Axos Business Checking: 2022 Review

Axos Bank made major improvements to its business checking lineup in March 2022, adding cash deposit capability to all accounts and removing transaction limits and opening deposit requirements on its free business checking account. These enhancements build on existing features, like 24/7 customer support, free nationwide ATM access and unlimited domestic ATM fee reimbursements.

Axos offers two main business checking accounts: Basic Business Checking and Business Interest Checking (up to 1.01% APY). While basic checking is free, the interest-earning account carries a $10 monthly fee that is waived if you maintain an average daily balance of at least $5,000.

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.

While this review includes information on both accounts, the star rating indicated above is specific to the Axos Basic Business Checking account.

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

• Want a free online business checking account.

• Need fee-free ATM access throughout the U.S.

• Run a newly-incorporated company and can qualify for Axos's welcome bonus.

Pros and cons

Pros

• No monthly fee and unlimited transactions.

• Unlimited domestic ATM fee reimbursements.

• Cash deposits via MoneyPass and AllPoint ATMs.

• Welcome bonus for new customers (terms apply).

• 24/7 customer support.

Cons

• No third-party app integrations.

• Interest checking APY is good, but not great

Axos business checking at a glance

How to open an Axos business checking account

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. While there is no minimum deposit required to open a Basic Business Checking account, the Business Interest Checking account requires a $100 opening deposit.

Upon approval, you'll receive a business debit card and/or checks (if requested) and can set up and start managing your Axos business checking 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).

What you need to open an Axos business checking 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.

» MORE: What you need to open a business bank account

Axos welcome bonus

New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus. (Axos defines new businesses as those incorporated after June 1, 2020.) This offer expires 03/31/2023.

To qualify, you need maintain an average daily balance of at least $2,500 for the first two months and leave your account open for at least 180 days. Accounts closed before that mark may face a $50 early closure fee.

Where Axos business checking stands 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.

Fee-free cash deposits: Axos customers can deposit cash, free of charge, via compatible AllPoint and MoneyPass ATMs. While other online banks offer cash deposits, most go through Green Dot, a third-party that charges $4.95 per deposit. Even brick-and-mortar banks limit fee-free cash deposits. Chase Business Complete Banking℠, for example, caps free cash deposits at $5,000 per month and charges a fee for additional currency deposits.

Welcome bonus: Axos offers a $200 welcome bonus for businesses incorporated after June 1, 2020, and a $100 bonus for businesses incorporated before that date. New customers can earn this bonus on either the Basic Business or the Business Interest Checking account by using the promo code NEWBIZ200 (incorporated after June 1, 2020) or NEWAXOSBIZ (incorporated before June 1, 2020). To qualify, you much maintain an average daily balance of at least $2,500 for the first two months after opening the account. Applications must be submitted before 11:59 p.m. on March 31, 2022, to qualify for this promotion.

» MORE: Best banks for small business

Where Axos business checking falls 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.

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.

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