If you’re looking to maximize fee savings through unlimited domestic ATM fee refunds and fee-free cash deposits, Axos Bank is a good choice. This digital bank offers two regular business checking accounts and extended Federal Deposit Insurance Corp. (FDIC) coverage of up to $200 million.
- Basic Business Checking has no monthly maintenance fees, required maintaining balance, and transaction limit.
- Business Interest Checking has a $100 opening deposit, 100-item transaction allowance, $10 waivable monthly maintenance fee, and tiered annual percentage yield (APY) starting at 1.01%.
Aside from saving on banking fees, Axos Bank offers a full suite of banking products and services, which includes savings, money market accounts, certificates of deposit (CDs), and Small Business Administration (SBA) loans. You can also access merchant, payroll, and treasury management services.
Pros
- No monthly fees for Basic Business Checking
- Unlimited domestic ATM fee reimbursements
- Up to $400 welcome bonus
- Extended FDIC insurance up to $200M
Cons
- No physical locations
- $100 minimum opening deposit for Business Interest Checking
- Long time to get new account approved
- No APY for basic account
Features
- Free Visa debit card
- Up to 1.01% APY earnings for a Business Interest Checking account
- Free incoming wires
- Two free outgoing wire transfers under Basic Business Checking
- Fee-free cash deposits via MoneyPass and Allpoint networks
- Analyzed Business Checking available
- Business savings, money market accounts, and business CDs
- SBA loans and commercial loans
How Axos Bank Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Interest Checking | 1.01% | None via MoneyPass and Allpoint networks | Unlimited domestic ATM fee reimbursements | $100 |
 Business Advantage Fundamentals Banking | None | $7,500, then 30 cents per $100 | $2.50 for nonnetwork and $5 for international | $100 |
 Standard Checking | 1.5% on qualifying balances up to $250,000 | $4.95 (Green Dot) or $1 + 0.5% of deposit (Allpoint+ ATM) | None at MoneyPass locations; $2.50 for nonnetwork | None |
Visit Bluevine
Bluevine is a financial technology (fintech) platform-backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
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When Axos Bank Is a Good Fit
- You want to save on banking fees: Axos Bank’s Basic Business Checking has no fee on monthly maintenance, incoming wires, and cash deposits made via MoneyPass and Allpoint ATMs. Best of all, the bank reimburses all domestic ATM fees.
- You prefer to bank exclusively online: Axos is optimal if you don’t mind an online-only bank. Users can access a full range of banking products, such as business savings, money market accounts, and CDs. You can also link your checking account with your savings account easily. Read our Axos Bank business savings account review to learn about the product’s features.
- You seek a bonus reward for opening a new account: Axos landed a spot on our list of the best bank account promos and offers because it offers up to a $400 welcome bonus to new business checking account holders. Open a Business Interest Checking or a Basic Business Checking by September 30, 2025, and meet qualifying requirements to get up to $400 when you use promo code NEW400.
- You want to maximize FDIC insurance protection: Axos Bank provides coverage up to $200 million through IntraFi Network Deposits. Your funds are spread to several partner banks to gain insurance protection above the standard FDIC limit of $250,000.
When To Consider Axos Bank Alternatives
- You deposit cash often: While Axos has fee-free deposits, alternatives like Chase Bank might serve you better with its 4,700 physical locations in 48 states. Read our Chase business checking accounts review to learn which account suits you best.
- You send more than two outgoing domestic wires every month: Axos offers two free outbound domestic wire transfers, whereas all wire transactions at Mercury are cost-free. See our review of Mercury business checking for more information.
- You want to issue multiple debit cards to track expenses easily: Axos offers only one free debit card for each business checking account. A good option that allows up to 50 debit cards for your staff is Relay. Learn more about its features from our Relay business checking review.
- You need access to small business credit cards: Axos Bank doesn’t offer credit cards as of this writing. Instead, you can consider Capital One. Check out our list of the best Capital One business credit cards to find one that fits the bill.
Check out more providers in our list of the best small business checking accounts.
