If you’re looking for a savings account that can help your business accommodate excess savings transactions, Axos Bank might be a good choice. With 20 fee-free transactions per statement cycle, it offers transaction limits that are relatively higher than other savings accounts on the market.
It offers two savings accounts: Axos Business Savings, which has a lower opening deposit at the cost of having a monthly maintenance fee, and Axos Business Premium Savings, which has a steep opening deposit but no monthly maintenance fees or minimum balance requirements. Business owners with significant deposit funds can get Federal Deposit Insurance Corp. (FDIC) coverage of up to $150 million.
Features
- Digital banking with remote check deposit
- Daily compounded interest
- FDIC coverage up to $150 million through IntraFi® Network DepositsSM
- Business checking, money market, and certificates of deposit (CDs) also available
- Small Business Administration (SBA) 7(a) loans and commercial lending
How Axos Bank Stacks Up With Its Competitors
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Savings | 0.20% for balances below $5 million | Unlimited domestic ATM fee reimbursements | $1,000 | |
 Business Savings | 3.70% | 0 | N/A (no debit card issued for savings) | None |
 Business Savings | 1.0% to 3.0%, depending on balances | $0 | N/A | None |
When Axos Bank Is a Good Fit
- You make more than six transactions on savings accounts regularly: While most banks limit businesses to six transactions per month, Axos Bank allows 20 monthly transactions, which include debits, credits, and deposited items. The fee for exceeding the limit is affordable at 30 cents per item.
- You need a merchant services partner: Customers can access Automated Clearing House (ACH) and billing solutions, point-of-sale (POS) terminals and equipment, mobile commerce, ecommerce solutions, check acceptance, and other merchant services.
- Your savings deposit exceeds $250,000: Although the standard FDIC insurance is only $250,000, Axos Bank provides up to $150 million in FDIC insurance through IntraFi® Network DepositsSM, where funds are spread out to partner banks for greater insurance protection coverage.
When To Choose an Axos Bank Alternative
- You prefer in-person banking: Axos Bank does not have physical branches. For wide branch availability, we recommend Chase, which has brick-and-mortar stores in all 48 mainland states. Read our Chase Business Complete Banking review for a brief rundown of the company’s banking products.
- You rely on wire transfers: Although Axos Bank has no fees for incoming wire transfers, its charges for outgoing wire transfers are a steep $15 for domestic and $50 for international. Under the financial technology (fintech) solution Mercury, all domestic wire transfers are free. See our review of Mercury business checking to learn more about its fee-free features.
- You want competitive interest rates: With an APY of 0.20%, Axos Bank Business Savings accounts earn interest at a lower rate than other online-only banks on the market. A good alternative would be Live Oak Bank, which provides interest at a rate of 3.70%. Our Live Oak Bank business savings review provides more product details.
Axos Bank Business Savings Account Overview
Business Savings | Business Premium Savings | |
|---|---|---|
Required Opening Deposit | $1,000 | $25,000 |
Required Balance Minimum | Average balance of $2,500 to waive monthly fee | None |
Monthly Fee | None | |
APY | 0.20% (balances below $5 million) | |
Transaction Limit Before Fees | 20 items per month, then 30 cents per item | |
ACH Fees | None | |
Wire Transfer Fees | Incoming: None Outgoing domestic: $15 Outgoing international: $50 | |
ATM Fees | Unlimited domestic ATM fee reimbursements | |
Cash Deposit Fees | None at MoneyPass and Allpoint networks; $4.95 per transaction through Green Dot retail locations | |
Customer Service | 24/7 customer service hotline: (844) 678-2726 Relationship managers available via phone from Monday to Friday, 6 a.m. to 6 p.m. Pacific time Email: businessbanking@axosbank.com | |
Other Products | Business checking, CDs, SBA loans, and commercial lending products | |
Axos Bank Business Savings Account Requirements
Only US-based entities are allowed to open a business savings account. Additional Axos Bank business savings account requirements will depend on your business type.
You must provide your business and personal information, such as:
- Business name
- Business address
- Tax identification number (TIN)
- Name
- Date of birth
- Social Security number
For sole proprietor accounts, the bank will require your personal information and any authorized signer’s.
