Axos Bank Business Interest checking is best for small business owners looking to earn a competitive interest rate on deposits and not have to worry about paying domestic ATM fees. With a low minimum deposit at sign-up, you’ll have access to online banking and the Axos mobile app to help you manage your business finances.
Summary: Axos business interest checking account is a great option for earning profit from a competitive interest rate on your balance.
In depth review on Axos Bank business interest checking account
Axos Bank business interest checking accounts are best for small businesses looking to earn a competitive interest rate for cash held within the checking account. You can get the $10 monthly maintenance fee waived by holding a minimum balance of $5000, receive 50 free checks on opening an account, and you’ll be reimbursed for all domestic ATM fees.
Axos Bank business interest checking account is best for
Earn a competitive interest rate: For balances below $49,999.99 you can earn 0.81% APY. For balances between $50,000 – $249,999.99 you can earn 0.2% APY and for balances over $250,000 you can earn 0.1% APY. This is subject to change.
Unlimited domestic ATM reimbursements: You can withdraw cash from any ATM in the U.S. without paying any fees to Axos and third-party fees will be reimbursed.
Receive 50 free checks when opening an account: The first set of 50 checks are complimentary when you open an account.
Axos Bank business interest checking account benefits
Sign-up bonus of up to $100: Receive a $100 welcome bonus using the relevant promotional code on your application.
Low minimum deposit to open an account: The Axos business interest checking account has a lower minimum deposit, requiring $100 to open an account.
A digital banking experience: You’ll have access to online banking and the Axos mobile app to manage your accounts.
Axos Bank business interest checking account drawbacks
Monthly $10 maintenance fee: Axos charges a $10 monthly fee, but the fee can be waived for balances over $5,000.
Lack of integration with small business tools: While you can sync your checking account with QuickBooks, Axos cannot integrate with popular business tools and software for accounting, payments, and invoicing.
Limited fee-free transactions each month: You’ll have up to 50 free transactions each month. After this, you’ll be charged $0.50 per transaction.
To open a business interest checking account with Axos Bank, you can apply via the Axos website. You’ll need to provide the following information:
U.S. mailing address
Social security number
Business documentation depending on your business entity type
You must be a business operating in the U.S. to apply
In addition, you’ll also need to fund your account with an initial $100 deposit. You must also be a U.S. resident with a valid social security number and a physical mailing address within the U.S.
There are several fees to be aware of when opening a business interest checking account with Axos Bank. Some of these fees include:
Maintenance fee: While there is a monthly maintenance fee of $10, this can be waived for deposits above $5,000.
Transaction fees: There are no transaction fees for the first 50 transactions each month. After this, you’ll be charged $0.50 per transaction.
Domestic outgoing wire transfer fee: There is a $7 fee when this is done online.
International outgoing wire transfer fee: This is $50 per transfer.
Remote deposit: You’ll receive up to 60 free remote deposits per month. After this, you’ll be charged $0.30 per deposit.
Paper statement fee: There is a $5 paper statement fee.
Stop payment fee:There is a $10 stop payment fee.
Non-sufficient funds fee: There is a $25 fee for non-sufficient funds.
Bank verification letter: There is a $35 charge for a bank verification letter.
Foreign currency conversion rate: There is a 1% conversion fee applied to foreign currency transactions.
There are no fees for incoming wire transfers and all domestic ATM fees are reimbursed. In addition, all electronic statements and debit card replacements are free.
Key features for the Axos Bank business checking account include:
Competitive interest rates on deposits: For balances below $49,999.99, you can earn 0.81% APY. This can be an advantage for businesses that need to hold a larger balance of cash in their accounts. Although, it’s important to note that the interest rate falls for balances that exceed $49,999.99.
Sync your account to QuickBooks: You can connect your account to QuickBooks to help you manage your finances and manage your expenditure.
The first 50 checks are free: As a bonus, you’ll receive your first set of 50 checks for free.
ATM reimbursements: Fees from domestic ATMs are reimbursed. There are zero fees imposed by Axos Bank.
Deposits and withdrawals
The Axos business interest checking account does not accommodate cash deposits. To deposit cash in your account you’ll need to complete a wire transfer, mail a check, do an electronic transfer, or complete a remote deposit by taking a picture of a check via the mobile app.
For withdrawals, you can withdraw cash from any domestic ATM and have the fees refunded. You’ll also receive 50 free checks at the time of opening your account.
There is no in-person customer service support available at a physical branch. All inquiries must go through phone or email. There is also a chat box available on the website. It is important to note that Axos Bank has specific customer support phone numbers depending on the type of inquiry you have.
Safe and secure
Deposits are FDIC insured up to $250,000. In addition, Axos Bank implements security measures to monitor accounts for fraud and automatically logs you out of your active session during a period of inactivity.
Is Axos business interest checking account right for you?
An Axos business interest checking account could be the best option for you if you require extensive use of ATMs and your business requires you to keep large cash balances that can profit from earning a competitive interest rate. In addition, if you require simple business tools such as QuickBooks to sync with your account and help you manage your finances, Axos could be a great option for you.
However, with limited fee-free transactions, lack of integration with popular small business tools, and fees for many other banking services, you may find a better deal with other digital banks that do not require a monthly maintenance fee. Plus, if your business requires you to make cash deposits; it would be best to look for a branch-based alternative.