Union Money Market Account, Premier Members Credit Union Business Money Market Account, Signature Federal Credit Union High-Yield Checking Account, Signature Federal Credit Union Business High Yield Checking