Axos Bank Business Interest Checking Accounts Review

About Axos

Axos Bank is one of the oldest all-digital banking institutions out there. Some financial historians credit it with being the first. Unlike many banks that started out with brick-and-mortar branches then added digital services as the market evolved, for Axos, technology and finance have always been intertwined. Innovators from the beginning, Axos Bank continues to pride itself on enhancing and expanding its digital platform. 

Axos Business Interest Checking Features

Interesting fact: from 1933 until 2011, banks were legally prohibited from paying interest on checking accounts. To this day, the interest you can earn on a checking account is still typically lower than what you can earn through various savings vehicles. Some business checking accounts don't offer any interest at all. Axos Bank makes a strong showing with the business checking account rates it offers. At the time of this review, Axos was paying 0.81% APR on interest-bearing checking account balances under $50,000. That's a pretty good deal for small business owners. Counter-intuitively, higher balances earn a lower interest rate through Axos Bank. 

Axos Bank doesn't impose a minimum monthly balance to earn interest, however if you maintain an average monthly balance of $5000, Axos Bank waives its $10 monthly maintenance fee. To open an account, you need only deposit $100. Presently, brand new businesses (incorporated after June, 2020) can earn a $100 bonus when they open an account.

Axos Bank gives businesses operating flexibility by offering 60 free deposits per month and 50 free non-deposit transactions. They also reimburse an unlimited number of domestic ATM fees. You can access your account via computer or tablet or use the bank's mobile app 24/7. The company's mobile app can be used to make deposits along with other transactions.

Reputation and Customer Service

Axos Bank earns an A+ rating from the BBB. The company receives 2.5 stars on Trustpilot, but that rating is based on less than a handful of reviews. There have been only three complaints registered with the Consumer FInancial Protection Bureau in the past three years against Axos Financial, Axos Bank's parent company. Two of those involved credit card services, not checking accounts. For a company the size of Axos Financial, that amounts to a great reputation.

Axos Bank Summed Up

Axos Bank is a leader and innovator in banking technology with a confidence-inspiring history and reputation. Particularly for small businesses, the company's interst-bearing business checking account combines trasaction flexibility, low fees, and the opportunity to earn a very competitive interest rate on their deposits.