We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Axos Bank Business CDs review

Last updated:  

Withdraw interest before maturity with no penalty, but APYs top out at 1.35%.

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


Minimum deposit to open$1,000
Interest compoundingDaily
3-month APY0.15%
6-month APY0.25%
1-year APY0.55%
2-year APY0.7%
3-year APY0.9%
4-year APY1.05%
5-year APY1.35%
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

Expert review

Amy Stoltenberg

Review by

Amy Stoltenberg writes about lifestyle and money for finder.com, 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 designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

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 and you’ll find better rates on high-yield savings account.

What are the benefits of a business CD with Axos Bank?

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.

Axos’ Business CDs are backed by the FDIC up to $250,000. Interest accumulates Daily and is paid monthly. Term lengths vary from three months to five years, with yearly increments in between.

At term’s end, there’s a 10-day auto renewal grace period during which you can make changes, additional deposits or withdraw funds without penalty.

Other benefits include:

  • Withdraw interest before maturity. You can receive interest disbursements from an Axos business CD before the term length is up, with no penalty.
  • No fees. It’s free to set up and maintain a business CD with Axos.

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. The APY on a three-month CD is 0.15%. On a 60-month CD, that number only jumps to 1.35%. 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.

Axos Bank charges additional fees if you withdraw any or all of the principal before the CD’s maturity date. Penalties that may be applied vary by term length. Axos will deduct the fee from accrued interest first, then it will take from your principal balance to cover any outstanding charges.

Here’s what to expect:

Term lengthPenalty fee
3–5 months45 days loss of interest
6–11 months90 days loss of interest
12–23 months180 days loss of interest
24–35 months365 days loss of interest
36-47 months18 months loss of interest
48 months or more24 months loss of interest

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

Compare up to 4 providers

How do I open a Business CD account?

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

  1. Click Business in the top right corner.
  2. Hover over “Small Business Banking” and select Business CDs.
  3. Choose Open an account.
  4. Enter personal information such as your name, email and phone number, then fill out the brief form and click Start my application.
  5. You’ll be taken to the official application page, where you’ll indicate what type of business you’re setting up the account for.
  6. 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.


  • You must be a US-based entity in order to qualify

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:

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
Limited partnership (LP)or limited liability partnership (LLC)
  • LP or LLP agreement
  • 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

How do I cash in a 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:

  • Business Savings. Deposit $1,000 to open the account and earn an APY of 0.8% on all balances. Maintain at least $2,500 to waive the $5 monthly maintenance fee.
  • Business Premium savings. Earns an APY of 1.06%, but requires an initial deposit of $25,000. There are no daily balance requirements and no monthly maintenance fees.
  • 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

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site