2021 Review – Forbes Advisor

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Open an Axos Bank basic business current account

For a limited time, get a bonus of $ 100 for opening a Basic Business Checking account. Use promotional code EARN100 on your request.

If you are looking for a new business checking account, you might want to consider Axos Bank. Full-service online banking has been around since 2000, although it has only been known by its current name since 2018. Axos Bank offers two professional checking accounts: Basic Business Control and Business Interest Control. Both accounts offer features that may appeal to small business owners.

This review explores corporate checking accounts and other professional accounts and services offered by Axos Bank to see how they stack up against other banks.

Annual Percentage Returns (APY) and account details are correct as of June 18, 2021.

Account Basics

There is no shortage of business banking products and services offered by Axos Bank. Here are the details of its current business accounts and other business products.

Core corporate control of Axos Bank

As the name suggests, Axos Bank’s main business current account is a basic, no-frills bank account. This checking account does not have a monthly maintenance fee or minimum balance requirement. In addition, your first set of 50 checks is free with Basic Business Checking.

Basic Business Checking comes with several features that small business owners may find attractive. Your first 200 transactions each month are free ($ 0.30 each thereafter). The checking account comes with a Visa debit card and unlimited domestic ATM fee refunds. And it’s compatible with QuickBooks for easy bookkeeping. Basic Business Checking customers also have access to dedicated banking relationship managers five days a week who can answer questions and meet all banking needs.

Control of Axos Bank’s commercial interests

Business Interest Checking is an interest-bearing current account available through Axos Bank. Clients received high yield interest rates with ladders of up to 0.81% APY, depending on the account balance. A minimum opening deposit of $ 100 is required to open a business interest verification account. In addition, you will need to maintain a minimum average daily balance of $ 5,000 to qualify for the monthly maintenance fee waiver of $ 10.

Business Interest Verification, like the Basic Business Checking Account, comes with unlimited national ATM fee refunds. Your first 50 transactions are free each month and $ 0.50 each thereafter. There is a limit of 60 transactions via the Remote Deposit Anywhere tool, a feature that allows you to deposit checks remotely via the Axos Bank mobile app. Business Interest Checking clients also have access to free image declarations.

Other Axos Bank banking products and services

In addition to its checking accounts, Axos Bank offers several other bank accounts to meet the needs of your business:

  • Premium Business Savings Account. This account currently earns 0.20% APY on balances of $ 25,000 or more. The account has no monthly maintenance fees, no average daily balance requirement fees, and free image statements. A minimum opening deposit of $ 25,000 is required to open a Business Premium Savings account.
  • Business savings account. For a savings account without the high deposit requirement of the Business Premium savings account, there is the business savings account. This savings account requires a minimum opening deposit of $ 1,000 and a minimum average daily balance of $ 2,500 to waive the monthly maintenance fee of $ 5. Business savings accounts currently earn 0.20% APY on all balances.
  • Business Money Market Account. This is an interest bearing account offering check writing privileges. The account is currently earning 0.20% APY on all balances. Opening a Business Money Market account requires a minimum deposit of $ 1,000. You must maintain a minimum average daily balance of $ 5,000 to waive the monthly maintenance fee of $ 10.
  • Company certificate of deposit (CD). Axos corporate CDs are available in eight terms, ranging from three months to five years. Axos Bank Business CDs earn up to 0.20% APY depending on the duration. Interest is compounded daily. Axos does not charge electronic transfers of interest earned on the account. Corporate CDs require a minimum deposit of $ 1,000 to open. Early withdrawal results in a significant penalty.
  • Certificate of Deposit Registration Service (CDARS). Commercial customers who wish to protect their larger deposits can register for CDARS through Axos Bank. This service allows you to access FDIC insurance on deposits up to $ 50 million through partner banks.

Distinctive features

Axos Bank helps small businesses by providing services to merchants through a partnership with Celero Merchant Solutions. For many small businesses, accepting payments from customers is a large part of day-to-day operations. With Axos Bank, your business can access point-of-sale terminals and equipment, ACH and billing solutions, as well as mobile and e-commerce solutions.

Another distinguishing feature of Axos Bank is its Workplace Banking program. Thanks to Axos Workplace Banking, companies can provide access to personal banking services to their employees. The program claims to offer low interest rates on loan products and low charges on bank accounts. Employees have access to unlimited refunds at national ATMs and financial literacy tools like videos, tutorials and more.

Access on the move

All Axos corporate bank accounts come with online account access to help you manage your business finances. Online access includes online bill payment and image statements for all business accounts.

You can also manage funds from almost anywhere in the world through the Axos Bank mobile app. The mobile app, available for iOS (4.7 out of 5 stars) and Android (4.1 out of 5 stars), lets you manage accounts, deposit checks, pay bills and more.

If you need to contact Axos Bank for further assistance, you can send a secure message to the bank through your online account. You can call one of the bank’s commercial relations officers at 844-678-2726 Monday through Friday from 6 a.m. to 6 p.m. PT. Professional customer support is also available by sending an email to [email protected]

Benefits

  • No monthly maintenance fees for basic business chequing accounts
  • First set of free checks
  • Unlimited national ATM fee refunds
  • QuickBooks compatibility

The inconvenients

  • Limits on free transactions
  • No physical location
  • Monthly account maintenance fees on their interest-bearing corporate current account

How does Axos bank compare

Axos Basic Business Checking is a first choice, especially if you are looking for a simple business current account. The account does not include some of the additional features offered by other banks, but it also does not come with a monthly maintenance fee.

Axos Bank does not have branches for local in-person banking services, but its online and mobile banking solutions can meet most business needs. If that’s not enough, business customers have free access to an extensive ATM network and unlimited domestic ATM fee refunds. Axos Bank’s other banking products offer enough variety to meet the additional needs of small business owners.

Axos Bank is one of Forbes Advisor’s best online banks. In addition to its business banking services, Axos Bank offers comprehensive personal banking services, including checks, savings, money market accounts and CDs. Axos also offers mortgages and a variety of loan products and solutions.

Open an Axos Bank basic business current account

For a limited time, get a bonus of $ 100 for opening a Basic Business Checking account. Use promotional code EARN100 on your request.

Frequently Asked Questions (FAQ)

Is Axos Bank FDIC insured?

Yes, Axos Bank is insured by the FDIC (FDIC # 35546). The FDIC insures your money up to $ 250,000 per depositor, for each category of property, in the event of bank failure.

Does Axos Bank have bank branches?

No, Axos Bank is an online bank only and does not have a physical location.

Does Axos Bank offer a company savings account?

Axos Bank offers two business savings accounts: Business Premium Savings and Business Savings. Online banking also offers corporate CDs and a money market account that earns interest.

Does Axos Bank offer small business loans?

Axos Bank currently only offers business and personal loan solutions.


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