Axos Business Checking Review 2022
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 the potential to earn interest, a Visa debit card, 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.
Axos
What We Like
- 1.01% annual percentage yield (APY) earnings for a Business Interest Checking account
- Unlimited domestic ATM fee reimbursements
- $100 to $200 welcome bonus upon opening a new business bank account
What's Missing
- No physical locations; can’t do direct cash deposits in a bank branch
- Minimum average daily balance (ADB) requirement of $5,000 to waive the $10 monthly maintenance fee of the interest-bearing account
- Limit of 100 free items per month; fee of 50 cents per item thereafter under the Business Interest Checking account
Features
- Free Visa debit card
- Free first set of 50 checks
- Deposit checks using the Axos Bank mobile app at 60 items per month
- Compatible with QuickBooks; four months’ free payroll services through ADP
- Multiple business banking products, from savings to lending; low investment fees
- Automate bill payments, deposit checks remotely, and view online bank statements via the mobile app
- Extends merchant services through Celero Merchant Solutions, allowing you to accept credit cards, debit cards, gift cards, and checks
How Axos Bank Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 | 1.01% | Fee-free via MoneyPass and Allpoint networks | Unlimited domestic ATM fee reimbursements | $100 |
 | N/A | None; doesn’t accept cash deposits | Refunds all ATM fees | $50 |
 | 1.5% | $4.95/transaction via Green Dot retail locations | Free at MoneyPass locations; $2.50 for non-network | 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).
When Axos Bank Is a Good Fit
Axos is one of our best banks for small businesses because of its high-yield interest account. It’s highly recommended for:
- Business owners who want to link their business checking accounts with other banking products: The bank offers savings and certificate of deposits (CDs) for higher interest rates.
- Startups that want a digital bank for cash deposits and refunded ATM fees: Axos is optimal for those who don’t mind a digital-only bank and want all ATM fees reimbursed because they can skip bank trips and increase their savings. What’s more, it has a welcome bonus of $200, so it’s no surprise it made our list of the best banks for startups.
- Businesses that need a merchant services partner: It facilitates debit and credit card processing, making it one of our best online business banks, specifically for those looking for payment processing assistance.
- Businesses doing frequent ATM withdrawals: Axos offers unlimited domestic ATM fee reimbursements.
- 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
Even if Axos Bank has two business checking accounts to choose from, it may fail to respond to the needs of:
- 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 | ADB of $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: Free Outgoing: $15 Two reimbursed domestic wire fees every month | Incoming: Free Outgoing: $15 |
International Wire Fees | Incoming: Free Outgoing: $50 | Incoming: Free Outgoing: $50 |
ATM Fees | Unlimited domestic ATM fee reimbursements | Unlimited domestic ATM fee reimbursements |
Cash Deposit Fees | Free at MoneyPass and Allpoint networks | Free at MoneyPass and Allpoint networks |
APY | N/A | Starts at 1.01% |
Welcome Bonus for New Business Account | $100 to $200 | $100 to $200 |
Open an Account | ||
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, personal banking |
Remote Deposit Anywhere | 60 items per month |
Open an Account |
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: An IRS SS-4 or 147c 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, a letter from the IRS of 501-c-3 status, bylaws that state the powers of the officers, and meeting minutes with the list of current active officers
- Association/homeowner association (HOA): Articles of incorporation and all amendments or articles of organization or association, meeting minutes with a 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 earn up to 1.01% APY when they open a Business Interest Checking account. Note that there’s a $100 minimum deposit requirement.
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. You can download Axos Bank’s mobile banking app at App Store and Google Play.
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 Banking Products
Axos Bank has a full selection of banking products and services for small businesses. This covers business savings, CDs, loans, and personal accounts:
- 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.
- 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.
- 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.
- Commercial lending: When your business is expanding, Axos Bank offers term loan financing and extends credit lines.
- Personal banking: A full range of personal checking, savings, CDs, mortgage loans, personal loans, and auto refinancing is available.
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.
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. If you prefer not to make a minimum deposit for an interest-earning account, you can also check out other banks.
Here are three alternatives to consider:
- Bluevine: Best for business owners who want to generate a higher interest for their business checking accounts; no minimum opening deposit is needed.
- U.S. Bank: Best for businesses that want to have the option of transacting in person and online. U.S. Bank has more than 2,000 branches and also features an award-winning mobile app.
- Bank of America: Best for businesses that are cash-intensive and require frequent cash deposits. This bank has 4,300 bank branches and offers 200 or 500 free transactions per month depending on your selected business checking account.
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 option of opening an interest-bearing account or a straightforward basic account with no fees. They can also 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. What’s more, they can apply for an SBA loan for future business financing. This bank is an excellent choice as long as it meets your cash deposit needs.
