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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 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 |
Review by
Amy Stoltenberg
amy.stoltenberg@finder.comAmy 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.
- Select Apply now.
- From Axos Bank’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 will ask for personal information like your name, email and phone number. Fill out the brief form and click Start my application.
- 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
- 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 type | Required documents |
|---|---|
| Sole proprietor |
|
| General partnership |
|
| Limited liability corporation (LLC) |
|
| Limited partnership (LP)or limited liability partnership (LLC) |
|
| For profit corporation |
|
| Nonprofit corporation |
|
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.
| 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 |
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.
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
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
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★★★★★ — Subpar
★★★★★ — Poor
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