Axos Business Checking Review
Looking for affordable banking for your small business? Axos Bank offers a free business checking account or an interest-bearing account. Read on.
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Axos Business Checking has made quite a nice reputation for itself. It offers an account with zero monthly fees and practically unlimited transactions. Sounds like a dream for small business owners.
But is it all that it's cracked up to be? Read on to find out if it has what you're looking for in a good business checking account.
Overview of Axos Business Checking
Axos Bank offers two business checking accounts designed to meet the needs of small businesses and entrepreneurs: a basic free checking and an interest-earning account.
Here's a quick comparison of their business checking accounts.
Basic Business Checking | Business Interest Checking - 1.01% APY | |
|---|---|---|
| APY | 1.01% APY on balances $0 - $49,999.99; 0.20% APY on balances $50,000 - $249,999.99; 0.10% APY on balance $250k+ | |
| Monthly Fee | ||
| Minimum Deposit to Open | ||
| Balance Requirement | $5,000 minimum average daily balance requirement to waive the monthly service fee |
The Axos Basic Business Checking account has practically no costs. No monthly fees, no minimum balance, unlimited transactions, and free use of any domestic ATM, among other perks.
It's great for new and small growing businesses who don't want to worry about maintaining a balance.
On the other hand, the Axos Business Interest Checking account lets you earn interest. However, there's a $5,000 minimum average daily balance requirement to waive the monthly service fee.
Yes, Axos is a legit, FDIC-insured bank. Formerly Bank of Internet USA, it was founded in 2000 and is one of the early digital banks. It has since become a full-service online bank offering modern banking products to individuals and businesses.
Who is Axos Business Checking best for?
Axos Basic Business Checking would be good for those who:
- Are new and growing businesses with limited budgets
- Don't mind an online-only bank
- Have high transaction volumes
Basic Business Checking
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and Allpoint networks
Axos Business Interest Checking would be good for those who:
- Are looking to earn some interest on checking balances
- Can maintain a $5,000 minimum
- Don't go over 100 transactions per month
Business Interest Checking - 1.01% APY
- Up to 1.01% APY**
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
- Free online banking, image statements, and Bill Pay
Pros & Cons
Pros:
- Free business checking available
- Unlimited domestic ATM fee reimbursements
- Unlimited fee-free transactions for Axos Basic Business Checking
- Free domestic incoming wires
- Occasional limited-time sign-up bonuses
- Dedicated customer support
- Expanded FDIC coverage via IntraFi® Network DepositsSM
Cons:
- No physical branches
- Insufficient funds fee
- Only 60 items/mo for remote deposit
- Axos Business Interest Checking has requirements to waive monthly fee
Axos Business Checking Features
Both Axos business checking accounts come with these great features to help you manage your business finances:
- Unlimited domestic ATM fee reimbursements
Use any ATM nationwide and Axos Bank will automatically reimburse the fees. - Mobile check deposits
Deposit up to 60 checks for free per month via the Axos mobile app. The daily deposit limit is $25,000 ($200,000 monthly).[1] - Cash deposits
Deposit cash conveniently at select MoneyPass and Allpoint ATMs for free. - Paper checks and a debit card
Claim your starter pack of 50 checks for free,[2] along with a Visa debit card. - QuickBooks-compatible
You can sync your Axos business checking account with QuickBooks, avoiding manual logging of transactions. - Free overdraft protection transfer
You can link a business account (under the same business name) to make overdraft transfers for free. - More freebies
Get image statements, and domestic incoming wires, and pay as many bills as you need to without an extra charge.
