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Axos Bank Business Interest Checking account review

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

finder.com’s rating: 3.5 / 5.0

★★★★★

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.

$10 per month

Monthly fee

0.80%

APY

$100

Minimum deposit to open

Details

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

Expert review

Amy Stoltenberg

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 designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.

Expert review

Axos Bank’s Business Interest Checking account is best for businesses looking to earn interest. 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.

What are the benefits of the Axos Business Interest Checking account

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:

  • Earns interest. Although it earns interest, expect a low return of 0.8% 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.

What should I look out for?

The Axos 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 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.

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 Business Interest Checking account debit card.

Compare with other business checking accounts

Data indicated here is updated regularly
Name Product Monthly fee Minimum deposit to open ATMs
Novo
$0
$50
Novo doesn't charge ATM fees and will reimburse any non-network fees you incur
A low-fee online checking account designed for small businesses and startups, but you won’t be able to deposit cash. Get $25 when you sign up. Conditions apply.
Chase Total Business Checking
$15 per month
$0
16,000 Chase ATMs and nearly 4,900 branches
If you’re new to Chase Total Business Checking®, get $300 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
Axos Bank Basic Business Checking
$0
$1,000
ATM fees reimbursed at any ATM nationwide
No monthly maintenance fees, a low minimum deposit requirement and unlimited domestic ATM fee reimbursements.
Radius Bank Tailored Checking
$10 per month
$100
More than 20,000 ATMs + unlimited ATM surcharge rebates
with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.
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Compare up to 4 providers

How do I open an Axos 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. Enter your personal information, including your first and last name, email and phone number and click Start My Application.
  5. 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
  6. 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

How do I deposit or withdraw money from my Axos Business Interest Checking account?

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

Deposit

  • 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
    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.

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 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.

Frequently asked questions

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Read the full methodology of how we rate checking accounts.

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