About Axos Bank

Axos Bank is a federally chartered savings and loan association and a direct bank headquartered in San Diego, California. It is the main consumer brand of Axos Financial. Axos was founded in San Diego, California, is headquartered there, and has an office in Los Angeles. The bank also has locations in Las Vegas and Columbus. Axos deposits are FDIC-insured up to $250,000, so this is protected.

Axos also participates in a cash sweep program that can increase coverage up to $265MM. The idea is to spread your funds across different FDIC-insured banks, each with $250,000 of coverage.

Axos Business Checking

Signup bonus

Open Axos Business Checking now and earn up to $200. Offer ends June 30.

The $200 bonus has relatively simple requirements: you only need a 4-month daily average balance of $3,000. The $200 is paid out in four installments of $50 each. You also need to keep the account open for 180 days.

To earn up to a maximum of $200, a $50 payout can be earned in any four (4) of the first five (5) statement cycles (calendar months), including the cycle during which the account is opened. To earn each $50 cash incentive, the average daily balance in your Basic Business Checking account must be at least $3,000 for that statement cycle. The incentive will be deposited into your Basic Business Checking account within 10 business days following the end of the statement cycle during which the balance requirement was met, as long as the account is open and in good standing. The Basic Business Checking account must remain open for 180 days or be subject to an early closure fee of up to $200.

The terms also state that the business must have been established within one year and that you must not have had a previous Axos business banking account. Not sure if this is always enforced.

  • Established their business less than one (1) calendar year from the date of application submission. Proof of formation date may be verified via the Secretary of State or Business Formation documents.
  • Have not held primary ownership of any Axos Small Business Banking account at any time.

Fees

This account has no monthly fee or maintenance fee. But there is a $50 early termination fee if you close within 180 days.

Axos Business Saving

Open Axos Business Saving+Checking Bundle and earn up to $600 in rewards. The savings side also earns 3.6% APY.

The bonus requirements are listed below. In short, you need to complete these actions for six consecutive months:

  • $1,000 or more monthly external funding transfer, including checks you write to yourself or ACH transfers
  • 2 or more debit card purchases each month of at least $50+
  • $1,500 in Biz Checking and $50,000 in Biz Saving

To qualify for each cash bonus during an eligible Statement Cycle, an eligible business must meet the following requirements in each Qualification Period:

  • Deposit $1,000 or more (via ACH, check, or wire) into their Basic Business Checking account from an external source
  • Use the debit card associated with their Basic Business Checking account to make 2 or more approved purchases of at least $50 for each transaction
  • Maintain an average daily balance of at least $1,500 in the Basic Business Checking account
  • Maintain an average daily balance of at least $50,000 in the Business Premium Savings account

The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the Cash Bonus starting in the following month.

An eligible business can qualify for the Cash Bonus for a maximum of 6 statement cycles. If an eligible business meets the qualifications during the Qualification Period within a Statement Cycle, a payment of $100 will be credited to their Basic Business Checking account. This $100 credit will be paid within the first 15 business days following the end of the Statement Cycle in which the eligible business qualified.

This saving account already earns 3.6% APY, so parking funds here to collect the bonus is not a bad move.

Fees

This account has no monthly fee or maintenance fee. But there is a $50 early termination fee if you close the account within 180 days.

Application links