Unique features of Axos Basic Business Checking:
- No monthly fees or minimum balance
- Unlimited transactions
- 2 outgoing domestic wire fees reimbursed per month
Unique features of Axos Business Interest Checking:
- Earns APY based on a tiered system where the highest APY is only for balances below $50,000
- Up to 100 free transactions per month[3]
Axos Bank is a member of the Federal Deposit Insurance Company (Cert #35546), which insures deposits up to $250,000. For business accounts, you can also expand your FDIC insurance coverage up to $240 million with Axos Bank Insured Cash Sweep (ICS) through IntraFi® Network DepositsSM.[4]
Axos Business Checking Fees
Here are some charges to expect from your Axos Business Checking account:[1]
| Axos Basic Business Checking | Axos Business Interest Checking | |
|---|---|---|
| Monthly fee | $0 | $10 |
| Transaction processing | Unlimited free | 100 items free per month; $0.50 each after |
| Mobile check deposits | 60 items free per month | 60 items free per month |
| Domestic wire fee (outgoing) | 2 free per month; $15 each after | $15 |
Here are some fees associated with both accounts:
- $0 for all incoming domestic wires
- $50 for outgoing international wires
- $25 non-sufficient funds fee
- $10 for stop payments (requested online)
- $35 for stop payments (requested with assistance)
- $10 deposited checks returned unpaid
- $5 paper statement fee
- $50 for rush debit card replacement
Is Axos Business Checking Good?
Axos Basic Business Checking stands out for not having monthly maintenance fees or balance requirements. Plus, it boasts unlimited transactions and unlimited domestic ATM fee reimbursements. It's a good choice for new business owners, though the features are more basic.
If you're likely to hold large balances, consider Axos Business Interest Checking. You can earn interest to grow your funds. However, the highest APY is only for under $50,000 balance.
Plus, the Axos Business Interest Checking caps its free transactions to 100 items/month. So it's not good if you have high banking activity.
Ultimately, your choice will largely depend on your business needs and finances.
How to Qualify for Axos Business Checking
As with most banks for small business, you have to be a US resident and own/co-own a legally registered business to be eligible for Axos business checking.
To open an Axos Business Checking Account:
- Gather your SSN, EIN, and business documents.
- Start your application for Axos Basic Business Checking or Axos Business Interest Checking
- If you choose Axos Business Interest Checking, make an initial deposit of at least $100.
You will also need to submit the following documents specific to your business category[5]:
- Sole proprietor: IRS SS-4 or 147 c letter
- Partnership: Partnership Agreement and all amendments
- LLC: Articles of Organization (and all amendments) and Operating Agreement
- Corporation (for profit): Articles of Incorporation (and all amendments)
Once approved, you will receive your Axos Visa debit card and your first set of checks in 7-10 business days. You can also sign up for online banking and download the Axos Bank mobile app to begin your banking activities.
How Axos Business Checking Compares
Let's take a look at similar products of other banks by comparing them to Axos Basic Business Checking.
 |  | ||
| Get Deal | Get Deal | Get Deal | |
Basic Business Checking | Free Business Checking - Up to 1.3% APY | Free Checking Account for Small Business Owners | |
|---|---|---|---|
Basic Business Checking - | Free Business Checking - Up to 1.3% APY - | Free Checking Account for Small Business Owners - | |
Benefits and Features | |||
| Monthly Fee | |||
| Minimum Deposit to Open | |||
| Balance Requirement | |||
| APY | 1.3% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000 | ||
| ATMs | Unlimited domestic ATM fee reimbursements | Approximately 40,000 MoneyPass ATMs | Approximately 40,000 MoneyPass ATMs |
| Get Deal | Get Deal | Get Deal | |
Axos vs. Bluevine
Bluevine also offers a free business checking account. It beats Axos with a higher APY, giving you 1.3% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. Bluevine Plus users can earn 1.75% APY. While Bluevine Premier users can get 3.00% APY.
Another key advantage of Bluevine is its built-in invoicing and Stripe-powered payment links. You can create and send unlimited free branded invoices directly from your dashboard. Customers can pay via card, ACH, or wallet, with funds deposited straight into your Bluevine account. Axos lacks native invoicing features.
Bluevine also lets you open up to 5 sub-accounts with their own account numbers with the Standard plan. This lets you better organize and manage your budget. You can also issue multiple debit cards to authorized users of your business checking account.
Bluevine gives you unlimited transactions. However, cash deposits at Green Dot or Allpoint+ ATMs incur a fee. In contrast, Axos allows free cash deposits at select MoneyPass and Allpoint ATMs, which could benefit businesses that handle more physical cash.
Free Business Checking - Up to 1.3% APY
- 1.3% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
Axos vs. Chase
Chase has a unique Business Complete Checking account with built-in card payment acceptance.
This feature makes Chase a good choice for retail businesses that accept credit cards. Plus, payments with Chase QuickAccept are deposited into your Chase business checking account the same day.
