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Axos Bank Business Money Market review

Grow your company’s savings on all balances, but Axos Bank’s other accounts have fewer requirements.

finder.com’s rating: 3.6 / 5.0

★★★★★

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.

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0.20%

APY

$10 per month

Fee

$1,000

Minimum deposit to open

Details

Annual percentage yield (APY)0.20%
Fee$10 per month
To waive the feeOR maintain a $5,000 minimum average daily balance
Minimum deposit to open$1,000
Intro or bonus offerGet 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 compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More infoGo to site
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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

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.

How to open an Axos Bank Business Money Market account

To get started with the Axos Bank Business Money Market account, head to Axos’s website.

  1. Select Apply now.
  2. From Axos Bank’s website, hit Business in the top right hand corner.
  3. Hover over “Small Business Banking,” and select Business money market.
  4. Choose Open an account.
  5. First, it will ask for personal information like your name, email and phone number. Fill out the brief form and click Start my application.
  6. You’ll be transported to the official application. Then, you’ll progress through the following pages:
    • Account type
    • Eligibility
    • Disclosure
    • Applicant info
    • Beneficiary
    • Account funding
    • Review Info
    • Qualification
  7. 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

The documentation you’ll need to open your business account varies by your business’s classification. To get started, every business needs:

  • 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.

You’ll also need these documents depending on the nature of your business.

Business typeRequired documents
Sole proprietor
  • IRS 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) status
  • Bylaws stating officers’ power
  • Meeting minutes plus a list of current active officers

The benefits of Axos Bank Business Money Market account

  • Grow your money across any balance amount. Earn money while you save, with an APY of 0.2% on balances up to $5 million. The APY for balances over $5 million varies, but you can call a relationship manager to verify.
  • Above-average APY. The account’s 0.2% APY sits 2.5 times higher than the national average for savings accounts, although we’ve seen higher rates elsewhere.
  • Check-writing privileges. Use your Money Market account to fund payments via paper and pen — plus, your first set of checks is free.

How much interest you can earn

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.

APYAmount in savingsInterest 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

What to look out for

  • 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, an inconvenience for businesses that process many cash transactions.
  • No physical branches. If you’re looking to pop in and out of your bank in person, this online-only bank account won’t work for you.

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.

Compare Axos Bank Business Money Market with other business savings accounts

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.

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

0.20%

$0
$1,000
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.***
$942
A business savings account with a low minimum deposit.
First Internet Bank Business Savings
Finder Rating: 4.1 / 5: ★★★★★
First Internet Bank Business Savings

2.84%

$0
$100
$968.77
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: ★★★★★
Bonus
Axos Bank Business Money Market

0.20%

$0
$1,000
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.
$882
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

1.01%

$0.01
$0
$1,010.15
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
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How to deposit or withdraw money

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.

Deposit

You can put money into your account by:

  • Wire transaction. Send funds from a transferring institution, bank or broker.
  • Mailing a check. Snail mail works, except for cash. Send checks to:
    Axos Bank
    PO Box 509127
    San Diego, CA
    92150-9127
  • Mobile app. Deposit a check by taking a picture with your smartphone, although you’re only allowed 60 mobile deposits each month.
  • Electronic transfer. Send money directly from another financial institution to your Axos Bank account.

Withdrawal

You’re allowed six withdrawals from a Axos Bank Business Money Market account each month, as per federal law.

  • 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.

How to contact Axos Bank about your business account

Get in touch with customer service to get quick answers or send in documents. You can do so by:

  • New banking customers can call 844-678-2726 to speak with a business banking relationship manager from Monday to Friday, 6 a.m. to 6 p.m.
  • Otherwise, call 877-247-8002 for general questions about your account.
  • Send an email to customerservice@axosbank.com.
  • Send mail to: Axos Bank, PO Box 509127, San Diego, CA 92150-9727

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