The internet-only banking solutions Bluevine and Axos Bank have designed innovative business checking solutions that help small businesses get ahead. Their low-tier checking accounts, Bluevine Standard Checking and Axos Basic Business Checking have no monthly fees, minimum opening deposits, and required minimum balances.
Bluevine’s high annual percentage yield (APY) gives it the edge when it comes to interest-earning capacity and its free automated bill pay delivers more convenience. Meanwhile, Axos Bank offers definite advantages for reimbursement of domestic ATM fees and unlimited fee-free cash deposits.
Here’s a summary of what each provider is best for:
- Bluevine Standard Checking Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank. : Best for businesses looking for a fee-free, digital-only checking account that earns competitive interest along with a convenient and free automated bill pay system.
- Axos Basic Business Checking: Best for businesses wanting an affordable, digital-only checking account with fee-free cash deposits and unlimited ATM fee reimbursements
If you’re looking for an account with built in invoicing functions, you may want to consider:
- Novo: With Novo you can create and send invoices for free through its app or website
Looking for an affordable business checking and don’t need access to in-person banking services? Novo is a good choice. |
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Bluevine vs Axos Quick Comparison
 Standard Checking |  Basic Business Checking | |
|---|---|---|
Required Opening Deposit | None | None |
Required Balance Minimum | None | None |
Monthly Fee | None | None |
Transaction Limit Before Fees | None | |
Automated Clearing House (ACH) Fees | None | None |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free | |
International Wire Fees | $50 for outgoing; incoming are free | |
ATM Fees | Unlimited domestic ATM fee reimbursements | |
Cash Deposited |
| Free at MoneyPass and Allpoint networks |
APY | 1.5% on qualifying balances up to $250,000 | N/A |
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Standard Checking | Basic Business Checking | |
Debit Card | Free Bluevine Business Debit Mastercard, mailed within 10 business days of application approval | Free business Visa debit card |
Physical Checks | Two free checkbook orders per year | First set of 50 checks free |
Accounting Software Integrations | QuickBooks, Xero, Wave, and Expensify | QuickBooks |
Business Software Integrations | CashApp, Gusto, Square, Venmo, and Wise | N/A |
Customer Service | Live customer support from dedicated professionals | 24/7 phone support from service professionals |
Other Products Available | Line of credit, credit card and Premier Checking | Savings accounts, money market accounts, certificates of deposit (CDs), Small Business Administration (SBA) loans, and merchant services |
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When To Use
Bluevine vs Axos Business Checking Features
Bluevine | Axos Bank | |
|---|---|---|
3.6 out of 5 ★ | 3.2 out of 5 ★ | |
APY Earnings | ★★★★★ | 0 |
Monthly Fees & Opening Deposit | ★★★★★ | ★★★★★ |
Monthly Transaction Limits | ★★★★★ | ★★★★★ |
Bill Pay | ★★★★★ | ★★★ |
New Account Bonus | ★★★ | ★★★★ |
ATM Fee Reimbursements | 0 | ★★★★★ |
Reserve Accounts | ★★★★ | 0 |
Business Integrations | ★★★★★ | ★ |
Federal Deposit Insurance Corp. (FDIC) Insurance Coverage | ★★★★★ | ★★★★★ |
Other Business Products | ★★ | ★★★★ |
Rating Explanation:
★★★★★: This feature enhances your banking experience at no cost.
★★★★: This feature has a few minor drawbacks/limits or comes at a slight cost.
★★★: This feature has a few drawbacks/limits or comes at a slightly high cost.
★★: This feature has a few major drawbacks/limits or comes at a high cost.
★: This feature has major drawbacks/limits.
0: This feature is unavailable.
When comparing Bluevine vs Axos business checking, Bluevine’s features offer plenty of benefits over Axos since Bluevine has a high APY, an advanced bill pay system, and allows the creation of reserve accounts. It also integrates seamlessly with many accounting, payment processing, ecommerce, and business operation software when compared to Axos.
Meanwhile, Axos Bank does not charge cash deposit fees and refunds all domestic ATM fees. It also provides a cash back bonus when you open a new checking account and offers a wide range of business banking products.
Click on each feature below to see more details.
Bluevine: 5 out of 5
Under Bluevine Standard Checking, balances up to $250,000 get a 1.5% APY. However, you can only earn interest if you meet one or more of the following activity requirements:
- Spend at least $500 on your Bluevine Business Debit Mastercard within one calendar month.
- Receive or deposit $2,500 per month in payments into your checking account or Bluevine subaccounts via ACH, wire transfer, mobile check deposit, or your merchant payment processing provider. This threshold can be met with any combination of incoming payment types or sources.
If you open a Bluevine Premier Checking, you can earn a 4.25% APY for balances up to $3 million, but a monthly fee of $95 applies. You can waive this fee by maintaining an average daily balance of $100K and spending $5,000 using your Bluevine Business Debit Mastercard each billing period.
