Axos business checking review

Finding the best business checking account for your small business can be daunting. But best doesn’t always mean it’s right for your unique needs as a small business owner. Researching the offers and fees may leave you feeling overwhelmed, so we’ve combed through many business checking accounts to collect the details for you. Let’s focus on Axos Business Checking and what they have to offer.

Axos Bank has two checking accounts that could work well for new business owners or existing small businesses without charging too many fees. Each of the accounts offer different perks, so it’s up to you to decide what’s most important for your business growth.

In this article, we cover all the details of the Axos business checking accounts available, including pros and cons and the features of each account, to help you decide whether it could work for your small business banking needs. Think Axos business checking may be the right fit? Read on to find out. 

Does Axos Bank have business accounts?

Yes, Axos Bank offers various business bank accounts, banking products, and banking services, including:

• Checking accounts
• Savings accounts
• Certificate of deposit accounts
• Money market accounts
• Merchant services 
• Payroll services
• Small Business Administration (SBA) loans
• Commercial financing, like construction and equipment loans

The bank doesn’t offer a personal or business credit card, however.

Axos business checking gives you two options that could work well for small businesses: the Axos Basic Business Checking account and the Small Business Interest Checking account. Basic Business Checking has no monthly fee and requires no deposit to open, but you can’t earn interest. On the other hand, the Small Business Interest Checking account offers you interest on your balance and a small monthly fee, but you can qualify to have it waived.

Aside from its small business checking accounts, Axos has a third checking account that targets larger revenue companies: the Analyzed Business Checking account. This account doesn’t give customers high-yield interest on its cash deposits, but you can link the account with its Treasury Management services. These services help businesses with things like collecting payments, paying vendors, and disbursing cash. You will need to deposit $100 on account opening, and it costs $15 per month to hold the account.

What type of bank is Axos Bank?

Axos Bank is an online bank that was formed in 2000, initially called the Bank of Internet USA. The financial institution changed its name to Axos Bank in 2018. Axos is headquartered in California and has offices across the country. The bank is fully digital, so it has no physical branch locations but offers online and mobile banking to its customers. 

Axos offers customers an array of online and mobile banking options. The Axos Bank mobile app is well rated (4.7 and 4.4 stars out of 5 on Apple and Android, respectively) and allows you to see your account balance, deposit checks, and access all of its digital banking services from anywhere. Additionally, you can contact a relationship manager for additional support during business hours. Simply call 844-678-2726, email businessbanking@axosbank.com, or send a message using your online account portal.

Any deposits you make with Axos Bank are FDIC insured, meaning they are covered by the U.S. government if the bank goes under. Additionally, its holding company, Axos Financial, is publicly traded.

Pros and cons of Axos Business Checking

When picking any bank account, you’ll run into positives and negatives. We highlighted the most important things to know from both sides so you can decide if Axos is the right bank for you. 

Pros

• No monthly maintenance fee. With the Basic Business Checking account, you won’t ever pay a monthly fee. The Business Interest Checking account does charge a monthly fee, but you can waive it by keeping the qualifying balance in your account.
• Potential to earn interest. With the Interest Checking account, you can earn an annual percentage yield (APY) on the balance you keep in the account. This interest can help you to make money on the money your business already has.
• Merchant services. Axos can act as your merchant service provider, so you can accept payments from customers using credit or debit cards that go directly into your Axos account.
• Compatible with QuickBooks. By linking your Axos business checking account with QuickBooks, you’ll save time during tax season. Your expenses and income can generate within QuickBooks automatically, so you’ll have one less thing on your plate.
• First set of checks is free. A set of checks can cost anywhere from $12 to $30. If you rely on writing checks to pay your bills, these costs can add up. Axos gives you the first set for free. 
• Pass along perks to your employees. The Workplace Banking program Axos offers allows you to offer your employees personal bank accounts and financing options with great interest rates and low fees. If you have staff members, they will likely appreciate having this option available to them.

Cons

• Limited number of free transactions. With the Interest Checking account, you have a set limit to the number of transactions you can make for free each month. You’ll pay per transaction after you pass the limit. 
• No physical branch locations. You won’t be able to head down the street and talk to a teller. However, you can make deposits using cash or check or withdraw funds at any MoneyPass or AllPoint ATM. You can use Axos’s ATM Locator to search for nearby ATMs located nationwide. It allows you to filter down to the ATMs that don’t charge a fee, that take deposits, and that take cash deposits. 
• Can’t earn rewards. Some business checking accounts let you earn cash back or points by using the card, but Axos doesn’t have that feature. However, the bank currently has a welcome bonus you can receive on sign-up. 

Overview of Axos Business Checking features

Axos has several notable features for small business owners looking to add a debit card with perks to their wallet. The table below outlines the most useful features of the two Axos business checking accounts.

*APY as of 4/5/2022

** Offer expires 6/30/2022

How to open an Axos Business Checking account

There are several useful factors to know before applying for an Axos business checking account. First, Axos Bank only offers its business checking accounts to businesses operating in the United States. To qualify for one of its accounts, you also can’t work in a restricted industry, like cannabis or internet gambling. 

To open an Axos business checking account, you’ll need to provide:

• Your legal name
• Your business address
• Your tax identification number
• A driver’s license or passport for all owners
• A certificate with your business name (if you don’t operate under your own)
• Additional documentation, depending on the type of business

Try to get these documents together before you start your application in case you need additional time to gather them. 

The bottom line

Axos business checking could work well for many small businesses, especially those looking for a simple account with low monthly fees. For new business owners, the Basic Business Checking account is a great option. You’ll get free online bill pay, and there’s no minimum balance requirement. Better yet, you don’t have to worry about counting your transactions because there isn’t a limit. Although you have to use an ATM to perform in-person transactions with Axos Bank, getting unlimited domestic ATM fee reimbursements eases that burden. However, keep in mind that you will have a limit of 60 remote deposits per month.