Click on your entity type to see the requirements.
- IRS SS-4 or 147 c letter
- A general partnership agreement and all amendments
- An operating agreement
- Articles of organization, and all amendments
- An LP or LLP agreement and all amendments, plus
- a certificate of LP or LLP partnership filed with the state
- Articles of incorporation and all amendments
- Articles of incorporation and all amendments
- Letter from the IRS of 501-c-3 status
- Bylaws that state powers of the officers, and
- Meeting minutes with the list of current active officers
- Articles of incorporation and all amendments or articles of organization or association
- Meeting minutes with list of current active officers
- Bylaws that state powers of the officers
- Letter from the IRS of 501-c-3 (if applicable), and
- Property management contract agreement (if applicable)
Axos Bank Business Savings Account Features
Axos Bank has Business Savings and Business Premium Savings accounts. Both offer a 0.20% variable interest rate and digital banking options with remote check deposit functionality.
Welcome Bonus
Axos Bank extends a welcome bonus of up to $375 to businesses opening a new Business Premium Savings account. To qualify, you must be approved for your new Business Premium Savings account and must fund it within 30 days of account opening. You can earn a cash incentive of up to $375 during the first four statement cycles. Your bonus will depend on the average daily balance (ADB) in your Business Premium Savings account.
An ADB between $30,000 and $74,999.99 earns $75 for each statement cycle. An ADB of at least $75,000 or greater earns $125 for each statement cycle. You can earn a maximum of three payouts during the four statement cycles.
To be eligible for the bonus, your account must remain open and in good standing during the incentive payout. Ensure that you include the promo code BPS375 in your application. This promo will end on December 31, 2024. Businesses that have held an Axos Bank or UFB savings account for the past 12 months under the same title are not eligible for this offer.
0.20% APY Rate
Both Business Savings and Business Premium Savings earn interest at a rate of 0.20%. However, under Business Premium Savings, balances below $24,000 no longer earn interest. Note that the APY is variable and subject to change.
Account holders with balances over $5 million may earn a different APY. They must contact an Axos Business Banking Relationship Manager at (844) 678-2726 for current rates.
Digital Banking
Customers can perform banking transactions through the Axos website, iOS app, and Android app. The app lets users do the following:
- Check account balances
- Review transaction history
- Transfer funds
- Pay bills
- Deposit checks remotely
- View financial reports
Additional features include a 360-degree financial view report (which places all accounts under one platform to show users their total net worth and spending), fraud monitoring, and investment options.
The mobile app received middling reviews. It has a rating of 4.7 on the App Store[1] (based on around 12,500 reviews) and 3.8 on Google Play[2] (based on approximately 5,500 reviews). Reviewers praised the app for its ease of use, security, and intuitive features. Recent negative reviews mention that the app typically failed to work reliably upon update rollouts. Other users also mentioned slow loading times and issues with check deposit functionality.
Customer Service
Clients can call service representatives through the provider’s 24/7 business banking service hotline at (844) 678-2726. You can call Relationship Managers from Monday to Friday, 6 a.m. to 6 p.m. PT.
Other Axos Bank Business Products
Axos Bank also offers business checking, money market accounts (MMAs), CDs, lending products, extended FDIC insurance, and business services.
- Basic Business Checking: Axos Bank’s most basic business checking product has no monthly fees, minimum opening deposit requirements, or minimum balance requirements. It has unlimited item processing for debits, credits, and deposited items.
- Business Interest Checking: This interest-earning checking account can earn an APY of 1.01% on balances worth $0 to $49,999.99. Balances from $50,000 to $249,999.99 earn interest at a rate of 0.20%, while balances of $250,000 to $4,999,999.99 earn interest at a rate of 0.10%. There’s a monthly fee of $10, which account holders can waive by maintaining a minimum balance of $5,000. Per statement cycle, account holders can make 100 fee-free transactions, including debits, credits, and deposited items.
- Analyzed Business Checking: Businesses with greater transaction activity and complex treasury management needs can open this account. While it does not offer interest, it has a competitive earnings credit that offsets account fees.