It's also good if you're looking for a bank with physical branches. Though note that Chase business accounts do have a monthly service fee, as well as other banking fees.
Chase Business Complete Banking® - Up to $500 Bonus
- Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Choose Chase Business Complete Banking® to get a fully integrated business solution that can help you control costs. Waive the $15 Monthly Service Fee in multiple ways like keeping a minimum $2,000 balance, plus use built-in offerings such as card acceptance, invoicing, Chase Customer Insights and Tap to Pay on iPhone
- Bank with confidence. Feel confident knowing we have the largest branch network in the U.S. with 5,000 branches that provide personalized service and can help with your complex banking needs. You can also benefit from our account protection services, which provide safeguards by overseeing employee account activity, monitoring checks, and offering additional protection for your business.
- Access top-rated online business banking. Take advantage of our #1-ranked online small business banking platform with a comprehensive set of features designed for small business owners like you. Our tools enhance your ability to manage cash flow, accept and make payments, create invoices and plan for growth, so you can streamline processes and gain greater control of your finances.
- More small business owners choose Chase than any other bank
- The #1 choice for small business banking.
Axos vs. Lili
Lili offers a basic business checking account with no monthly fees. There's also no overdraft fees or foreign transaction fees.
However, the real benefits only come if you upgrade to a paid Lili plan. You can categorize expenses, track tax write-offs, and generate expense reports. You can also automatically save for your taxes in a Tax Bucket.[6]
Even though these features are paid, they could be worth it to make things simpler for you during tax time.
But you may appreciate Axos more if you regularly receive international wire transfers, as Lili does not offer them for free.
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
- Savings with up to 4.00% APY
Axos Customer Service
Talk to an Axos Relationship Manager dedicated to small business banking by:
- Phone: (844) 678-2726
- 6 am to 6 pm PT Mon-Fri (except federal holidays)
You can also get quick answers to common business banking inquiries here.
Axos Bank has earned a good reputation not only because of its innovative products, but also its priority over data security. It uses advanced technologies to identify and prevent cyber fraud, among other measures, making it a bank you can trust.
Other Axos Bank business accounts
Besides checking, Axos Bank also offers savings accounts for small businesses:
FAQs
Does Axos Bank have bank branches?
Axos Bank doesn't have traditional bank branches since it operates online. However, it has commercial offices in San Diego, Las Vegas, Los Angeles, Kansas, and Salt Lake City to support its commercial services.[7]
Is Axos an actual bank?
Yes, Axos is a real bank that's a member of FDIC (Cert #35546). It's a full-service online bank with a range of deposit products, loans, and investments for personal, business, and commercial purposes.
How do I withdraw money from Axos?
You can withdraw funds from your Axos account in many ways:
- Transfer funds online
- ATM withdrawal using your Axos ATM/debit card
- Wire transfers
- Write a check
Does Axos have ATM fees?
Axos Bank reimburses all domestic ATM fees for their business checking accounts.
What is the Axos business interest rate?
Currently, Axos Business Interest Checking earns 1.01% APY on balances $0 - $49,999.99; 0.20% APY on balances $50,000 - $249,999.99; 0.10% APY on balance $250k+.
Bottom Line
Axos Basic Business Checking can be an excellent choice for new business owners looking for a free business checking account. It's also good if you have high banking activity.
On the other hand, Axos Business Interest Checking may be attractive if you're looking to earn interest on your balance. However, there may be other options with better APYs.
Ultimately, choose a business checking account that will best serve your needs.
References
- ^ Axos Bank. Small Business Deposit Account Agreement and Schedule of Fees, Retrieved 11/13/2023
- ^ Axos Bank. Business FAQs: How do I order checks for my account?, Retrieved 11/13/2023
- ^ Axos Bank. Compare Business Checking Accounts, Retrieved 11/02/2023
- ^ Axos Bank. Insured Cash Sweep (ICS), Retrieved 04/28/2024
- ^ Axos Bank. Getting Ready to Apply, Retrieved 11/02/2023
- ^ Lili. Simplify tax preparation, Retrieved 11/03/2023
- ^ Axos Bank. About Us, Retrieved 11/03/2023
Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer
- New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
- Bank of America N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3.00% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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