Axos Bank Business Checking Overview
Basic Business Checking | Business Interest Checking | |
|---|---|---|
Required Opening Deposit | None | $100 |
Required Minimum Balance | None | $5,000 average daily balance to waive $10 monthly fee |
Monthly Fees | None | $10; waivable |
Transaction Limit Before Fees | ||
Domestic Wire Transfer Fees | Incoming: None | Incoming: None Outgoing: $15 |
International Wire Transfer Fees | Incoming: None Outgoing: $50 | |
ATM Fees | Unlimited domestic ATM fee reimbursements | |
Cash Deposit Fees | None at MoneyPass and Allpoint networks | |
APY | N/A | |
Welcome Bonus for New Business Account | Open a Business Interest Checking or a Basic Business Checking by September 30, 2025, and get up to $400 when you use promo code NEW400. | |
Debit Card | Free Visa debit card |
Physical Checks | Introductory set of 50 checks |
Software Integrations | |
Business Payment integration | Celero Merchant Solutions |
Customer Service | Customer service hotline: (844) 678-2726 Relationship managers are available from Mondays to Fridays, 6 a.m. to 6 p.m. Pacific time |
Other Products | Business savings, money market, CDs, SBA loans, commercial lending products, merchant services, and payroll services |
Remote Deposit Anywhere | 60 items per month |
Axos Bank Business Checking Requirements
You can visit the Axos Bank website to open a business checking account. At present, only US-based entities are allowed to create an account.
Part of the Axos Bank business checking requirements is that all owners and authorized signers must provide a copy of their driver’s license. If you use a doing business as (DBA), fictitious name, trade name, or assumed name in your business, you must submit one of the documents listed below.
- Fictitious name certificate
- Assumed name certificate
- Certificate of trade name
- DBA certificate
To view the requirements, click on your entity type.
- IRS SS-4 or 147 c letter
- A general partnership agreement and all amendments
- An operating agreement
- Articles of organization, and all amendments
- An LP or LLP agreement and all amendments, plus
- a certificate of LP or LLP partnership filed with the state
- Articles of incorporation and all amendments
- Articles of incorporation and all amendments
- A letter from the IRS of 501-c-3 status
- Bylaws that state powers of the officers, and
- Meeting minutes with the list of current active officers
- Articles of incorporation and all amendments or articles of organization or association
- Meeting minutes with the list of current active officers
- Bylaws that state powers of the officers
- A letter from the IRS of 501-c-3 (if applicable), and
- Property management contract agreement (if applicable)
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
Axos Bank Business Checking Features
Axos Bank’s business checking accounts feature a welcome bonus, interest option, ATM fee reimbursements, a Visa debit card, and fee-free cash deposits at designated interbank networks.
Welcome Bonus
Businesses that open a new business bank account get a welcome bonus. See our guide on the best business bank account promos for the latest bonus information.
Interest-bearing Account
Business owners can open Business Interest Checking, a tiered interest-earning account. You can earn
- 1.01% APY The APY rate is valid as of 12/21/2023 and subject to change without notice. on balances less than $50,000
- 0.20% APY on balances from $50,000 to $249,999.99
- 0.10% APY on balances from $250,000 to $4,999,999.99
If your balances reach $5 million or more, you need to contact the bank for current rates. Note that opening this account requires a $100 minimum deposit.
ATM Fee Reimbursements
Even if Axos Bank doesn’t have its own ATM network, business checking account holders can still enjoy unlimited domestic ATM fee reimbursements.
Fee-free Cash Deposits Using MoneyPass & Allpoint Networks
Axos stands out from its competitors by letting customers deposit cash without fees at MoneyPass and Allpoint ATMs. Other online banks may use third-party service providers as a cash deposit facility but using them requires paying a deposit fee per transaction. Meanwhile, physical branches can also collect deposit fees once a customer exceeds the allowed cash deposit limit.
Mobile Banking
Axos Bank provides convenient access to your accounts through its mobile app. You can view your balances, deposit checks, and pay your bills online securely using your mobile phone.
On the App Store[1], users gave the Axos Bank mobile banking app a rating of 4.7 from around 12,500 reviews, while on Google Play[2], it has a rating of 4.0 from about 5,800 reviews. Recent positive feedback mentioned that the app is intuitive and easy to navigate. They praised the ease of linking all bank products, including external accounts.
However, some users found the app slow and glitchy. They prefer the older version since they experienced login issues with the new one.
Business Services
- Merchant services through Celero Merchant Solutions
- Payroll services through ADP Payroll services free for 4 months
- Treasury management services
- Same-day ACH payments
- Manual and online wires for domestic and international
- ACH credit origination
- Check Positive Pay for fraud solution
- Premium business bill pay
- Stop payments
- Reporting and reconciliation tools
Customer Service
You can call the service hotline at (844) 678-2726, where reps are available 24/7. You can also talk to Relationship Managers from Monday to Friday, 6 a.m. to 6 p.m. PT.