All accounts have access to overdraft protection, online banking, and a free Visa debit card. Our Axos Bank business checking review discusses the accounts’ features in greater detail.
- Business Money Market Account: This MMA has an APY of 0.20%. It charges a monthly maintenance fee of $10, which can be waived by maintaining a minimum average daily balance of $5,000. It has a minimum opening deposit requirement of $1,000.
- Non-Profit Money Market Account: For a monthly fee of $5 (which can be waived by maintaining a minimum average daily balance of $2,500), the Non-Profit Money Market account earns interest at a rate of 0.20%. The opening deposit for this account is $1,000.
Axos Bank also offers business CDs, with APY rates ranging from 0.10% for shorter terms to 0.20% for longer terms. Its shortest term lasts three months while its longest term lasts 60 months. Interest compounds daily. The minimum opening deposit requirement for CDs is $1,000.
Through a partnership with Centerstone SBA Lending, Axos Bank gives businesses access to flexible and competitive SBA 7(a) loans. Axos Bank offers financing options for the following purposes: business acquisition, real estate acquisition, equipment or inventory purchase, business or real estate debt refinance, and permanent working capital.
Small businesses are provided with up to 90% financing to preserve their cash flow and access capital at a low cost. The bank has competitive variable rate options with longer terms compared to conventional financing.
As your business grows, you can apply for commercial lines of credit, equipment financing, and term loans.
Axos offers:
- Commercial real estate (CRE) bridge and construction lending
- HOA lending
- Lender finance
- Residential warehouse lending
- Small balance CRE
- Leveraged finance
Axos Bank lets businesses access up to $150 million in FDIC insurance through IntraFi® Network DepositsSM (formerly Insured Cash Sweep® or ICS®). The standard $250K FDIC coverage is extended by spreading the large deposits to other member institutions through IntraFi®, a nationwide network of more than 3,000 banks.
- Merchant services: Axos Bank’s partnership with Celero Merchant Solutions gives businesses access to merchant services that help them accept a broader range of payment methods, including credit cards, debit cards, gift cards, and checks. Axos Bank’s services include ACH and billing solutions, POS terminals and equipment, security payment card insurance (PCI) compliance, mobile commerce, ecommerce solutions, and check acceptance.
- Treasury management services: Axos Bank offers small business treasury management solutions that help businesses streamline financial management. The Axos Bank Treasury Management solutions include premium business banking benefits, fraud protection, greater remote deposit flexibility, increased wire transfer capabilities, a comprehensive suite of reporting and reconciliation tools, and faster payments.
- Payroll services: Axos Bank helps businesses process payroll by providing access to ADP’s chat-based small business payroll app, RollTM, by ADP®. The app’s features include unlimited payroll and tax filing, built-in compliance and alerts, and streamlined raises and bonuses. Businesses can also permit their employees to access and manage their payroll info.
Axos Bank Business Savings Account Reviews From Users
Very few customers have left an Axos Bank Business Savings account review online. Here are its scores on third-party sites:
- DepositAccounts[3]: 1.5 out of 5 (from nearly 100 reviews)
- Trustpilot[4]: 2.0 out of 5 (from around 150 reviews)
- WalletHub[5]: 3.1 out of 5 (from about 1,400 reviews)
Recurring comments include the following:
- Inefficient transfer system: Customers said that the bank sometimes holds transfers and deposits for as long as 10 business days.
- Poor quality customer service: The majority of negative reviews said that reaching customer service typically takes hours. They reported that representatives typically lack useful knowledge and are inefficient at providing information.
- Outdated user interface: Users said that the web platform looked basic and lacked features.
- Difficult to open business accounts: According to past applicants, the process of opening an account at Axos Bank is typically long and unnecessarily tedious.
Bottom Line
Axos Bank is a good choice for businesses needing larger limits on savings account transactions. It’s also suitable for those wanting to secure large deposits with its expanded FDIC coverage of up to $150 million through IntraFi® Network DepositsSM. However, compared to other online-only banks and fintechs, its savings account has lower interest-earning potential.
User review references:
[1]App Store
[2]Google Play
[3]DepositAccounts
[4]Trustpilot
[5]WalletHub
