Independent educational resource. We are not a bank, broker, financial advisor, or affiliate of any issuer listed. APYs are sourced from each issuer's own published page on the date noted at the top of each rate table. Rates change frequently -- verify directly with the issuer before opening an account. FDIC insurance limits sourced from FDIC.gov. Nothing on this site is personalised financial advice. Consult a qualified advisor before making decisions about your savings strategy.

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Depends on structure

Best Business Savings and Money Market Accounts in 2026: LLC and sole proprietor picks

Reserve cash for your business deserves separate, FDIC-insured, yield-bearing accounts. Here is the 2026 landscape.

Neobank vs traditional bank: the FDIC difference

Mercury, Bluevine, Relay, and Novo are fintech companies, not FDIC-insured banks themselves. They partner with FDIC-insured banks and sweep your deposits to those partner banks. This typically gives you multi-bank FDIC coverage ($1M-$5M) -- well above the single-bank $250k limit.

Traditional banks (Capital One Spark, Live Oak, BMO Business) are direct FDIC members. Coverage is $250k per depositor per institution, as standard. If your reserve cash exceeds $250k, the neobank sweep model or IntraFi ICS at a traditional bank is the cleaner solution.

Top 8 business savings picks for 2026

Bluevine Business CheckingUp to 4.25%
FDIC up to $3M via sweepFee: $0Solo / LLC

Interest on balances up to $250k at standard rate; higher tier with qualifying activity. Strong accounting integrations.

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Mercury TreasuryUp to 4.68%
SIPC via T-bills (not FDIC)Fee: $0Mid-market / scaling

T-bill yield product. Higher rate than savings. Note: Treasury bills, not FDIC. Best for larger reserve balances ($100k+).

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Mercury Savings5.09% (HYSA via partner)
FDIC up to $5M via sweepFee: $0Solo / small LLC

Highest FDIC-covered rate available for business. Sweep program covers up to $5M. No minimum.

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Live Oak Bank Business Savings4.00%
FDIC direct ($250k)Fee: $0Small-medium business

FDIC-insured traditional bank. No monthly fees. Strong for businesses that want a traditional bank relationship.

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Capital One Spark Business Savings3.50%
FDIC direct ($250k)Fee: $0Small business

Branch access, strong Capital One brand. Integrates with Spark Business Checking. No minimum.

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Relay Business Savings3.76%
FDIC up to $2.5M via sweepFee: $0Solo / small LLC

Multi-bank FDIC sweep. Strong bookkeeping integrations. No minimum balance.

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Bask Bank Business HYSA3.60%
FDIC direct ($250k)Fee: $0Small business

High-yield savings for businesses. Competitive rate. $0 minimum. American Airlines miles option.

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BMO Business Money Market3.40%
FDIC direct ($250k)Fee: $5/mo (waivable)Small-medium business

Full access features: checks, debit, ATM. Fee waived with $2,500 balance. Good if you need check access.

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Decision by business size

Solo / sole proprietor

Mercury Savings or Bluevine -- no minimum, no fees, accounting integrations, multi-bank FDIC coverage. Start here.

Small LLC ($25k-$250k reserve)

Live Oak Bank Business Savings or Capital One Spark -- direct FDIC, traditional bank relationship, no fees.

Mid-market ($250k+ reserve)

Mercury Treasury (T-bill yield, higher rate) or IntraFi ICS account at a traditional bank. Cover the full balance.

Frequently asked questions

Is business savings account interest taxed differently than personal savings?⌄
The interest itself is taxed the same way -- as ordinary income. The difference is the 1099-INT form. A personal savings account issues a 1099-INT using your Social Security Number. A business savings account at a business entity (LLC, S-corp, C-corp) issues the 1099-INT using the EIN. For sole proprietors using their SSN as the EIN, it typically goes on Schedule C. Consult your accountant for your specific structure.
How does FDIC coverage work for my business savings account?⌄
The FDIC treats a business entity (LLC, corporation) as a separate depositor from its owners. So if you personally have $250,000 at a bank and your LLC has $250,000 at the same bank, both can be fully insured -- the business is a different depositor. However, if your business has over $250,000 at one bank, you need multiple banks, IntraFi ICS sweep programs, or other coverage strategies. Neobanks like Mercury and Wealthfront offer multi-bank FDIC sweep programs up to $3-5M.
What is a neobank FDIC sweep program?⌄
Neobanks like Mercury, Bluevine, Relay, and Wealthfront are not themselves FDIC-insured banks. Instead, they partner with FDIC-insured banks and sweep your deposits across multiple partner banks, with each bank holding up to $250,000. This gives you FDIC coverage well above the single-bank $250k limit -- Mercury and Bluevine offer up to $3M in FDIC coverage through their partner networks. The sweep is invisible to you; you just see one account balance.
Can a sole proprietor open a business savings account?⌄
Yes. A sole proprietor can open a business savings account using their SSN or EIN. Most banks require proof of business (trade name registration, business license, or in some states just the DBA filing). Online business banks like Mercury and Bluevine often only need your EIN and a few minutes of online verification. Keeping your business reserve cash separate from your personal accounts is a key financial hygiene practice even if you are a solo freelancer.
Which business savings account is best for a new LLC?⌄
For a new LLC, Mercury or Bluevine are the most popular starting points: no minimum balance, no monthly fees, excellent integrations with accounting software (QuickBooks, Xero, FreshBooks), and competitive interest rates. Mercury Treasury offers up to 4.68% yield via T-bills for larger balances. For a more traditional bank feel with branch access, Capital One Spark Business Savings and Live Oak Bank are solid choices.
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