If you’re in the market for a high-yield business savings account (and you should be), you’ll want to consider the three Chase business savings accounts. These accounts are the perfect low-risk, interest-bearing homes for your business’s hard-earned cash. Plus, they have a business bank account solution for any business—no matter its size.
We’ll review the three Chase business savings options so you have all of the information you need to decide if they’re right for your business.
Having a relationship with Chase can set up a small business for financial success—because Chase offers a variety of financial products tailored toward small businesses, having your financial home base with them in the form of your Chase business savings account could really be a game-changer.
From Chase business credit cards to Chase business checking and saving accounts, the bank offers pretty much all things small business finance, all in one place.
Chase offers tons of small business financial products that work smoothly and efficiently in tandem so that you can focus on running your business. Starting a relationship with Chase by opening up a business savings account with Chase is the perfect baseline for getting your foot in the door to access all that this small business financial hub offers.
You can find the APY and interest rates for Chase’s different accounts online, and if you sign up for the Chase Business Premier Savings, the rates will vary depending on whether you’re eligible for the “relationship rate” meaning you have your account linked to a Chase business checking account, as well.
Your first option for a Chase business savings account is the Chase Business Total Savings. If you’re just starting out with the savings game, and you’re working with a lower savings threshold as a result, this could be the perfect business savings account option for you.
This business savings account allows you to keep your savings working for you—they’ll remain semi-liquid even as they bear interest over time.
The Chase Business Total Savings account offers some pretty stellar features for businesses that plan to start out with a savings balance on the lower side. If you decide to save with this Chase account, you’ll gain access to:
Especially in tandem with a Chase business checking account, the Chase Business Total Savings account is a low-cost, interest-bearing home for your business’s money.
Next up, the Chase Business Premier Savings is another savings option for businesses looking for a liquid, interest-bearing home for their money. In contrast to the Chase Business Total Savings account, however, the Business Premier Savings account is tailored for businesses with higher savings balances.
With the Business Premier Savings account, you can optimize your savings by achieving a sweet spot of liquidity and earning. Let’s take a look at what exactly this Chase business savings account offers:
If you’ve got a large stash of savings that you want to stow away for your business’s future, the Chase Business Premier Savings account provides a convenient and high-earning home for your business savings.
The last of the three Chase business savings options is the Chase Business Certificates of Deposit. The Chase Business Certificate of Deposit is the highest-interest, least liquid option of the three Chase business savings options.
If you have a large sum of money that you don’t plan on needing for a certain amount of time, then these certificates of deposit are a good option. That said, if you need to access your savings before your predetermined term is up, then you’ll be saddled with early withdrawal fees, which will seriously dip into any earnings you see thanks to the higher annual percentage yields this savings option boasts.
Nonetheless, if you’re confident that you won’t need to access your savings for a certain amount of time, then a Chase Business Certificate of Deposit will give you the most bang for your buck. When you save your money in the form of a certificate of deposit with Chase, you’ll gain access to the following perks:
If you aren’t planning on touching your savings for a certain amount of time, then a Chase Business Certificate of Deposit is probably the most lucrative Chase business savings option for you.
If one of these Chase business savings accounts seems like a good fit then your next step will be to start up your account, and whether this is your business’s first savings account, or you’re switching your savings over from another account, you’ll need to take some steps to get started.
First thing’s first, you need to find the appropriate paperwork before applying to open your Chase business checking account. Depending on your business entity, there are specific forms to fill out. Find the documents for sole proprietorships, partnerships, LLCs, and corporations on the Chase website.
Once you’ve got all of your paperwork compiled, call or visit your nearest Chase bank to set up an appointment to open your account. Keep in mind that for unincorporated companies, Chase requires that your secretary be present at the appointment to open the account.
Now that you’ve opened your account, it’s time to enroll in Chase Online for Business and to download Chase’s app for smartphones. With these services, you can set up Chase QuickDeposit to deposit checks on-the-go and activate Access Manager for employees to view and transact online.
After setting up those services, the next step is to transfer all of your automatic payments and deposits to your new Chase business savings account. Contact your payroll provider and your merchant services processor to ensure that they’re working with your new account rather than your previous one if you’re switching over.
The Capital One Business Advantage Savings account is another great option available to small business owners. It offers a 1.85% APY in the first 12 months that can really benefit you if you have money sitting in your business savings account.
The minimum opening amount for one of these accounts is $250 and the monthly service charge is low at just $3 per month, waived if you have at least $300 in your account. You’ll get six free withdrawals per month and you can link your business checking account so that you can reduce fees. This is a good option for smaller businesses looking for a basic alternative to the Chase business savings account options.
Other perks include access to Capital One ATMs for free and a $2 charge for most other ATMs. Before signing up note that the APY will drop after the first 12 months are over down to a standard interest rate.
If you want a savings account that’s an alternative to Chase Business Savings and can be applied to completely online, then an Axos business savings account could be a good option for you. Axos’s most basic savings account, the Business Savings account, offers an interest rate of 0.80% APY, and a minimum initial deposit of only $1,000, making it one of the best high yield business savings accounts available. There’s a service fee of $5 each month, waived if you maintain an average daily balance of $2,500.
The Axos Business Savings account is a good option for businesses new to savings accounts that want to open an account online. The second Axos savings account—the Business Premium Savings—offers a better APY of 1.05% to 1.06%, plus no monthly service fee. While you can earn more with this account, one notable downside is that you’ll have to deposit a minimum of $25,000 to open this account.
Both Axos business savings account allow for six withdrawals and transfers, 20 free items processed (credits, debits, and deposits), and 60 remote deposits each month.
New business owners (incorporated after June 1, 2020) can use promo code NEWBIZ200 to get a $200 welcome bonus when they open an Axos business savings account. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus. This offer expires 09/30/2022. Terms apply.
That’s all the pertinent information for deciding which Chase business savings account, if any, is right for you, plus all of the steps to take in order to act on that decision. With all of it laid out in front of you, it’s easy to make a decision—and saving with Chase could be a great decision for your business.
Nina Godlewski is a former staff writer at Fundera.
Nina worked to help make complicated business topics more accessible for small business owners. At Fundera, she focused on complex topics ranging from payroll management to launching a business. She was previously a staff writer at Newsweek covering technology, science, breaking news, and culture. She has also worked as a reporter for Business Insider and The Boston Globe.