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finder.com’s rating: 3.0 / 5.0
★★★★★
Axos Bank is completely digital and focused on innovating your banking experience to make it more accessible than its competitors. But you’ll need a large lump sum on-hand to open its Business Premium Savings account.
0.20%
APY
$0
Fee
$25,000
Minimum deposit to open
Annual percentage yield (APY) | 0.20% |
---|---|
Fee | $0 |
Minimum deposit to open | $25,000 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $10 |
Review by
Amy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
Axos Bank’s Business Premium Savings account is best for large businesses. The account offers 0.2% APY, which is respectable but not competitive. It has no monthly maintenance or average daily balance fee, and you get free image statements.
But cash deposits are inconvenient, and you’ll need $25,000 to open an account and earn interest. If your business doesn’t already have a cash reserve built up, this may not be the account for you.
If the account will meet your company’s needs, head to Axos’ website to get started.
To apply for an Axos Bank Business Premium Savings account, you must:
Opening a business savings account is a little more involved than setting up a personal one. Make sure you have the following ready:
The other documentation you’ll need varies by business type and includes:
Business Type | Required documents |
---|---|
Sole proprietor | IRS SS-4 or 147 c letter |
General partnership |
|
Limited liability corporation (LLC) |
|
Limited partnership (LP)or limited liability partnership (LLC) |
|
For profit corporation |
|
Nonprofit corporation |
|
The Axos Bank Business Premium Savings account won’t be for everyone. Consider drawbacks before committing, including:
If you want an account with a lower account opening deposit or a higher APY, you’ll want to keep looking. As always, compare your options when choosing a business savings account.
Cash deposits are tricky, but there are plenty of other ways to move your funds around, including:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.
Axos Bank Business Premium Savings is not currently available on Finder
Have you considered CIT Savings Connect?
Secure a 4.05% APY, 16x the national average. Pay $0 in monthly fees and no account opening fee.