Ranked as the best online bank for business accounts for LLCs, Axos (formerly BofI (Bank of Internet) Federal Bank) is one of the most well-established FinTech institutions in the US. This Axos review will highlight its ideal business banking products for entrepreneurs.
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Axos provides all-online business banking services, allowing you to open and manage your business accounts without visiting a branch. The bank offers four types of business accounts: Basic Business Checking, Business Interest Checking, Business Savings, and Business Premium Savings.
Unlike some competitors, Axos is a complete bank that does not rely on other financial institutions. It supports cash deposits through the MoneyPass and Allpoint networks, which is a significant advantage.
Most accounts are free with low minimum deposits. However, a drawback is that it doesn’t offer the highest yields, and its Basic Business Checking account doesn’t provide any APY.
Pros
Cons
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Unlike many online business banking services, Axos is an FDIC-insured bank, not just a financial services provider. Beyond its broad array of personal banking options, Axos offers a lot to businesses.
Their basic business checking account has no monthly fee, making it one of the top free business banking accounts available. Axos Bank provides Business Interest Checking, Business Savings, and Business Premium Savings accounts. They also offer money market accounts, Small Business CDs, and CDARS.
While Axos offers numerous interest-bearing options, its yield rates differ from those of other banks. However, the Axos Basic Business Checking account is a major strength.
Why? It has no monthly fee or minimum balance requirement, unlimited monthly transactions, unlimited ATM fee refunds, the first 50 checks free, and QuickBooks integration.
If you’re looking for a fee-free business account, check out these detailed reviews: Bank of America Review, NBKC Bank Account Review, and Chase Bank Review. They are packed with pros, cons, and alternatives.
Axos has a few drawbacks. The main issues are the need for physical locations and limited integration with third-party software. QuickBooks integration is the only compatibility offered.
Who is Axos Business Banking Best For? Axos is ideal for business owners who prefer to avoid the hassle of in-person bank visits. Its banking services have low maintenance fees and no hefty balance requirements, although the interest rates are lower.
If you’re a business owner looking to dodge account maintenance fees rather than earn high interest on your deposits, Axos makes an excellent choice for small business checking.
Axos Business – Pricing: With business banking, Axos’ range of business bank accounts surpasses most competitors. This review will mainly focus on its four checking and savings accounts.
| Axos | Basic Business Checking | Business Interest Checking | Business Savings | Business Premium Savings |
| Monthly fee | $0 | $10 | $5 | $0 |
| Minimum opening deposit | 0 | $100 | $1,000 | $25,000 |
| APY | 0% | 1.01% | 0.20% | 0.20% |
| Transactions allowance | Unlimited | 100 free items/month, $0.50/item thereafter | 6 transactions/month | 6 transactions/month |
| Sign up bonus | $200 | $200 | $200 | $200 |
| No fee balance | N/A | $5,000 | $2,500 | $0 |
| Security | FDIC-insured | FDIC-insured | FDIC-insured | FDIC-insured |
| Additional features | 50 checks free, unlimited domestic ATM fee reimbursements, QuickBooks integration | 50 checks free, unlimited domestic ATM fee reimbursements, QuickBooks integration | Free image statements, free online and mobile banking, with remote deposit anywhere | Free image statements, free online and mobile banking, with remote deposit anywhere |
As the table shows, Axos business banking services rank among the most affordable in the market, though this comes with a trade-off of low APY. Regarding features, Axos business bank accounts are limited, with QuickBooks integration and free mobile banking as the main highlights.
Despite this, Axos Bank remains a top choice for businesses that prefer online banking. It boasts shallow minimum deposit requirements and zero monthly maintenance fees for online business checking and premium savings accounts. Even when a fee is charged, it’s only $5 to $10, which is still quite low compared to other business bank account services.
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Let’s explore Axos Bank’s key features. This section will outline what Axos provides, how these features can benefit your business, and how the bank compares to other business banking options.
Axos Bank operates exclusively online. However, it relies on something other than another financial institution to deliver its services. Axos is a fully FDIC-insured bank on its own.
In addition to standard business checking and savings accounts, Axos Bank offers additional services such as money market accounts, certificates of deposit, investment options, and small business loans.
One of Axos Bank’s biggest advantages is its unlimited domestic ATM fee reimbursements. The bank has an extensive nationwide ATM network that customers can use for free.
Using an out-of-network ATM with an Axos Business Checking Account, you can access any ATM in the country without incurring fees. While the ATM owner might initially charge you a fee, Axos reimburses these fees, so you’re refunded for any deducted amounts after a set period.
While some believe Axos Bank could be better for cash deposits, we see it differently. Axos customers can deposit cash into their accounts for free at any MoneyPass or Allpoint ATM across the US.
However, if you expect to deposit large amounts of cash regularly, a bank with physical branches better fit your business. Still, Axos outshines other online banks when it comes to cash deposits.
Many online banks allow cash deposits but use Green Dot, a third-party service that charges $4.95 per deposit. If you have a MoneyPass or Allpoint ATM nearby, Axos is an excellent choice.
Processing customer payments constitutes a significant portion of many small businesses’ daily activities. Axos Bank collaborates with Celero Merchant Solutions to simplify payment reception for your SMB.
Through Axos, your company can access various tools, including point-of-sale (POS) terminals and equipment, ACH and billing services, and mobile and e-commerce solutions, facilitating smoother transactions and ensuring prompt payment.
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Online banks need to provide integrations with other business software to streamline operations. Axos Bank’s integration with QuickBooks enables users to transfer records and transaction data, saving them valuable time and effort. This integration significantly simplifies tasks like bill payment and business finance management.
While Axos’ QuickBooks integration stands out, it would be advantageous for the bank to expand its compatibility with additional third-party software.
As Axos Bank is only dedicated to virtual banking, it prioritizes customer service. It provides round-the-clock phone support, secure built-in messaging, and mail support for its customers.
The Axos mobile app offers convenient features such as fund transfers, account access, online bill payments, and mobile check deposits, ensuring effortless banking. Available on both iOS and Android platforms, the app caters to a wide range of users.
The Axos Bank website expands on customer support options, offering FAQs, calculators, and the Axos Bank blog, which addresses many potential customers’ queries.
Should Axos Bank not meet your business banking requirements, several alternative options are available. Consider exploring alternatives such as Bluevine, Novo, and Capital One, each offering distinct features and services tailored to business needs.
Yes, that sounds accurate. As an online-only bank, Axos typically handles account closure requests through its digital platforms. Customers can initiate the process by sending a secure message via the Axos app or website, requesting the closure of their account.
After receiving the request, Axos’ customer support team typically contacts the customer to finalize the closure. This ensures that the closure process is secure and that any necessary steps or considerations are addressed before closing the account.
Axos Bank offers various methods for sending and receiving money with your business bank account. These options encompass wire transfers, check deposits, ATMs, your Visa debit card, and traditional paper checks.
Indeed, Axos Bank offers small business loans, collaborating with Centerstone SBA Lending to assist businesses with SBA loans. These loans come with a federally backed guarantee and feature flexible terms, providing businesses with the financial support they need to thrive.
Axos Bank is an excellent choice for businesses seeking digital financial solutions. It offers diverse business banking services, making it advantageous for businesses looking to handle all their finances online without needing in-person bank visits.
Axos’ business checking accounts provide a blend of spending flexibility and the potential to earn interest. While its APY may not rank as the highest in the market, but it still offers competitive rates. Contrary to some online reviews, Axos efficiently caters to cash deposits.
Customers can deposit cash free of charge using any of the MoneyPass or Allpoint ATMs nationwide, ensuring convenient access to banking services.
Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.
