The best business CDs for September 2024: APYs above 5%

When you open a business CD, you agree to deposit a certain amount of money for a fixed term, ranging from a few months to several years. In return, the bank pays interest, typically at a rate higher than that of a regular business savings account. However, it’s important to keep the funds in the CD for the full term so you are not charged an early withdrawal penalty. 

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• Compared over 15 institutions offering business CDs
• Tracked more than 400 data points
• 4 layers of fact-checking
• Guided by over 25 years of banking experience

The 10 best business CDs for September 2024

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Our picks for the best business CDs

Here are the top 10 business CDs with some of the highest APYs according to our research, including the key figures you should know before you open an account.

CD rates, minimum deposit requirements, and fees are up to date as of September 4, 2024, and are subject to change.

1. Academy Bank: Up to 5.15% APY

Academy Bank is a family-owned bank based in Kansas City, Missouri. With nearly $4 billion in assets, it offers a full suite of banking products and services for both consumers and businesses.

Academy Bank provides many different banking options for business owners, including a handful of savings, checking, CDs, and MMAs, some with highly competitive rates. It also offers business loans, lines of credit, and treasury services.

Why we picked it

Academy Bank has business CDs with some of the highest rates in the market compared to competitors. It also has a wide range of CD terms, starting at 30 days for a CD with a 1.21% APY and up to five years for a CD with a 3.03% rate. The $500 minimum to open a CD is also a low entry point. 

What to consider before opening

While Academy offers great APYs on its business CDs, it does not offer other CD products, such as jumbo or bump-rate CDs, that might offer a wider range of interest-earning options. 

See more Academy Bank products and services

Academy Bank has a solid variety of checking, savings, CDs, and MMAs. Most of these accounts have an interest-bearing option or several different ways to earn interest. 

Account type	APY range	Minimum opening deposit	Maintenance fee
Interest checking	0.05%	$100	$12
Business savings	0.03%	$25	$5; waived if account balance is at least $100
Business MMAs	4.25% the first three months; then 1.50% to 3.25% depending on balance	$25	$10 on balances less than $1,000

Interest checking
APY range	0.05%
Minimum opening deposit	$100
Maintenance fee	$12
Business savings
APY range	0.03%
Minimum opening deposit	$25
Maintenance fee	$5; waived if account balance is at least $100
Business MMAs
APY range	4.25% the first three months; then 1.50% to 3.25% depending on balance
Minimum opening deposit	$25
Maintenance fee	$10 on balances less than $1,000

2. America First Credit Union: Up to 5.25% APY

America First Credit Union was founded in 1939 in Salt Lake City and has grown to 1.3 million members. It offers a full suite of banking products, including both personal and business checking accounts, savings, CDs, loans, and credit cards. There are several different types of business CDs that offer flexible annual percentage yields (APYs) with some exceeding 5%.

Why we picked it

America First Credit Union’s business CDs have some of the top rates in the market and have a low minimum deposit to open at $500. The terms with the highest APYs reaching 5% or more range from three months to 17 months, so there are plenty of high-rate options to choose from.  

What to consider before opening

There is a penalty fee for withdrawing any funds before the CD term ends so make sure you’re comfortable locking away your funds until the term is over. The penalty starts at $5 and increases based on how long you had the CD before withdrawing early. 

See more America First products and services

America First has many different deposit account products for businesses, such as high-yield checking, savings, and bump-up CDs, in which you can bump up the interest rate one time during the term if market rates increase. 

