Axos Business Banking Review 2024: Pros, Cons, & Cost

Axos Business Banking Review 2024: Pros, Cons, & Cost
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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.

>> Experience Better Banking With Axos >>

Our Verdict – Axos Bank

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

  • Offers a wide array of interest-bearing options
  • No monthly fees and unlimited transactions
  • Allows cash deposits through MoneyPass and Allpoint ATMs

Cons

  • Lack of physical branch locations
  • Limited integrations with other software or services
  • Doesn’t provide the highest APY compared to some competitors

>> Open an Account With Axos Bank >>

Axos Business at a Glance

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.Β 

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.

AxosBasic Business CheckingBusiness Interest CheckingBusiness SavingsBusiness Premium Savings
Monthly fee$0$10$5$0
Minimum opening deposit0$100$1,000$25,000
APY0%1.01%0.20%0.20%
Transactions allowanceUnlimited100 free items/month, $0.50/item thereafter6 transactions/month6 transactions/month
Sign up bonus$200$200$200$200
No fee balanceN/A$5,000$2,500$0
SecurityFDIC-insuredFDIC-insuredFDIC-insuredFDIC-insured
Additional features50 checks free, unlimited domestic ATM fee reimbursements, QuickBooks integration50 checks free, unlimited domestic ATM fee reimbursements, QuickBooks integrationFree image statements, free online and mobile banking, with remote deposit anywhereFree 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.

>> Check Out the Best Pricing for Axos Bank >>

Axos Business Banking Features

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.

Full-Service Online Bank

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.

Unlimited ATM Fee Reimbursements

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.

Free Cash Deposits

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.

Merchant Services

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.

>> Experience Better Banking With Axos >>

QuickBooks Integration

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.

Axos Bank Customer Service

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.

>> Check Out Axos Bank >>

Alternatives to Axos 

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.

Bluevine

Bluevine is the leading free business bank account option for small businesses, offering comprehensive banking services that position it as a prime alternative to Axos. With an attractive interest rate of 1.5% APY for balances up to $100,000 on its business checking account, Bluevine surpasses Axos in this aspect. The Bluevine Business Checking account provides Premier customers up to 4.25% APY.

Explore our detailed US Bank and Lili reviews for further guidance on selecting the right bank account for your small business.

Regarding user-friendliness, setting up a business checking account with Bluevine is straightforward. Businesses, from corporations to sole proprietorships, can easily establish their accounts. Bluevine allows you to open a bank account solely with an EIN, ensuring the privacy of personal information.

Pros

  • High interest rates offered
  • Very few fees are associated with the account
  • No minimum deposit requirement for account opening

Cons

  • Monthly transfer limits may restrict flexibility
  • Checking accounts are the only type offered, limiting options
  • Cash deposits can only be made through Green Dot, which is potentially inconvenient for some users

>> Experience Better Banking With Bluevine >>

Novo

Novo emerges as another standout alternative to Axos. It primarily focuses on providing businesses with checking accounts. Similar to Bluevine, Novo offers free account creation and boasts some of the lowest fees in the industry for various services.

If you’re keen on securing a bank account with minimal fees, consider exploring our reviews of Oxygen and Kabbage for further insights.

Although Novo imposes a $27 penalty for surpassing transaction limits, it doesn’t enforce monthly balance requirements. The bank refunds all ATM fees, enhancing its appeal to businesses seeking cost-effective banking solutions.

Pros

  • No monthly fees or minimum balance requirements
  • User-friendly mobile app for convenient banking on the go
  • All ATM fees are refunded, providing cost savings for customers

Cons

  • Unable to deposit cash directly into the account, which may inconvenience some users
  • Overdrawn accounts incur fees, potentially resulting in additional charges
  • Lack of savings account options, limiting the variety of banking products offered

>> Experience Better Banking With Novo >>

Capital One

Capital One’s Spark Business stands out as one of the premier banking choices for small businesses. With Capital One, businesses have access to two types of business checking accounts, the Spark Business Savings account, which offers an attractive 1.75% APY.

The Basic checking account provides unlimited online deposits, online and mobile banking, and a low minimum balance requirement to waive monthly fees. The Unlimited business checking account includes two Basic accounts for businesses with more intricate financial needs, offering a comprehensive solution.

Pros

  • Benefit from experienced support provided by a large bank
  • Access to self-service escrow services, offering convenience and control over financial transactions
  • Enjoy strong and prompt customer service for assistance with banking needs

Cons

  • Availability is limited to select states, potentially excluding some customers
  • The minimum opening deposit requirement of $250 may pose a barrier for some individuals or businesses
  • Monthly service fees of $35 or $15 apply if the account balance falls below the minimum requirement, potentially increasing banking costs

>> Experience Better Banking With Capital One >>

Frequently asked questions

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.Β 

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.

>> Join Axos Today! >>

Bottom Line on Axos Review

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.

>> Open a Bank Account With Axos Bank >>

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Judith

Judith

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.