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Axos Bank’s Business CDs offer the flexibility of multiple term lengths without maintenance fees, but the APYs aren’t competitive compared to those of some other savings products.
0.4%
1-year APY
0.4%
3-year APY
0.4%
5-year APY
Minimum deposit to open | $1,000 |
---|---|
Interest compounding | Daily |
3-month APY | 0.15% |
6-month APY | 0.25% |
1-year APY | 0.4% |
2-year APY | 0.4% |
3-year APY | 0.4% |
4-year APY | 0.4% |
5-year APY | 0.4% |
Early withdrawal penalty | 45 days interest for terms of 3 to 5 months 90 days interest for terms of 6 to 11 months 180 days interest for terms of 12 to 23 months 365 days interest for terms of 24 to 35 months |
Review by
Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked as a technical designer before opting for a career with unlimited travel time. She lives in Los Angeles. When her laptop's closed, you can find her wandering the streets looking for hole-in-the-wall eateries and daydreaming about her next great adventure.
At its core, Axos is designed to provide a hassle-free user experience. You can manage a business CD entirely online without stepping foot in a brick-and-mortar bank. Because of this, Axos Bank’s Business CDs are ideal for companies that manage their finances digitally. There are no fees and you can withdraw interest before maturity.
But its APY rates are low. Unless you want to lock in current rates, you’ll find better APYs on a high-yield savings account.
You can apply to open an Axos business CD account online:
To open an Axos business CD, you must meet these requirements:
Opening a business CD is more involved than setting up a personal account. Have the following ready:
The other documentation you’ll need varies by business type and includes:
Limited partnership (LP)or limited liability partnership (LLC)
Business Type | Required documents |
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Sole proprietor |
|
General partnership |
|
Limited liability corporation (LLC) |
|
For-profit corporation |
|
Nonprofit corporation |
|
Axos’ Business CDs are free to open and FDIC-insured to $250,000. They have a 10-day auto-renewal grace period when you can make additional deposits or withdraw funds without penalty. Other benefits include:
A business CD with Axos might be a good fit if you’re looking for a temporary way to grow cash, but you won’t have access to the money until the term is up. Also, consider these other potential pitfalls:
If you prefer an account with higher APYs, you’ll want to keep looking. As always, compare your options when looking for CDs.
At the end of your term length, you’ll have 10 days to transfer funds electronically to another bank account. If you want access to the money as physical cash, you can move the funds into a checking or savings account. Then, withdraw funds by:
Other ways to stash your business’s cash with Axos include: