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finder.com’s rating: 4.5 / 5.0
★★★★★
Keep track of your small business’s finances for free with the basic Axos Business Checking option — but you’ll need $1,000 to get started.
$0 per month
Fee
N/A
APY
$1,000
Minimum deposit to open
APY | N/A |
---|---|
Fee | $0 per month |
Minimum deposit to open | $1,000 |
Intro or bonus offer | Input the code NEWBIZ100 and you will receive $100 when you open an account and maintain an average daily balance of at least $2,500 for the first two months |
ATMs | ATM fees reimbursed at any ATM nationwide |
ATM transaction fee | $0 |
ATM fee rebates | Unlimited domestic ATM fee reimbursements |
Nonsufficient funds fee | $25 |
Review by
Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked as a technical designer before opting for a career with unlimited travel time. She lives in Los Angeles. When her laptop's closed, you can find her wandering the streets looking for hole-in-the-wall eateries and daydreaming about her next great adventure.
Axos Bank’s Basic Business Checking account is best for small businesses looking to keep extraneous costs low. You won’t have to worry about a balance requirement or paying a monthly maintenance fee.
But if your business deals with cash deposits, you’ll have to use wire transfers instead.
If the this Axos Business Checking account seems like a good fit, sign up by filling out the application.
Opening a business checking account is more involved than setting up a personal one. Make sure you have the following ready:
You must be a US-based entity in order to qualify.
The other documentation you’ll need varies by business type and includes:
Business Type | Required documents |
---|---|
Sole proprietor | IRS SS-4 or 147 c letter |
General partnership |
|
Limited liability corporation (LLC) |
|
Limited partnership (LP)or limited liability partnership (LLC) |
|
For profit corporation |
|
Nonprofit corporation |
|
Axos Bank’s online setup helps keep overhead costs low and its fee structure minimal compared with competitors. You’ll have access to its digital infrastructure that allows you to deposit checks remotely, pay bills online and bank 24/7 from your computer or through the app.
Special features of Axos’ Business Checking account include:
Before opening an account with Axos, consider its potential pitfalls:
If you want an account with more deposit options or one that earns interest, you’ll want to keep looking. As always, compare your options when choosing a business checking account.
You’ll get a Visa debit card when you open a Basic Business Checking account and Axos Bank will refund 100% of domestic ATM fees you might incur.
There are a few ways to deposit or withdraw cash:
Before committing to Axos’ Business Checking account, compare its other options to make sure you’re not missing out on a better fit:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.