If you've already opened a checking account for your business, congratulations! Now's the perfect time to add a business savings account (if you haven't already). A business savings account lets you separate cash you need to spend from cash for a rainy day. Plus, it's also a smart way to put some money away for taxes.
There's lots to like about the Axos Bank Business Premium Savings, including no deposit to open, no monthly maintenance fee and a very attractive welcome bonus. Read on to learn more about this account and see if it may be right for you.
Axos Bank Business Premium Savings
Annual Percentage Yield (APY)
3.60%
Minimum deposit
None
Monthly maintenance fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Overdraft fees
None
Offer checking account?
Yes
Offer ATM card?
Yes, if the account holder has an Axos business checking account
Terms apply.
Pros
- Above-average APY
- No monthly fees
- Deposit checks remotely using your mobile device
Cons
- No physical branches for in-person banking
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
3.09% with a daily balance of $5,000,000 or below; 3.90% with a daily balance above $5,000,000
$100 to open account
2.75%
None
APY
The Axos Bank Business Premium Savings account offers a strong APY. According to the bank's website, the APY listed is a tiered rate, and it may change at any time. At the time of this writing, the bank offers the same APY for all account balances under $5,000,000.
Access to your cash
Axos offers the All-In-One mobile app so you can send wire transfers and pay bills right from your phone. You can also link the Business Premium Savings account to an Axos business checking account or to a personal checking or savings account from another bank so you can move money between those accounts.
If you have an Axos business checking account, you can also access your money by moving cash from the savings account to checking. Then, you can use your Visa® debit card or checks to make purchases, or you can withdraw cash from ATMs.
Perks
The Axos Bank Business Premium Savings offers quite a few notable perks geared toward business owners. For starters, you can receive a one-time welcome bonus worth up to $375 if you use the promo code listed on Axos website. To receive the bonus, you must fund your savings account within 30 days of opening. The $375 bonus is earned over the course of four statement cycles, and you'll earn $75 for each statement cycle where the average daily balance on your savings account is between $30,000 and $74,999.99.
If you keep the balance at $75,000 or more, you'll earn $125 per statement cycle. You can earn up to three payouts during the four statement cycles.
You can sync the account to QuickBooks so you can track your business finances automatically. You can also access additional tools like loan funding, payroll, merchant services and treasury management.
Fees
This account doesn't charge a monthly maintenance fee. There is no minimum deposit needed to open this account, though, to earn the bonus you'll need to fund the account within the first 30 days. Unlike many other accounts, it doesn't require you to maintain a daily minimum balance.
Incoming domestic and international wires are also free.
How does the Axos Bank Business Premium Savings account compare?
If you don't think the Axos Bank Business Premium Savings is the right account for you, the good news is there are plenty of other options out there.
The Capital One Business Savings is a good choice if you want an account with a major bank, but it requires a $250 minimum deposit to open (the Axos Bank account doesn't have a minimum). The Capital One account also charges a $3 monthly maintenance fee with an option to waive it, but the Axos Bank doesn't charge a maintenance fee at all.
Capital One Business Savings
Annual Percentage Yield (APY)
Earn a promotional interest rate for the first 3 months. Visit a Capital One location or contact a banker for details.
Minimum deposit
$250 to open account
Monthly maintenance fee
$3, with option to waive
Special offer
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
$10
Overdraft fees
$35
Offer checking account?
Yes
Offer ATM card?
Yes, if account holders also have a Capital One business checking account
Terms apply.
Pros
- Above-average promotional intro APY
- Option to waive $3 monthly fee if account holder maintains a $300 minimum balance
- Business owners in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, D.C. can bank in-person at physical branches
Cons
- The above-average APY is only available for the first 6 months
- Minimum deposit required to open account
- There is a $3 monthly fee if you don't maintain a $300 balance
- No welcome offer
The Live Oak Business Savings account doesn't charge a monthly maintenance fee and doesn't have a minimum deposit to open the account, similar to the Axos Bank account. Live Oak also offers a solid APY but, at the time of writing, it's a bit lower than the interest offer from Axos Bank. Also, Live Oak's savings account doesn't offer any special welcome bonuses, unlike the account from Axos Bank.
Live Oak Business Savings
Annual Percentage Yield (APY)
2.75%
Minimum deposit
None
Monthly maintenance fee
None
Special offer
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
$10
Overdraft fees
$25
Offer checking account?
No
Offer ATM card?
No
Terms apply.
Pros
- Above-average APY
- No minimum deposit required to open account
- No monthly fees
Cons
- No welcome offer
- No physical branches to do in-person banking
- No checking account option
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