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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.
0.50%
APY
$0
Fee
$25,000
Minimum deposit to open
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.
Axos Bank’s Business Premium Savings account is best for large businesses. The account offers a 0.5% APY and has no monthly maintenance or average daily balance fee. Plus, 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 |
|
Axos Bank can afford to keep overhead costs low because its primary infrastructure exists online. Manage cash from the mobile app or your computer. Perks of the Business Premium Savings account include:
The 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, 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:
Axos Bank’s Business Premium Savings account has the potential to earn a higher APY than its other business options, but you’ll find a lower initial deposit in these:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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