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Axos Business Checking: 2024 Review

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 January 2, 2024
Edited byRyan Lane
Fact checked and reviewed

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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.
Full review

Basic Business Checking

Checking
Member FDIC
Learn more

at Axos Bank®, Member FDIC

Pros & Cons

Pros

  • No monthly fees or minimum opening deposit.
  • Unlimited fee-free transactions.
  • Automatic refunds of all ATM fees (domestic).
  • Cash deposits via MoneyPass and AllPoint ATMs.
  • 24/7 customer support.
  • 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

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 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.
Other things that make Axos stand out compared to its competition: 24/7 customer support, free nationwide ATM access and unlimited domestic ATM fee reimbursements. All accounts also have cash deposit capability, while there are no transaction limits and opening deposit requirements on its free business checking account.
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.
You'll have to jump through some hoops to earn that complete bonus (more details below). The free American Express business checking account offers a bonus with a similar cash value — though it's awarded in Membership Rewards points — plus the account earns interest and offers rewards for debit card purchases.

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:
$0
$100
APY:
None
Up to
1.01%
APY (tiered interest-bearing account, APY ranges based on balance)
Transactions:
Unlimited.
-Up to 100 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:
Earn a bonus of up to $400 when you open a new Axos business checking account and maintain an average daily balance of at least $50,000. Use promo code NEW400 on your application. Terms apply.
Earn a bonus of up to $400 when you open a new Axos business checking account and maintain an average daily balance of at least $50,000. Use promo code NEW400 on your application. Terms apply.

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.

Axos welcome bonus

Earn a bonus of up to $400 when you open a new Axos business checking account and maintain an average daily balance of at least $50,000. Use promo code NEW400 on your application. Terms apply.
The bonus is paid out in $75 or $100 increments for each statement cycle that you meet the minimum balance and other requirements, with a maximum of four payouts over five statement cycles. This offer expires
02/29/2024
.
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 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.
Welcome bonus: Axos offers a generous sign-up bonus if you can hit the lofty balance requirements:
Earn a bonus of up to $400 when you open a new Axos business checking account and maintain an average daily balance of at least $50,000. Use promo code NEW400 on your application. Terms apply.
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
02/29/2024
to qualify for this promotion.

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.

Learn more

at Axos Bank®, Member FDIC

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