Checking, Savings, CD, Money Market

Overall bank rating

Pros and cons

Business checking

Annual Percentage Yield (APY)

None

  • Pros & Cons
  • Details

  • Pros
    • No monthly service fees
    • 200 transactions per month
    • Unlimited refunds on domestic out-of-network ATM fees
    • You may qualify for a $100 bonus
    • Compatible with QuickBooks
    • Free incoming and outgoing domestic wire transfers
    Cons
    • No physical branches
    • $1,000 minimum opening deposit
    • $0.30 fee for each transaction after the first 200 per month
    • $7 to $15 fee for outgoing domestic wire transfers
    • $50 international outgoing wire transfer fee
    • No way to deposit cash
    • Make 200 transactions (credits, debits, or deposits) per month, then pay $0.30 per transaction
    • Receive a $100 sign-up bonus if you incorporated after June 1, 2020, and use the code NEWBIZ100 when you apply
    • FDIC insured

    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

    Annual Percentage Yield (APY)

    0.20% APY

  • Pros & Cons
  • Details

  • Pros
    Cons
    • $1,000 minimum opening deposit
    • $5 monthly service fee
    • To waive $5 monthly service fee, maintain an average daily balance of $2,500
    • Receive a $100 sign-up bonus if you incorporated after June 1, 2020, and use the code NEWBIZ100 when you apply
    • Interest compounded daily, paid monthly
    • Member FDIC

    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

    Annual Percentage Yield (APY)

    0.10% to 0.20% APY

  • Pros & Cons
  • Details

  • Pros
    • Higher rates than many brick-and-mortar banks
    Cons
    • Find better rates at other online banks
    • $1,000 minimum opening deposit
    • Standard-to-high early withdrawal penalties
    • 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 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

    Annual Percentage Yield (APY)

    0.20% APY

  • Pros & Cons
  • Details

  • Pros
    • Higher APY than most brick-and-mortar banks
    • Includes paper checks
    • Includes a debit card
    Cons
    • Lower APY than some online banks
    • $1,000 minimum opening deposit
    • $10 monthly service fee
    • To waive $10 monthly service fee, maintain a $5,000 average daily balance
    • Receive a $100 sign-up bonus if you incorporated after June 1, 2020, and use the code NEWBIZ100 when you apply
    • 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 fee.

    How Axos business banking works

    Axos Bank 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 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 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. 

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