Axos Bank Business Interest Checking review August 2019 |

Axos Bank Business Interest Checking account review

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Axos Bank Business Interest Checking
  • Free image statements
  • First set of 50 checks free
  • Unlimited domestic ATM fee reimbursements

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Compare accounts like Axos Bank Business Interest Checking.

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Earn 0.8% APY and manage your business’s funds online.

Axos Bank’s Business Interest account earns at a competitive rate for a checking product and is meant to help small business owners make the most of their money. But you’ll pay a $10 maintenance fee with a balance less than $5,000.

APY0.80% on balances of $0 to $4,999,999.99
Monthly 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
  • Cash by teller
  • Check by teller
  • Bank transfer
  • Cash by ATM
  • Check by ATM
  • Wire transfer
  • Mobile/remote check deposit
  • Direct deposit

What are the benefits of a checking account with Axos Bank?

Axos Bank was designed from the get-go to provide a seamless digital user experience. All checking accounts come with 24/7 remote deposit capabilities and automatic bill pay, either online or through the app.

The Business Interest Checking account is mid-tier when compared with Axos’ other commercial checking options and it is limited to 60 remote deposits per month. But here’s where it shines:

  • Competitive APY. Expect a return of 0.8% on your balance.
  • 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.

What should I look out for?

Consider the drawbacks of Axos before committing:

  • High minimum balance requirement. You’ll need to keep an average of $5,000 in the account to waive the $10 monthly maintenance fee.
  • Transaction limits. You’re allowed up to 50 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.
  • Cash deposits are inconvenient. If you need to deposit cash, you’ll have to send a wire transfer.

Axos Bank’s ATM network and fees

When you open a Business Interest Checking account with Axos bank, you’ll get a Visa card. Use it at any domestic ATM and Axos will refund 100% of the fees you incur.

Compare with other business checking accounts

Name Product APY ATMs Fee
16,000 Chase ATMs and nearly 5,000 branches
(can be waived)
If you’re new to Chase, get $200 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
0.61% on balances of $100,000 to $10,000,000
0.51% on balances of $50,000 to $99,999.99
0.41% on balances of $25,000 to $49,999.99
Over 80,000 fee-free ATMs
Account will boost your money’s productivity with a high yield, no monthly maintenance fee and the essential banking services your business needs.
0.80% on balances of $0 to $4,999,999.99
ATM fees reimbursed at any ATM nationwide
(can be waived)
Earn up to 0.80% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
ATM fees reimbursed at any ATM nationwide
No monthly maintenance fees, a low minimum deposit requirement and unlimited domestic ATM fee reimbursements.
Huntington Unlimited Business Checking
Huntington Unlimited Business Checking
Free at more than 1,800 ATMs across the Midwest
(can be waived)
Earn a $400 bonus when you open an Unlimited Business Checking account if you live in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania or West Virginia. Conditions apply.
Huntington Unlimited Plus Business Checking
Huntington Unlimited Plus Business Checking
Free at more than 1,800 ATMs across the Midwest
(can be waived)
Earn a $500 bonus when you open an Unlimited Plus Business Checking account if you live in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania or West Virginia. Conditions apply.

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How do I open a 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. Go to the Axos website and click Business in the top right.
  2. Hover over “Small Business Banking” and select Business interest checking.
  3. Choose Open an account.
  4. First, it’ll ask for your personal info like first and last name, email and phone number. Fill out the brief form and hit Start my application.
  5. On the official application page, the process consists of eight steps:
    • Account type
    • Eligibility
    • Disclosure
    • Applicant info
    • Beneficiary
    • Account funding
    • Review Info
    • Qualification
  6. After you submit the application for the Business Interest Checking account, Axos Bank will be in touch with next steps

How do I open a Business Interest Checking account?

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

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


  • 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

How do I deposit or withdraw my money?

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


  • Wire transaction. Send funds from a transferring institution, bank or broker.
  • Mail a check. Mail your check to:
    Axos Bank
    PO Box 509127
    San Diego, CA
  • 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.


  • 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 require a minimum balance, but you need to deposit $1,000 to get started.
  • 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.

Bottom line

Axos lets business owners grow cash with an APY that’s competitive for a checking account. But if your priorities differ, shop around to find a provider that better meets your needs

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