Account type	APY range	Term lengths	Minimum opening deposit	Monthly maintenance fee
High-yield business checking	0.10% to 0.30%	N/A	$10,000	$50
Business Share Savings	0.05%	N/A	$1	$0 as long as you keep a $1 balance
Bump-rate CDs	4.05% to 5.10%	3 months to 60 months	$500	N/A

High-yield business checking
APY range	0.10% to 0.30%
Term lengths	N/A
Minimum opening deposit	$10,000
Monthly maintenance fee	$50
Business Share Savings
APY range	0.05%
Term lengths	N/A
Minimum opening deposit	$1
Monthly maintenance fee	$0 as long as you keep a $1 balance
Bump-rate CDs
APY range	4.05% to 5.10%
Term lengths	3 months to 60 months
Minimum opening deposit	$500
Monthly maintenance fee	N/A

3. First Tech FCU: Up to 3.85% APY

First Tech Federal Credit Union started in 1952 with a focus on the tech industry and its employees. The credit union offers a full suite of banking products for personal and business accounts including interest-earning savings, checking, and CDs. 

Why we picked it

First Tech FCU has a handful of business CDs with rates that range from 1.80% for a 36-month CD to 3.85% on a 6-month CD. The $500 minimum amount to open is on the lower end among competitors. 

What to consider before opening

First Tech FCU has good yields but its highest rate of 3.85% pales in comparison to competitors offering APYs exceeding 5%. 

See more First Tech FCU products and services

First Tech has a few different types of business savings and checking accounts that earn interest in addition to its CDs:

Account type	APY range	Minimum opening deposit	Monthly maintenance fee
Business Dividend Checking	0%	$100	$15; waived with minimum $5,000 daily balance
Business Instant Access	3.30% to 5.30%	$25	$10; waived with minimum $5,000 daily balance
Business Membership Savings	0.01%	$5	$0

Business Dividend Checking
APY range	0%
Minimum opening deposit	$100
Monthly maintenance fee	$15; waived with minimum $5,000 daily balance
Business Instant Access
APY range	3.30% to 5.30%
Minimum opening deposit	$25
Monthly maintenance fee	$10; waived with minimum $5,000 daily balance
Business Membership Savings
APY range	0.01%
Minimum opening deposit	$5
Monthly maintenance fee	$0

Learn more: Read our First Tech FCU review

4. Prime Alliance: Up to 5.25% APY

Prime Alliance Bank, based in Woods Cross, Utah, focuses on banking services for businesses and consumers specializing in national leasing and commercial lending. The bank offers several different types of interest-bearing business accounts, including checking, savings, money market accounts (MMAs), and CDs. 

Why we picked it

Prime Alliance Bank has some of the highest APYs in the market for business CDs, reaching up to 5.25% for a 6- and 12-month CD. The minimum balance requirement to open a CD is also fairly low at $500, making it more accessible for small businesses. 

What to consider before opening

Prime Alliance has very straightforward CDs with seven different terms. Some competitors might have more flexible term options, so make sure these fit into your timeline before opening. The bank also requires prospects to email them to open a CD rather than offering the ability to open one through online banking. 

See more Prime Alliance products and services

Prime Alliance also offers low-cost business, checking, and MMAs that earn interest with an APY that increases based on the total balance amount.

Account type	APY range	Minimum opening deposit	Maintenance fee
Business Interest Checking	0.05% to 0.20% variable rate	$0, but APY increases based on balance amount	$0
Business Savings	3.85% to 4.25% variable	$0, but APY increases based on balance amount	$0
Money Market Accounts	3.85% to 4.25%	$0, but APY increases based on balance amount	$0

Business Interest Checking
APY range	0.05% to 0.20% variable rate
Minimum opening deposit	$0, but APY increases based on balance amount
Maintenance fee	$0
Business Savings
APY range	3.85% to 4.25% variable
Minimum opening deposit	$0, but APY increases based on balance amount
Maintenance fee	$0
Money Market Accounts
APY range	3.85% to 4.25%
Minimum opening deposit	$0, but APY increases based on balance amount
Maintenance fee	$0

Learn more: Read our Prime Alliance Bank review

5. Regions Bank: Up to 4.50% APY

Regions Bank, headquartered in Birmingham, Alabama, is one of the nation’s largest full-service banks for consumers and businesses. It also offers wealth management and mortgage services. 

