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Axos Business Savings: $200 Bonus for New Businesses

Enjoy a high APY and an easy-to-earn bonus when you open an account.

Advertiser Disclosure: Most products in our articles are from partners who may provide us with compensation. However, opinions expressed here are author's alone, not those of any bank, credit card issuer, airline or hotel chain.

As a business owner, a business savings account is a great place to stash cash that you don’t currently need, but you still want to maximize its value. A good business savings account, like the ones Axos Bank offers, will provide a high annual percentage yield (APY) and either no monthly fee or an option to get it waived.

Depending on the size of your business, you may consider Axos Bank’s Business Savings, Premium Business Savings or Business Money Market accounts. And if you open a new account, you may qualify to earn a bonus worth up to $200. Here’s what you need to know.

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Axos Bank Business Savings Sign-Up Bonus: $200 Promo

axos business savings bonus
Credit: Axos

Axos Bank is running a promotion to incentivize new small business owners to open an account. If you enroll, you may qualify for cash bonus worth up to $200. This bonus is available on all of the bank’s business savings accounts.

To qualify for the full bonus, your business must have been incorporated after June 1, 2020. Additionally, you’ll need to apply promo code NEWBIZ200 when you fill out your account application.

If you incorporated before June 2020, you can still earn a $100 bonus by using promo code NEWAXOSBIZ on your account application.

In both cases, you’ll need to maintain an average daily balance of at least $2,500 for the first two months that you have the account. The funds also need to be new to Axos Bank. So if you have a personal account with the online bank, transfers from that account won’t count.

Once you meet the requirement, the bonus will be deposited into your savings account within five business days. You can use Axos Bank promo codes to potentially get discounts at Axos too.

One thing to keep in mind is that it’s not a good idea to get this bonus with the intention of closing the account once you receive it. If you close your Axos Bank business savings account within 180 days of the account opening, the bank may charge you a $50 early closure fee.

Axos Bank Business Savings Accounts

Axos Bank is one of the first internet banks, beginning in 1999 as Bank of the Internet USA. The bank’s business accounts are excellent for online-based small businesses, including independent contractors and freelancers, who don’t need to deal with cash deposits.

If you’re thinking of getting a savings account for your small business, here’s what to know about the options Axos Bank has to offer.

Business Savings Account

AXOS Business Savings Account

The bank’s basic business high-yield savings account offers a 0.20% APY, regardless of what your balance is. The interest you earn in the account is compounded daily, which is more frequent than some banks that compound monthly or quarterly.

You’ll also get some of the standard online banking options, including free remote deposits, free image statements and a mobile app.

In order to open an Axos Business Savings account, you’ll need a minimum deposit of $1,000. The account also has a minimum balance requirement of $2,500. If you meet this requirement, you won’t have to pay a monthly maintenance fee. If your average daily balance dips below that threshold, though, there’s a $5 monthly fee.

If you’re confident that you’ll always meet the minimum balance requirement, this account is a good option. But if your business is still relatively new or you don’t maintain a large savings balance, consider an account with another bank that doesn’t charge a monthly fee or have a minimum balance requirement.

Business Money Market Account

AXOS Business Money Market Account

This business account is designed for small business owners who need a high-yield account to hold reserves for a planned purchase or an unexpected event but also want easy access to the cash.

The Axos Business Money Market account offers the same 0.20% APY on all balances. But there is a $5,000 minimum balance requirement. Otherwise, you’ll be slapped with a $10 monthly maintenance fee. There’s also a minimum deposit of $1,000 when you first open the account.

Unlike the bank’s business savings accounts, the Business Money Market account allows you to write checks and use a debit card. That said, like all business savings accounts, those transactions or withdrawals are typically limited to six per month.

If you exceed that limit, you’ll pay a $10 fee for each excess transaction. And if it happens often, Axos Bank will either close the account or convert it to an account, such as a business checking account, that isn’t subject to the withdrawal limit.

Business Premium Savings Account

AXOS Business Premium Savings Account

The Axos Bank Business Premium Savings account is designed for small businesses that have a lot of cash on hand. The account offers a 0.20% APY on balances above $24,000, and you’ll get all the same standard online banking features that the basic account provides.

