Axos Bank business checking review of 2024

Axos Bank business banking basics

• Checking accounts: Axos Bank Basic Business Checking, Axos Bank Business Interest Checking, Axos Bank Analyzed Business Checking.
• Savings accounts: Axos Bank Business Savings, Axos Bank Business Premium Savings.
• Money Market accounts: Axos Bank Business Money Market, Axos Bank Non-Profit Money Market.
• Certificates of deposit (CDs): Axos Bank Business certificates of deposit.
• Other accounts: Treasury management, merchant services, payroll services, equipment financing, commercial real estate, construction lending, lender financing.
• Bank branches or online only: Digital banking only.

Account details and annual percentage yields (APYs) are accurate as of Dec. 14, 2023.

About Axos Bank business checking

Two of Axos’ business checking accounts are designed for small businesses: the Basic Business Checking and the Interest Business Checking. Both provide unlimited domestic ATM fee reimbursements, a VISA debit card and remote deposit capabilities, the latter of which is limited to 60 items a month.

The Basic Business Checking account is built for small businesses that are just starting out. It doesn’t require an initial deposit or minimum balance so you don’t have to set aside cash purely for the sake of having a bank account. It doesn’t charge fees for account maintenance, transactions or incoming domestic wires and two outgoing domestic wires are reimbursed each month so you can use your money for things that aren’t bank fees. Yet, it doesn’t offer many perks.

The Interest Business Checking has more stipulations and fees, but pays a yield: 1.01% APY on balances of $0 to $49,999.99, 0.20% APY on balances of $50,000 to $249,999.99 and 0.10% APY on greater balances. To open this account, you’ll need $100 for the initial deposit. There is a monthly fee of $10 which can be waived with a $5,000 minimum average daily balance. Transactions fees could also apply — if you exceed 100 items per month (including debits, credits and deposits) you’ll pay $0.50 each, which can add up. 

Analyzed Business Checking is an option for larger, commercial businesses with a “significant” amount of transactions. This also has a $100 initial deposit requirement and a $15 monthly maintenance fee. Its biggest draw is that you can connect many tools and services to the account, such as Business Account Analysis and Treasury Management, which have their own fee schedules and are designed to help larger companies manage their finances. You could gain an Earnings Credit Rate (ECR) on this account, which can offer competitive yields to offset fees. 

If you’re looking for a personal checking account, here are the best checking accounts.

Access

Note that Axos doesn’t have brick-and-mortar locations, so you can’t do banking business face to face. It does, however, have a huge ATM network with about 91,000 locations — some of which allow you to deposit cash — and a well-rated mobile app. (4.1 stars out of 5 on Android devices and 4.7 on iOs.)

You can check your statements, transfer funds or ask questions through its mobile app or website. Customer support for small businesses is available by phone from 6 am to 6 pm PT Monday through Friday, plus a chat bot is always available to help. Evo, a virtual financial assistant can check your account balance, move money, tell you when loan payments are due and schedule payments. 

How Axos Bank business checking stacks up

Axos vs. Novo Business Checking

If you’re only looking for a business checking account, Novo Business Checking is worth a look. It allows unlimited transactions with no minimum balance requirements, no monthly fees and free invoices. 

Yet, while both Axos and Novo are completely online, Axos offers a wider variety of business accounts. Novo offers only one business checking account and doesn’t have business savings, money market accounts or CDs. 

Axos vs. Bluevine Business Checking

Another online-only institution, Bluevine is a financial technology company, not a bank, but it works with multiple banks to provide competitive yields, greater insurance and few fees. 

You can earn 2.00% interest on balances up to and including $250,000 if one of the following monthly activity goals are met: Spend $500 per month on the Bluevine Business Debit Mastercard® or receive $2,500 per month in customer payments to a Bluevine checking account or sub-accounts. The account is FDIC-insured up to $3 million per depositor. There are no monthly or overdraft fees, no minimum balance requirements and unlimited transactions. A few fees can apply though, including a $2.50 out-of-network ATM fee and a cash deposit fee up to $4.95.

Axos vs. Navy Federal Credit Union

Navy Federal Credit Union features three business checking accounts, though you have to meet its membership requirements. The most basic, Navy Federal Credit Union Business Checking, has no monthly service fee but allows only two signers and only 30 free, non-electronic transactions before each costs $0.25. (Navy Federal has 350 brick-and-mortar locations worldwide — “non-electronic transactions” count as any in-person banking or checks processed.)

Navy Federal Credit Union Business Plus Checking has an $8 monthly service fee, allows unlimited signers and has 50 free, non-electronic transactions. 

The top account, Navy Federal Credit Union Business Premium Checking, charges a monthly fee of $20 which can be waived with a minimum average daily balance of $5,000, allows unlimited signers and 100 free non-electronic transactions. While the first two business checking accounts offer a yield of 0.01% APY, this account offers up to 0.45% APY based on the account balance.