Axos Bank Basic Business Checking Account Review

Account Features

Axos Bank offers three business checking accounts. The Basic Business Checking and Business Interest Checking accounts are targeted at small businesses while the Analyzed Business Checking account is built for larger businesses who want more detailed reporting and analysis features to help better manage the large volume of transactions they process each month.

Each of the two small business accounts include a free set of 50 business checks and access to a nationwide network of surcharge-free ATMs. You also get a business debit card, an online account where you view and manage the money in your account, and a free mobile app for banking on the go. The Business Interest Checking account also enables you to earn 0.8% interest on the money in your business checking account. Few banks offer an interest-bearing business online account, so Axos is worth considering if you're interested in this.

The Analyzed Business Checking account includes features that will appeal to large businesses, like ACH origination, premium bill pay features, a customizable payment portal, and advanced reporting features.

Fees and Restrictions

The Basic Business Checking account doesn't have a monthly maintenance fee, you don't need a minimum deposit to open the account. This is higher than what many other banks charge for comparable business checking accounts. It includes up to 200 free transactions per month and after that, you'll have to pay a $0.30 monthly fee. Axos doesn't appear to limit the amount of cash deposits you can make per month, but given that there's no branch locations, you may find making cash deposits a little more cumbersome. If you deal a lot in cash, a brick-and-mortar bank may suit you better.

The Business Interest Checking account only has a $100 minimum required to open an account. There's a $10 monthly maintenance fee, but it's waived if you maintain an average daily balance of $5,000 or more. This account only gives you 50 free transactions per month and 60 free mobile deposits per month. After you hit these limits, you'll pay an extra $0.50 per transaction. This could make the Business Interest Checking account more expensive than the Basic Business Checking account for those who have many transactions per month. However, this account also includes unlimited domestic ATM fee reimbursements, so it's a good choice if you visit the ATM often and don't want to be nickel and dimed.

The Analyzed Business Checking account also has a $100 minimum to open an account. The company's website doesn't list information about this account's fees. Instead, it encourages you to reach out to a company representative for more details. It's a safe bet that there's a monthly maintenance fee, given all the advanced features it offers, but the account also offers a monthly earnings credit, which may help to offset some of the cost of owning the account.

Account Management and Support

Axos Bank has a robust online experience where you can view your balance and transaction history, initiate transfers, pay bills, and more. If you have a smartphone, you can also download the company's mobile app so you can manage your account and pay bills on the go. The app is currently available for Android and Apple devices.

While there are no brick-and-mortar locations to visit, you can reach out to the company Monday through Friday between 6 a.m. and 6 p.m. Pacific Time with questions. You can also email the company at any time. The bank makes an effort to get back in touch with you within one business day.

Reputation and Financials

There isn't a lot of customer reviews about Axos Bank online. It's only received a single Trustpilot rating and a handful of Better Business Bureau (BBB) ratings, so it's difficult to form any real opinion about the bank's services and support. The company is a BBB-accredited business and maintains an A- rating, though a few customers have filed complaints. None have filed complaints with the Consumer Financial Protection Bureau (CFPB) as of yet.

We couldn't find financial strength ratings for Axos Bank either. A.M. Best, Moody's and Standard & Poor's haven't reviewed the bank, so it's difficult to assess the company's long-term stability, but this isn't much of a concern when it comes to business checking accounts because in the unlikely event that the bank did go under, your money is FDIC-insured so you couldn't lose it.