Axos Business Banking: Big APY, Small Compromises
Axos Bank's small-business checking accounts come with unlimited ATM access, but little else. Its Business Premium Savings is great for earning interest.
The bottom line:
Unlimited ATM fee refunds and free cash deposits are highlights for this online-only bank. But business owners cite spotty support and a subpar mobile app. Those issues plus restrictions on savings withdrawals make Axos best for businesses prioritizing high savings yields over all-around business checking flexibility.
Bank account details
Monthly fee
$0
APY
N/A
Bonus
$200
Business owners get up to $200 welcome bonus!* Open a business checking account by June 30 and get up to $200 when you use promo code START200 on your application.*
Requirements to qualify
Pros & Cons
Pros
No monthly fee, minimum opening deposit or excess transaction fee.
Cash deposits at compatible ATMs.
Automatic refunds of all ATM fees (domestic).
Welcome bonus for new customers (terms apply).
Cons
$25 fee for insufficient funds/uncollected funds returned.
No third-party app integrations.
Compare to other bank accounts
4.4
NerdWallet rating
at Axos Bank (Business), Member FDIC
5.0
NerdWallet rating
4.8
NerdWallet rating
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
APY
N/A
APY
1.30%
With $0 min. balance for APY APY
N/A
Need more options? Check our picks for best business bank accounts of 2026
Not a fit? Consider these alternatives
Bluevine business banking sets a high bar for online business accounts. Bluevine continues to evolve, adding new features that are actually useful: invoicing, payment links, bill pay with receipt capture and more. And Bluevine’s free business checking account earns 1.30% APY on balances up to and including $250,000. (Terms apply.)
If you want to package business checking and savings accounts, consider NBKC Bank. It checks a lot of the same boxes as Axos. It has a free business checking account with easy cash deposits and refunds up to $12 in ATM fees each month. Its high-yield account — the nbkc bank Business Money Market Account — offers easier access to your money, though. You can withdraw cash at an ATM, write a check, use your business debit card or transfer funds via ACH.
Full review
This review covers Axos Basic Business Checking and Axos Business Premium Savings. However, the star rating above refers to the checking account only.
Axos Bank® Basic Business Checking stands out among online-only accounts in three areas: cash deposits, ATM fees and FDIC insurance.
Account holders can easily make cash deposits. No fees. No fuss. Just find a compatible ATM. And there’s no need to worry about third-party ATM fees. Axos will automatically reimburse all of them, anywhere in the U.S.
Axos also offers Insured Cash Sweep services. This can extend your FDIC coverage from the standard $250,000 per depositor, per institution to more than $200 million.
The bank's Business Premium Savings Account is one of the best business savings accounts on the market. It has an industry-leading 3.60% APY, no monthly fees and no minimum balance requirements.
Those perks come with some tradeoffs, though. Reviews of the bank’s mobile app say it leaves a lot to be desired. And you cannot easily withdraw money from your savings account.
Axos business banking is best for small-business owners who:
- Need a basic, free business checking account.
- Regularly use ATMs for withdrawals, deposits.
- Need additional FDIC coverage via Insured Cash Sweep.
- Want a high-yield business savings account but make minimal withdrawals.
Axos business account details
| Axos Bank® Basic Business Checking | Axos Business Premium Savings Account | |
|---|---|---|
| Monthly fee: | $0. | $0. |
| Minimum opening deposit requirement: | $0. | $0. |
| APY: | None. | 3.60%. |
| Transactions: | Unlimited. | Up to 20 transactions per month (debits, credits and deposited items). Additional transactions are 30 cents each. |
| Cash deposits: | No fee for cash deposits. Available at compatible ATMs. | Not available. |
| Wire transfer fees: | Incoming wires: $0.
Outgoing wires: $15 domestic; $50 international. | Incoming wires: $0.
Outgoing wires: $15 domestic; $50 international. |
| Bonus: | $200. Terms apply. | $600. Terms apply. |
Axos offers two business checking accounts and three savings accounts.
For business checking, our editorial team rates entry-level accounts. That allows us to fairly compare accounts, apples-to-apples.
For business savings accounts, we rate the one that offers the best value. That is often the one with the highest APY, for the lowest cost.
Other accounts from Axos include:
- Axos Business Interest Checking.
