Axos Bank Business Savings Account Review 2025

At a glance

Axos Bank business savings accounts overview

Axos Bank provides two online business savings options for small business owners. The standard Business Savings account requires $1,000 to open and earns 0.20 percent APY, while the Business Premium Savings account offers a more competitive 3.80 percent APY with no minimum opening deposit. 

Both accounts include online and mobile banking capabilities with remote deposit, appealing to businesses that prefer digital banking solutions over branch visits.

Where Axos Bank stands out

• Strong premium savings rate. The Business Premium Savings account earns 3.80 percent APY, putting it well above rates at traditional banks and competitive with other online banks.
• Fee-free premium option. The Premium Savings account has no monthly maintenance fees and no minimum balance requirements, so your earnings won't be offset by account charges.
• No-cost incoming wire transfers. Both accounts receive domestic and international wire transfers at no charge, which helps businesses that get frequent payments from customers or suppliers via wire.
• Higher transaction allowance. Axos permits up to 20 transactions per month on its savings accounts before charging fees, compared to the typical six-transaction limit at most banks.

Where Axos Bank could improve

• Low rate on standard account. The basic Business Savings account earns just 0.20 percent APY, considerably lower than competitors like Live Oak Bank, which offers 3.50 percent with no minimum deposit.
• Monthly fee applies to standard account. Unless you maintain a $2,500 average daily balance, you'll pay a $5 monthly fee on the Business Savings account, which can reduce your earnings.
• No physical branch locations. As an online bank, Axos doesn't provide in-person services, a potential drawback for businesses that handle cash or prefer face-to-face banking.
• Expensive outgoing wire transfers. While incoming wires are free, sending wires costs $15 for domestic transfers and $50 for international transfers — higher than many competitors.

Axos Bank customer experience

Customer support

Axos offers 24/7 customer service by phone, a notable advantage over banks with limited support hours. Business customers can also reach dedicated relationship managers on weekdays from 6 a.m. to 6 p.m. PT.

Digital experience

The bank provides a full-featured online banking platform and mobile app for account management, fund transfers and mobile check deposits. The app connects with QuickBooks and Quicken for streamlined accounting.

Mobile app ratings are mixed — Apple users give it 4.7/5 stars, while Android users rate it 3.8/5 stars. Some customers note that app updates occasionally cause performance issues and the check deposit feature isn't always reliable.

For digital-first businesses, Axos delivers all core banking functions online, including bill payments, transfers between accounts and mobile check deposits.

How Axos Bank compares to other banks

Axos Bank vs. Live Oak Bank

Live Oak Bank's Business Savings offers a 3.50 percent APY, which greatly outperforms Axos's standard Business Savings (0.20 percent) but falls slightly below Axos's Premium Savings (3.80 percent). Live Oak requires no minimum deposit and charges no monthly fee, making it more approachable than Axos's standard account. 

However, Live Oak lacks check-writing options and ATM access, while Axos provides unlimited ATM fee rebates. Businesses looking primarily for yield with minimal account requirements might prefer Live Oak, while those wanting broader transaction capabilities might choose Axos.

Axos Bank vs. Chase Bank

Chase Business Total Savings provides access to over 4,700 branches nationwide, addressing the in-person banking that Axos can't offer. However, Chase pays significantly lower interest than both Axos accounts. 

Chase charges a $10 monthly fee that can be waived with either a $1,000 minimum balance or a linked Chase Business Complete Checking account. Companies that need branch services and already bank with Chase might find their offering convenient, while those focused on earning higher interest would be better served by Axos's Premium Savings option.

Is Axos Bank right for you?

Who Axos Bank is best for

Axos Bank works well for digitally-savvy businesses seeking competitive interest rates without the constraints of traditional banking. Its Premium Savings account (3.80 percent APY) appeals to companies with larger balances looking to maximize earnings while avoiding monthly fees. 

Businesses that need extended transaction capabilities beyond the typical six-per-month limit will appreciate Axos's more generous allowances. The account also serves companies that already use other Axos business products and those with substantial deposits seeking enhanced FDIC coverage through their IntraFi Network.

Who Axos Bank might not be best for

Businesses that value in-person banking relationships should look beyond Axos's online-only model. Companies that regularly process cash deposits will find working with an internet bank challenging without physical branches. 

Small startups with modest balances may struggle with the standard Business Savings account's $1,000 minimum deposit and $2,500 balance requirement to avoid fees. Organizations with frequent outgoing wire transfers would face significant costs with Axos's fee structure, potentially offsetting interest earnings.

How to open a business savings account with Axos Bank

Opening an Axos business savings account takes just a few steps:

1. Visit the Axos Bank website and choose either Business Savings or Business Premium Savings
2. Click "Apply Now" or "Open an Account"
3. Enter your business details including name, address, tax ID number and business type
4. Provide personal information for all business owners and authorized signers
5. Upload required documentation for your specific business structure
6. Fund your account with the initial deposit (minimum $1,000 for standard Business Savings; no minimum for Business Premium Savings)
7. Once approved, access online banking to set up additional services like bill pay and mobile deposit

How we rated this account

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

Bankrate evaluates business savings accounts using a 5-star rating system that weighs factors most important to business owners. Our methodology assigns the highest weight (50 percent) to APY offerings, as earning potential is crucial for business cash reserves. We also consider monthly service fees (20 percent), minimum balance requirements (20 percent) and account accessibility (10 percent).

Accounts receive higher scores for competitive interest rates, low or no monthly fees, reasonable minimum balance requirements and flexible access options including online transfers, mobile deposit and ATM access.

Learn more about our methodology here.

Review methodology

Choosing the right business savings account can significantly impact your company's financial health. Bankrate's comprehensive list of business savings account reviews is regularly updated to help business owners make informed decisions. Our editorial team thoroughly analyzes each financial institution's business savings offerings, evaluating key factors including APY, minimum deposit requirements, monthly service fees, balance requirements and account accessibility options.

We research accounts from national banks, online banks, credit unions and regional institutions to provide a wide range of options for businesses of all sizes. Our team collects data directly from financial institutions, verifying information through multiple sources to ensure accuracy. This rigorous process helps us identify accounts that offer the best combination of competitive rates, low fees and business-friendly features.