Academy Bank 
1201 Walnut St Kansas City MO 64106
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Bank Routing Number
107001481
Bank by Mail/General Mail
PO Box 26458
Kansas City, MO 64196
Deposit Only Mailbox
PO Box 26744
Kansas City, MO 64196
Phone Number
1-877-712-2265
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2025-01-07
Business Banking
published
2 minute
What is a Business Savings Account and How Does It Work?
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Running a business involves juggling many tasks, but a business savings account can simplify financial planning and help your capital grow. Whether you are preparing for the unexpected, funding future projects, or strengthening your financial foundation, this bank account plays a key role in your business’s success. But how does a business savings account work? Here’s what you need to know about savings accounts for businesses and the options available.
What is a Business Savings Account?
A business savings account is a specialized bank account designed to help companies reserve funds while earning interest. Unlike a business checking account used for day-to-day expenses, a savings account allows you to set aside money for future goals, allowing your balance to grow over time.
By keeping your savings separate from your operational funds, you can manage cash flow more effectively while being prepared for unexpected costs or investment opportunities.
How Does a Business Savings Account Work?
Once you open a business savings account, you simply deposit funds into that account, where they start earning interest. Some accounts may have initial or minimum deposit requirements, but after that, you can deposit as much or as little as you like.
The savings account interest rate can vary depending on the type of account you choose. For example, standard business savings accounts often come with lower interest rates, while premium accounts like money market accounts or certificates of deposit (CDs) offer higher returns.
Most accounts come with FDIC insurance, offering added security for your deposits. And while business savings accounts often limit the number of withdrawals you can make each month, they still offer easy digital banking access to streamline your business banking tasks. You can check balances, transfer funds, or download statements whenever needed.
Different Business Savings Accounts at Academy Bank
Not all savings accounts are the same. Here at Academy Bank, we offer tailored options for businesses of all sizes and industries.
1. Standard Business Savings Account
Looking for a simple way to grow your business savings? A standard business savings account is an excellent option for small businesses and startups. At Academy Bank, our Business Savings Account1 has the following benefits:
- Low opening deposit requirements
- Quarterly interest compounded on your total balance
- FDIC Insurance
2. Business Money Market Account
Have extra cash to invest? This business account offers competitive interest rates through a tiered model, meaning larger deposits receive better returns. It’s a great option for companies who want to maximize their earnings without locking away their money for too long.
The Academy Bank Business Premier Money Market Account1 offers:
- Free eStatements
- A special 4.00% APY (Annual Percentage Yield) promotional rate for the first 6 months with a $25,000 minimum deposit2
- Liquidity of 6 transactions per statement cycle, giving you the ability to access funds when needed while still earning a great return3
- No monthly service fee if you maintain a $1,000 minimum balance4
- FDIC Insurance
Looking for a quick recap on how business money market accounts work, or want to explore their pros and cons? Check out our previous articles.
3. Business Certificate of Deposit (CD)
If your company has funds you don’t need immediate access to, a business certificate of deposit (CD) offers guaranteed returns. A business CD is a special savings account that holds a fixed amount of money for a set time. When the term ends on the “maturity date,” you will receive your original funds plus the interest earned.
Key features of Academy Bank’s Business CD5:
- High CD interest rates
- Predictable, guaranteed returns
- Low risk, unaffected by market fluctuations
- Flexible terms, ranging from 30 days to 5 years
- CD laddering for flexible access and long-term benefits
- FDIC Insurance
You can learn more about business certificates of deposit, how they work, and how to choose the best business CD by exploring the linked articles.
Open the Best Business Bank Account for Saving Money
Every successful company needs a solid financial plan, and a business savings account is a key part of that strategy.
At Academy Bank, we understand the unique challenges business owners face. That’s why our business bankers are to here help you choose the best savings account for your goals. Whether you are managing a start-up, small business, LLC, or a long-established business, we can guide you every step of the way.
Open a business bank account with Academy Bank today and access a range of savings solutions designed for businesses just like yours. Trust us, you will be happy with what you find! Plus, use our Compound Interest Savings Calculator, Savings Goal Calculator, CD Interest Calculator, and CD Ladder Calculator to make a savings plan.
Open Business Savings Account
Open Business Money Market Account
Open Business CD Account
Member FDIC
1 Closing new accounts within 90 days of opening will result in a $25 early closure fee.
2 Annual Percentage Yield (APY) is accurate as of 1/7/2025. Promotional rate is effective for 6 months from the opening date of a new Premier Money Market account. To receive the introductory rate, account must be opened with a minimum of $25,000 or for existing Money Market accounts, a minimum additional deposit of $25,000 is required that cannot be transferred from an existing account. Maximum deposit eligible for promotional rate is $3,000,000. The rate may change after the account is opened. Fees charged to the account could reduce the earnings on the account. If the account is closed prior to the interest payment date, no interest will be paid.
3 Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle not to exceed $60 per statement cycle.
4 A monthly service charge of $10 will be imposed every month or statement period if the balance in the account falls below $1,000 on any day of the month or statement period.
5 $500 minimum opening deposit required. A penalty may be imposed for early withdrawal. CD rates are subject to change at any time and are not guaranteed until CD is opened. Fees charged to the account could reduce earnings on the account.