- Axos Business Money Market Account.
- Axos Business Savings Account.
Axos also offers a money market account for nonprofit organizations.
Where Axos business accounts stand out
Unlimited ATM fee reimbursements
With Axos business checking, you can use any ATM in the U.S. without incurring fees from Axos. If the owner of the ATM charges you a fee, Axos will automatically reimburse it.
Other banks refund some third-party ATM fees — NBKC refunds up to $12 per month and Novo up to $7, for instance. But Axos is one of the only banks we know of that offers unlimited domestic ATM fee reimbursements.
Industry-leading APY on business savings
Want your cash reserves to work harder? Axos Business Premium Savings Account is a great option. You'll earn 3.60% 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.
Over $200 million in FDIC insurance coverage
Axos is part of the IntraFi Network, a consortium of FDIC-insured banks that offer Insured Cash Sweep services. Axos offers Sweep accounts for business checking and savings.
The amount of coverage you’ll get can vary depending on the underlying banks’ participation. We routinely see Axos advertise more than $200 million, though. (Its website references up to $265 million as of this writing.) That’s far beyond the industry standard, even for ICS accounts.
» MORE: What is Insured Cash Sweep?
Welcome bonus
Axos offers sign-up bonuses for its Basic Business Checking account (earn up to $200) and Business Premium Savings Account (earn up to $600), if you can hit the balance requirements. Terms apply (see details below).
Net both bonuses and you’ll snag the one of most lucrative business bank account offers available. Just make sure you read the fine print. Axos pays its bonuses in smaller increments over four to six months. That can make it harder to earn the full bonus.
Axos Bank currently has welcome offers for its Axos Bank® Basic Business Checking and Business Premium Savings Account.
Axos Bank® Basic Business Checking promotion
From Axos: "Business owners get up to $200 welcome bonus!* Open a business checking account by June 30 and get up to $200 when you use promo code START200 on your application.*"
Details: The bonus is paid out in $50 increments for each statement cycle that you meet the minimum balance and other requirements, with a maximum of four payouts over five statement cycles.
Requirements: Maintain an average daily balance of $3,000.
Axos Business Premium Savings Account promotion
Earn a bonus of up to $600 when you bundle a new Business Premium Savings account with a new Basic Business Checking account and use promo code SBB600. Terms apply. Offer expires 06/30/2026.
Details: The bonus is paid out in $100 increments. You can earn up to six payouts over the first seven statement cycles.
Requirements:
- Deposit $1,000 or more into your Basic Business Checking account from an external source.
- Use your Basic Business Checking debit card to make two or more purchases of $50 or more.
- Maintain an average daily balance of at least $1,500 in the Basic Business Checking account and at least $50,000 in the Axos Business Premium Savings Account.
» MORE: Best banks for small business
Where Axos business accounts fall short
Inconsistent customer support
For years, Axos advertised 24/7 customer support. But the reality felt far from that for some customers. They complained — to NerdWallet and on forums like Reddit — about not being able to get actual support during evenings and weekends.
Other customer complaints to the Better Business Bureau and elsewhere cited weekslong lags to resolve issues ranging from account setup to bill pay and debit card issues.
Axos currently posts business account support hours from Monday to Friday, 6 a.m. to 6 p.m. PT. But complaints persist.
Savings account — limited withdrawal options
An Axos Business Premium Savings account is a good place to park your money and earn interest. But it’s not a good option if you need to easily withdraw money from the account.
Wire transfer is one of the only ways to get money out of your Axos savings account. Your only alternative: Use bill pay (on a separate bank account) to request funds. You can’t transfer money out via ACH transfer — even to another Axos account.
If you want high-yield and easy access to your cash, the nbkc bank Business Money Market Account is a better option. You get checks, a debit card and can easily move money via ACH transfer. It currently earns 2.75% APY with no minimum balance requirement or monthly fee.
No third-party app integrations
Axos business checking accounts are QuickBooks compatible. That means you can sync your account to automatically upload your transactions to QuickBooks without having to input them manually. Unlike some online 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, Stripe, PayPal, Venmo and Square.
Lower app ratings than many competitors
The Axos mobile banking app has mediocre reviews from Android users, garnering complaints about poor user experience, slow load times and frequent crashing. Apple users' ratings are higher on average, but still lower than competing digital banks.
