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Axos Bank Business Money Market review
Grow your company’s savings at 0.80% APY on all balances.
Grow your company’s savings at 0.8% APY on all balances.
Axos Bank’s Business Money Market account offers a completely digital setup for small businesses looking to earn interest on extra cash. But you’ve got to maintain a hefty account balance in order to waive the $10 monthly maintenance fee.
0.80%
APY
$10 per month
Fee
$1,000
Minimum deposit to open
Details
| APY | 0.80% |
|---|---|
| Fee | $10 per month |
| To waive the fee | OR maintain a $5,000 minimum average daily balance |
| Minimum deposit to open | $1,000 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $10 |
What are the benefits of a savings account with Axos Bank?
Axos Bank provides a seamless online and mobile banking experience. Remote deposit capabilities allow business owners to stash savings 24/7 from anywhere in the world.
Special features of Axos Bank’s Business Money Market account include:
- All balances earn an APY. Earn money while you save, with an APY of 0.8% on balances up to $5 million.
- Check writing privileges. Use your Money Market accounts to fund payments via paper and pen — plus, your first set of checks is free.
What should I look out for?
Still, the Money Market account is designed for companies with significant cash to spare – you’ll need $1,000 on hand just to open an account.
Here’s what else to keep in mind before committing:
- High minimum balance to waive fee. A minimum average daily balance of $5,000 is required to waive the $10 monthly maintenance fee.
- Cash deposit is inconvenient. The only way to deposit cash into your account is via wire transfer, which could be inconvenient for businesses that process lots of cash transactions.
Compare with other business savings accounts
How do I open a Business Money Market account?
To get started with Axos’s Business Money Market account, head to Axos’s website.
- Hit Business in the top right hand corner.
- Hover over “Small Business Banking,” and select Business money market.
- Choose Open an account.
- First, it’ll ask for personal info like first and last name, email and phone number. Fill out the brief form and click Start my application.
- That’ll transport you to the official application. Then, you’ll progress through the following eight pages:
- Account type
- Eligibility
- Disclosure
- Applicant info
- Beneficiary
- Account funding
- Review Info
- Qualification
- After you submit the application for the Business Money Market account, Axos Bank will be in touch with next steps.
Eligibility.
- You must be a US-based entity in order 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 checkbook or account number from another bank.
The other documentation you’ll need varies by business type, and includes:
| Business Type | Required documents |
|---|---|
| Sole proprietor |
|
| 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?
Axos doesn’t have the infrastructure to support cash deposits, so you’ll need to choose one of the following methods to transport funds:
Deposit
- Wire transaction. Send funds from a transferring institution, bank or broker.
- Mail a check. Snail mail works, except for cash. 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. But 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?
Before committing your small Business to Axos Bank’s Money Market account, compare its other options:
- 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 Premium savings. Get an APY of up to 1.06%. There’s no daily balance requirements or monthly maintenance fees, but you’ll need to make a $25,000 deposit to get started.
- Non-Profit and Association Money Market. It’s most similar to the Business Savings account — an APY of 0.80% 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
Companies with spare funds on hand might benefit from Axos’s flexible digital setup. But if you’re looking for a provider with a brick-and-mortar presence or a smaller initial deposit, find a different account to grow your company’s cash.