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The bottom line: Axos is a good bank for small business owners overall, and is featured in our guide to the best free business savings accounts. The Axos Business Premium Savings is probably its strongest product, with a strong interest rate, no minimum opening deposit, and no monthly fees.
Axos Bank: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Business checking | 4.25 |
| Business savings | 4.25 |
| Business CD | 3 |
| Business money market account | 3.75 |
| Trustworthiness | 5 |
| Total | 4.25 |
Axos Bank Pros and Cons
| Pros | Cons |
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About Axos Business Banking
Axos Bank is an online financial institution with both business and personal banking products.
You can talk with a business representative Monday-Friday, 6 a.m to 6 p.m. PT, excluding federal holidays. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.
The bank's business mobile app has 1.5 out of 5 stars in the Apple store, and 2.2 out of 5 stars in the Google Play store.
Your business banking deposits are FDIC-insured. Axos Bank is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the standard $250,000 limit. Your money is spread across nearly 3,000 other participating banks that are also FDIC-insured. FDIC coverage is expanded up to $175 million with Axos Bank Insured Cash Sweep through IntraFi Network Deposits.
Is Axos Trustworthy?
Axos Bank doesn't have any public controversies.
The Better Business Bureau gives Axos an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Axos Business Bank Account Reviews
Axos Bank Basic Business Checking Account
no monthly service fee
None
$0
up to $400
- No monthly service fees
- No minimum opening deposit
- Unlimited transactions
- Unlimited refunds on domestic out-of-network ATM fees
- You may qualify for an intro bonus
- Compatible with QuickBooks
- 2 free domestic wire transfers per month
- No physical branches
- $50 international outgoing wire transfer fee
Axos is a good bank for businesses overall. The Axos Bank Basic Business Checking Account is probably its strongest product, with unlimited monthly transactions and unlimited ATM fee refunds. It's one of the best free business checking accounts out there right now.
- 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.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
The Axos Bank Basic Business Checking Account is on our list of the best free business checking accounts. There are no monthly service fees, and you can make unlimited free transactions each month. Axos also refunds all out-of-network ATM fees.
Axos also has a high-yield business checking account called Axos Business Interest Checking. It might be the better fit if you need to make fewer monthly transactions and if you qualify to waive the monthly fee.
Axos also offers one of the best bank account bonuses for business checking accounts. Eligible customers can a cash bonus of up to $400. To qualify, use the promo code "NEW400," and fund an Axos business checking account in the first 30 days.
If you maintain an average daily balance of between $25,000 and $49,999.99, $75 will be earned for each statement cycle. Meanwhile, if you keep an average daily balance of a minimum of $50,000 or greater, $100 will be earned for each statement cycle. A maximum of four payouts can be earned during five statement cycles.
You will also have completed ten point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction and have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
Note: You may use the promotional code "NEW400" when applying for the Axos Bank Basic Business Checking Account or Axos Business Interest Checking Account. You can only earn one checking account bonus with Axos per year.
Axos Bank Business Premium Savings Account
no monthly service fee
4.01%
$0
up to $375
- No minimum opening deposit
- No monthly service fees
- High interest rate
- No physical branches
- Customer service unavailable on weekends
- Unlock a bonus up to $375 with Business Premium Savings.
- Save more, pay lower fees, and get a limited-time bonus up to $375 with a 4.01% APY* Business Premium Savings account. Use promo code BPS375.†
- Free domestic and international incoming wires
- No monthly maintenance fee
- No minimum opening deposit
- No average daily balance requirement
- Business deposit accounts FDIC insured up to $250k
The Axos Business Premium Savings offers a strong interest rate of 4.01%, and it doesn't have a minimum opening deposit or any monthly fees. It also compounds interest daily, which could make a big difference in how much interest you earn with a high account balance. You can use a compound interest calculator to see exactly how much extra you'd earn with daily compounding vs. monthly or yearly.
Axos Business CD
0.10% to 0.20%
$1,000
- Higher rates than many brick-and-mortar banks
- Find better rates at other online banks
- $1,000 minimum opening deposit
- Standard-to-high early withdrawal penalties
Axos is a good bank for small business owners overall, and is featured in our guide to the best free business checking accounts. The Axos Bank Basic Business Checking Account is probably its strongest product, with unlimited monthly transactions and unlimited ATM fee refunds.
- Terms range from 3 months to 5 years
- Early withdrawal penalties: 45 days interest for terms of 3 to 5 months; 90 days interest for terms of 6 to 11 months; 180 days interest for terms of 12 to 23 months; 12 months interest for terms of 24 to 35 months; 18 months interest for terms of 36 to 47 months; 24 months interest for erms of 48 months or more
- Interest compounded daily, paid monthly
- FDIC insured
The Axos Bank Business CD pays low interest rates, but it could be a decent option if you have $1,000 to open an account.
Axos Bank Business Money Market Account
$10 monthly service fee
0.20%
$1,000
- Higher APY than most brick-and-mortar banks
- Includes paper checks
- Includes a debit card
- Lower APY than some online banks
- $1,000 minimum opening deposit
- $10 monthly service fee
Axos is a good bank for small business owners overall, and is featured in our guide to the best free business checking accounts. The Axos Bank Basic Business Checking Account is probably its strongest product, with unlimited monthly transactions and unlimited ATM fee refunds.
Axos Business Money Market Account- To waive $10 monthly service fee, maintain a $5,000 average daily balance
- Interest compounded daily, paid monthly
- Member FDIC
The Axos Bank Business Money Market Account includes paper checks and a debit card, making it easy to access your company's savings if necessary. You might like the account if you can keep a $5,000 balance to waive the $10 monthly service fee. However, other money market accounts offer higher interest rates and no monthly service fees, so if these matter to you more than account accessibility, consider a different bank.
How Axos Bank Compares
Axos Bank vs. Bluevine
Bluevine only offers a checking account, so you may prefer Axos for more types of business accounts.
You might like Bluevine if you would like to earn an interest rate of 1.50% with its standard account or a competitive rate of up to 4.00% APY on its Bluevine Business Checking Premier Account for a $95 monthly fee.
Bluevine Business Checking Review
Axos Bank vs. NBKC Bank
NBKC and Axos Bank both offer solid options on multiple business banking accounts, so your decision between the two may rest on what you prioritize more.
NBKC Bank doesn't have monthly service fees or minimum deposits on its accounts; you'll also have a Debit MasterCard included on either account. NBKC also offers a better interest rate than Axos Bank on its money market account.
The Axos Bank Basic Business Checking Account provides unlimited ATM fee refunds, though. In comparison, NBKC only reimburses $12 per month. Axos Bank also has a bonus of up to $400 for qualifying business owners.
Why You Should Trust Us: How We Reviewed Axos Business Banking
For our Axos business banking review, we used our bank account methodology. We rate each account on a scale of one to five stars.
We evaluate ethics, security, miscellaneous features, mobile apps, and customer service for every type of account. Other factors we consider depend on which type of account we're reviewing. For example, we look at early withdrawal penalties for CDs, and whether you have easy access to money through a debit card or checks for money market accounts. We use a weighted average to get our star rating.
For business checking accounts, we consider many of the same factors we would for personal checking accounts, such as minimum opening deposits and monthly fees. But we also look at things that are specific to business accounts, such as monthly transaction limits.
