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Axos Bank Business Premium Savings review

Digital money management with no monthly maintenance fees for businesses that have ample cash.’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.

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Minimum deposit to open


Annual percentage yield (APY)0.20%
Minimum deposit to open$25,000
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
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.

Expert review

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.

How do I open an Axos Bank Business Premium Savings account?

If the account will meet your company’s needs, head to Axos’ website to get started.

  1. Go to the provider’s site and follow the steps to apply.
  2. From Axos Bank‘s website, click Business in the top right corner.
  3. Hover over “Small Business Banking” and select Business premium savings.
  4. Choose Open an account
  5. You’ll be asked for personal information like your first and last name, email and phone number. Fill out the brief form and hit Start my application.
  6. On the official application page, the process consists of eight steps:
    • Choosing an account type
    • Checking your eligibility
    • Reading the disclosure
    • Giving your applicant info
    • Adding a beneficiary
    • Funding your account
    • Reviewing the info
    • After you submit the application for the Business Savings account, Axos Bank will be in touch with next steps.


To apply for an Axos Bank Business Premium Savings account, you must:

  • Be a US-based entity
  • Have a valid Social Security or Tax Identification number
  • Have a government-issued photo ID

Required information

Opening a business savings account is a little more involved than setting up a personal one. Make sure you have the following ready:

  • Copies of owner’s driving license
  • Owner’s Social Security numbers
  • Funding information for your new account, like an account number from another bank

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

Business TypeRequired documents
Sole proprietorIRS SS-4 or 147 c letter
General partnership
  • General partnership agreement
  • All amendments
Limited liability corporation (LLC)
  • Operating agreement
  • Articles of organization plus al 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 statu
  • Bylaws stating powers of the officers
  • Meeting minutes plus a list of current active officers

What are the benefits of a savings account with Axos Bank?

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 Axos Bank Business Premium Savings account include:
  • No monthly maintenance fee. It’s always free to maintain the account.
  • No average daily balance fee. If you can manage the initial deposit, no average daily balance is required.
  • Convenient remote deposit. Snap a pic of your checks for 24/7 mobile or online deposit worldwide.

What should I look out for?

The Axos Bank Business Premium Savings account won’t be for everyone. Consider drawbacks before committing, including:

  • Hefty initial sum is required. You’ll need to deposit $25,000 to get started.
  • High minimum balance required to earn APY. Balances up to $23,999.99 earn 0% APY. Above that, you can expect 0.2%.
  • Cash deposit is inconvenient. The only way to drop cash into your account is by wire transfer, which could be inconvenient for businesses that process several cash transactions.

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.

Compare with other business savings accounts

Name Product Annual Percentage Yield (APY) Minimum balance to earn interest Minimum deposit to open Estimated total balance Offer
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Axos Bank Business Savings


New business owners get a $200 welcome bonus
Just use promo code NEWBIZ200 on your application.** Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.***
A business savings account with a low minimum deposit.
First Internet Bank Business Savings
Finder Rating: 4.1 / 5: ★★★★★
First Internet Bank Business Savings


Get up to 2.84% APY with this account designed for your small business. Open with as low as $100.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Axos Bank Business Money Market


Get a $200 welcome bonus when using promo code NEWBIZ200 on your application. If you are not a new business, you can use promo code NEWAXOSBIZ for a $100 bonus.
This money market savings account comes with the added benefit of check writing privileges.
NBKC Bank Business Money Market
Finder Rating: 4.1 / 5: ★★★★★
NBKC Bank Business Money Market


The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.

Compare up to 4 providers

How do I deposit or withdraw my money?

Cash deposits are tricky, but there are plenty of other ways to move your funds around, including:


  • Wire transaction. Send funds from a transferring institution, bank or broker.
  • Mail a check. Send checks to:
    • Axos BankPO Box 509127
      San Diego, CA
  • Mobile app. Use Remote Deposit Anywhere to deposit a check by taking a picture with your smartphone. Note that you’re only allowed to do this 60 times each month.
  • Electronic transfer. Send money directly from another financial institution into your Axos account.


  • Wire transfer. Send funds to yourself by triggering a wire transfer.
  • Electronic transfer. Access your money by moving it digitally. This option is only available if you also have a checking account with Axos Bank.

What other savings options does Axos Bank offer for businesses?

Axos Bank Business Premium Savings earns an APY that’s similar to its other business options, but you’ll find a lower initial deposit in these accounts:
  • Axos Bank Business Savings. Earn an APY of 0.2% on any amount and deposit $1,000 to open the account. Maintain a daily balance of $2,500 to waive the $5 monthly fee.
  • Axos Bank Business Money Market. Earn up to 0.2% APY after depositing $1,000 to open an account. Waive the $10 monthly maintenance fee by maintaining a daily balance of $5,000.

Frequently asked questions

Savings account ratings

★★★★★ — 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.

Read the full methodology of how we rate savings accounts.

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