Small Business Bank (SBB) Business High Yield Savings Review


It’s tough to find a really good business high-yield savings account these days. Most high-yield accounts are built for consumers; business savings accounts have a reputation for paying below-market interest and tacking on fees that unnecessarily increase the cost of keeping your cash on ice.

Small Business Bank Business High Yield Savings is a rare exception. It’s better than the vast majority of business savings accounts, and it’s designed for owners of very small enterprises (including solo professionals). In fact, it’s the only pure savings account on our list of the best bank accounts for freelancers.

That said, there’s no guarantee Small Business Bank Business High Yield Savings is right for you. Take some time to evaluate its features, benefits, and downsides before committing to open an account.

What Is Small Business Bank Business High Yield Savings?

Small Business Bank Business High Yield Savings is a small-business savings account with no monthly maintenance fee and a very low minimum opening deposit. It has an excellent yield on higher balances. Though lower, its yield on smaller balances exceeds most big-bank business savings accounts.

Small Business Bank Business High Yield Savings has a robust mobile app with mobile check deposit and other capabilities. Though a separate application is required, it integrates nicely with Small Business Bank’s free business checking account as well. But it lacks some of the features and capabilities many would-be users expect from a small-business account.

What Sets Small Business Bank Business High Yield Savings Apart?

While not revolutionary in any way, Small Business Bank Business High Yield Savings has some notable features that set it apart:

  • No monthly maintenance fee. This account comes with no monthly maintenance fee, so it costs nothing to keep in reserve. If you have a sizable balance, you’ll make money over time thanks to its attractive yield.
  • Excellent yields on higher balances. This account yields 4.48% APY on balances above $500,000, which is nearly unheard-of in the business savings world. Lower balances have attractive yields as well, with amounts between $0 and $25,000 paying 1.70% APY.
  • Robust mobile app. Small Business Bank has one of the better mobile apps of any online bank for businesses. If you prefer to manage your money on the go, it’s your kind of bank.

Key Features of Small Business Bank Business High Yield Savings

Now that you have the highlights, take some more time to familiarize yourself with the core features and capabilities of Small Business Bank Business High Yield Savings.

Account Fees & Minimums

This account has no monthly or annual maintenance fee. The minimum opening deposit is $5. After that, there’s no ongoing minimum balance.

Account Yield

This account has five balance-based yield tiers:

  • $0 to $25,000: 1.70% APY
  • $25,000 to $100,000: 2.03% APY
  • $100,000 to $250,000: 3.44%
  • $250,000 to $500,000: 3.67%
  • Over $500,000: 4.48% APY

Bear in mind that Small Business Bank only carries federal deposit insurance on balances up to $250,000. Despite the higher yields, it could be risky to keep more than that amount in your account.

Mobile Features

Small Business Bank has an excellent mobile app for Android and iOS. It has all the features and capabilities of the desktop account interface, including:

  • Mobile check deposit
  • Online bill pay
  • Electronic funds transfers

Deposit Insurance

Business High Yield Savings comes with federal deposit insurance up to $250,000, which is the current FDIC coverage limit.

Pros & Cons

Small Business Bank Business High Yield Savings has some clear upsides as well as a few downsides worth noting.

Pros

  • No monthly maintenance fees
  • Excellent yields on higher balances
  • User-friendly mobile app

Cons

  • No built-in business tools
  • Limited external integrations
  • Limited customer support

Pros

This account is a generous, low-cost savings account in a space where generous, low-cost savings accounts are few and far between.

  • No monthly maintenance fees. This account has no monthly maintenance fees, which is notable in the fee-laden business banking space. It costs you nothing to keep a Business High Yield Savings account open, regardless of balance.
  • Excellent yield on higher balances. This account yields 4.48% APY on balances above $500,000. That’s better than the vast majority of business savings accounts.
  • User-friendly mobile app. Small Business Bank has an excellent mobile app that fully replicates the desktop interface. It’s very useful if you prefer to do your banking outside the office.
  • Integrates with a free business checking account. Business High Yield Savings isn’t the only free business bank account at Small Business Bank. It pairs nicely with the bank’s Free Business Checking account to create a comprehensive money management package.

Cons

Business High Yield Savings lacks many of the features business banking customers take for granted elsewhere.

  • No built-in business tools. This account has no built-in business money management tools. Some competitors have their own invoicing and tax software, sometimes at no extra cost.
  • Limited external integrations. This account doesn’t directly integrate with third-party business software like QuickBooks and Quicken. That’s a problem if you’d like to turn it into a true financial hub for your enterprise.
  • Limited customer support. Small Business Bank is a smaller bank without a 24/7 customer support team. If you want an account manager available at a click or tap, it’s not the best choice.

How Small Business Bank Business High Yield Savings Stacks Up

Before you open a Small Business Bank Business High Yield Savings account, see how it compares to the alternatives. One popular option is Lili, a business fintech app that blends checking and savings features with useful software tools and integrations.

SBB High Yield Savings Lili
Monthly Fee $0 $0 to $35, depending on plan
Minimum Balance $5 $0
Yield Up to 4.48% APY 2.00% APY
Invoicing No Built in
Accounting No Built in
Tax Management No Built in
Rewards None Limited

Lili is far more comprehensive than Small Business Bank Business High Yield Savings. However, its interest rate is lower (at least for higher balances), which is arguably the most important feature of any savings account.

Final Word

Small Business Bank Business High Yield Savings is a simple business savings account that pays an excellent yield on higher balances and charges no maintenance fees. It has a surprisingly user-friendly mobile app as well. 

But beyond these core benefits, this account has little to set it apart. If you’re looking for a feature-rich business bank account, you probably won’t be satisfied by what you find here. On the other hand, the excellent yield might make up for any limitations.



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