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Axos Bank Business CDs review

Withdraw interest before maturity with no penalty, but APYs top out at 0.4%.’s rating: 3.6 / 5.0


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.


1-year APY


3-year APY


5-year APY


Star rate3.6
3-month APY0.15%
6-month APY0.25%
1-year APY0.4%
2-year APY0.4%
3-year APY0.4%
4-year APY0.4%
5-year APY0.4%
Early withdrawal penalty45 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
Minimum deposit to open$1,000
Interest compoundingDaily

Review by

Amy Stoltenberg is a staff writer at Finder. She manages Finder's newsletter, which is about all things personal finance, with a sparkling eye toward cryptocurrency and the exciting world of DeFi. When her laptop's closed, you can find her driving around Los Angeles, marveling at the palm trees. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.

Expert review

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.

How do I open an Axos Bank Business CD?

You can apply to open an Axos business CD account online:

  1. Go to the provider’s site and follow the steps to apply.
  2. Click Business in the top right corner.
  3. Hover over “Small Business Banking” and select Business CDs.
  4. Choose Open an account.
  5. Enter personal information such as your name, email and phone number, then fill out the brief form and click Start my application.
  6. You’ll be taken to the official application page, where you’ll indicate what type of business you’re setting up the account for.
  7. After submitting an application for a Business CD account, one of Axos Bank‘s business banking relationship managers will be in touch with next steps.


To open an Axos business CD, you must meet these requirements:

  • US-based entity
  • Government-issued photo ID
  • $1,000 minimum deposit

Required information

Opening a business CD is more involved than setting up a personal account. Have the following ready:

  • Copies of owner’s driving license
  • Owner’s Social Security numbers
  • Funding information for your new account

The other documentation you’ll need varies by business type and includes:

Limited partnership (LP)or limited liability partnership (LLC)

  • LP or LLP agreement
  • All amendments
Business TypeRequired documents
Sole proprietor
  • IRS SS-4 or 147 c Letter
General partnership
  • General partnership agreement
  • All amendments
Limited liability corporation (LLC)
  • Operating agreement
  • Articles of organization plus all amendments
For-profit corporation
  • Articles of incorporation
  • All amendments
Nonprofit corporation
  • Article of incorporation
  • All amendments
  • Letter from IRS of 501-c-3 status
  • Bylaws stating powers of the officers
  • Meeting minutes plus a list of current active officers

What are the benefits of an Axos Bank business CD?

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:

  • Daily compound interest. Your money grows quicker with interest that accumulates Daily and is paid monthly.
  • Flexible terms. Term lengths vary from three months to five years, with yearly increments in between.
  • Withdraw interest before maturity. You can receive interest disbursements from an Axos business CD before the term length is up, with no penalty.

What should I look out for?

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:

  • Low APYs. Three-month CDs earn 0.15% APY while 60-month CDs only earn 0.4%. With rates this low, you could likely beat Axos’ business CD rates with a high-APY savings account.
  • Minimum deposit of $1,000. In order to open an account, you’ll have to deposit at least a grand.

If you prefer an account with higher APYs, you’ll want to keep looking. As always, compare your options when looking for CDs.

Compare with other CD accounts

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

How do I cash in my Axos Business CD?

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:

  1. Using your Axos debit card to make a withdrawal at any ATM in the US, free of charge, or…
  2. Sending yourself a wire transfer

What other savings products does Axos Bank offer businesses?

Other ways to stash your business’s cash with Axos include:

  • Axos Bank Business Savings. Deposit $1,000 to open the account and earn an APY of 0.2% on all balances. Maintain at least $2,500 to waive the $5 monthly maintenance fee.
  • Axos Bank Business Premium Savings. Earns an APY of 0.2%, but requires an initial deposit of $25,000. There are no daily balance requirements and no monthly maintenance fees.
  • Axos Bank Business Money Market. The APY tops out at 0.8% and you’ll have to deposit at least $1,000 to get started. There’s a $10 monthly maintenance fee unless you maintain a daily balance of $5,000.
  • Nonprofit and Association Money Market. An account meant for nonprofits featuring a 0.8% APY and requiring a $1,000 initial deposit.

Frequently asked questions

CDs ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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