The best small business savings accounts with no fees and above-average interest rates

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Like people, businesses can also benefit from having some extra cash. A good place to keep this money is in a high-yield business savings or money market account that also gives you checking account privileges.

CNBC Select analyzed and compared business savings accounts offered by online and brick-and-mortar banks, including large credit unions. We favored online banks since they typically offer above-average APYs, but there is an option for those who prefer to have access to physical branches. We also considered each account's accessibility, monthly fees and minimum deposit requirements. All of our top picks are FDIC-insured. (See our methodology for more information on how we choose the best small business savings accounts.)

Who's this for? Business owners wanting a good return on their savings should look no further than the Live Oak Business Savings, which comes with a strong 3.80% APY. There is no minimum deposit required to open an account, and there are no monthly maintenance fees.

Users, however, should be comfortable banking completely online as there are no physical branches to visit in person. Be prepared to have handy both your personal and business information (and bank account info) when opening a Live Oak Business Savings account.

Upon confirmation, users can transfer money from their verified bank account to their new Live Oak Business Savings. Additional authorized signers, such as employees, can be added after funding the account. You can easily fund your savings by transferring money from a linked external bank account to your Live Oak Business Savings. Savers can also mail a check, deposit a check through the bank's mobile app or schedule a wire transfer.

Note that a dormant account fee will be charged after 24 consecutive months of no usage on an account with a balance of $10 or less, and your account may close.

Who's this for? The Capital One Business Savings is a solid choice for business owners who appreciate a live banking experience. Business owners in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C. can bank in-person at physical Capital One branches.

Users can earn a promotional APY for the first 6 months, after which a standard variable rate will apply. There is also a $250 minimum deposit required to open an account, along with a $3 monthly maintenance fee. Users can waive this monthly fee, however, by maintaining a $300 minimum balance.

With the Capital One Business Savings, account holders will have access to their money at more than 70,000 fee-free ATMs. They can make up to the standard six free withdrawals per month, as well as additional withdrawals from a teller at any Capital One branch or ATM.

Who's this for? With a business money market account, savers will typically earn a higher interest rate than with their standard business savings account since the money is invested. A money market account also comes with checking account privileges like writing a check, taking out cash at the ATM, making a purchase on your debit card or completing an electronic transfer of money.

The TAB Bank Business Money Market Account offers 4.00% on the first $1,000,000 and 0.25% on the remaining balance. The minimum required deposit to open an account is a low $25 and there is just a $1 minimum balance to start earning interest. There are no monthly maintenance fees.

Who's this for? Another money market account, the First Internet Bank Business Money Market Savings stands out for offering a high 3.46% APY with a daily balance of $5,000,000 or below. We ranked it the best for sole proprietors, however, because they get ATM card access with this savings account.

There is a minimum $100 to open an account, plus a $5 monthly maintenance fee. To waive the monthly fee, users have to maintain a $4,000 minimum daily balance.

Who's this for? The Axos Business Premium Savings account doesn't charge any monthly fees for maintaining the account, making it attractive to those who want to avoid jumping through hoops to get a monthly fee waived at the very least. It also doesn't charge any overdraft fees.

It does pay you interest for your account balance and insures your balance for up to $250,000.

There are two main differences between your business checking account and your business savings account.

For starters, the money in your checking account will typically not accrue interest over time like the money in your savings account. That's why it's important business owners don't keep all their funds stashed in their checking — it's earning very little in return.

The second big difference is account holders usually can't access the money in their savings account as easily as they can with a checking account. Many banks have their own regulations around withdrawal limits, so make sure you check with your financial institution.

Much like your personal savings account, a business savings account is ultimately a place where you can set aside your money for future use.

For business owners, a savings account can act as your company's emergency fund, should you have a bad month or face an unexpected expense. Having some savings is also crucial whenever there is an economic downturn or unpredictability, and can be drawn upon when needed.

A healthy balance in your business savings account may help you get approved for a small business loan in the future, too. Lenders typically like to see that your business has the finances to repay borrowed money.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every bank account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best business savings accounts.

To determine which small business savings accounts offer the best return on your company's money, CNBC Select analyzed U.S. business savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an above-average APY, as well as no monthly maintenance fees, or the option to waive. Since most business savings accounts require a minimum deposit upfront, we favored accounts with manageable minimums.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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