Axos Basic Business Checking Account Review

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.

What We Like

  • Minimal fees
  • Unlimited domestic ATM fee reimbursements
  • Great online account management tools

Could Be Better

  • No branch access
  • Difficult to make cash deposits
  • High opening deposit requirement

The Blueprint Score

3.0
out of 5

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The Axos Basic Business Checking account has definite appeal to small business owners who are comfortable banking online and don't want to worry about monthly fees. However, as a wholly online bank, certain things, like cash deposits, could be more difficult to manage. Here's a closer look at everything this account has to offer so you can decide if it's right for your business.

At a glance: Axos Basic Business Checking

Minimum Opening Deposit

$1,000

Monthly Fee

$0

ATM Fee

$0, with unlimited domestic ATM fee reimbursements

Free Cash Deposits

Unlimited

Wire Transfer Fee

Incoming: $0

Outgoing: $7 for domestic online, $15 for domestic, and $50 for international

Overdraft Fee

$0, transfer from linked account

APY

None

Free Bill Pay

Yes

Signup Bonus

$100


Who is Axos Basic Business Checking for?

The Axos Bank 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 low monthly transaction volumes may be able to avoid fees entirely with this account, depending on how they like to move money around.


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

Though there is a minimum deposit requirement to open your account, you don't have to maintain this balance in order to avoid fees or account closure. 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 a modest number of free transactions per month. This includes debits, credits, and deposited items. The limit isn't quite as high as what you'd find with some other business checking accounts, but it should be enough for a small business that has a fairly low transaction volume.

5. First set of checks free

New Axos Basic Business Checking account customers receive their first set of 50 checks for free after they open their account. Subsequent check orders will cost you, though the price varies depending on which check design you choose.

6. QuickBooks compatibility

You can sync your Axos Basic Business Checking account information with your QuickBooks account. This saves you from having to manually enter all of your deposits and withdrawals into your accounting software.

7. User-friendly online and mobile banking tools

Axos Bank's Basic Business Checking account includes online account management tools as well as highly-rated mobile apps for Apple and Android devices. You can view your balance, transfer funds, pay bills, remotely deposit checks, and find the nearest surcharge-free ATM.

8. 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.

9. Welcome bonus

Business owners who incorporated their businesses after June 1, 2020, can claim a $100 welcome bonus if they open a new Axos Basic Business Checking account by March 31, 2021, and use the promo code NEWBIZ100. You must maintain a minimum daily balance of $2,500 or more for your first two months in order to claim the bonus.


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. Easily manage your account from anywhere

Thanks to its online band mobile tools and QuickBooks integration, it's easy to manage your business checking account funds from just about anywhere at any time. Its mobile apps have received high ratings from Apple and Android users, suggesting they're fairly intuitive for those who are comfortable using a smartphone or tablet.

3. 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.


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.


Alternative business checking account options from Axos

If you don't think the Axos Basic Business Checking account is the right fit for you, one of these other Axos business checking accounts may suit you better.

  • Axos Business Interest Checking: This business checking account lets you earn interest on your funds, but you must maintain a minimum balance if you want to avoid the monthly fee.
  • Axos Analyzed Business Checking: The Axos Analyzed Business Checking account is designed for larger businesses that need higher monthly transaction limits. You must contact Axos Bank by phone to set up one of these accounts.

Is the Axos Basic Business Checking account right for you?

The Axos Bank 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.


Frequently Asked Questions for Axos Basic Business Checking Account

Which ATMs can I use with my Axos Basic Business Checking account?

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.

Can I make cash deposits with the Axos Basic Business Checking account?

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.

How can I manage my Axos Basic Business Checking account?

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.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (A shares), Apple, Axos Financial, and Intuit. The Motley Fool has a disclosure policy.