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Axos Bank Business Interest Checking account review

Earn up to 1.01% APY and manage your business' funds online.

finder.com’s rating: 3.5 / 5.0

★★★★★

With Axos Bank‘s Business Interest account, you can earn up to 1.01% APY — a competitive rate for a business 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 1.01%

APY

$100

Minimum deposit to open

Details

APY1.01% on balances of $0 to $49,999.99
0.20% on balances of $50,000 to $249,999.99
0.10% on balances of $250,000 to $4,999,999.99
Fee$10 per month
To waive the feeMaintain a $5,000 minimum average daily balance
Minimum deposit to open$100
ATMsATM fees reimbursed at any ATM nationwide
ATM transaction fee$0
ATM fee rebatesUnlimited domestic ATM fee reimbursements
Nonsufficient funds fee$25
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Review by


Amy Stoltenberg is a staff writer at Finder. She manages Finder's newsletter, which is about all things personal finance, with a sparkling eye toward cryptocurrency and the exciting world of DeFi. When her laptop's closed, you can find her driving around Los Angeles, marveling at the palm trees. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.

Expert review

Axos Bank‘s Business Interest Checking account is best for businesses looking to earn a competitive rate. You can earn up to 1.01% APY, and the account offers unlimited ATM fee reimbursements. It’s also compatible with Quickbooks and 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 0.1% APY on your balance.

How do I open an Axos Bank Business Interest Checking account?

If you think Axos’s Business Interest Checking account matches your business’s needs, here’s how to sign up:

  1. Select Apply now.
  2. From the Axos website, click Business in the top right.
  3. Hover over Small Business Banking and select Business Interest Checking.
  4. Choose Open an Account.
  5. Enter your personal information, including your first and last name, email and phone number and click Start My Application.
  6. On the official application page, follow the prompts to fill out the required information in these eight sections:
    • Account type
    • Eligibility
    • Disclosure
    • Applicant info
    • Beneficiary
    • Account funding
    • Review Info
    • Qualification
  7. After you submit the application for the Business Interest Checking account, Axos Bank will be in touch with next steps.

Required information

You’ll need more than a few documents to open a Business Interest Checking account. Keep the following nearby:

  • Copies of all owner’s driving licenses
  • Owner’s Social Security numbers
  • Funding information for your new account, such as account number from another bank

Eligibility

You must be a US-based entity to qualify.

The other documentation you’ll need varies by business type:

Business TypeRequired documents
Sole proprietor
  • IRS SS-4 or 147 c Letter
General partnership
  • General partnership agreement
  • All amendments
Limited Liability Corporation (LLC)
  • Operating agreement
  • Articles of organization plus all amendments
Limited Partnership (LP)or Limited Liability Partnership (LLC)
  • LP or LLP agreement
  • All amendments
For profit corporation
  • Articles of incorporation
  • All amendments
Nonprofit corporation
  • Article of incorporation
  • All amendments
  • Letter from IRS of 501-c-3 status
  • Bylaws stating powers of the officers
  • Meeting minutes plus a list of current active officers

What are the benefits of the Axos Bank Business Interest Checking account

The Axos Bank 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:

  • Earns interest. Expect a competitive return of up to 1.01% APY, but only on balances below $49,999.99. For balances between $50,000 and $250,000, you’ll earn 0.2% APY. And for balances greater than $250,000, you’ll earn 0.1% APY.
  • Unlimited domestic ATM fee reimbursements. Withdraw cash without worrying about fees.
  • First set of 50 checks is free. Complimentary checks are a nice perk, at least for the first round.
  • Compatible with Quickbooks. Connect your accounts for budget planning and management.
  • Discounted merchant services. Axos customers get their first two months of Celero Merchant Services free and 15% off the purchase of a processing solution.
  • Enhanced Visa debit card perks. This account’s debit card gets extra benefits, including travel and trip insurance as well as purchase and return protection.

What should I look out for?

