Axos business checking 2021 - Is Axos the best business account?

Panna Kemenes
24.09.21
5 minute read

Axos Bank is an innovative digital bank, which established an online-only presence in 2000.

The FDIC-insured bank aims to streamline the online banking process for its customers.

The Axos business checking accounts offer competitive fees and an intuitive online interface. But is an Axos business account the right choice for you?

📝 What this article will cover:

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Does Axos have business checking?

Axos does offer a business checking account, yes.

Not all banks offer business accounts. For example, neither Ally or Discover Bank offer business checking.

Axos has two business accounts, each with different features.

The first is the Basic Business Checking account, which has no monthly fees, and unlimited domestic fee reimbursements at ATMs. There is a $100 welcome bonus for new customers who set up their businesses after June 1st, 2020.¹

The second is the Business Interest Checking account, which allows you to earn up to 0.81% APY interest on your income, and has no monthly fees. There is a minimum daily balance of $5,000.²

Axos Business Checking pros and cons

ProsCons
$100 sign up bonus for customers who established their business after 1st June 2020Cap of 200 fee-free transactions per month
No monthly feesNo option to deposit cash
Unlimited fee reimbursements at ATMs for domestic transactionsMinimum opening deposit of $1,000
Integration with QuickBooksNo other third party software integration

As of the time of writing, Axos business checking reviews have led to a score of 1.9 out of 5 on Trustpilot, from 17 reviews in total.³

The biggest positive seems to be the variety of accounts on offer and the convenience of digital banking that Axos offers. Some negative reviews highlight a dissatisfaction with customer service.

Axos Business Checking top features

Business checkingBusiness interest checking
Monthly feeZero$10, which is waived if you maintain a daily balance of $5,000
Opening deposit$1,000$100
Free transactionsUp to 200 per month, then $.30 per itemUp to 50 fee-free items per month, then $0.50 per item
APY⁴ZeroUp to 0.81%
Welcome bonus$100 if you started a business after June 1st, 2020$100 if you started a business after June 1st, 2020

The Business Checking accounts from Axos are both digital. This means customers can access and manage their finances 100% online.

The Basic account can be a better option for business owners looking to avoid a monthly fee. The Interest account may be preferred by customers looking to accrue interest on their earnings up to 0.81% APY.

Key Features

The Basic account offers fee-free transactions for up to 200 items every month, with a $0.30 fee per item thereafter. The Basic account has no monthly fees but an opening deposit of $1,000.

The Interest account on the other hand has a cap of 50 fee-free transactions, which rises to a $0.50 fee per item thereafter. The Interest account has a $10 monthly fee and a smaller deposit sum of $100. This account allows you to earn up to 0.81% APY.

Both accounts offer a $100 sign-up bonus to customers who established their businesses after 1st June 2020.

Axos also offers payment processing through Celero, which grants point-of-sale terminals and equipment, ACH and billing solutions, as well as options for eCommerce.⁵

Is Axos a real bank?

Yes, while Axos might not have any physical branches, it is a real bank.

Due to the demand for convenient technology-based solutions, many banks offer online banking.

Axos operates 100% online. It offers customers a seamless banking experience free from queues, travel, and in-person interactions.

So if you’re wondering ‘is Axos bank legit?’ then rest assured. The online-only bank is one of many digital banking options. Axos is also FDIC insured.⁶

As an FDIC-insured bank, if you decide to go with one of the Axos Business accounts, your funds will be safe up to the value of $250,000 in the unlikely event that the bank fails.⁷

Does Axos have online banking?

Yes, every transaction you make through Axos will be processed online. As a digital bank, there’s a lot you can do with the click of a mouse, saving you a trip to a physical branch.

For example, Axos offers customers the option to send wire transfers online as well as peer-to-peer payments.⁸ This makes the process of managing your finances convenient. You can access your bank and funds wherever you are, so long as you have internet access.

These days, convenience is king for many, so having the option to take care of your funds with the click of a mouse is appealing to many business owners.

This is especially true for entrepreneurs who have business meetings all around the world and don’t have a lot of time to go to physical bank branches.

Does Axos integrate with QuickBooks?

Yes, Axos features QuickBooks integration, which is useful for customers looking to take care of their personal and business finances in easy-to-use software.⁹

QuickBooks is an accounting software suite that helps small businesses file taxes, track income and expenses, and more.

If you already use the software, then syncing your data up to your Axos Business account will be seamless.

QuickBooks is the only third-party software that the Axos Business account can be integrated with, though. If you don’t already use QuickBooks, then this may not be all that useful to you.

If integrations are important to you, then check out Wise Business - You can connect your Wise business account with Quickbooks, Xero, Stripe, Freeagent, and even integrate with our API.

Who is Axos Business Checking a good choice for?

The Axos Business Checking account can be a good choice for business owners looking for a convenient online-only bank account.

The Business Checking account is also suitable for eCommerce merchants.

Here’s a brief overview of some top features and who they might appeal to:

  • With the Celero merchant solutions, the Axos Business account offers versatile tools for business owners looking to open up an eCommerce store or streamline their existing process.

  • Due to the online-only nature of the bank, customers are free to access and manage their finances wherever they are. You can check in on your funds 24/7, so long as you have access to the internet. As such, you needn’t spend time waiting in lines at physical branches.

  • In addition to the website, Axos also has an app that customers can download to manage their finances from their mobile devices. This provides even more versatility to those who live busy lifestyles and have to travel the world for business regularly. It must be noted, however, that sending transfers abroad with Axos will cost $45 for international wires with a 1% foreign currency conversion rate.¹⁰

💡If you want to avoid hefty fees for international transactions, Wise Business is an alternative option. Business owners can get the mid-market rate and save money when paying employees and providers overseas.

Axos Business Checking alternatives compared

To see how the Axos Business Checking account fares against the competition, here’s a comparison of some online business accounts:

Axos Business Checking¹¹Wise Business BlueVine business checking¹³
Monthly fee$0$0$0
Opening deposit$1,000$0$0
International outgoing wire transfer fees$45 for international wires¹²$4.14 wire transfer feeNo option to send international wires
Welcome bonus$100 for customers who set up their business after June 1st 2020NoneNone
Online accessYesYesYes

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Sources:
  1. Basic Small Business Checking
  2. Business Interest Checking
  3. Axosbank Reviews
  4. Business Banking | Current Interest Rates for All Accounts
  5. Merchant Services | Credit Card & Ecommerce Processing
  6. About Axos Bank | Financial Services Company
  7. Deposit Insurance FAQs
  8. Online Banking Platform | Money Management Tools
  9. Basic Small Business Checking - QuickBooks
  10. Axos Bank - Wire fees
  11. Basic Small Business Checking
  12. Axos Bank - Wire fees
  13. Wire Payments – BlueVine Help Center

All sources checked 24 September 2021.


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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