Our Take
The bottom line:
With unlimited ATM fee refunds and free cash deposits via compatible AllPoint and MoneyPass ATMs, Axos Bank’s Basic Business Checking's is a strong fit for cash-heavy businesses.
Basic Business Checking
Checking
Member FDIC
Monthly fee
$0
Bonus
$400 Requirements to qualify
Learn more
at Axos Bank®, Member FDIC
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
How does Axos Bank® compare?
Basic Business Checking Member FDIC | Bluevine Business Checking Deposits are FDIC Insured | Relay Business Checking Deposits are FDIC Insured |
|---|---|---|
at Axos Bank® | at Bluevine | at Relay |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY N/A | APY 2.00% With $0 min. balance for APY | APY N/A |
Bonus $400 Requirements to qualify | Bonus N/A | Bonus N/A |
Full Review
Axos offers two standout business banking products:
Axos Bank® Basic Business Checking
and the Axos Business Premium Savings Account
. This online-only bank has other business accounts, including a high-yield business checking account and a business money market account. But they fall short compared to other banks' options due to low interest rates and high balance requirements.Axos Bank® Basic Business Checking
is a free business checking account with fee-free cash deposits and no ATM fees nationwide (Axos automatically reimburses third-party ATM fees). The bank's Business Premium Savings Account
is one of the best business savings accounts on the market, with an industry-leading 4.01%
APY, no monthly fees and no minimum balance requirements.While this review includes information on both
Axos Bank® Basic Business Checking
and Business Premium Savings Account
s, the star rating indicated above is specific to the Axos Basic Business Checking account.Is Axos FDIC insured?
Axos Bank is a Federal Deposit Insurance Corp.-insured institution and provides all of its business banking products and services directly. That's different from many online business checking accounts offered by neobanks like Bluevine and Relay, which rely on a partner bank to provide banking services and FDIC insurance.
Axos also offers Insured Cash Sweep services that can extend your FDIC coverage from the standard $250,000 per depositor, per institution to up to $240 million.
» MORE: What is Insured Cash Sweep?
Axos business banking is best for small-business owners who:
- Want a free business checking account and/or high-yield business savings account.
- Need fee-free ATM access throughout the U.S.
- Have more than $250,000 in deposits and want an Insured Cash Sweep account.
Looking for a high-yield business checking account?
Bluevine Business Checking
has no monthly fee and earns 2.00%
APY (terms apply). Businesses can earn even more (up to 4.25%) with Bluevine's premium accounts: Bluevine Plus and Bluevine Premier. Both have high monthly fees, which can be waived if you have substantial cash flow and deposits. While Bluevine does accept cash deposits, there are limits and fees to consider if you regularly use this feature.Axos business banking at a glance
Axos Bank® Basic Business Checking | Axos Business Premium Savings Account | |
|---|---|---|
Monthly fee: | $ 0 . | $ 0 . |
Minimum opening deposit requirement: | $ 0 . | $ 0 . |
APY: | None. | 4.01% . |
Transactions: | Unlimited. | Up to 20 transactions per month (debits, credits and deposited items). Additional transactions are 30 cents each. |
Bonus: | $ 400 . Terms apply. | None. |
How to open an Axos business bank account
You can open an Axos business checking or savings account by completing and submitting an application through the bank’s website. To be eligible, you must be a U.S. resident with a verifiable, physical U.S. address and a Social Security number.
Upon approval of a business checking account, you'll receive a business debit card and/or checks (if requested) and can set up and start managing your Axos business account by logging into online banking, downloading the mobile app and transferring additional funds. You can also add other business employees to your account and assign permissions (contact an Axos business relationship manager). The
Axos Business Premium Savings Account
does not include checks or debit cards.What you need to open an Axos business bank account
To complete the application, you’ll need to provide basic information about yourself and your business, as well as any additional business owners or authorized signers. You also will need to include personal identification for all owners and signers — a valid driver's license or passport — and legal business documentation, which will vary based on the entity type. Once submitted, you can check the status of your application through the online portal on Axos’s website.
It’s important to note that Axos requires a current email address and physical address (P.O. boxes and registered agent’s address aren't eligible) for the business and all owners and signers in order to process your application.
Axos welcome bonus
From Axos: "
Business owners get up to $400 welcome bonus!* Open a business checking account by August 1 and get up to $400 when you use promo code NEW400 on your application.*
" To earn the bonus, you must complete the following requirements:
- Complete 10 point-of-sale transactions per month with your Axos business debit card. Transactions must be at least $3.
- Set up bill pay and connect it to your Axos Basic Business Checking or Business Interest Checking.
- Maintain an average daily balance of $25,000 to $49,999 for a $75 payout or at least $50,000 for a $100 payout. You can earn a total of four bonus payouts over five statement cycles.
Where Axos business accounts stand out
Unlimited ATM fee reimbursement: With Axos business checking, you can use any ATM in the U.S. without incurring fees from Axos. If you’re charged a fee from the owner of the ATM, Axos provides unlimited domestic ATM fee reimbursements for both business checking accounts.
Industry-leading APY on business savings: Want your cash reserves to work harder?
Axos Business Premium Savings Account
is an excellent option. You'll earn 4.01%
APY, and there is no minimum deposit or balance required to start earning interest. Axos does cap transactions on its Business Premium Savings Account
, and there's a charge if you go over. More on that below. Up to $240 million in FDIC insurance coverage: Axos is part of the IntraFi Network, a consortium of FDIC-insured banks that offer Insured Cash Sweep services for business and individuals with large deposits. Sweep accounts opened with Axos can access up to $240 million in FDIC coverage — far beyond the industry standard, even for ICS accounts.
Welcome bonus: Axos offers a generous sign-up bonus if you can hit the lofty balance requirements. New customers can earn this bonus on either the Basic Business or the Business Interest Checking account. To earn the full bonus, you must maintain an average daily balance of at least $50,000 and meet other requirements, including setting up bill pay and completing at least 10 point-of-sale transactions per month (see details above). Applications must be submitted before 11:59 p.m. on
08/01/2024
to qualify for this promotion.» MORE: Best banks for small business
Where Axos business accounts fall short
No third-party app integrations: With Axos business checking, your account is QuickBooks compatible, meaning you can sync your account to automatically upload your transactions to QuickBooks without having to input them manually. In addition, you have the option to take advantage of Axos’s customizable banking services, such as treasury management and merchant services.
Unlike some online business checking account competitors, however, Axos doesn't offer direct integration with popular third-party business tools or apps, such as invoicing software or online payment platforms. Want an account that syncs all your business tools? Consider
Relay Business Checking
, which offers direct integration with a host of tools, including QuickBooks Online, Xero, Stipe, PayPal, Venmo and Square.Poorly rated business banking app: The Axos Business banking app has dismal reviews on iOS and Google Play, with top complaints noting a lack of features (beyond the absolute basics) and frequent bugs that cause the app to crash. The Axos Business app also does not use multi-factor authentication, a basic security feature one would expect from a business banking app.
If you do most of your business banking on the go, consider
American Express® Business Checking
— a free high-yield business checking account with a highly rated business banking app that lets you accept credit card payments from customers and gain cash-flow insights. One thing you can't do with American Express® Business Checking
, though? Make cash deposits.Good, but not great, interest checking: The
Axos Bank® Business Interest Checking
($10 per month) earns up to 1.01%
APY, which is far more than the national average. But you can earn more interest with some of Axos's competitors. Bluevine Business Checking
, for example, has no monthly fee and a top-notch APY: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
*Terms apply. See Axos website for complete eligibility details.
Learn more
at Axos Bank®, Member FDIC
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