Why we picked it

Regions Bank offers a very wide variety of term lengths, from as short as seven days to six years, allowing business owners to choose what will work best for their financial plan. Interest on all CDs is compounded daily, and users have the option to automatically disburse interest into their Regions business checking, savings, or money market account. 

Rates vary by location, but the 6-month and 16-month specials yield competitive APYs. Additionally, if you have another business deposit account, you can get slightly higher “relationship rates” on your CD.

What to consider before opening

While longer term lengths only require $500 to open, terms less than 90 days must have a $2,500 minimum opening deposit. 

See more Regions Bank products and services

Business checking accounts	Four account options: Business checking, Advantage business checking, Business interest checking, and Not-for-profit checking  $100 minimum deposit to open
Business savings account	Open with a minimum of $100 No monthly fee with ADB of $500; $5 monthly fee if this requirement is not met Can be linked to a Regions checking account for overdraft protection Rates vary by location
Business money market account	No monthly fee with an ADB of $5,000; $12 monthly fee if this requirement is not met $1,000 minimum opening deposit No charge for the first six withdrawals Rates vary by location

6. Santander Bank: Up to 4.75% APY

Santander Bank offers personal, small business, commercial, and private client banking. It has physical locations in the Northeast and Miami. As part of the Santander Group, it has a history of over 120 years in banking and connections in 25 countries. 

Why we picked it

With a 4.75% APY on a 6-month CD, Santander Bank could be a great option for business owners looking to store away funds on a shorter-term basis. Interest can be credited to your CD account, transferred to another deposit account, or can be mailed to you by check. 

What to consider before opening

While the 6-month and 12-month CDs have competitive rates, the other term lengths’ APYs are relatively low.

See more Santander Bank products and services

Santander Bank also offers two checking accounts and a money market account for small business owners, as well as commercial products for larger businesses.

Small business checking accounts	Two checking accounts: Business Checking and Business Checking Plus $15–$50 fee, waivable 300–750 free basic transactions
Small business money market account	Open the account with $50 $10 monthly fee is waivable with ADB of $1,000 Rates vary by location

7. Suncoast Credit Union: Up to 4.75% APY

Suncoast Credit Union, based in Tampa, Florida, started in 1934 to serve teachers in Hillsborough County. It has since expanded to serve school employees within the state’s Suncoast region, their relatives, and local communities. 

Suncoast offers business owners several different types of accounts, including checking, savings, loans, treasury management, and high-interest CDs.

Why we picked it

Suncoast has a strong offering in CDs with rates as high as 4.75% on regular CDs and up to 5% on jumbo CDs starting at $100,000 to open. It also has a very user-friendly website and phone app. 

What to consider before opening

Suncoast does not have the highest APYs business CDs compared to some of the other institutions on this list. However, it does have a low entry point of $500 to open a CD.  

See more Suncoast Credit Union products and services

Suncoast offers a handful of different deposit accounts for businesses, including savings, checking, and MMAs.

Account type	APY	Minimum opening deposit	Maintenance fee
Suncoast Business Savings	0.25%	$5	$0
Business Smart checking	None	$50	$0
Business Money Market	Up to 1.15–3%	$1,000	$0

Suncoast Business Savings
APY	0.25%
Minimum opening deposit	$5
Maintenance fee	$0
Business Smart checking
APY	None
Minimum opening deposit	$50
Maintenance fee	$0
Business Money Market
APY	Up to 1.15–3%
Minimum opening deposit	$1,000
Maintenance fee	$0

8. Bank of America: Up to 5.00% APY

Bank of America is headquartered in Charlotte, North Carolina, and it offers an extensive network of 3,800 branches and 15,000 ATMs nationwide. Its online banking platform is easily customizable, making it simple to manage your business’s finances from anywhere.

Why we picked it

Bank of America’s Featured CDs offer rates near the top available APYs for business CDs–up to 5% on a 7-month CD. It also has an incredibly wide range of term lengths to choose from on its Fixed Term Business CDs, from a month to 10 years. 