That said, the account requires a minimum deposit of $25,000 when you open the account, making it inaccessible to many business owners. Once you make that deposit, though, you don’t have to maintain a minimum balance going forward. There’s also no monthly maintenance fee, regardless of what your balance is.

So why would you apply for this account instead of the Business Savings account? It’s hard to say. The interest rates are the same on both accounts, and the basic account doesn’t nix the rate if your balance falls below a certain point. And if you can afford to make the initial $25,000 deposit, you’re unlikely to fall below the minimum balance requirement for the basic account.

Theoretically, it may be worth considering if your business savings account is either flush with cash or has no cash at all. But even then, the fact that the account doesn’t pay interest once your average daily balance falls below $24,000 is impossible to overlook.

Other Axos Bank Business Banking Products

It’s not uncommon for business owners to want to keep all their banking under one roof. Fortunately, Axos Bank offers some solid business checking products, including the Basic Business Checking and Business Interest Checking. With both accounts, the bank offers unlimited domestic ATM fee reimbursements. It provides this benefit in lieu of providing an ATM network like MoneyPass, which is common among online banks. Read our full review of Axos Business Checking.

Business Money Market Account

You’ll get an APY of 0.20%, regardless of how low or high your balance is. You can also get up to 20 transactions for free every month, after which there’s a $0.30 per-item fee. The money market account offers the flexibility of ATM access and check-writing privileges — you’ll get your first set of checks free. But you need to maintain $5,000 in the account to avoid its $10 monthly fee. There’s a $1,000 minimum deposit to open the account. Visit Axos business banking to learn more.

Business Savings Account

Also offering a 0.20% APY, this account has a lower minimum balance requirement at $2,500. However, if you fall below that amount, you’ll be charged a $5 monthly maintenance fee. You’ll also get hit with a transaction fee if you have more than 20 items per month. The minimum opening deposit is $1,000. Visit Axos business banking to learn more.

Business Premium Savings Account

If your small business has a lot of cash on hand, this account may be for you. You’ll earn a 0.20% APY on balances over $24,000, but there is no monthly maintenance fee or minimum balance requirement. That said, the minimum deposit to open the account is a steep $25,000. The same per-item fee applies after 20 free transactions.

Business Interest Checking

In contrast, the Business Interest Checking account has a $5,000 minimum average daily balance requirement if you want to waive the $10 monthly fee. It also only offers 50 free transactions each month. However, it offers an APY of up to 1.01% on balances up to $49,999.99. On balances beyond that, you’ll receive 0.20% on balances up to $24,999.999, or just 0.10% on balances above $250,000. The account has a $100 minimum opening deposit, which is much lower than the $1,000 required by the Basic Business Checking account. Some of the fees to keep in mind are fees on outgoing wire transfers, foreign currency conversions and paper statements.

Business Certificate of Deposit (CD)

CDs are designed to offer higher interest rates when you commit to leaving your cash in the account for a long period. For Axos Bank, that can range from three months to five years. However, the APY maxes out at 0.40% on this account, which is worse than all of the other interest-bearing checking and savings accounts for small businesses. So it may not be worth it.

For all Axos Bank accounts, your funds are FDIC-insured up to $250,000 per depositor, per account ownership category.

The Bottom Line: Is Axos Bank the Right Fit?

Axos Bank offers some solid business banking options. But they’re not a perfect fit for everyone. For example, some other accounts may offer rewards, perks and privileges that you can’t get with Axos. Some may also offer unlimited monthly transactions, which are a better fit for high-volume businesses. You may even find better interest rates elsewhere.

That said, there aren’t a lot of business bank accounts that will reimburse all of your ATM fees, which is important if you need both savings and checking services.

Take your time to shop around and compare multiple options to make sure you find the right fit. Some of the other top online business bank accounts come from NBKC Bank, BlueVine and Novo. If you need a bank with physical branches, you may consider U.S. Bank, Chase, Bank of America or even local banks and credit unions.

If you have any questions about Axos Bank’s business accounts, call 844-678-2726 to speak with a customer service representative.

While we work hard on our research, we do not always provide a complete listing of all available offers from credit-card companies and banks. And because offers can change, we cannot guarantee that our information will always be up to date, so we encourage you to verify all the terms and conditions of any financial product before you apply.

Ben Luthi
Ben Luthi
Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

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