Founded in 2000, Axos is an online bank offering an impressive range of products for personal and business customers. The Basic Business Checking account provides unlimited transactions and withdrawals. There’s also a Business Interest Checking account that pays up to 1.01% APY and waives its monthly fee if you maintain an average daily balance of at least $5,000. Both accounts allow you to make unlimited fee-free ATM withdrawals.
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Fees? |
Basic Business Checking: No monthly fee
Business Interest Checking: No monthly fee if you maintain an average daily balance of at least $5,000
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Security |
FDIC-insured, with 256-bit encryption and biometric logins |
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Online experience |
Fully online experience, with rates clearly displayed on website |
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Mobile app |
iOS and Android. Includes balances, transaction history, fund transfers, and mobile deposits |
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Customer support |
Phone, email, or live chat during business hours, Monday-Friday |
Axos could be an excellent choice if you carry out a high volume of business banking transactions.
Its Basic Business Checking account offers unlimited item processing (debits, credits, and deposited items). With the Business Interest Checking account, you get 100 free items per month, and will pay $0.50 per item thereafter (debits, credits, and deposited items).
If you prefer to manage your finances in person, Axos may not be ideal, as it doesn’t have any physical branches.
As online banks don’t have to rent premises or employ as many staff, they can often pass these savings on to their customers. Axos does this by offering lower fees and more flexible account opening requirements than its more traditional rivals.
In its most attention-grabbing example, the bank doesn’t charge a monthly fee on its Basic Business Checking account. Additionally, it waives fees on its Business Interest Checking account if you meet specific criteria.
Likewise, the bank doesn’t have a minimum opening deposit on its Basic Business Checking account and has a modest $100 requirement on its Business Interest Checking account.
Axos allows you to do all your business banking, such as scheduling payments and depositing checks, through your mobile app or online account.
Likewise, its Bill Pay tool allows you to set up payees and create payments for all your regular outgoings.
Axos’s partnership with merchant service provider Celero also allows your business to accept and process point-of-sale card payments.
Despite being online-only, Axos offers all the core banking services available through traditional business checking accounts.
When you open an account, Axos will provide you with a debit card that you can use to withdraw cash at approximately 91,000 ATMs. Unlike some other banks, however, Axos doesn’t charge ATM fees and will reimburse you whenever a machine’s provider charges you a fee.
When you open an account, you’ll also have the option to order paper checks, with the first 50 being free of charge.
An Axos bank business checking account includes the following fees:
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Fee |
Basic Business Checking account |
Business Interest Checking account |
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Monthly account maintenance |
$0 |
$10 (waived if you maintain an average daily balance of at least $5,000 |
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Transaction fee (debits, credits, and deposits) |
$0 |
100 free items per month, and will pay $0.50 per item thereafter (debits, credits, and deposited items) |
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Domestic ATM fee |
$0 (plus unlimited fee reimbursement) |
$0 (plus unlimited fee reimbursement) |
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Incoming wire transfers (domestic and international) |
$0 |
$0 |
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Outgoing wire transfers |
Domestic: $15 International: $50 |
Domestic: $15 International: $50 |
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Replacement debit card |
First replacement free, $50 thereafter
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First replacement free, $50 thereafter |
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Foreign conversion fee |
1% |
1% |
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Insufficient funds |
$25 (maximum $75 per day) |
$25 (maximum $75 per day) |
If you open a Business Interest Checking account, you’ll earn interest on your balance at the following rates:
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Balance |
APY |
Rate |
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$0-$49,999.99 |
1.01% |
1.01% |
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$50,000-$249,999.99 |
0.20% |
0.20% |
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$250,000-$499,999.99 |
0.10% |
0.10% |
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$500,000-$699,999.99 |
0.10% |
0.10% |
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$700,000-$999,999.99 |
0.10% |
0.10% |
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$1,000,000-$4,999,999.99 |
0.10% |
0.10% |
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$5,000,000 or more |
Contact a Business Banking Relationship Manager at 844-678-2726 for current rates. |
Contact a Business Banking Relationship Manager at 844-678-2726 for current rates. |
If you have a balance of $5,000,000 or more, you’ll need to contact the bank directly for information on interest rates.
You can contact Axos over the phone, by email, or via live chat. Phone hours are 6am-6pm (PT), Monday-Friday, while live chat is available 8am-5pm (PT), Monday-Friday. After you’ve opened an account, you can send secure messages through your online account or mobile app.
If your query is more general, you may be able to find the answer in the bank’s detailed FAQs, which cover topics related to opening and managing an account. Axos also has an extremely useful virtual assistant named Evo. It’s available 24/7 and can answer questions about most of the bank’s services.
At present, some reviews on the app in Google Play note that the platform is prone to crashing and there can be issues when depositing checks.
In contrast. those who rated the bank highly often praised its low fees, knowledgeable staff, and user-friendly website.
Axos’s app is available on Android and iOS. It allows you to:
You can also set up biometric logins such as fingerprint, face, or voice recognition through your mobile app.
Axos employs various measures to protect your money and data, including Secure Socket Layer (SSL) encryption.. This is the highest level of security and is also used by governments and the military. In addition, Axos enables 2-factor authentication on all its accounts and will send a verification code to your registered phone or email whenever you log in from a new device.
Furthermore, the bank has a dedicated fraud team to provide specialist support if you’re a fraud victim. As Axos is a member of the FDIC, all funds within your account are protected up to $250,000 (or $500,000 for a joint account).
You can open a business checking account easily via the Axos bank’s website. To do so, you must be a United States resident with a verifiable physical address.
You’ll also need to provide the following information or documentation:
If you order a debit card or checks on your account, these should arrive within 7-10 business days.
Axos could be an excellent option if you’re looking for a free (or low-cost) business checking account. The bank charges lower fees than many of its competitors and allows you to make unlimited free ATM withdrawals on your account. Although Axos doesn’t have any physical branches, you can access all the core banking services through your app or online account.
4350 La Jolla Village Dr, San Diego, California 92122, US
Bank products and services are offered by Axos Bank®. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546 . All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read Axos Bank’s FDIC Notice .