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Axos Bank Business Money Market review

Grow your company’s savings at 0.2% APY on all balances.’s rating: 3.6 / 5.0


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.



$10 per month



Minimum deposit to open


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
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More infoGo to site

Review by

Amy Stoltenberg is a staff writer at Finder. She manages Finder's newsletter, which is about all things personal finance, with a sparkling eye toward cryptocurrency and the exciting world of DeFi. When her laptop's closed, you can find her driving around Los Angeles, marveling at the palm trees. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.

Expert review

Companies with spare funds on hand might benefit from Axos Bank’s Business Money Market account.

But your business will earn a mediocre 0.2% APY. And if your business processes a lot of cash transactions, you’re limited on methods of deposit. Plus, this account only allows cash deposits through wire transfer.

How do I open an Axos Bank Business Money Market account?

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

  1. Click 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’ll ask for personal info like first and last name, email and phone number. Fill out the brief form and click Start my application.
  6. 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
  7. After you submit the application for the Business Money Market account, Axos Bank will be in touch with next steps.


  • 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 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

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 0.2% 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.

If your looking for an account with more deposit options, you’ll want to keep looking. As always, compare your options when looking for an account to grow your company’s cash.

Compare with other business savings accounts

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Axos Bank Business Savings
$5 per month
(can be waived)
A business savings account with a low minimum deposit.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Axos Bank Business Money Market
$10 per month
(can be waived)
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
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
First Internet Bank Regular Savings
Finder Rating: 3.8 / 5: ★★★★★
First Internet Bank Regular Savings
$2 per month
(can be waived)
First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.
Live Oak Bank Business Savings account
Finder Rating: 4.4 / 5: ★★★★★
Live Oak Bank Business Savings account
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily

Compare up to 4 providers

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:


  • 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
  • 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.


  • 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 0.2% APY 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 0.2%. There’s no daily balance requirements or monthly maintenance fees, but you’ll need to make a $25,000 deposit to get started.

Frequently asked questions

How many withdrawals can I make per month from Axos Bank’s Business Money Market account?
You’re allowed six withdrawals from a Business Money Market account each month, as per federal law.

What is Axos Bank’s routing number?
Axos Bank’s routing number is 12228725.

What is the APY for account balances over $5 million?
The APY for Business Money Market account balances over $5 million varies. Call a relationship manager at 844-678-2726 to get your exact rate.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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