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Axos business banking review: Free checking account with unlimited ATM fee refunds

Axos Bank has a free business checking account. You can also open a business savings account, money market account, or CD. ...
Axos Bank logo on Personal Finance pattern background
Axos Bank has a business checking, savings, CD, and money market account.

Table of Contents: Masthead Sticky

Overall bank rating

Feature Insider rating (out of 5)
Business checking 4.25
Business savings 3.75
Business CD 3.5
Business money market account 3.75
Trustworthiness 5
Total 4.05

Pros and cons

Pros Cons
  • $100 sign-up bonus if you incorporated your business after June 1, 2020
  • Free business checking account
  • Unlimited refunds on out-of-network ATM fees
  • No physical branch locations
  • Monthly service fees on savings and money market (unless you qualify to waive them)
  • No way to deposit cash

Business checking

Axos Bank Basic Business Checking Account

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 up to 200 free transactions each month. Axos also refunds all out-of-network ATM fees.

Axos also has a high-yield business checking account. It might be the better fit if you need to make fewer monthly transactions and if you qualify to waive the monthly fee.

Business savings

Axos Bank Business Savings Account

The Axos Bank Business Savings Account pays a good interest rate, although you may find higher rates with other online institutions. You may like this account if you can maintain an average daily balance of $2,500, because then you'll waive the $5 monthly service fee.

Business CD

Axos Bank Business Certificate of Deposit

The Axos Bank Business Certificate of Deposit pays decent interest rates, and it could be a good fit if you have $1,000 to open an account.

Business money market account

Axos Bank Business Money Market Account

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 fee.

How Axos business banking works

Axos Bank Basic Business Checking Account is an online bank with both business and personal banking products.

You may qualify for a $100 sign-up bonus if you incorporated your business after June 1, 2020, and use the code NEWBIZ100. This offer is available for the business checking, savings, and money market account, but you can only earn one bonus per business. Your average daily balance must be $2,500 or higher for two months after opening your business account to qualify for the bonus.

To speak to a customer service representative, you can call Axos 24/7. 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 mobile app has 4.7 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

Your business banking deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is Axos trustworthy?

Axos Bank Basic Business Checking Account doesn't have any public controversies.

The Better Business Bureau gives Axos an A+ in trustworthiness. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A strong BBB score doesn't guarantee you'll have a strong relationship with a bank, though. You may want to read online customer reviews or ask other business owners about their experiences with Axos Bank.

How Axos compares to similar business banking options

We've compared Axos to two other online business banking solutions: Bluevine and Brex.

axos logo
Bluevine
Brex

Business accounts

Checking, savings, CD, money market

Business accounts

Checking

Business accounts

Cash account

Max. free monthly transactions from checking

200

Max. free monthly transactions from checking

Unlimited

Max. free monthly transactions from checking

Unlimited

Standout feature

Unlimited ATM fee refunds

Standout feature

Interest paid

Standout feature

Cash back

Axos Bank Basic Business Checking Account BlueVine Business Checking Account Brex Cash Account

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 need to make more than 200 transactions each month, though, because Bluevine doesn't limit your number of transactions. Bluevine also pays a competitive interest rate on balances up to $100,000.

Axos Bank vs. Brex

Brex provides you with a credit card, not a debit card. If you want a debit card, Axos is the clear choice between the two.

But Brex is a great option for earning cash back for your business. Your Brex credit card earns cash back on everything, and up to 8x cash back on purchases like ridesharing. You'll also receive discounts at various companies.

Related Content Module: More Personal Finance Coverage

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