Bluevine vs Axos Business Checking: 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. Although Bluevine’s annual percentage yield (APY) of 2.0% gives it the edge when it comes to interest-earning capacity, Axos Bank also has its merits, including reimbursement for domestic ATM fees and unlimited fee-free cash deposits.

If you’re opening a business bank account, it’s best to study all options until you can find a provider that best suits your needs. To help you choose between Bluevine Business Checking and Axos Business Interest Checking, we’ve compared their features, costs, strengths, and weaknesses. 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.

Bluevine vs Axos Quick Comparison

• Terms
• Features

	Business Checking	Business Interest Checking
Required Opening Deposit	None	$100
Required Balance Minimum	None	$5,000 to waive monthly fee of $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 up to $100,000, once qualifications are met	1.01% on balances up to $50,000
Review	Read our Bluevine Business Checking review	Read our Axos Business Checking review
Open an Account	Visit Bluevine	Visit Axos

	Business Checking	Business Interest Checking
Debit Card	Free debit card, 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 Payment Integrations	Includes Stripe, PayPal, and Expensify	Celero Merchant Solutions
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, SBA loans, merchant services
Review	Read our Bluevine Business Checking review	Read our Axos Business Checking review
Open an Account	Visit Bluevine	Visit Axos

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

When To Use Each

When To Use an Alternative

• 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.
• You want to earn competitive interests on balances worth more than $100,000: Bluevine only earns its APY of 2.0% on balances up to $100,000. 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 more than $250,000. Grasshopper Bank earns a 1.00% APY on all balances above $10,000.

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, which account holders can waive by maintaining an average daily balance of $5,000.

Unlike most digital banks, both support cash deposits. Bluevine account holders can deposit cash at Green Dot retail locations for a fee of $4.95 per transaction, whereas Axos Bank lets customers deposit cash at Allpoint and MoneyPass ATMs free of charge.

Bluevine vs Axos Account Overview

Bluevine Business Checking and Axos Business Interest Checking are both interest-earning accounts. Of the two, Bluevine has the higher APY and earns interest at a rate of 2.0% on balances up to $100,000. However, to qualify for this rate, accounts must meet one of the following qualifications:

1. Spend a monthly total of $500 or more with your account’s debit card.
2. Receive $2,500 per month in payments into the account via automated clearing house (ACH), wire transfer, mobile check deposit, or directly from your merchant payment processing provider.

Axos Bank offers a lower 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. Accounts with balances of $5 million and above must contact an Axos Bank Relationship Manager at (844) 678-2726 to determine their rates.

Bluevine customers can make fee-free ATM transactions at any MoneyPass machine, and out-of-network transactions cost $2.50. Meanwhile, Axos Bank reimburses all fees for domestic ATM transactions.

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 doesn’t let users create subaccounts.

Bluevine vs Axos Account Costs

Bluevine has no monthly maintenance fees and transaction limits, whereas Axos Bank charges a monthly maintenance fee of $10, which accounts can waive easily 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 interest rate. If your balance is worth $100,000 or lower, Bluevine’s APY of 2.0% will earn you more money. Although Bluevine stops earning interest on balances over $100,000, most balances still earn more than Axos Bank. This is because Axos Bank cuts its APY down from 1.01% to 0.20% on balances over $50,000. For Axos accounts to generate more interest than Bluevine, they need to hold balances worth $1,561,160 or more.

Bottom Line

Bluevine is a great fit for banks wanting to earn competitive interest rates on their checking balances. However, Axos Bank is a better choice for businesses looking to gain access to more business banking products and save money on ATM fees and cash deposits.