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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.
0.50%
APY
$10
Fee
$1,000
Minimum deposit to open
Review by
Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked as a technical designer before opting for a career with unlimited travel time. She lives in Los Angeles. When her laptop's closed, you can find her wandering the streets looking for hole-in-the-wall eateries and daydreaming about her next great adventure.
Companies with spare funds on hand might benefit from Axos Bank’s Business Money Market account.
But your business will earn a low 0.5% APY. If your business processes a lot of cash transactions, you’re limited on methods of deposit. This account only allows cash deposits through wire transfer.
To get started with Axos’s Business Money Market account, head to Axos’s website.
Opening a business savings account is a little more involved than setting up a personal one. Make sure you have the following ready:
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 |
|
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:
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:
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.
Axos doesn’t have the infrastructure to support cash deposits, so you’ll need to choose one of the following methods to transport funds:
Before committing your small Business to Axos Bank’s Money Market account, compare its other options: