Bluevine vs Axos Business Checking 2023: Which Is Best?

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

*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.

	Business Checking	Business Interest Checking
Required Opening Deposit	None	$100
Required Balance Minimum	None	$5,000 to earn interest and waive monthly fee
Monthly Fee	None	$10
Transaction Limit Before Fees	None	100 per month, then 50 cents per item
Automated Clearing House (ACH) Fees	None	None
Domestic Wire Transfer Fees	$15 for outgoing; incoming are free	$15 for outgoing; incoming are free
International Wire Fees	$15 for outgoing; incoming are free	$50 for outgoing; incoming are free
ATM Fees	Free at MoneyPass locations nationally, plus a $2.50 fee for nonnetwork ATM use	Unlimited domestic ATM fee reimbursements
Cash Deposited	$4.95 fee per transaction, available through Green Dot retail locations	Free at MoneyPass and Allpoint networks
APY	2.0% on balances of $250,000 or less, once qualifications are met	1.01% on balances up to $50,000
	Read our Bluevine Business Checking review	Read our Axos Business Checking review

	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
Physical Checks	Two free checkbook orders per year	First set of 50 checks free
Accounting Software Integrations	QuickBooks and Xero	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*
Invoicing Products	N/A	N/A
Other Products Available	Line of credit	Savings accounts, money market accounts, CDs, Small Business Administration (SBA) loans, and merchant services
	Read our Bluevine Business Checking review	Read our Axos Business Checking review

*Relationship managers are also available on Mondays to Fridays, 6 a.m. to 6 p.m.

When To Use

You have $250,000 or less in your bank account and want to earn competitive interest: Bluevine offers qualified accounts a 2.00% APY on qualifying balances worth $250,000 or less. Meanwhile, Axos lowers its APY rate for higher balances.
Your business cannot maintain an average daily balance of $5,000: Bluevine has no minimum balance requirements, whereas Axos Business Interest Checking will only waive the $10 monthly maintenance fee once accounts maintain an average daily balance of $5,000.
Your business makes more than 100 transactions per month: Axos Business Interest Checking only offers accounts to 100 fee-free transactions per month before charging a transaction fee of 50 cents. Bluevine has no transaction limits or fees.
You need access to lines of credit: The only lending products available at Axos Bank are SBA 7(a) loans. Bluevine offers revolving lines of credit.

You make frequent ATM withdrawals: Bluevine charges a $2.50 fee for non-MoneyPass ATM withdrawals. Axos Bank refunds all domestic ATM fees.
You want fee-free cash deposits: Axos Bank lets customers deposit cash fee-free at Allpoint and MoneyPass ATM networks, while Bluevine charges a steep $4.95 fee per cash deposit.
You need access to a full range of banking services: Bluevine only offers business checking and lines of credit. With Axos Bank, business savings accounts, money market accounts, CDs, merchant services, payroll services, SBA loans, and treasury management services are also available.
You cannot meet Bluevine’s activity requirements: To qualify for Bluevine’s highest rate, you must make $500 worth of monthly debit card purchases or receive monthly payments worth $2,500 via ACH, wire transfer, mobile check deposit, or payment processing. Axos Bank earns APY on balances of $5,000 and over, regardless of your account’s activity level.

You rely on in-person banking: Neither Bluevine nor Axos Bank has brick-and-mortar locations. A better choice would be Chase, which has 4,700 branches across the United States. Read our Chase business checking review to get a rundown of its three business checking accounts.
You want to earn competitive APY on balances of $250,000 and over: Bluevine only offers its APY of 2.00% on balances of $250,000 and less. Axos’ highest interest rate is only available for accounts with balances under $50,000, and its APY tapers down to 0.20% for balances worth $50,000 to $249,999.99 and 0.10% for balances over $250,000. Grasshopper Bank earns 1.51% APY on balances of $0.01 to $24,999.99, 2.25% APY on balances of $25,000-$250,000, and 1.51% on balances greater than $250,000. Our Grasshopper Bank business checking review can help you determine whether the provider suits your needs.

For additional recommendations, refer to our list of the best small business checking accounts.

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 Business Bonus

Bluevine does not offer new business bonuses, whereas Axos Bank offers a $200 bonus to businesses formed after June 6, 2020. It also provides a $100 bonus to non-new businesses. To qualify for the bonus, you must maintain an average daily balance of $2,500 within the first two months of account opening. 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	$0.50 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


Trustpilot Rating	4.3 out of 5	1.3 out of 5
Users Like	User-friendly digital banking High APY Responsive customer service	Minimal fees High APY
Users Dislike	Long hold times for money transfers and check clearing Closes accounts without explanation	Difficult to reach customer service Account setup takes too long

Bluevine’s Trustpilot¹ rating is 4.3 (based on 7,000-plus reviews) while Axos Bank’s Trustpilot² rating is 1.3 (based on more than 80 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 needing 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