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Axos Bank Business Savings review

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Get a suite of digital banking tools for your small business, but the 0.8% could be stronger.

Axos Bank’s Business Savings account 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 you can likely find a more competitive APY.

0.80%

APY

$5 per month

Fee

$1,000

Minimum deposit to open

Details

APY0.80%
Fee$5 per month
To waive the feeMaintain a $2,500 minimum average daily balance
Minimum deposit to open$1,000
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

What are the benefits of a savings account with Axos Bank?

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 Business Savings account include:

  • All balances earn an APY. Regardless of how much is in your account, you’ll earn interest at 0.8%, 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. p a pic of your checks for 24/7 mobile or online deposit worldwide.

What should I look out for?

Before opening a 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.

Compare with other business savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.06%
$0
$25,000
This digital savings account includes no monthly maintenance or average daily balance fee.
1.01%
$14.95 per month
(can be waived)
$1,500
This business money market account allows you to add several authorized users to your account.
0.80%
$5 per month
(can be waived)
$1,000
A business savings account with a low minimum deposit.
0.80%
$10 per month
(can be waived)
$1,000
This money market savings account comes with the added benefit of check writing privileges.

Compare up to 4 providers

How do I open a Business Savings account?

To get started with Axos’ Business Savings account, head to its website and follow these steps:

  1. Click Business in the top right corner.
  2. Hover over “Small Business Banking” and select Business savings.
  3. Choose Open an account
  4. 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.

  5. After you submit the application for the Business Savings account, Axos Bank will be in touch with next steps.

Required information

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

Eligibility

You must be a US-based entity in order to qualify.

The other documentation you’ll need varies by business type and includes:

Business TypeRequired documents
Sole proprietorIRS 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 statu
  • Bylaws stating powers of the officers
  • Meeting minutes plus a list of current active officers

How do I deposit or withdraw my money?

Ways to deposit and withdrawal money include:

Deposit

  • 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
      92150-9127

  • 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.

Withdrawal

  • 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 1.06%. 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.

Bottom line

Axos Bank’s Business Savings account might be appropriate for small businesses that appreciate a digital platform. But if you’re hoping for a higher APY or more brick-and-mortar locations, consider a different account to grow your company’s cash.

Frequently asked questions.

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