Axos Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
If you’re looking for a one-stop shop digital bank that offers a business checking account with potential to earn interest, a Visa debit card, unlimited domestic ATM fee refunds, and no account fees, then Axos Bank is suitable for you. It provides two business checking accounts: Basic Business Checking and Business Interest Checking. Depending on your needs, you may start with the basic product before switching to the interest-earning one.
Prior to opening a business checking account, study the features of Axos Bank’s checking account products to find out which fits your banking needs.
What We Like
- No monthly fees for Basic Business Checking
- Unlimited domestic ATM fee reimbursements
- $100 to $200 welcome bonus for new business checking accounts
Drawbacks
- No physical locations; can’t do direct cash deposits in a bank branch
- $100 minimum deposit requirement to open the Business Interest Checking account
- Long time to get new account approved
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
- Automate bill payments, deposit checks remotely, and view online bank statements via the mobile app
- 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% | Fee-free via MoneyPass and Allpoint networks | Unlimited domestic ATM fee reimbursements | $100 |
 Business Checking | N/A | None; doesn’t accept cash deposits | Refunds all ATM fees | None |
 Business Checking | 2.0% | $4.95 per transaction via Green Dot retail locations | None at MoneyPass locations; $2.50 for nonnetwork | None |
*Providers are financial technology (fintech) platforms-backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership (Middlesex Federal Savings for Novo; Coastal Community Bank for Bluevine).
To learn how Axos Bank’s Business Checking account stacks up against Bluevine, read our comparison guide, Bluevine vs Axos Business Checking.
When Axos Bank Is a Good Fit
- Business owners preferring not to pay several account fees: With Basic Business Checking, there’s no monthly fee, no minimum opening deposit, no incoming wire fees, and no cash deposit fees when you use MoneyPass and Allpoint ATMs, creating plenty of savings for the account holders.
- Businesses wanting 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 certificates of deposit (CDs) for higher interest rates. Linking your business checking account with a business savings account is seamless. The savings product even earned a spot in our list of best business savings accounts.
- Businesses seeking to benefit from ATM fee savings: Axos Bank allows you to deposit for free at MoneyPass or Allpoint ATM networks. It also reimburses all domestic ATM fees, increasing your savings. This places Axos in our lists of best business checking accounts for LLCs and best banks for nonprofits.
- Business owners 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. It’s one of the reasons it’s on our list of best bank accounts for self-employed professionals.
- Business owners seeking a bonus reward for opening a new checking account: Axos has a welcome bonus of $200 when you open a new business checking account so it’s no surprise it made our list of the best bank account promos & offers.
- Existing and interested QuickBooks and ADP users: The bank’s platform integrates seamlessly with the accounting and payroll platforms.
When Axos Bank Is Not a Good Fit
- Businesses depositing cash in bulk daily: While Axos has fee-free deposits, alternatives like Chase Bank and Bank of America might serve you better since both have a significant number of physical locations.
- Businesses sending more than two outgoing domestic wires every month: Axos reimburses only two domestic wire fees each month. You may want to go with Capital One, as it offers five free outgoing domestic wires monthly.
- Businesses that need to issue multiple debit cards to their 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.
- Business owners who want to be issued small business credit cards: Axos Bank currently doesn’t offer them, so you may want to consider Chase Bank.
Axos Bank Business Checking Overview
Basic Business Checking | Business Interest Checking | |
|---|---|---|
Required Opening Deposit | None | $100 |
Required Minimum Balance | None | Maintain $5,000 to waive $10 monthly fee |
Transaction Limit Before Fees | Unlimited item processing (debits, credits, and deposited items) | 100, then 50 cents per item thereafter |
Monthly Fees | None | $10; waivable if ADB reaches $5,000 |
Domestic Wire Transfer Fees | Incoming: None Outgoing: $15 2 reimbursed domestic wire fees every month | Incoming: None Outgoing: $15 |
International Wire Fees | Incoming: None Outgoing: $50 | Incoming: None Outgoing: $50 |
ATM Fees | Unlimited domestic ATM fee reimbursements | Unlimited domestic ATM fee reimbursements |
Cash Deposit Fees | None at MoneyPass and Allpoint networks | None at MoneyPass and Allpoint networks |
APY | N/A | Starts at 1.01% |
Welcome Bonus for New Business Account | $100 to $200 | $100 to $200 |
Basic Business Checking & Business Interest Checking | |
|---|---|
Debit Card | Free Visa debit card |
Physical Checks | Free first set of 50 checks |
Software Integrations | QuickBooks, ADP (for payroll services, free for 4 months) |
Business Payment integrations | Celero Merchant Solutions |
Customer Service | 24/7 customer service hotline: 844-678-2726 Relationship managers available from Monday to Friday, 6 AM to 6 PM |
Other Products | Business savings, CDs, lending products |
Remote Deposit Anywhere | 60 items per month |
Axos Business Checking Requirements
You can visit the Axos Bank website to open a business checking account—only US-based entities are allowed to create an account.
Here are additional Axos business checking requirements according to business type:
Sole Proprietorship
- IRS SS-4 or 147 c letter
General Partnership
- A general partnership agreement and all amendments
Limited Liability Company (LLC)
- An operating agreement
- Articles of organization, and all amendments
Limited Partnership (LP) or Limited Liability Partnership (LLP)
- An LP or LLP agreement and all amendments, plus
- a certificate of LP or LLP partnership filed with the state
Corporation (Profit)
- Articles of incorporation and all amendments
Corporation (Nonprofit)
- Articles of incorporation and all amendments
- 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
Association/Homeowners' Association (HOA)
- 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), 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 account offers interest, ATM fee reimbursements, a Visa debit card, and fee-free cash deposits at designated interbank networks.
