Axos Bank Business Savings Account Review 2023


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 monthly maintenance fee, and Axos Business Premium Savings, which has a steep opening deposit but no monthly maintenance fees or minimum balance requirements. The bank also extends Federal Deposit Insurance Corp. (FDIC) coverage to up to $150 million for business owners with significant deposit funds.


  • Up to 20 fee-free transactions
  • 0.20% APY
  • Highly rated iOS and Android mobile app


  • $1,000 opening deposit
  • $5 monthly maintenance fee
  • No physical branches


  • 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

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. 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: 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: Though 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 Axos Bank Is Not a Good Fit

Check out our guide to the best small business savings accounts for more recommendations. Meanwhile, those looking for accounts with more rewards and fee-free features should consider opening a checking account—and our roundup of the leading small business checking accounts is a good place to start.

Axos Bank Business Savings Account Overview

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.

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.

  • 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.

Business Savings Accounts

Axos Bank features two savings accounts that provide 20 fee-free items per month. Beyond that, a 30-cent fee is collected per item:

  • Axos Business Savings: This is an interest-bearing account designed for small businesses. It requires an opening deposit of $1,000 and provides variable interest compounded daily. Its monthly maintenance fee of $5 is waived by maintaining a $2,500 daily balance.
  • Axos Business Premium Savings: Ideal for businesses with larger balances, this account has a $25,000 opening deposit. It must be in new funds, where the money must originate outside Axos Bank or UFB accounts. There’s no monthly maintenance fee, but your daily balance must remain at $24,000 to earn interest.

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 any interest. Note that the APY is variable and subject to change. Account holders with balances of more than $5 million 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.

On the App Store2, Axos Bank’s mobile app has 4.7 out of 5 stars from around 12,200 reviews, while on Google Play3, it is rated 4.5 out of 5 stars from about 5,500 reviews. Users rated the app highly for its ease of use, security, and intuitive features. However, some had negative experiences and 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

  • 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. To learn how its business checking stacks up against another popular provider, you can read our Bluevine vs Axos business checking comparison.

  • 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%.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 and 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
  • Homeowners association (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 over 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.

You may be interested in reading our Roll by ADP review to see how it can help your business.

Axos Bank Business Savings Account Reviews From Users

Currently, no Axos Bank Business Savings account reviews are available online. On third-party sites, the bank has low to average ratings. Customers gave positive feedback on the professional customer service support and the ATM fee refunds they received. They also appreciate the access to a message center that provides replies within 24 hours.

Some, however, were left dissatisfied and stated that the deposit hold was longer, at five business days, compared to other banks. Others complained about the difficulty in reaching a customer service representative on the phone and experiencing a long wait. There were also claims about unreasonable and false charges on their accounts.

Here are the bank’s scores on third-party sites:

  • DepositAccounts4: 1.5 out of 5 (around 100 reviews)
  • Trustpilot5:1.4 out of 5 (around 100 reviews)
  • WalletHub6: 3.2 out of 5 (about 1,400 reviews)

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 resources:

1Federal Reserve Statistical Release
2App Store
3Google Play

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