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The Axos Bank Business Money Market account offers a completely digital setup for small businesses looking to earn interest on extra cash. But you can find other accounts with higher interest rates and lower minimum balance requirements, making your savings account work harder for you.
0.20%
APY
$10 per month
Fee
$1,000
Minimum deposit to open
Annual percentage yield (APY) | 0.20% |
---|---|
Fee | $10 per month |
To waive the fee | OR maintain a $5,000 minimum average daily balance |
Minimum deposit to open | $1,000 |
Intro or bonus offer | 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. |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $10 |
More info | Go to site |
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Companies with plenty of funds on hand might benefit from the Axos Bank Business Money Market account. Your company will need at least $5,000 to bypass the monthly fee, although this requirement isn’t unusual for this type of account.
Your business will earn a middle-ground 0.2% APY, which is higher than the national average though we’ve seen higher rates for business savings accounts. And if your business processes a lot of cash transactions, you’re limited to wire transfers to deposit those funds.
To get started with the Axos Bank Business Money Market account, head to Axos’s website.
You must be a US-based entity in order to qualify.
The documentation you’ll need to open your business account varies by your business’s classification. To get started, every business needs:
You’ll also need these documents depending on the nature of your business.
Business type | Required documents |
---|---|
Sole proprietor |
|
General partnership |
|
Limited liability corporation (LLC) |
|
Limited partnership (LP)or limited liability partnership (LLC) |
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For profit corporation |
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Nonprofit corporation |
|
Earn more than the average for a money market savings account, but your business’s dollars may grow more quickly with other business savings accounts.
APY | Amount in savings | Interest earned in 12 months |
---|---|---|
0.2% | $5,000 | $10.01 |
0.2% | $10,000 | $20.02 |
0.2% | $20,000 | $40.04 |
0.2% | $50,000 | $100.10 |
0.2% | $100,000 | $200.20 |
Before committing your small business to this account, consider whether the Axos Bank Business Savings account, which offers a lower monthly fee and minimum balance to avoid that fee.
If your business keeps substantial cash in reserve over $25,000, you could bypass the monthly fee with the Axos Bank Business Premium Savings account.
See what other business savings accounts offer in terms of their interest rates, monthly fees and minimum opening deposits. Then, choose Go to site when you’re ready to apply.
Axos Bank doesn’t have the infrastructure to support cash deposits, so you’ll need to choose other methods to transport funds. For reference, Axos Bank’s routing number is 12228725.
You can put money into your account by:
You’re allowed six withdrawals from a Axos Bank Business Money Market account each month, as per federal law.
Get in touch with customer service to get quick answers or send in documents. You can do so by:
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