Bank of America also offers a 12-month Flexible CD that allows you to make withdrawals without penalty. 

What to consider before opening

The rates on many of the Fixed Term Business CDs are minuscule, as low as 0.03%, so be sure to do your research and find the best rate within the time range you’re willing to put your money aside.

See more Bank of America products and services

Bank of America is a full-service bank for businesses of all sizes, offering checking, savings, credit cards, payment solutions, and more.

Checking accounts	Two options available: Fundamentals account and Relationship Banking account. Monthly fees of $16–$29.95, waivable
Savings account	$100 minimum deposit to open $10 monthly fee, waivable Standard APY of 0.01%, tiered if you are enrolled in Preferred Rewards

Learn more: Read our Bank of America review

9. Chase Bank: Up to 4.75% APY

JPMorgan Chase Bank is one of the largest banks in the nation, offering a full suite of banking products and services for consumers and businesses of all sizes. Its products for business owners include checking, savings, and retirement accounts, as well as CDs, business loans, lines of credit, and credit cards. 

Why we picked it

Chase offers many business CDs with 17 different term options, so the APYs are wide-ranging. The interest runs from 0.02% for a 31-day CD up to 4.75% for a three-month CD with a minimum $100,000 deposit. If that deposit amount is too steep, there are 4.25% APYs for three-month CDs starting at the minimum balance requirement of $1,000. 

What to consider before opening

Chase has many different CD options, but there are competitors with rates exceeding 5% and lower deposit amounts to open. Also, the early withdrawal penalties can be high depending on the amount of funds withdrawn since it’s based on a percentage—plus a $25 fee. 

See more Chase Bank products and services

Chase has many different deposit accounts for businesses, including promotions, such as $300 for opening a checking account once certain transaction and balance minimums are met in specified periods of time. 

Account type	APY range/bonus offer	Minimum deposit/Balance requirement	Monthly maintenance fee
Business Complete Checking	$300 bonus after completing 5 qualifying transactions and meeting balance thresholds	$2,000 minimum deposit and maintain that balance for 60 days to get bonus	$15; waived if meet certain requirements, such as minimum balance
Business Total Savings	0.01% APY	$1,000 balance to waive monthly fee	$10
Business Premier Savings	Up to 0.02%	$25,000 balance to waive monthly fee	$20

Business Complete Checking
APY range/bonus offer	$300 bonus after completing 5 qualifying transactions and meeting balance thresholds
Minimum deposit/Balance requirement	$2,000 minimum deposit and maintain that balance for 60 days to get bonus
Monthly maintenance fee	$15; waived if meet certain requirements, such as minimum balance
Business Total Savings
APY range/bonus offer	0.01% APY
Minimum deposit/Balance requirement	$1,000 balance to waive monthly fee
Monthly maintenance fee	$10
Business Premier Savings
APY range/bonus offer	Up to 0.02%
Minimum deposit/Balance requirement	$25,000 balance to waive monthly fee
Monthly maintenance fee	$20

10. First Internet Bank: Up to 4.94% APY

First Internet Bank is an online-only bank that offers checking, savings, and CDs for businesses and personal accounts. The bank offers very simplified deposit accounts that are low-cost and earn interest. 

Why we picked it

First Internet Bank offers competitive CD yields ranging from 4.14% for a three-month CD to 5.15% APY on a one-year CD. The penalty fee for withdrawing the funds before the term ends is based on how much interest was earned. 

What to consider before opening

While First Internet Bank has good APYs on its CDs, it has limited options (eight term lengths to choose from) compared to some competitors with more CD terms and flexible term options. 

See more First Internet Bank products and services

First Internet Bank has a few deposit account options, including an interest-earning savings and checking account. 

