Axos Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you’re looking for a one-stop digital bank offering a business checking account with the potential to earn interest, unlimited domestic ATM fee refunds, and extended Federal Deposit Insurance Corp. (FDIC) coverage of up to $150 million, Axos Bank is suitable. It provides two business checking accounts: Business Checking and Business Interest Checking. Depending on your needs, you can start with the basic product before switching to the interest-earning one.
Aside from saving on banking fees, you can access other banking products and services. These include savings, money market accounts, certificates of deposit (CDs), and Small Business Administration (SBA) loans, including merchant, payroll, and treasury management services.
What We Like
- No monthly fees for Basic Business Checking
- Unlimited domestic ATM fee reimbursements
- $100 or $200 welcome bonus for new business checking accounts
- FDIC coverage up to $150 million through IntraFi Network Deposits
Drawbacks
- No physical locations
- $100 minimum opening deposit for Business Interest Checking
- Long time to get new account approved
- Low customer service ratings in user reviews
Features
- Free Visa debit card
- Free first set of 50 checks
- 1.01% annual percentage yield (APY) earnings for a Business Interest Checking account
- Compatible with QuickBooks; four months’ free payroll services through ADP
- Multiple business banking products, from savings to lending
- Access to merchant services
- Fee-free cash deposits via MoneyPass and Allpoint networks
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 Complete Banking | None | $5,000 free per statement cycle, then $2.50 per $1,000 | None at Chase ATMs; $3 per transaction at non-Chase ATMs | None |
 Business Checking | 2.0% on qualifying balances up to $250,000 | $4.95 per transaction via Green Dot retail locations | None at MoneyPass locations; $2.50 for nonnetwork | None |
*Bluevine is a financial technology (fintech) platform-backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
To learn how Axos Bank stacks up against Bluevine, read our comparison of Bluevine vs Axos business checking.
When Axos Bank Is a Good Fit
- You prefer to save on multiple banking fees: With Basic Business Checking, there are no monthly, incoming wire, and cash deposit fees when you use MoneyPass and Allpoint ATMs. Further, Axos Bank reimburses all domestic ATM fees, increasing your savings.
- You want access to full-service banking online: Axos is optimal for those who don’t mind a digital-only bank. It offers a full range of banking products, such as business savings, money market, and CDs for higher interest rates. Linking your business checking account with a business savings account is seamless. Read our Axos Bank business savings account review to learn about the product’s features.
- You’re looking for a tiered interest-earning account: With Axos Bank’s Business Interest Checking, you earn 1.01% APY on balances less than $50,000, 0.20% APY on balances from $50,000 to $249,999.99 and 0.10% on balances over $250,000.
- You seek a bonus reward for opening a new checking account: Axos has a welcome bonus of up to $200 when you open a new business checking account, which landed it a spot on our list of the best bank account promos & offers.
- Your balances exceed $250,000: The standard FDIC insurance is $250K, but you can protect your large business funds through IntraFi Network Deposits, where up to $150 million deposits are covered by FDIC insurance by spreading the funds to several partner banks.
When Axos Bank Is Not a Good Fit
- You deposit cash often: While Axos has fee-free deposits, alternatives like Chase Bank might serve you better since it has around 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 reimburses only two domestic wire fees each month. You can opt for Mercury, as it offers free incoming and outgoing wire transactions. See if the provider fits your needs through our review of Mercury Business Checking.
- You want to issue multiple debit cards to your team for expense tracking: Axos offers only one free debit card for each business checking account. A good option that hands out 50 debit cards for your staff is Relay. Our Relay Business Checking review provides more details of its features.
- 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
Axos Bank Business Checking Requirements
You can visit the Axos Bank website to open a business checking account. Note that only United States-based entities are allowed to create an account.
To view the requirements, click on your entity type below.
- 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
- A certificate of LP or LLP partnership filed with the state
- Articles of incorporation and all amendments
- Articles of incorporation and all amendments
- Letter from the IRS of 501(c)(3) status
- Bylaws that state powers of the officers
- Meeting minutes with the list of current active officers
- Articles of incorporation and all amendments or articles of organization or association
- Meeting minutes with list of current active officers
- Bylaws that state powers of the officers
- A letter from the IRS of 501(c)(3), if applicable
- 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 account offers a welcome bonus, interest, 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. The eligibility requirements are listed below.
- If the business was incorporated before June 1, 2020, you get a $100 cash back bonus using the promo code NEWAXOSBIZ on your application.
- If the business was incorporated after June 1, 2020, you get a $200 cash back bonus using the promo code NEWBIZ200 on your application.
- The application must be submitted before June 30, 2023, ends.
- Within the first two months after account opening, you must maintain a $2,500 minimum average daily balance. Deposits must be new funds or shouldn’t be from another Axos Bank brand account.