Other Axos Bank Business Banking Products
Axos Bank has a full selection of banking products and services for small businesses. This includes business savings, money market accounts, CDs, SBA loans, and commercial lending.
Axos Bank has an Analyzed Business Checking account for businesses with large transaction volumes that want access to advanced treasury management services. This noninterest-bearing account has a $15 monthly maintenance fee and requires a $100 opening deposit.
- Business Savings: This account offers a 0.20% APY and has a minimum opening deposit of $1,000. Keeping a $2,500 average daily balance lets you waive the $5 maintenance fee. You get 20 fee-free items and past that limit, 30 cents is charged.
- Business Premium Savings: This account provides APY earnings of up to 4.01% and a bonus of up to $375 if you maintain at least a $75,000 average daily balance. The promo offer is until September 30, 2025. Use the promo code BPS375 on your application. There is no minimum opening deposit and no monthly fee for this account.
- Business Money Market: This account also offers 0.20% APY. The opening deposit is $1,000 and the required balance to avoid the $10 monthly service fee is $5,000. You get an allowance of 20 items and will pay 30 cents for each additional item.
- Non-Profit Money Market: Nonprofits or religious groups can open this account by depositing a minimum of $1,000. Like other Axos’ business savings products, the APY is 0.20%. You can waive the $5 monthly maintenance fee if you meet the required $2,500 average daily balance. Past the cost-free 25-item limit, a 30-cent fee applies.
Axos Bank offers CDs with flexible terms of three months to five years for a minimum opening deposit of $1,000. The rates range from 0.10% to 0.20% with interest compounded daily. CDs are FDIC insured up to $250,000 per depositor.
- SBA Loans: To support business acquisitions, inventory purchases, or working capital needs, Axos Bank extends an SBA 7(a) program for small businesses. Financing is up to 90%, and the terms are longer with full amortization compared to traditional loans.
- Commercial Lending: For growing businesses, Axos Bank offers term loans and lines of credit, including equipment financing, commercial real estate bridge and construction, HOA, and residential warehouse loans.
With IntraFi Network DepositsSM, businesses can earn interest and access up to $200 million in FDIC insurance. Axos spreads the deposits to other member institutions to extend the standard $250,000 FDIC coverage.
Axos Bank Business Checking Reviews From Users
On WalletHub[3], Axos Bank has an average rating of 2.8 from nearly 400 reviews, whereas it has a lower rating of 1.9 on Trustpilot[4] from about 140 reviews.
Users who left a positive Axos Bank business checking review praised its interest rates, simple-to-use website, and ease of depositing checks electronically. They also appreciate performing fund transfers without paying any fees.
However, a lot of customers had negative comments and found the platform outdated. They shared bad customer support experiences, such as unprofessional treatment, long hold times, and frequent transfers without resolutions provided. Others also experienced blocked access from their accounts.
Frequently Asked Questions
Yes, Axos Bank’s holding company is Axos Financial, Inc., which is publicly traded on the New York Stock Exchange.
Axos business checking account holders can use any ATM for withdrawals. If they incur any surcharges from non-network ATMs, Axos reimburses all the domestic ATM fees.
You can deposit cash without paying any fees at MoneyPass and Allpoint ATMs.
Yes, Axos Bank is FDIC-insured and protects a depositor’s funds up to $250,000 per ownership category.
No, Axos Bank is a fully online bank with no brick-and-mortar branch. However, clients can access around 91,000 ATM locations.
Axos Bank’s Basic Business Checking does not offer interest, while its Business Interest Checking provides a 1.01% APY on balances less than $50,000, 0.20% on balances from $50,000 to $249,999.99, and 0.10% on balances over $250,000.
Bottom Line
If your business needs can be satisfied by an online-only bank, Axos Bank is a great choice. Its Basic Business Checking account fits business owners looking for a fee-free account with unlimited transactions. Small businesses also save more from the bank’s unlimited ATM fee reimbursements and fee-free cash deposits through the MoneyPass and Allpoint networks.
If your business funds are higher than $250,000, you gain a higher FDIC insurance up to $200 million through IntraFi Network Deposits. However, Axos’ interest rates tend to be lower compared to what other online banks and fintechs offer, which can be a huge drawback for some.
[1]App Store
[2]Play Store
[3]WalletHub
[4]Trustpilot
