Insight
How to open a small business account
For upstart entrepreneurs, et’s explore why you’ll need small business accounts and what to look for when making that choice.
Axos Business Bundle
Smarter together: flexible checking + high-yield savings
Your complete business banking solution: no-fee checking for daily operations plus high-yield savings with 3.60% APY.* It’s business checking and savings accounts built for today and tomorrow.
Unlock a bonus of up to $600 with Axos Business Bundle.
Discover the Axos Business Bundle, combining flexible checking with high-yield savings and earn an exclusive bonus up to $600. Use promo code SBB600.†
How do these accounts work together?
Smart business owners know managing cash flow and building reserves require different tools. With Basic Business Checking, you get seamless daily operations, while Business Premium Savings helps you grow your profits. Together, they’re a firm financial foundation for adapting to your business needs.
No monthly fees
Enjoy zero monthly maintenance fees on both accounts so every dollar stays in your business—no hidden costs, no surprises.
High-yield savings
Grow reserves with 3.60% APY* in savings—your funds earn more while remaining accessible when opportunity knocks.
Unlimited transactions
Process unlimited transactions through your checking—transfer, pay and manage cash flow without limits or extra charges.
Here’s what each account offers.
Basic Business Checking | Business Premium Savings | |
|---|---|---|
Flexibility | An operating account that’s low-cost and easy to maintain. | A high-interest rate account to help you store non-operating funds. |
Monthly Maintenance Fees | $0 | $0 |
Processing & Transaction Fees | None, unlimited | Up to 20 per month free, $0.30 for each thereafter |
Minimum Opening Deposit | $0 | $0 |
Interest Rate (APY) | N/A | 3.60%* |
QuickBooks Integration | Free | Free |
Free incoming wires
- Receive payments faster with no incoming wire fees
- Improve cash flow without hidden transaction costs
- Accept domestic and international wires at zero charge
No minimum opening deposit
- Start your accounts immediately—no barriers to entry
- Perfect for startups and growing businesses
- Focus your capital on business growth, not bank requirements
Your business stays protected with FDIC insurance up to $250K.
Expand FDIC coverage up to $265MM with Axos Bank Insured Cash Sweep through IntraFi® Network Deposits℠.
Have questions? Let’s talk.
All in one App
Your business dashboard is always in your pocket.
Monitor cash flow, approve payments, and transfer funds instantly. Download the Axos mobile app to access your business accounts 24/7, integrate with QuickBooks, and make smarter financial decisions, all from your phone.
Business savings account interest rates
Balance | APY | Rate |
|---|---|---|
$0 - $23,999.99 | 3.60% | 3.54% |
$24,000 - $49,999.99 | 3.60% | 3.54% |
$50,000 - $499,999.99 | 3.60% | 3.54% |
$500,000 - $4,999,999.99 | 3.60% | 3.54% |
$5,000,000 or More | ** | ** |
**Contact a Business Banking Relationship Manager at 1-844-678-2726 for current rates
Lower fees. 3.60% APY.* One powerful bundle.
Transform how your business banks with free checking and high-yield savings. No maintenance monthly fees, no minimum deposit, plus competitive returns on your reserves. Start growing today.
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Business account FAQs
What do I need to bring to open a small business bank account?
You’ll need your Employer Identification Number, Social Security number (if you’re a sole proprietor), ownership agreements, business license, and articles of incorporation/organization.
Can I just open a regular checking account for my business?
Having a business checking account instead of a personal account is beneficial for several reasons, including professionalism, keeping the personal information of your customers secure, being prepared for financial emergencies, and establishing credit.
Can I open a business bank account by myself?
Yes, you can open an Axos business bank account by yourself. We make it easy to open both business checking and savings accounts entirely online because Axos is a digital bank.
Once you're ready, you can apply in minutes.
Should a small business have a savings account?
A few reasons why you should have a business savings account include the ability to be prepared for financial emergencies, to adapt to changes in the marketplace, and to position your business for growth
Do you have to pay taxes on a business savings account?
Yes. When you have a business savings account that earns interest, the IRS considers that earned interest as taxable income. You will owe taxes on whatever interest you have accrued in the account.
Can I use a personal savings account for my business?
While you can do it, there are several reasons to avoid using a personal savings account for your business. Having a business savings account allows you to keep that money separate from your personal savings, to make transactions in the name of the business, and it’s easier to keep transactions separate for tax purposes.