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Axos Basic Business Checking Account Review

Review Updated
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The Axos Basic Business Checking account is an affordable and user-friendly option for startups and small businesses. As an online-only bank, it's able to offer perks, like ATM fee reimbursements, that you don't typically see with business checking accounts at brick-and-mortar banks. It also has far fewer fees than you typically see, which can help you hold onto more of your cash.

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Ratings Methodology
Rates as of Apr 25, 2024

Axos Basic Business Checking

Open Account for Axos Basic Business Checking
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Open Account for Axos Basic Business Checking
APY
0%
Min. To Earn APY
N/A
  • Welcome bonus
  • No minimum deposit
  • No monthly maintenance fee
  • Unlimited transactions
  • Free domestic incoming wires
  • Unlimited domestic ATM fee reimbursements

  • Clunky web interface and mobile app
  • No branch access; online only
  • Difficult to make cash deposits

The Axos Basic Business Checking account is an affordable and user-friendly option for startups and small businesses. As an online-only bank, it’s able to offer perks, like ATM fee reimbursements, that you don’t typically see with business checking accounts at brick-and-mortar banks. It also has far fewer fees than you typically see, which can help you hold onto more of your cash.

Use promo code NEW400 and apply by December 31st, to earn up to a $400 bonus!

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "NEW400," an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 12/31/2023 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Small Business Checking bonus up to $400: You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.

  • $75 will be earned for each statement cycle, up to $300 when you meet three requirements: 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
  • $100 will be earned for each statement cycle, up to $400 when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.

Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.

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Who is Axos Basic Business Checking for?

The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

Features of the Axos Basic Business Checking account

Here's a look at some of the key features of the Axos Basic Business Checking account.

1. No monthly fees

The Axos Basic Business Checking account is one of the few business checking accounts that doesn't charge a monthly maintenance fee at all. This is great news for business owners who worry about being able to waive the monthly maintenance fee most brick-and-mortar business checking accounts charge.

2. No minimum balance requirement

There is no minimum balance requirement or ongoing balance requirement you must meet to have one of these accounts. Many other business checking accounts do require you to keep a minimum amount in your account, so the Axos Basic Business Checking account holds a definite edge for those with small average daily balances.

3. Unlimited domestic ATM fee reimbursements

As with its personal checking accounts, the Axos Basic Business Checking account includes unlimited domestic ATM fee reimbursements, so you can use any ATM in the country. The bank does have a surcharge-free ATM network; if you use an ATM within this network, you won't pay a fee at all. Otherwise, the ATM owner may charge a fee, but Axos Bank will reimburse you for it at the end of the month.

4. Free monthly transactions

You're allowed an unlimited number of free transactions per month. This includes debits, credits, and deposited items. This makes the account suitable for businesses with small and large monthly transaction volumes.

5. Merchant services

Axos Basic Business Checking account customers can optionally enroll in merchant services the bank offers through a partnership with Celero. This includes shopping cart integration; POS systems to track time, inventory, and attendance; software to set up recurring billing; and of course, the ability to process credit and debit card sales. Those interested in this service must contact Axos for more information.

6. Payroll integration

This checking account integrates with Roll™ software by ADP®. It's a chat-based system that enables you to quickly give out raises and bonuses and take advantage of unlimited payroll and tax filing. Axos Basic Business Checking account customers get four months of this service free when they open their bank account.

7. Designated accessibility levels

If you want others in your company to be able to access your business checking account funds, you can set this up in your Axos online banking account. There are settings that enable you to control what each person can do, so if you don't want someone to be able to withdraw funds or you only want them to be able to withdraw up to a certain amount, you can specify this.

You must contact Axos Bank if you're interested in setting up individual account permissions.

