Best HYSA for Small Businesses

Key Points to Keep in Mind When Selecting a High-Yield Savings Account:

• Understand the Rules: Make sure you fully understand the terms and conditions of the account you choose. This is your money, and you’re responsible for its success.
• FDIC Insurance: All banks listed are FDIC-insured, typically up to $250,000 per depositor, per bank. Be sure to check each bank’s specific coverage regulations.
• APY Fluctuations: Annual Percentage Yields (APYs) can change based on inflation and interest rates, so be prepared for potential shifts.
• Avoid Account Hopping: Chasing the highest offer by frequently opening and closing accounts isn’t worth it. Stick with one account for at least 12 months and reassess your options after that.

My small business owners out there; are you maximizing your biz saving potential? We share often about utilizing a high-yield savings account (HYSA) as part of your personal money strategy, but it’s also a smart move for your business. Whyyy? Because it helps you grow your cash reserves more quickly than a standard savings account. 

Instead of letting money sit idle in a checking account earning little to no interest, an HYSA puts that money to work, earning more on funds you don't need immediately. Business owners should be setting aside cash for taxes & emergencies. But you might also need cash for future investments that shouldn’t go into investment accounts, this is a great way to make your money grow while taking on no risk. 

A HYSA can be a game-changer, but finding the right one for your business goes beyond the interest rate. You need an account that works for your business’s specific needs and gives you the flexibility to manage cash flow easily. Here are the top features to look for when choosing the best HYSA for your small business:

1. Ability to Connect Credit Cards or ACH

Having the ability to link your HYSA to your business credit card(s) simplifies your financial tracking and payment processes. You can easily manage both savings and payments from one platform. Plus, when you connect your credit card, it becomes easier to automate transfers to pay your balance. You can also check to see if your savings account allows ACH (automated clearing house) transfers, giving you the ability to set up recurring payments for bills in a very secure way; for example, giving you a secure, efficient way to pay your quarterly taxes. It’s a simple way to ensure your money is always working efficiently for you.

2. Transfer Time Between Accounts/Banks

In business, cash flow is king. You don’t want to wait days for a transfer to process when you need funds to pay employees or cover unexpected expenses. Choosing a HYSA with quick transfer times between your savings, checking, and external banks ensures that your money is available when you need it most. Delays in transferring money can disrupt your operations, whether you’re investing in a new opportunity or handling routine expenses. The faster the transfer, the more flexibility you have to keep your business running smoothly.

3. Multiple Savings Accounts Within the Same Account

Look for an HYSA that allows you to set up multiple savings accounts under one umbrella. This feature helps you stay organized by separating your funds into categories like taxes, emergency funds, and specific business goals. Insider tip: multiple savings accounts makes it easier to set clear financial goals and reach them! You can automate transfers into specific accounts, ensuring you’re consistently saving for growth, tax obligations, and rainy-day funds without any extra effort.

Check out the table below to see how these features compare with some of our fave accounts:

Marcus / Synchrony / Discover / Live Oak Business / Ally / Wealthfront

By evaluating what your business needs and choosing an HYSA that meets those needs, you’re not just setting your business up for better savings—you’re creating a system that supports efficient financial management and long term growth as a company. It’s time to let your money work smarter for you.

Reach out to our team today to see how Beyond The Green's programs can support you in your small business journey!