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Axos Bank Business Premium Savings review
Digital money management with no monthly maintenance fees for businesses that have ample cash.
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.
1.06%
APY
$0
Fee
$25,000
Minimum deposit to open
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 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 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 mediocre APY. Balances up to $24,999.99 earn 0% APY. Above that, you can expect 1.06%, which isn’t all that competitive in the market.
- 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.
Compare with other business savings accounts
How do I open a Business Premium Savings account?
If the account will meet your company’s needs, head to Axos’ website to get started.
- Click Business in the top right corner.
- Hover over “Small Business Banking” and select Business premium savings.
- Choose Open an account
- 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.
- 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.
Eligibility
To apply for a Savings Builder account, you must be:
- You must be a US-based entity to qualify.
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 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 |
|
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:
Deposit
- Wire transaction. Send funds from a transferring institution, bank or broker.
- Mail a check. Send checks to:
- Axos Bank
PO Box 509127
San Diego, CA
92150-9127
- 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.
Withdrawal
- 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’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:
- Business Savings. Earn an APY of 0.8% on any amount and deposit $1,000 to open the account. Maintain a daily balance of $2,500 to waive the $5 monthly fee.
- Business Money Market. Earn up to 0.8% APY after depositing $1,000 to open an account. Waive the $10 monthly maintenance fee by maintaining a daily balance of $5,000.
- Nonprofit and Association Money Market. It’s most similar to the Business Savings account, but for nonprofits. Expect an APY of 0.8%, plus a $5 monthly maintenance fee that you can waive by maintaining an average daily balance of $2,500. Deposit $1,000 to get started.
Bottom line
Axos Bank’s Business Premium Savings account might fit the bill if you can swing the initial deposit. But higher APYs are out there, so shop the market if you want to find a better match.