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Axos Business Savings Account

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  • Our Rating 3/5 How our ratings work
  • APY0.20%
  • Minimum
    Deposit Required
  • Intro Bonus $100-$200Expires June 30, 2023 More Info

    If you incorporated after June 1, 2020, earn a $200 bonus when you use NEWBIZ200 on your new account application; if you incorporated prior to June 1, 2020, earn a $100 bonus by using promo code NEWAXOSBIZ on your account application.

Axos Business Savings doesn't have the strongest APY, but the solid $200 cash sign-up bonus, low monthly maintenance fee of $5 (with an option to waive), and breadth of other financial products do a lot to make up for this. The $1,000 minimum opening deposit can be a barrier for newer businesses, however, and Axos is a digital bank, so it’s not the best option if you deal with cash regularly.

Valuable Bonuses for Businesses New and Old

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.


  • Free remote deposits and free image statements
  • Daily compounding interest
  • Access to the Axos mobile app


  • APY is not competitive
  • Minimum deposit required to open account
  • Monthly maintenance fee for lower account balances
  • No physical branch locations

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


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


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

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. Read our full review of Axos Business Checking for more information.

Axos Basic Business Checking Account

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  • Our Rating 4/5 How our ratings work
  • APYN/A
  • Minimum
    Deposit Required
  • Intro Bonus $100-$200Expires June 30, 2023 More Info

    If you incorporated after June 1, 2020, earn a $200 bonus when you use NEWBIZ200 on your new account application; if you incorporated prior to June 1, 2020, earn a $100 bonus by using promo code NEWAXOSBIZ on your account application.

Axos Basic Business Checking is a good fit for new businesses or those that don’t generate a lot of sales (yet). It usually offers a sign-up bonus worth up to $200, which is relatively competitive, has no monthly fees, and unlimited domestic ATM fee reimbursements. However, Axos is an online-only bank, so it’s not a good option if your business handles cash regularly.

Axos Business Interest Checking

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  • Our Rating 4/5 How our ratings work
  • APYUp to 1.01% More Info

    Customers earn 1.01% APY on balances between $0 and $49,999.99; balances between $50,000 and $249,999.99 earn 0.20% APY; balances of $250,000 or more earn 0.10% APY.

  • Minimum
    Deposit Required
  • Intro Bonus $100-$200Expires June 30, 2023 More Info

    If you incorporated after June 1, 2020, earn a $200 bonus when you use NEWBIZ200 on your new account application; if you incorporated prior to June 1, 2020, earn a $100 bonus by using promo code NEWAXOSBIZ on your account application.

Axos Business Interest Checking is our favorite small business checking account for newly incorporated businesses. We’ve seen them offer up to 1.01% APY on your funds, which is great for a checking account, typically has a solid sign-up bonus, 50 free monthly transactions, and it’s relatively simple to waive the $10 monthly maintenance fee. But keep in mind Axos is an online bank, so cash-heavy businesses are not a good fit.

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.

Ready to open an Axos Business Savings Account? Start here.

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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.


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.