The Axos Bank Business Interest Checking account has these drawbacks to consider:

  • Minimum balance requirements. You’ll need to keep an average of $5,000 in the account to waive the $10 monthly maintenance fee. While this is typical for most business accounts, it’s something you’ll need to keep an eye on.
  • Transaction limits. You’re allowed up to 100 free transactions each month and can expect to pay $0.50 per transaction thereafter.
  • Limited in-person assistance. It only has six branch locations nationwide — all located in the southwest — so you’ll need to rely on online support if you can’t stop in.
  • Tiered interest rate. To earn the highest APY, you’ll need to keep $49,999 or less. Otherwise, you could earn as low as 0.10% APY depending on your balance.

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 Bank‘s ATM network and fees

Axos doesn’t have any in-network ATMs. Instead, it reimburses 100% of domestic ATM fees you incur while using your Axos Bank Business Interest Checking account debit card. And it partners with MoneyPass and AllPoint ATM networks to accept cash deposits.

Compare with other business checking accounts

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withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

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First Internet Bank Small Business Checking
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0.30% on balances of $10,000+
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Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
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No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Relay
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1.00% only with Lili Pro
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Chase Business Complete Banking℠
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(can be waived)
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over 16,000 in-network ATMs
$0
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Axos Bank Business Interest Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank Business Interest Checking
$10 per month
(can be waived)
1.01% on balances of $0 to $49,999.99
0.20% on balances of $50,000 to $249,999.99
0.10% on balances of $250,000 to $4,999,999.99
ATM fees reimbursed at any ATM nationwide
$100
Earn up to 1.01% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
$0
0.03% If you invest in money market funds
$0
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds.
Square
Finder Rating: 4 / 5: ★★★★★
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$0
0.50%
Anywhere Mastercard is accepted
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BankProv Small Business Checking
Finder Rating: 2 / 5: ★★★★★
BankProv Small Business Checking
From $0.01 to $99,999 account balances
N/A
Three branch locations in Massachusetts and four in New Hampshire. Plus, thousands of ATMs around the country through the SUM network
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Attractive option for businesses that value safety and hold a high account balance.
Novo
Finder Rating: 4 / 5: ★★★★★
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$0
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Axos Bank Basic Business Checking
Finder Rating: 4.5 / 5: ★★★★★
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How do I deposit or withdraw money from my Axos Bank Business Interest Checking account?

Here’s how to manage the flow of funds coming in and out of your Axos Bank Business Interest Checking account:

Deposit

  • Wire transaction. Send funds from a transferring institution, bank or broker.
  • Mail a check. Mail your check to:Axos BankPO Box 509127
    San Diego, CA
    92150-9127
  • Mobile app. Use Remote Deposit Anywhere to deposit a check by taking a picture with your smartphone. Note that you’re only allowed to do this 60 times per month.
  • Electronic transfer. Send money directly from another financial institution into your Axos account.
  • ATM cash deposit. You can deposit cash at any deposit-taking MoneyPass and Allpoint ATM.

Withdrawal

  • ATMs nationwide. All domestic ATM fees are automatically reimbursed.
  • Checks. You get 50 checks for free when you open an account, then can renew your order through Harland Clarke.

What other checking options does Axos Bank offer for businesses?

Axos Bank‘s Business Interest Checking account earns a high APY, but the stipulations and fees might prove too much for some. Alternatives include:

  • Basic business checking. Designed especially for small businesses, this one’s free to maintain and doesn’t have a minimum balance.
  • Analyzed business checking. Get an ECR — or Earnings Credit Rate — instead of an APY. There’s a $15 monthly maintenance fee that you can’t waive. Requires an initial deposit of $100.

Frequently asked questions

Does the Axos Business Interest Checking Account have tiered interest?
No. You’ll earn a flat 1.01% APY on your total account balance.

Who do I contact if I have questions about the Axos Business Interest Checking account?
You can chat with a customer service representative by calling 844-678-2726 weekdays from 6 a.m. to 6 p.m. PT.

How much does it cost to replace my Axos Business Interest Checking account debit card?
If your card is lost or stolen, you can get a replacement for free. But it’ll cost $50 to have it rush delivered.

Checking account ratings

★★★★★ — 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.

Read the full methodology of how we rate checking accounts.

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