8. Welcome bonus

Business owners who open a Basic Business Checking account can earn up to a $400 welcome bonus. This bonus is paid out in a series of four installments over the first five months after account opening. In order to claim it, business owners must:

  • Open a new Axos Basic Business Checking account by Dec. 31, 2023 with the promo code NEW400.
  • Maintain an average daily balance between $25,000 and $49,999.99 (for a $75 bonus per statement cycle, up to four) or $50,000 or more (for a $100 bonus per statement cycle).
  • Complete at least 10 point-of-sale transactions per month with your Small Business Checking Visa® Debit Card with a minimum of $3 per transaction.
  • Have bill pay set up and connected to your Basic Business Checking account (transaction minimum of $10).

Those who fulfill this criteria for the statement cycle and have their account in good standing will receive their incentive within 10 days of the end of the statement cycle. Also, the business owner must keep the account open for at least 150 days. Closing it sooner could result in an early closure fee of up to $400.

How to access your money with the Axos Basic Business Checking account

These are your choices for depositing and withdrawing funds from your Axos Basic Business Checking account.

Deposit options

You can deposit money into your Axos Basic Business Checking account using any of the following methods:

  • Wire transfer
  • Mailed checks
  • Mobile check deposit
  • Electronic transfer
  • ATM deposit at select ATMs

You can find your nearest Axos deposit-taking ATM by using the locator tool on the company's website or in its mobile app.

Withdrawal options

When you need to withdraw funds from your Axos Basic Business Checking account, these are your options:

  • Wire transfer
  • Electronic transfer
  • Writing a check
  • ATM withdrawal
  • Point-of-sale withdrawal

Advantages to using Axos for your business checking account

Axos Bank is a popular place to open a business bank account for several reasons.

1. Few fees

Axos doesn't try to nickel-and-dime you like some other banks. It avoids common fees like monthly maintenance and out-of-network ATM fees and it's transparent about the fees it does charge, so you shouldn't run into any surprises.

2. Variety of other business services

Axos Bank has a more robust line of business products than most other online banks. In addition to checking accounts, it also offers small business savings accounts and certificates of deposits (CDs) as well as accounts for larger businesses and business loans. If you'd like to manage all your business funds in one place, Axos Bank could be a good fit for you.

3. Useful integrations

The Axos Basic Business Checking account integrates with useful tools like merchant services and payroll software. This is yet another plus for those interested in doing all their banking business in one place.

Drawbacks of using Axos for your business checking account

While there are many benefits to doing your business banking with Axos, there are also a few drawbacks you'll need to factor in.

1. No physical branches

Most people are comfortable banking online these days, but some people still prefer to visit a branch for in-person support. This is especially true if your business handles a lot of cash. Axos doesn't have any physical locations, so this isn't an option if you choose this bank.

2. Not ideal for cash deposits

Though Axos Bank does have some deposit-taking ATMs in its network, you may have difficulty depositing cash payments if you don't live near one of these. If your customers frequently pay you in cash, you may be better off choosing a business checking account with a brick-and-mortar bank that has a branch near you.

3. Poorly rated mobile app

Both the Axos Bank Business iOS and Android apps have received poor ratings from users. The company also has numerous negative reviews regarding its online and mobile tools on Trustpilot. This could be problematic for those who often find themselves using online and mobile banking tools.

Is the Axos Basic Business Checking account right for you?

The Axos Basic Business Checking account is unique among business checking accounts in several ways, but whether that makes it a good choice for your business depends on your company's needs. Review the account's features above and compare them to some of our other top business checking accounts to decide which is best for you.

Keep reading about Axos Bank

Our checking account methodology

At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.

FAQs

  • You can use any ATMs you'd like, though if you choose one that's outside of Axos Bank's surcharge-free network, you will pay a fee, which Axos will later reimburse you for.

  • You can make cash deposits at select deposit-taking ATMs, though this may not be as convenient as working with a bank that has branches in your area.

  • You can pay bills, transfer funds, and deposit checks through your online or mobile account. You also receive a debit card you can use for accessing cash, and there's the option to write checks as well.

Our Banking Experts

Kailey Hagen
By: Kailey Hagen

Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

Ashley Maready
Check IconFact Checked Ashley Maready

Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.