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.
Workplace Banking
Business owners can boost the financial well-being of employees by providing access to 180+ financial tutorials and videos for their employees. They can grant fee-free checking accounts designed with competitive interest rates. Further, low-interest rates can be offered to employees who want to apply for mortgages, personal loans, and auto loans.
Fee-free Cash Deposits Using MoneyPass & Allpoint Networks
Axos stands out from its competitors by allowing its 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 great at App Store (4.7 out of 5) and Play Store (4.5 out of 5). Users rated it high for its easy setup, intuitive features, and constant improvements. But some found the app slow and glitchy and were unhappy receiving server errors.
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 made 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 a myriad of 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 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.
Other Checking Products
Axos Bank also has Analyzed Business Checking account for business customers with large transaction volume and want access to advanced treasury management services.
Other Banking Products
Axos Bank has a full selection of banking products and services for small businesses. This covers business savings, money market, CDs, and lending.
- Basic business savings: For a minimum opening deposit of $1,000, you can earn 0.20% APY with variable interest compounded daily. 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. There are no monthly maintenance fees and no average daily balance required for this product but you need to deposit fresh funds.
- Business money market: If you meet the $1,000 minimum opening deposit requirement and maintain the minimum average daily balance of $5,000, you can grow your savings up to 0.20% APY.
- Nonprofit money market: For a minimum $1,000 opening deposit, nonprofits or religious groups can earn 0.20% APY. There are no monthly fees for this account as long as you maintain $2,500 minimum average daily balance.
- Business CDs: For a minimum amount of $1,000, you’re offered guaranteed returns with zero market risks and high-interest rates at flexible terms of 3 months to 5 years.
- Small Business Administration (SBA) loans: For business needs, you have access to financing with flexible terms to support business acquisitions or 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.
Axos Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| No monthly maintenance fees, no minimum balance requirement, and no initial deposit requirement for a Basic Business Checking account | No physical branches |
| Unlimited domestic ATM fee reimbursements and fee-free cash deposits via MoneyPass and Allpoint networks | Only two free reimbursed outgoing domestic wire fees every month |
| 1.01% APY for a Business Interest Checking account; several business savings products and CDs that offer interest | $10 monthly maintenance fee can be waived only upon maintaining a minimum ADB of $5,000 for Business Interest Checking |
Axos Bank business checking is a great banking product through which you can save on fees and benefit from its unlimited domestic ATM fee reimbursements. If you open a Business Interest Checking account, you can also earn up to 1.01% APY. You’re provided with more options to grow your funds at a higher interest rate with its other business savings account products. Further, you can save more from its fee-free cash deposits at MoneyPass and Allpoint networks.
However, it doesn’t have any physical branches and won’t appeal to businesses requiring frequent cash deposits in bulk. It has free reimbursement of outgoing domestic wire fees but it’s limited to two transactions every month. Another drawback is the $10 monthly maintenance fee for Business Interest Checking accounts—although it can be waived as long as the account meets the minimum average daily balance of $5,000.
Axos Bank User Reviews
| PROS | CONS |
|---|---|
| No monthly maintenance fees, no overdraft fees, and ATM fee refunds | Long waiting time with customer service support |
| Free transactions at any Allpoint ATMs | App and interface changed and became nonintuitive |
| Plenty of banking products | Long clearing period (seven to 10 days) for mobile deposits |
| High-yield savings account | Takes a while to approve new accounts |
| Seamless communication through the app and fantastic fraud alerts | |
Axos Bank has poor to average user ratings on Trustpilot (1.3 out of 5), WalletHub (3.3 out of 5), and DepositAccounts by LendingTree (1.5 out of 5). Users rated it positively for its great rates, lack of transaction fees, ATM fee refunds, and free transactions at Allpoint ATMs. However, the majority of its negative feedback stems from bad customer service experiences, the long approval process for account opening, and a lengthy clearing time for deposits.
Alternatives to Axos Bank Business Checking
Axos offers great business checking accounts, but if you have a cash-intensive business, you need to pick a bank with physical branches. You can also consider others for a higher APY rate and more digital tax tools.
Here are three alternatives to consider:
- Bluevine: Best for business owners who want to generate a higher interest for their business checking accounts. It offers 2.0% APY for qualifying deposits.
- Bank of America: Best for businesses that are cash-intensive and require frequent cash deposits. This bank has more than 4,000 bank branches and offers 200 or 500 free transactions per month depending on your selected business checking account.
- Lili is best for business owners who want more digital tax preparation assistance. Lili provides a tax optimizer that helps in tracking tax write-offs. It also pre-fills your Schedule C form.
Check out more providers in our list of the best small business checking accounts.
Bottom Line
Axos Bank Business Checking fits business owners who want the flexibility of opening an interest-bearing account or a straightforward basic account with no fees. They can enjoy a wide range of banking products and services that covers savings, loans, merchant services, and payroll services.
In addition, Axos Bank has plenty of fee-free features and services that support small business owners in growing their business funds. This bank is an excellent choice as long as you’re satisfied with an only-only bank and it meets your cash deposit needs.
