Axos Bank Business Savings review
Get a suite of digital banking tools for your small business, but cash deposits are inconvenient.
finder.com’s rating: 3.7 / 5.0
Axos Bank’s Business Savings account earns an 0.5% APY, lets you manage funds from anywhere in the world and doesn’t cost much to maintain. But you’ll need $1,000 to get started and the only way to deposit cash is through a wire transfer.
Minimum deposit to open
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 designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.
Axos Bank’s Business Savings account is best for small businesses that appreciate a digital platform. You’ll earn 0.5% APY, receive ATM fee reimbursements in the US and get 60 free remote deposits a month.
But if your business manages a lot of cash deposits, you’ll have to drop cash into your account through a wire transfer, which can be an inconvenience.
How do I open an Axos Bank Business Savings account?
To get started with Axos’ Business Savings account, head to its website and follow these steps:
- Go to the provider’s site and follow the steps to apply.
- From Axos Bank website, click Business in the top right corner.
- Hover over “Small Business Banking” and select Business savings.
- Choose Open an account
- First, it’ll ask for personal information like your name, email and phone number. Fill out the brief form and click Start my application.
- You’ll then be taken to the official application page, where you’ll indicate your business type.
- After you submit the application for the Business Savings account, Axos Bank will be in touch with next steps.
You must be a US-based entity in order to qualify. The other documentation you’ll need varies by business type and includes:
|Business Type||Required documents|
|Sole proprietor||IRS SS-4 or 147 c letter|
|Limited liability corporation (LLC)|
|Limited partnership (LP)or limited liability partnership (LLC)|
|For profit corporation|
Opening a business checking account is 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
What are the benefits of the Axos Bank Business Savings account?
Axos Bank is the original online bank, founded in 1999 as Bank of the Internet. It still takes pride in providing a best-in-class user experience in both online and mobile banking.
Some perks of the Axos Business Savings account include:
- All balances earn an APY. Regardless of how much is in your account, you’ll earn interest at 0.5%, compounded daily.
- Low maintenance fee. This account costs $5 a month to maintain, though you can waive the fee by maintaining an average daily balance of $2,500.
- Domestic ATM fees are reimbursed. Withdraw funds from any ATM in the US and Axos Bank will reimburse extra fees.
- 60 remote deposits per month. Snap a pic of your checks for 24/7 mobile or online deposit worldwide.
What should I look out for?
Before opening an Axos Bank Business Savings account, consider the drawbacks, including:
- Initial deposit required. You’ll need $1,000 on-hand to open the account.
- Cash deposit is inconvenient. The only way to drop cash into your account is via wire transfer, which could be inconvenient for businesses that process several cash transactions.
- Limited in-person help. You can’t sit down with a banker to get one-on-one guidance unless you live near one of its six offices.
If your business processes several cash transactions or you want a higher yield account, you’ll want to keep looking. As always, consider your options when choosing a business savings account.
Compare with other business savings accounts
How do I deposit or withdraw my money?
There are several ways to deposit and withdraw money from your Axos Bank Business Savings account:
- Wire transaction. Send funds from a transferring institution, bank or broker.
- Mail a check. Send checks to:
- Axos Bank
PO Box 509127
San Diego, CA
- Axos Bank
- Mobile app. Use Remote Deposit Anywhere to deposit a check by taking a picture with your smartphone. 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 to Axos Bank’s Business Savings account, compare other options, including:
- Business Premium savings. Get an APY of up to 0.5% with this account. There’s no daily balance requirements or monthly maintenance fees, but you’ll need to make a $25,000 deposit to get started.
- Business money market. Earn up to 0.8% APY after depositing $1,000 to open an account. Waive the $10 monthly maintenance fee by maintaining a daily balance of $5,000.
- Non-Profit and Association Money Market. It’s most similar to the Business Savings account — an APY of 0.8% 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.
Frequently asked questions.
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