The internet-only banking solutions Bluevine and Axos Bank have designed innovative business checking solutions that help small businesses get ahead. Their interest-earning checking accounts, Bluevine Business Checking and Axos Business Interest Checking, both offer some of the highest interest rates in the market.
Though Bluevine’s high annual percentage yield (APY) gives it the edge when it comes to interest-earning capacity, Axos Bank also has its merits. These include reimbursement for domestic ATM fees and unlimited fee-free cash deposits.
Here’s a summary of what each provider is best for:
- Bluevine Business Checking*: Best for businesses looking for a fee-free, digital-only checking account that earns interest at competitive rates
- Axos Business Interest Checking: Best for businesses wanting an affordable, digital-only checking account with fee-free cash deposits and unlimited ATM fee reimbursements
For those that prefer a traditional bank, we recommend:
- Chase: Best for its national availability, easy-to-waive monthly fees, and suite of additional banking products
*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.
Bluevine vs Axos Quick Comparison
 Business Checking |  Business Interest Checking |  | |
|---|---|---|---|
Required Opening Deposit | None | $100 | None |
Required Balance Minimum | None | $5,000 to earn interest and waive monthly fee | None |
Monthly Fee | None | $10 | $15; waivable if conditions are met |
Transaction Limit Before Fees | None | 100 per month, then 50 cents per item | 20 monthly, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | None | None | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free | $15 for outgoing; incoming are free | Up to $35 for outbound, up to $15 for inbound |
International Wire Fees | $25 plus 1.5% of transaction amount for outgoing; incoming are free | $50 for outgoing; incoming are free | Up to $50 for outbound, up to $15 for inbound |
ATM Fees | Free at MoneyPass locations nationally, plus a $2.50 fee for nonnetwork ATM use | Unlimited domestic ATM fee reimbursements | $3 per transaction at any non-Chase domestic ATM, plus ATM operator fees; $5 per transaction internationally plus third-party fees |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations | Free at MoneyPass and Allpoint networks | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | 2.0% on balances of $250,000 or less, once qualifications are met | 1.01% on balances up to $50,000 | N/A |
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Business Checking | Business Interest Checking | | |
|---|---|---|---|
Debit Card | Free Bluevine Business Debit Mastercard, mailed within 10 business days of application approval | Free business Visa debit card | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Two free checkbook orders per year | First set of 50 checks free | Cost varies depending on type of checks ordered |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks | QuickBooks, FreshBooks, and other leading accounting software |
Business Software Integrations | CashApp, Gusto, Square, Venmo, and Wise | N/A | BigCommerce |
Customer Service | Live customer support from dedicated professionals | 24/7 phone support from service professionals* | Live customer support online or in bank branch locations |
Invoicing Products | N/A | N/A | N/A |
Other Products Available | Line of credit | Savings accounts, money market accounts, certificates of deposit (CD)s, Small Business Administration (SBA) loans, and merchant services | Business savings, CD, lending products, credit cards, merchant services, and collection service |
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When To Use
Bluevine vs Axos Business Checking Account
Bluevine and Axos Bank are digital-only banking solutions that offer checking accounts that earn interest. Bluevine’s interest-earning account, Bluevine Business Checking, has no monthly maintenance fee, opening deposit requirement, or minimum balance requirements.
Meanwhile, Axos Bank’s interest-earning account, Business Interest Checking, has a minimum opening deposit requirement of $100 and a monthly maintenance fee of $10. However, account holders can waive the monthly fee by maintaining an average daily balance of $5,000.
Earning Interest
Bluevine offers 2.00% APY on balances of $250,000 and less. 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.
Meanwhile, Axos Bank offers an APY of 1.01% on all balances lower than $50,000. The APY lowers to 0.20% for balances of $50,000 to $249,999.99, then 0.10% for balances worth $250,000 to $4,999,999.99. If your account has a balance of $5 million or more, you must contact an Axos Bank relationship manager at (844) 678-2726 to determine your rates.
New Account Bonus
Bluevine does not offer new account bonuses, whereas Axos Bank offers up to $400 bonus if you open a new account and meet certain requirements. See our guide on the best business bank account promos for details on how to apply for the Axos bonus.
ATM Reimbursements
Axos offers unlimited reimbursements for domestic ATM fees. Meanwhile, Bluevine does not offer ATM reimbursements.
Reserve Accounts
Under Bluevine, users can create up to five subaccounts to separate funds for different financial goals, such as taxes, profit, payroll, and other expenses. Axos Bank does not let users create subaccounts.
Integrations
Bluevine integrates with QuickBooks, Xero, Wave, Expensify, CashApp, Venmo, Wise, and Gusto, whereas Axos integrates only with QuickBooks.
