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Axos Business Banking: Free Checking, High-Yield Savings, Big Welcome Bonus

Axos Bank's small-business checking accounts come with unlimited ATM fee reimbursements and online banking tools.
By Randa Kriss, Kelsey Sheehy
Last updated on August 8, 2024
Edited by Ryan Lane
Fact checked and reviewed

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Our Take

4.9

NerdWallet rating 

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.
Full review

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?

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

1.50%

With $0 min. balance for APY

APY

N/A

Bonus

$400

Requirements to qualify

Bonus

$300

Requirements to qualify

Bonus

$200

Requirements to qualify

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.

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
1.50%
APY (terms apply). Businesses can earn even more (up to
4.00%
%) 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.
$
375
. Terms apply.

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 offers

Axos Bank currently has welcome offers for business checking and
Business Premium Savings Account
.

Axos business checking promotion

From Axos: "
Business owners get up to $400 welcome bonus!* Open a business checking account by January 2 and get up to $400 when you use promo code NEW400 on your application.*
"
To earn the business checking 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.

Axos
Business Premium Savings Account
promotion

Earn a bonus of up to $375 when you open a new Business Premium Savings account using promo code BPS375. Terms apply. Offer expires 12/31/2024.
To earn a bonus, you must maintain an average daily balance of $30,000 to $74,999 for a $75 payout or at least $75,000 for a $125 payout. You can earn a total of three bonus payouts over four statement cycles.

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 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 generous sign-up bonuses for its business checking accounts (earn up to $
400
) and
Business Premium Savings Account
(earn up to $
375
), if you can hit the lofty balance requirements. Terms apply (see details above).

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. 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.
App rated lower 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 on average than competing digital banks.
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 1.50% interest on account balances up to and including $250,000. Terms apply.
*Terms apply. See Axos website for complete eligibility details.
*Accounts offered by American Express National Bank. Member FDIC.

Learn more

at Axos Bank®, Member FDIC

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