Axos Bank Business Savings Account Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
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 has some of the highest transaction limits of any savings account on the market.
It offers two savings accounts: Axos Business Savings, which has a lower opening deposit at the cost of having a higher monthly maintenance fee, and Axos Business Premium Savings, which has a steep opening deposit but no monthly maintenance fees and minimum balance requirements. New businesses opening an account with Axos are eligible to receive a $200 welcome bonus.
What We Like
- Up to 20 fee-free transactions
- Welcome bonus
- Highly rated iOS and Android mobile app
What's Missing
- $1,000 minimum opening deposit
- No cash deposits
- $5 monthly maintenance fee
Features
- 0.20% interest rate
- $200 welcome bonus for new businesses
- $100 welcome bonus for businesses that aren’t new
- Digital banking with remote check deposit
- Business checking, money market, and certificates of deposit (CDs) also available
How Axos Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
0.20% | $5; waivable | None* | $1,000 | |
4.00% | 0 | None at all Allpoint ATMs | None | |
2.70% to 3.65% | $0 | None at MoneyPass and Allpoint ATMs; $2.50 for out-of-network | None | |
*Axos doesn’t charge fees for ATM transactions, but third-party operator fees may apply.
When Axos Bank Is a Good Fit
- You prefer online banking: Axos Bank has no brick-and-mortar bank branches—but it compensates by offering excellent digital banking functionality. It’s one of our top-recommended online business banks. Its mobile app, available on iOS and Android, has received good reviews for being intuitive and easy to navigate.
- You regularly make more than six transactions on savings accounts: In our list of the leading small business savings accounts, we named Axos Bank Business Savings the best for businesses with excess savings. Where most banks limit businesses to six transactions per month, Axos Bank allows users to make 20 transactions monthly, which includes debits, credits, and deposited items. The fee for exceeding the limit is affordable at $0.30 per item.
- You need a merchant services partner: Customers can access ACH and billing solutions, point-of-sale (POS) terminals and equipment, mobile commerce, ecommerce solutions, check acceptance, and other merchant services.
- You want to enjoy a welcome bonus for opening a new business account: Axos Bank is part of our list of best business bank account promos and offers since you get $200 for opening a newly-incorporated business account.
When Axos Bank Is Not a Good Fit
- Your business works with cash regularly: Currently, Axos Bank doesn’t support cash deposits. Capital One allows cash deposits and offers a decent cash deposit limit of $5,000.
- 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 fintech solution Mercury, all domestic wire transfers are free. International wire transfers are also free if the transaction goes through Mercury’s structure.
- You want competitive interest rates: With an APY of 0.20%, Axos Bank 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 earns interest at a rate of 4.00%.
Check out our guide to the best small business savings accounts for more recommendations. Meanwhile, those looking for accounts with multiple fee-free transactions should consider opening a checking account.
Axos Bank Business Savings Account Overview
Business Savings | Business Premium Savings | |
|---|---|---|
Required Opening Deposit | $1,000 | $25,000 |
Required Balance Minimum | $2,500 average daily balance to waive fee | None |
Monthly Fee | $5 | None |
APY | 0.20% (balances below $5 million) |
|
Transaction Limit Before Fees | 20 items per month (includes debits, credits, and deposited items), then 30 cents per item | |
Automated Clearing House (ACH) Fees | None | |
Wire Transfer Fees | $15 for outgoing domestic, $50 for outgoing international | |
ATM Fees | None* | |
Cash Deposits | Not accepted | |
Customer Service | 24/7 customer service hotline: (844) 678-2726 Relationship managers available from Monday to Friday, 6 a.m. to 6 p.m. Pacific time | |
Other Products | Business Checking, certificates of deposit (CDs), and lending products | |
Open an Account | ||
*Axos Bank doesn’t charge ATM fees, but third-party fees may apply.
Axos Bank Business Savings Account Requirements
Only US-based entities are allowed to open a business savings account with Axos Bank. The documents required by the bank will depend on your business type.
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)
Our guide to opening a business bank account includes a downloadable checklist that can help you identify which business documents are usually required for the application process.
Axos Bank Business Savings Account Features
Axos Bank has two business savings accounts: Business Savings and Business Premium savings. Both offer a 0.20% variable interest rate, a $200 welcome bonus for new businesses, and digital banking options with remote check deposit functionality.
Welcome Bonus
Axos Bank deposits a welcome bonus worth $200 into the savings accounts of new businesses (those incorporated after June 1, 2020). To access the welcome bonus, businesses must include the promo code NEWBIZ200 in their application. Accounts that aren’t from new businesses can still receive a $100 welcome bonus by including the promo code NEWAXOSBIZ in their application.
To qualify, businesses must maintain an average daily balance of $2,500 within the first two months of account opening. Additionally, businesses will only receive the bonus credit if the funds deposited into their account are new funds. “New funds” refers to funds that originate outside of Axos Bank brand accounts.