Account type	APY	Minimum deposit	Monthly maintenance fee	Average daily balance to avoid fee
Regular Savings	0.91%	$100 to open	$2	$1,000
Money Market Savings	3.46% on balances at $5 million or below and 5.48% above that amount	$100 to open	$5	$4,000
Do More Business Checking	0.50% with average daily balance of $10,000	None	None	None

Regular Savings
APY	0.91%
Minimum deposit	$100 to open
Monthly maintenance fee	$2
Average daily balance to avoid fee	$1,000
Money Market Savings
APY	3.46% on balances at $5 million or below and 5.48% above that amount
Minimum deposit	$100 to open
Monthly maintenance fee	$5
Average daily balance to avoid fee	$4,000
Do More Business Checking
APY	0.50% with average daily balance of $10,000
Minimum deposit	None
Monthly maintenance fee	None
Average daily balance to avoid fee	None

Learn more: Read our First Internet Bank review

What to know about business CDs

Business CDs are ideal for business owners with a surplus in cash that they feel comfortable setting aside for the fixed term length of the CD. Keep in mind that withdrawing your funds before the CD matures results in an early withdrawal penalty, which can eat into your account earnings.

Business CDs are typically insured for up to $250,000 per account so long as the financial institution is regulated by the Federal Deposit Insurance Corp. (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. However, some institutions will partner with others to offer more deposit insurance coverage.

The key is to compare how the CDs work for each institution and evaluate whether your top picks align with your business’s financial goals.

Pros and cons of a business CD

How to choose a business CD

To maximize your returns and ensure that a business CD fits your financial strategy, assess the following elements:

• Rates: Compare the APYs and terms across different banks and credit unions. Lately, the higher rates typically come with shorter terms of a year or less, so balance your need for liquidity with the potential earnings.
• Fees: Be aware of any account opening balance requirement, maintenance fee, or early withdrawal penalties that could reduce your overall returns.
• Access: Consider how often you might need access to the funds. If you anticipate needing the money sooner, a shorter-term CD might be more appropriate. Some institutions offer CDs for as short as one month. 
• When you’ll need your money: Align the CD term with your cash flow needs. For instance, if your business has seasonal cash flow fluctuations, you may want to time the CD to mature when you need the funds again.  
• Minimum deposit requirements: Check the minimum deposit requirements, which can vary based on the deposit amount and between institutions. Ensure you’re comfortable with locking the amount away in a CD before committing.

Business CDs vs. business money market accounts

Business CDs and business MMAs both offer interest-bearing options for your deposits, but they differ in key ways. Business CDs generally have higher interest rates because your money is locked in for a set period. This also provides relief for the institution so that they don’t have to pay high rates for an indefinite amount of time. 

In contrast, business MMAs do not have maturity dates, providing easier access to your funds. Most have limited withdrawals and check-writing capabilities. Additionally, MMAs typically have variable interest rates, which can change over time, unlike the fixed rates of CDs.

While a business CD is suited for funds that can be set aside without immediate access, a business MMA is better for those needing frequent access to their cash. 

Frequently asked questions

How do I renew a CD?

Typically, your bank will notify you before the CD matures. Still, it’s a good idea to mark the maturity date in your calendar when you first open the CD so you have a plan when the time comes. At maturity, you can opt to roll over the principal and interest into a new CD term, or you can withdraw the funds. Some banks offer automatic renewal as well.

How do I close a CD?

To close a CD, contact your bank prior to the maturity date. Be sure to specify whether you want the funds transferred to another account or issued via check. Closing a CD before maturity will likely incur early withdrawal penalties.

Can I withdraw early from a business CD?

You can withdraw funds from a business CD before the term matures, but you will likely pay an early withdrawal penalty. These penalties vary by bank but can be a flat fee or percentage based on the interest earned or funds withdrawn. Read the terms closely before making an early withdrawal.

Are the best CD rates always from online banks?

Online banks sometimes offer more competitive CD rates compared to traditional brick-and-mortar banks that have larger overhead costs. However, it’s essential to compare rates from various institutions, including local credit unions, to ensure you’re getting the best deal.