If you do most of your business banking on the go, consider American Express® Business Checking*. This high-yield business checking account has a highly rated business banking app that lets you accept credit card payments from customers and gain cash-flow insights. It doesn't charge a monthly fee either. (One thing you can't do with American Express® Business Checking, though? Make cash deposits.)
How we evaluated Axos business checking
NerdWallet’s writers and editors consider more than 20 data points for each business checking account we rate, scoring each on fees, perks and software tools, among other factors (view our complete ratings methodology). We gathered this information from Axos’s website and company representatives.
Our editorial team scores accounts from one to five stars overall, and in individual areas that are important for business banking. We only rate free accounts because that's the easiest way to standardize comparisons — plus, we know business owners can get a great account without a monthly fee.
Here's how Axos’s free business checking account stacks up:
- Transactions: Unlimited fee-free electronic transactions. (Fees apply for wire transfers and instant transfers, as is the case with most business bank accounts.)
- Domestic ATM access: No fees at any ATM in the U.S. Third-party fees automatically reimbursed.
- Cash deposits: No fee for cash deposits at compatible MoneyPass and Allpoint ATMs.
- Wire transfers: Domestic and international wires are supported.
- Minimum opening deposit: $0.
- Checks: Starter pack included. Can order additional checks online or via the mobile app.
- Human support phone hours: Extended business hours: 6 a.m. to 6 p.m. Monday - Friday.
- App store rating: 4.52 (weighted average of the Apple and Google Play app stores).
- Ease of website use: Easy to navigate. Can easily find detailed account information, including fees, help center and customer support.
- Branch access: None.
- Account availability: Nationwide.
- Account opening options: Online only.
- Live chat support: No.
- Monthly maintenance fee: None.
- ATM withdrawal fee: No ATM withdrawal fees, and Axos automatically refunds third-party ATMs in the U.S.
- Cash deposit fee: No fee for cash deposits.
- Wire transfer fees: Free incoming domestic wires. Outgoing wires: $15 (domestic), $50 (international). Axos will refund two outgoing domestic wires per month.
- Overdraft fee: $25 per item, maximum of $75 per day.
- APY: Axos Basic Business Checking does not earn interest.
- Sign-up bonus: From Axos: "Business owners get up to $200 welcome bonus!* Open a business checking account by June 30 and get up to $200 when you use promo code START200 on your application.* "
Business checking accounts can earn points if they include the software features listed below as part of their entry-level business checking account. Axos Bank® Basic Business Checking does not offer any of these features.
- Built-in invoicing.
- Accept tap-to-pay in Axos app.
- Tax planning tools.
- Contractor management features.
- Sub-accounts or envelopes.
- Zelle for Business.
- Built-in corporate card program.
We also look at public forums (like Reddit, myFICO and Quora) and online reviews (via sites like Trustpilot and the App Store/Google Play) to understand business owner sentiment about banking with Axos. We use AI tools to help gather some of this information for evaluation.
People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. This data does not influence our star ratings. However, NerdWallet does contact financial institutions regarding negative feedback that we consistently observe.
How to open an Axos business account
To open an Axos business bank account, you need to be a U.S. resident with a verifiable, physical U.S. address and a Social Security number.
Here’s what you need to apply:
- Your legal name, home address and cell phone number.
- Your date of birth.
- Social Security number.
- Your business name, structure, industry and the date you started your business.
- Business website and trade name/DBA.
- Business phone number and email address.
- Physical business address (P.O. boxes and registered agent’s address aren't eligible).
The online application will also ask about:
- Number of employees.
- Annual revenue.
- Target market/typical customer
- Expect average balance.
- Funding sources for the business (original and ongoing).
- Business reach (local, regional, nationwide, international).
Once approved, you'll receive a business debit card and/or checks (if requested). You can also set up and manage your Axos account via online banking and the mobile app.
*Terms apply. See Axos website for complete eligibility details.
*Accounts offered by American Express National Bank. Member FDIC.
Frequently asked questions
Axos Bank is a Federal Deposit Insurance Corp.-insured institution and provides all its business banking products and services directly. That's different from other online business bank accounts offered by neobanks like Bluevine and Relay. These options rely on a partner bank to provide banking services and FDIC insurance.