Interest-bearing Account
Business owners can open Business Interest Checking, a tiered interest-earning account. It lets you earn 1.01% APY on balances less than $50,000, 0.20% APY on balances from $50,000 to $249,999.99, and 0.10% on balances from $250,000 to 4,999,999.99. For balances reaching $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 allowing customers to deposit cash with no fees at MoneyPass and Allpoint ATMs. Other online banks permit customers to make cash deposits through Green Dot; however, a fee is collected per deposit transaction. Physical branches can also collect deposit fees once a customer has exceeded the allowed cash deposit limit.
Mobile Banking
Axos Bank provides a speedy and secure way of depositing checks online using your mobile phone.
Reviews for Axos Bank’s mobile banking app are good on the App Store1 (4.7 out of 5) and average on the Play Store2 (3.7 out of 5). Users rated it high for its ease of use, security, and convenience, though recently, it earned low ratings mainly for its mobile deposit functionality issues and failed biometric logins.
Business Services
- Merchant services: Small business owners can benefit from merchant services for more efficiency. Axos Bank offers billing and eCommerce solutions. It connects with Celero Merchant Solutions to provide POS terminals and equipment, allowing businesses to accept payments via credit card, debit card, gift card, and check.
- Payroll services: Axos offers an ADP payroll app, which supports tax filing and unlimited payroll processing and is free for four months.
- Treasury management services: Small businesses can choose from multiple payment processing options and solutions that enhance efficiency. They retain control in managing users, can use same-day ACH and wire transfer payments, and can automate payments, especially if they’re recurring. Access to fraud solutions and reporting and reconciliation tools are also available.
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 Banking Products
Axos Bank has a full selection of banking products and services for small businesses. This covers business savings, money market accounts, CDs, and lending.
Axos Bank has an Analyzed Business Checking account for business customers with large transaction volumes who want access to advanced treasury management services.
- Business savings: For a minimum opening deposit of $1,000, you can earn 0.20% APY with variable interest compounded daily with a business savings account. Maintenance fees are waived if the account can meet the $2,500 minimum average daily balance.
- Business premium savings: For a minimum account opening deposit of $25,000, you can earn up to 0.20% APY with a business premium savings account. No monthly maintenance fees and average daily balance are required for this product, but you need to deposit fresh funds.
- Business money market: If you meet the $1,000 minimum opening deposit and maintain the average daily balance of $5,000 for a business money market account, you can grow your savings up to 0.20% APY.
- Nonprofit money market: For a minimum $1,000 opening deposit, non-profits or religious groups can earn 0.20% APY on a nonprofit money market account. There are no monthly maintenance fees as long as you maintain a $2,500 minimum average daily balance.
For a minimum amount of $1,000, you’re offered guaranteed returns with a business CD. It has zero market risks, and the rates range from 0.10% to 0.20% at flexible terms of three months to five years.
- SBA loans: For business needs, you have access to financing with flexible terms to support business acquisitions, inventory purchases, or to gain working capital. Axos Bank extends an SBA 7(a) program for small businesses, offering up to 90% financing and longer terms with full amortization.
- Commercial lending: When your business is expanding, Axos Bank offers term loan financing and extends credit lines. It also provides real estate lending, residential warehouse lending, equipment finance, and bridge loans.
With IntraFi Network DepositsSM, businesses can earn interest and access up to $150 million in FDIC insurance. Axos spreads the deposits to other member institutions to extend the standard $250K FDIC coverage.
Axos Bank Business Checking User Reviews
The bank has low ratings on Trustpilot3 (1.4 out of 5) and average ratings on WalletHub4 (2.8 out of 5). Some users who left an Axos Bank business checking review rated it positively for its lack of transaction fees. They stated that the bank also has an easy-to-use platform and fantastic fraud alerts.
However, most users left negative feedback due to bad customer service experiences. Many users commented repeatedly that their callback requests weren’t fulfilled and that it took a long time to speak with a representative. They also claimed that when their accounts were locked out, the security process to reset passwords was tedious.
There were several complaints about the lengthy time (five to seven business days) it took to transfer funds and clear deposits, and some even said that their transactions weren’t processed. Also, others mentioned that their business checking account was still not functional after three weeks.
Frequently Asked Questions
Yes, Axos Bank launched as a digital bank on July 4, 2000. Its headquarters is in San Diego, California.
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. If they incur any surcharges from non-network ATMs, Axos reimburses all the domestic ATM fees.
You can perform fund transfers, deposit checks, and pay bills through an online and mobile platform. You also get a free Visa debit card for fund access and can issue physical checks.
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 branches.
Bottom Line
Axos Bank is a good choice if your business needs are satisfied with an online-only bank. Its Basic Business Checking account fits business owners looking for a straightforward basic account with no fees. It helps small businesses save more with ATM fee refunds and supports them with a wide range of banking products and services.
It even extends FDIC insurance to $150 million through IntraFi Network Deposits. However, Axos’ interest rates are lower than other online banks and fintech companies, especially with its CD products. It also scored low customer service ratings on its user reviews.
User review resources:
1App Store
2Play Store
3Trustpilot
4WalletHub
