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★★★★★
With Axos Bank’s Business Interest account, you can earn up to 0.81% APY — a competitive rate for a checking product. But you’ll pay a $10 maintenance fee with a balance less than $5,000 and you’ll only earn the highest APY if you keep $49,999 or less in your account.
$10 per month
Fee
Up to 0.81%
APY
$100
Minimum deposit to open
APY | 0.81% on balances of $0 to $49,999.99 0.50% on balances of $50,000 to $249,999.99 0.20% on balances of $250,000 to $4,999,999.99 |
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Fee | $10 per month |
To waive the fee | Maintain a $5,000 minimum average daily balance |
Minimum deposit to open | $100 |
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 Business Interest Checking account is best for businesses looking to earn a competitive rate. You can earn up to 0.81% APY and the account offers unlimited ATM fee reimbursements and it’s compatible with Quickbooks. It’s a mid-tier compared with Axos’ other commercial checking options, and it has a limit of 60 remote deposits a month.
But to avoid the $10 monthly maintenance fee you’ll need to keep a minimum of $5,000 in the account. And the rates on the account are tiered. So you’ll need to keep $49,999 or less in your account to earn the highest APY. Otherwise, you could earn as low as 0.20% APY on your balance.
If you think Axos’s Business Interest Checking account matches your business’s needs, here’s how to sign up:
You’ll need more than a few documents to open a Business Interest Checking account. Keep the following nearby:
The other documentation you’ll need varies by business type:
Business Type | Required documents |
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Sole proprietor |
|
General partnership |
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Limited Liability Corporation (LLC) |
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Limited Partnership (LP)or Limited Liability Partnership (LLC) |
|
For profit corporation |
|
Nonprofit corporation |
|
The Axos Business Interest Checking account comes with standard features like 24/7 remote deposit capabilities and automatic bill pay, either online or through the app. But here’s where it really shines:
The Axos Business Interest Checking account has these drawbacks to consider:
If you want a checking account with a lower minimum requirement, you’ll want to keep looking. As always compare your options when choosing a business checking account.
Axos doesn’t have any in-network ATMs. Instead, it reimburses 100% of domestic ATM fees you incur while using your Axos Business Interest Checking account debit card.
Here’s how to manage the flow of funds coming in and out of your Business Interest Checking account:
Axos Bank’s Business Interest Checking account earns a high APY, but the stipulations and fees might prove too much for some. Alternatives include:
★★★★★ — 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.