0.20% Interest 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 any interest. Take note that the APY is variable and subject to change at any given moment. Account holders with balances over $5,000,000 may earn a different APY, but 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 check account balances, review transaction history, transfer funds, and pay bills. Its mobile check deposit function lets users deposit funds into their accounts by uploading snapshots of physical checks.
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), chatbot and customer service representative contact options, fraud monitoring, and investment options.
Reviews for Axos Bank’s mobile app are great on the App Store (4.7 out of 5) and Play Store (4.4 out of 5). Users rated it positively for its intuitive features and constant app improvements. However, some left negative ratings for the slow loading times and login issues.
Other Axos Bank Business Products
Business Checking
Axos Bank offers two business checking accounts: Basic Business Checking and Business Interest Checking.
- Basic Business Checking: Axos Bank’s most basic business checking product has no monthly fees, minimum opening deposit requirements, and 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.
Both accounts come with overdraft protection, online banking, and a free Visa debit card. Our Axos Bank Business Checking review discusses the accounts’ features in greater detail. To learn how its business checking stacks up against another popular provider, you can read our Bluevine vs Axos business checking comparison.
Money Market Accounts
It offers money market accounts for businesses and nonprofits.
- Business Money Market Account: This money market account 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%. It has a minimum opening deposit requirement of $1,000.
CDs
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.
Merchant Services
Axos Bank’s partnership with Celero Merchant Solutions gives businesses access to merchant services that help them accept a wider range of payment methods, including credit cards, debit cards, gift cards, and checks. The services Axos Bank offers include ACH and billing solutions, POS terminals and equipment, security payment card insurance (PCI) compliance, mobile commerce, ecommerce solutions, and check acceptance.
Payroll Services
Axos Bank helps businesses process payroll by providing access to ADP’s chat-based small business payroll app, Roll 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 give their employees permission to access and manage their payroll info.
SBA Loans
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.
Treasury Management
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.
Axos Bank Business Savings Account Pros & Cons
| PROS | CONS |
|---|---|
| Full-service banking available | No cash deposits |
| 20 fee-free transactions | No physical bank branches |
| Highly rated mobile app | Middling interest rate |
If your business needs all its banking tools under one location, Axos Bank is a good choice. Other than savings accounts, it also offers checking accounts, CDs, money market accounts, lending products, merchant services, and other useful tools. Compared to other savings accounts, Axos Bank’s transaction limits are more flexible, allowing you to make up to 20 fee-free transactions per month. Its mobile app has also been well-received for being easy to use and navigate.
However, Axos Bank isn’t a good fit for businesses that rely on cash as it doesn’t have physical bank branches nor provide support for cash deposits. Additionally, its savings account has a low APY compared to other online-only banks on the market.
Axos Bank User Reviews
| PROS | CONS |
|---|---|
| Seamless communication via app with updates to phone and email | Long approval process for new accounts |
| User-friendly app | Subpar customer service |
| No bank fees | Lengthy check clearing time |
| Smooth refinancing process and low loan rates | Funds are placed on hold frequently |
| Internal fund transfers take long | |
Axos Bank has dismal ratings on DepositAccounts (1.5 out of 5) and Trustpilot (1.4 out of 5), while it shows average ratings on WalletHub (3.2 out of 5). Clients said that they like getting reimbursed for ATM fees and not having to pay any monthly fees and overdraft charges. They also remarked that they’re satisfied with the mobile app’s ease of navigation and happy with the hassle-free loan process and low interest rates.
However, several are displeased with Axos Bank’s account setup and approval since it can run three weeks or longer. Users also claimed to have experienced delays in internal fund transfers. Further, customers state that funds are often put on hold for weeks without reason. Another source of grievance is the bad customer service, where the calls are often put on hold or unreturned despite the reassurance to get back in a few days. There have also been cases of misinformation leading to more account issues.
Alternatives To Axos Bank Business Savings Account
Although Axos Bank offers enough features to cover most businesses’ banking needs, its middling APY and lack of cash deposit functions leave much to be desired. Here are three alternative options to consider:
- Prime Alliance Bank is best for tiered APY. Axos Bank’s interest rates don’t increase even as balances increase, whereas under Prime Alliance Bank, customers earn 2.70% to 3.65% APY. The rate increases from 2.70% to 3.15% once a business’ balance reaches $100,000 and then increases to 3.65% once the balance hits $200,000 and above.
- Live Oak Bank has the highest APY on business savings, and Axos Bank’s APY of 0.20% pales in comparison to competitors. Live Oak Bank stands out in the savings account market by offering an industry-leading APY of 4.00% and requiring only a minimal 1-cent balance to earn interest.
- Capital One is best for cash-reliant businesses. Axos Bank has no physical branches and doesn’t support cash deposits, while Capital One has 755 branches and accepts cash deposits of up to $5,000 each statement cycle.
Bottom Line
Axos Bank is a good choice for businesses needing larger limits on savings account transactions. However, in comparison to other online-only banks, its savings account has lower interest-earning potential. Additionally, a lack of physical branches and support for cash deposits makes Axos a poor fit for cash-intensive businesses.