Axos Bank: 0 out of 5
Meanwhile, Axos Bank does not offer an APY for their Basic Business Checking. However, Axos Bank’s interest-earning Business Interest Checking Account offers an APY of 1.01% on all balances lower than $50,000. For balances of $50,000 to $249,999.99, the rate lowers down to 0.20% and further reduces to 0.10% for balances worth $250,000 to $4,999,999.99.
Bluevine: 5 out of 5
Bluevine Standard Checking has no monthly maintenance fee and minimum opening deposit.
Axos Bank: 5 out of 5
Likewise, Axos Bank’s Basic Business Checking does not collect a monthly maintenance fee and require a minimum opening deposit.
Bluevine: 5 out of 5
Bluevine offers users unlimited transactions, which translates to more savings.
Axos Bank: 5 out of 5
Similarly, Axos Bank has no transaction limits.
Bluevine: 5 out of 5
Bluevine provides free and advanced bill management and payment software integrated into its platform for easy bill capture and storage, electronic approval, payment scheduling, and reconciliation of accounts.
Axos Bank: 3 out of 5
Axos offers a basic bill pay system where you can set up payees and schedule automatic payments.
Bluevine: 3 out of 5
Bluevine offers $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Axos Bank: 4 out of 5
Axos Bank offers a $400 welcome bonus if you open a new account by January 2, 2025, and meet the account requirements.
See our guide on the best business bank account promos for more options.
Bluevine: 0 out of 5
Bluevine does not refund ATM fees.
Axos Bank: 5 out of 5
In contrast, Axos offers unlimited reimbursements for domestic ATM fees, leading to more savings.
Bluevine: 4 out of 5
Under Bluevine, users can create up to five subaccounts to separate funds for different financial categories, such as taxes, profit, payroll, and other expenses.
Axos Bank: 0 out of 5
Meanwhile, Axos Bank does not let users create subaccounts.
Bluevine: 5 out of 5
Bluevine integrates with QuickBooks, Xero, Wave, Expensify, CashApp, Square, Venmo, Wise, and Gusto.
You may be interested in checking out our review of Xero, review of Square POS, and review of Expensify to learn more about their features and pricing.
Axos Bank: 1 out of 5
In contrast, Axos integrates only with QuickBooks. Read our guide to QuickBooks to learn what it is and how it can benefit your small business.
Bluevine: 5 out of 5
Bluevine Business Checking Accounts are FDIC-insured up to $3 million per depositor through a sweep network, which is composed of partner banks that hold your funds for more protection above the standard FDIC coverage of $250,000.
Our guide to FDIC insurance for business accounts provides details about how it works.
Axos Bank: 5 out of 5
When it comes to FDIC insurance protection, Axos is miles ahead of other financial institutions with its $200 million FDIC insurance coverage in deposits through ICS.
Bluevine: 2 out of 5
Aside from a business line of credit and a new credit card, Bluevine offers a Premier Checking account which has a high APY of 4.25% and a waivable monthly fee of $95.
Axos Bank: 4 out of 5
Axos Bank features a much larger selection of business banking products. It offers non-interest-earning checking accounts, savings accounts, money market accounts, CDs, SBA 7(a) loans, treasury management, insured cash sweep, and payroll services.
Bluevine vs Axos User Reviews
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Trustpilot Rating | 4.2 out of 5 | 2.1 out of 5 |
Users Like |
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Users Dislike |
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Bluevine’s Trustpilot[1] rating is 4.2 from about 7,500 reviews, while Axos Bank’s Trustpilot[2] rating is 2.1 from around 120 reviews. Users gave positive feedback on the providers’ high APY offer.
Bluevine customers praised the provider for seamless transactions, helpful customer support, knowledgeable staff, and a simplified account opening process. They said that the onboarding process was quick and that the customer service representatives offered proactive solutions.
However, some small business owners complained about the funds being posted late due to long hold times. They mentioned the inconvenience of returned payments for insufficient funds since they have lower balances. Others also stated that they experienced having their accounts placed on hold without any reasons provided.
Meanwhile, Axos Bank has more negative than positive feedback from its users. Satisfied clients mentioned the bank’s high APY rate and low fees. However, most said they experienced a lack of support from the customer service team.
They mentioned that they lacked contact with their relationship managers and experienced multiple call transfers from different agents. Others said that while they interacted with polite customer service representatives, the staff lacked the proper tools to perform their work effectively.
It must be noted that Axos Bank also offers personal banking products and services, so it’s fair to say that the feedback is a mix of personal and business banking reviews. Bluevine reviews focused solely on business banking since it does not offer personal banking. The score wholly reflects its business services.
Bottom Line
Bluevine Standard Checking beats Axos Basic Business Checking in terms of APY, number of business software integrations, advanced bill pay system, and reputation. However, Axos Bank is still a good choice for businesses that need access to a wide selection of banking products, seek a higher FDIC insurance coverage, and want fee-free ATM usage. For businesses seeking to earn maximum interest on business funds, Bluevine is the better choice, whether they open a Standard Checking or a Preferred Checking account.