Other Products
The only other banking product Bluevine offers is its line of credit. Meanwhile, Axos provides a much larger selection of business banking products. It offers non-interest-earning checking accounts, savings accounts, money market accounts, CDs, SBA loans, treasury management, insured cash sweep, and payroll services.
Bluevine vs Axos Account Costs
Bluevine Business Checking | Axos Business Interest Checking | |
|---|---|---|
Monthly Fee | None | $10 |
Criteria to Waive Monthly Fee | N/A | Maintain average daily balance of $5,000 |
Transaction Fee | None | 50 cents per item after monthly limit of 100 |
Cash Deposit Fee | $4.95 fee per transaction, available through Green Dot retail locations | Free at MoneyPass and Allpoint networks |
Bluevine has no monthly maintenance fees and transaction limits, whereas Axos Bank charges a monthly maintenance fee of $10, which accounts can easily waive by maintaining an average daily balance of $5,000. It also has a transaction limit of 100, and customers pay 50 cents for every subsequent transaction after the limit.
Customers of Bluevine can make cash deposits through Green Dot Retail locations for a fee of $4.95 per transaction. Meanwhile, Axos Bank users can deposit cash fee-free at any MoneyPass or Allpoint ATM.
Bluevine vs Axos Account Sample Scenario
The biggest advantage Bluevine has over Axos Bank is its APY. If your balance is worth $250,000 or lower, Bluevine’s APY of 2.00% will earn you more money. However, unlike Bluevine, Axos earns interest uncapped.
Here, we’ll calculate how big your balance needs to be to generate more interest through Axos than Bluevine.
Bluevine | ||
|---|---|---|
Balance | APY | Total Interest Earned in One Month |
$250,000 | 2.00% | $412.83 |
With Bluevine’s APY of 2.00% and cap of $250,000, the largest amount you can earn in one month is $412.83.
Axos Bank | ||
|---|---|---|
Balance | APY | Total Interest Earned in One Month |
First $49,999.99 | 1.01% | $41.68 |
Next $200,000 | 0.20% | $33.34 |
Total Balance: $249,999.99 | $75.02 | |
In one month, Axos’s APY of 1.01% on your first $49,999.99 would earn interest worth $41.68. Since its APY tapers down to 0.20% on balances of $50,000 to $249,999.99, you would earn an additional $33.34 on your next $199,999.99. The interest you’ll earn from a total balance of $249,999.98 is $75.02.
You will need to earn an additional $337.81 to match your earnings from Bluevine. The Axos APY lowers to 0.10% on balances between $250,000 to $4,999,999. With this interest rate, the balance you need to generate interest greater than $337.81 is $4,054,000.
Axos Bank | ||
|---|---|---|
Balance | APY | Total Interest Earned in One Month |
First $49,999.99 | 1.01% | $41.68 |
Next $200,000 | 0.20% | $33.34 |
Next $4,054,000 | 0.10% | $337.83 |
Total Balance: $4,303,999.99 | $412.85 | |
Therefore, if you want to beat your profits from Bluevine, you would need a total balance of $4,303,999.99. In other words, if you are making a choice based on the amount of interest you will earn monthly, Bluevine is a better choice. Businesses with enough reserve funds to earn more with Axos would earn better returns off of investments rather than with interest-bearing bank accounts.
Bluevine vs Axos User Reviews
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Trustpilot Rating | 4.3 out of 5 | 1.3 out of 5 |
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Bluevine’s Trustpilot1 rating is 4.1 (based on 7,200-plus reviews) while Axos Bank’s Trustpilot2 rating is 1.4 (based on nearly 100 reviews). Both received praise for offering a high APY compared to other banks.
Satisfied Bluevine users said that they found the website user-friendly and easy to navigate. Several also praised the bank’s customer service for being easy to reach.
However, many complained of long hold times for money transfers and check deposits. A few others said that Bluevine puts entire checking accounts on hold at random, which prevents them from accessing their money normally. What’s more, others complained that their accounts were closed without notice or explanation.
Meanwhile, Axos Bank received mostly negative feedback. Although a few customers praised the bank for offering high APY with minimal fees, a larger percentage complained of inefficient customer service. Users said that representatives were difficult to reach and complained that the account setup process took too long.
It should be noted that Axos also provides personal banking services, so some of the negative reviews may be for the bank’s personal banking products. Bluevine only offers business banking, so its score is only reflective of its business services.
Bottom Line
Bluevine Business Checking beats Axos Business Interest Checking in terms of fees, APY, and reputation. However, Axos Bank is still a good choice for businesses that need access to a wider selection of banking products. It’s also a good option for businesses wanting fee-free ATM usage. For businesses wanting to earn interest on business funds, Bluevine is the better choice, even with the interest earnings capped at $250,000.
You can also refer to our guide to opening a business bank account for additional tips on selecting providers.
User review references
1Trustpilot | Bluevine
2Trustpilot | Axos Bank
