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.
 | | |
| Get Deal | Get Deal | |
Basic Business Checking - Up to $400 Bonus | 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 | |
| Get Deal | Get Deal |
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 - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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 100 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 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, 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]
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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
Business Interest Checking - 1.01% APY
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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 100 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
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 $200 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 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.
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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
Business Interest Checking - 1.01% APY
- Business owners get up to $400 welcome bonus!*
- Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application.*
- 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 100 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
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 - Up to $400 Bonus | Free Business Checking - Up to 2.0% APY | Free Checking Account for Sole Proprietors and Single-Member LLC | |
|---|---|---|---|
Basic Business Checking - Up to $400 Bonus - | Free Business Checking - Up to 2.0% APY - | Free Checking Account for Sole Proprietors and Single-Member LLC - | |
Benefits and Features | |||
| Monthly Fee | |||
| Minimum Deposit to Open | |||
| Balance Requirement | |||
| APY | 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000 | ||
| ATMs | Unlimited domestic ATM fee reimbursements | ||
| 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 2.0% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000. Bluevine Plus users can earn 3% APY. While Bluevine Premier users can get 4.25% APY.
Another benefit of Bluevine is that you can create up to 5 sub-accounts with their own account numbers. This lets you better organize and manage your budget. You can also issue up to 4 additional debit cards to authorized users of your business checking account.
Bluevine also gives you unlimited transactions. However, there's a fee for cash deposits at Green Dot or Allpoint+ ATMs, whereas Axos lets you deposit cash for free at participating MoneyPass and Allpoint ATMs.
Free Business Checking - Up to 2.0% APY
- 2.0% 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® - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
- Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments.
- Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account.
- Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money.
- Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
- Trusted and secure financial partner. We're committed to helping you grow and protect your business.
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 tend to send wire transfers regularly, which are not possible with Lili. You also can't receive international wires yet with Lili.[7]
Free Checking Account for Sole Proprietors and Single-Member LLC
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
- Automatic Savings
- Get paid up to 2 days early
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:
Business Money Market - 0.20% APY
- New business owners get a $200 welcome bonus!
- Earn 0.20% APY
- $1,000 minimum opening deposit
- No monthly maintenance fee with average daily balance of at least $5,000
Business Savings - 0.20% APY
- Earn 0.20% APY
- $1,000 minimum opening deposit
- No monthly maintenance fees with $2,500 minimum average daily balance
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.[8]
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 and these personal checking accounts: Rewards Checking, Cashback Checking, and Essential Checking.
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 10/01/2023
- ^ Axos Bank. Getting Ready to Apply, Retrieved 11/02/2023
- ^ Lili. Simplify tax preparation, Retrieved 11/03/2023
- ^ Lili. Can I Receive Wire Transfers To My Lili Account?, Retrieved 11/03/2023
- ^ Axos Bank. About Us, Retrieved 11/03/2023
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- 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*
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
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