Axos Business Checking: 2021 Review

Axos Bank's small-business checking accounts come with unlimited ATM fee reimbursements and online banking tools.
Randa KrissFeb 3, 2021

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Axos Bank offers two small-business checking accounts — Basic Business Checking and Business Interest Checking — that can be opened and managed completely online. Both of these accounts include unlimited domestic ATM fee reimbursements, free bill pay and mobile check deposit.

Axos Basic Business Checking is well-suited for small-business owners who are looking for a free business checking account, while Axos Business Interest Business Checking is better suited for those who would prefer an interest-earning account.

That said, although Axos has two decades of experience in digital banking, its business checking accounts are missing some of the perks many online competitors offer, such as unlimited fee-free transactions.

Axos business checking is best for small-business owners who:

  • Want a free business checking account or an interest-earning business checking account.

  • Prefer to do most of their banking online and don’t need to deposit cash.

  • Want to be able to withdraw cash from any ATM in the U.S. without worrying about fees.

  • Anticipate making 50 to 200 account transactions or fewer per month.

Pros and cons

Pros

  • Unlimited domestic ATM fee reimbursements.

  • Free online and mobile banking with remote check deposit and bill pay.

  • New business owners (incorporated after June 1, 2020) can earn a $100 welcome bonus.

  • Two business checking accounts to choose from — one free account, one interest-earning account.

Cons

  • Fee-free transactions limited to 200 or 50 per month; fee-free remote deposits limited to 60 per month.

  • Can’t deposit cash.

  • $1,000 minimum opening deposit for Basic Business Checking.

  • No third-party app integrations.

Axos business checking at a glance

Axos Basic Business Checking

Axos Business Interest Checking

Monthly fee:

$0

$10, waived with average daily balance of $5,000

Minimum opening deposit requirement:

$1,000

$100

APY:

None

Up to 0.81% APY (tiered interest-bearing account, APY ranges based on balance)

Transactions:

-Up to 200 fee-free items per month, 30 cents per item after -Up to 60 fee-free remote deposits per month, 30 cents per deposit after

-Up to 50 fee-free items per month, 50 cents per item after -Up to 60 fee-free remote deposits per month, 50 cents per deposit after

Bonus:

$100 welcome bonus for eligible business owners

$100 welcome bonus for eligible business owners

Axos Bank® Basic Business Checking
NerdWallet rating 

at Axos Bank®, Member FDIC

How Axos business checking works

Axos Bank offers two online business checking accounts — Basic Business Checking and Business Interest Checking — designed specifically for small-business owners. Axos also offers a third business checking account, Analyzed Business Checking, under its commercial banking umbrella, which requires that you contact a commercial banking relationship manager to apply.

Axos has three branch locations — one in California, one in Ohio and one in Nevada — as well as commercial offices in San Diego, Las Vegas, Salt Lake City, Los Angeles and Overland Park, Kansas.

Unlike some online business checking accounts, however, whose banking services are provided and insured by other financial institutions, Axos Bank is a Federal Deposit Insurance Corp.-insured institution and provides all of its business banking products and services directly.

You can open either of the Axos small-business checking accounts 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.

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.

It’s important to note that Axos requires that you provide a current email address, as well as a 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.

Before you submit your application, you’ll be asked to fund your opening deposit by transfer from another financial institution, internal transfer or mailed check. For the Basic Business Checking account, you’ll need to make a minimum opening deposit of $1,000 and for the Business Interest Checking account, you’ll need to deposit a minimum of $100.

After you’ve submitted your application, you’ll be able to check the status through the online portal on Axos’s website. Once your application has been approved, you’ll be able to set up and start managing your Axos business checking account by logging into online banking, downloading the mobile app and transferring additional funds.

If you indicated that you would like a business debit card and/or business checks during the application process, you’ll receive them by mail after your application has been approved. At this point, if you’d like to add other business employees to your account, you can contact an Axos business relationship manager to help you get them set up.

Where Axos business checking stands out

ATM access: With Axos business checking, you can withdraw cash from any ATM across 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.

Online and mobile banking: Both Axos business checking accounts include banking tools that allow you to manage your finances digitally. You have access to online banking with free bill pay and free image statements. In addition, you can download the Axos Bank mobile app for business to deposit checks, automate bills and manage your accounts on the go.

Welcome bonus: You can earn a $100 welcome bonus when you open an Axos Bank business checking account, provided you incorporated your business after June 1, 2020. New small-business owners can earn this bonus on either the Basic Business or the Business Interest Checking account by using the promo code NEWBIZ100 on their application and maintaining an average daily balance of at least $2,500 for the first two months after opening the account.

Account options: Axos offers two business checking accounts, giving you the opportunity to choose the option that best suits your business’s financial needs. Although these accounts have common features, the Basic Business Checking account is a free account with no monthly maintenance fees. The Business Interest Checking account, on the other hand, earns interest (up to 0.81% APY). But it has a $10 monthly maintenance fee that can be waived with a $5,000 minimum average daily balance.

In addition, the Axos Basic Business Checking account includes 200 fee-free items per month, debits, credits and deposited items (30 cents for each item after) and requires a $1,000 minimum opening deposit. In comparison, the Axos Business Interest Checking account offers 50 fee-free items per month (50 cents per item after) and a lower minimum opening deposit — $100.

Where Axos business checking falls short

Limited fee-free transactions: Both of the Axos business checking accounts place a limit on the number of fee-free transactions that you receive per month — 200 for Basic Business Checking and 50 for Business Interest Checking. Although these accounts each offer 60 additional items for remote deposit, you’ll need to monitor your activity to avoid facing overage fees (30 per item for Basic Business Checking and 50 cents per item for Business Interest Checking).

While these types of transaction limitations aren't uncommon among business checking accounts from brick-and-mortar banks, you’ll find that many online competitors offer unlimited fee-free transactions.

Can’t deposit cash: Neither of the Axos business checking accounts can accommodate traditional cash deposits. Generally, if you want to fund your account, you can perform an ACH transfer from another bank account, send a wire transfer, deposit a check using the mobile app or mail a check.

As an alternative, however, you can use cash to purchase a money order, then deposit the money order using the Axos mobile app.

Although this alternative may work as an occasional solution, it’s not ideal for small businesses that need to deposit cash on a regular basis. Instead, you might turn to a brick-and-mortar bank or an online competitor that can accept cash deposits through its ATM network.

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.

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Monthly fee

$0

Monthly fee

$0 for Basic Business Checking, $10 for Business Interest Checking (waived with balance of $5,000+).

Monthly fee

$10 (waived with balance of $5,000+)

Monthly fee

$0

Minimum opening deposit requirement

$0

Minimum opening deposit requirement

$1,000 for Basic; $100 for Business Interest.

Minimum opening deposit requirement

$100

Minimum opening deposit requirement

$0

APY

None

APY

None for Basic; Up to 0.81% for Business Interest.

APY

0.10% on balances of $5,000+

APY

1.0% on balances up to $100,000

Transactions

Unlimited

Transactions

Up to 200 fee-free items per month, 30 cents per item after for Basic; Up to 50 fee-free items per month, 50 cents per item after for Business Interest.

Transactions

Unlimited

Transactions

Unlimited

Bonus

None

Bonus

$100 welcome bonus for eligible business owners

Bonus

None

Bonus

None

Open account online

Yes

Open account online

Yes

Open account online

Yes

Open account online

Yes

Branch access

Kansas and Missouri only

Branch access

Three branches only (California, Ohio, Nevada)

Branch access

Boston only

Branch access 

No