Axos Business Banking Review 2023

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Axos Bank: Overall Rating

Axos Bank Pros and Cons

About Axos Business Banking

Axos Bank is an online financial institution with both business and personal banking products.

To speak to a customer service representative, you can call Axos 24/7. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.

The bank's business mobile app has 1.5 out of 5 stars in the Apple store, and 2.2 out of 5 stars in the Google Play store.

Your business banking deposits are FDIC-insured. Axos Bank is also part of the IntraFi Network, which is a program that offers additional FDIC insurance protection for balances over the standard $250,000 limit. Your money is spread across nearly 3,000 other participating banks that are also FDIC-insured. FDIC coverage is expanded up to $175 million with Axos Bank Insured Cash Sweep through IntraFi Network Deposits.

Is Axos Trustworthy?

Axos Bank doesn't have any public controversies.

The Better Business Bureau gives Axos an A+ rating. A good BBB grade indicates that a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

A strong BBB score doesn't guarantee you'll have a strong relationship with a bank, though. You may want to read online customer reviews or ask other business owners about their experiences with Axos Bank.

Axos Business Bank Account Reviews

Axos Bank Basic Business Checking Account

The Axos Bank Basic Business Checking Account is on our list of the best free business checking accounts. There are no monthly service fees, and you can make unlimited free transactions each month. Axos also refunds all out-of-network ATM fees.

Axos also has a high-yield business checking account called Axos Business Interest Checking - Product Name Only. It might be the better fit if you need to make fewer monthly transactions and if you qualify to waive the monthly fee.

Axos also offers one of the best bank account bonuses for business checking accounts. Eligible customers can a cash bonus of Axos Business Interest Checking - Ongoing Bonus. To qualify, use the promo code "NEWBPS," and fund an Axos business checking account in the first 60 days. If you maintain an average daily balance of between $5,000 and $9,999.99, $25 will be earned for each statement cycle. Meanwhile, if you keep an average daily balance is a minimum of $10,000 or greater, $50 will be earned for each statement cycle. A maximum of four payouts can be earned during five statement cycles.  Note: You may use the promotional code "NEWBPS" when applying for the Axos Bank Basic Business Checking Account or Axos Business Interest Checking Account. You can only earn one checking account bonus with Axos per year.

Axos Bank Business Savings Account

The Axos Bank Business Savings Account pays a low interest rate, and you may find higher rates with other online institutions. You may like this account if you can maintain an average daily balance of $2,500, because then you'll waive the Axos Bank Business Savings Account - Fees Display.

Axos Business CD

The Axos Bank Business Certificate of Deposit pays low interest rates, but it could be a decent option if you have Axos Bank Business Certificate of Deposit to open an account.

Axos Bank Business Money Market Account

The Axos Bank Business Money Market Account includes paper checks and a debit card, making it easy to access your company's savings if necessary. You might like the account if you can keep a $5,000 balance to waive the Axos Bank Business Money Market Account - Fees Display, though.

How Axos Bank Compares

Axos Bank vs. Bluevine

Bluevine only offers a checking account, so you may prefer Axos for more types of business accounts.

You might like Bluevine if you would like to earn a competitive interest rate of BlueVine Business Checking Account - APY APY on checking account for balances up to $250,000.

Bluevine Business Checking Review

Axos Bank vs. NBKC Bank

NBKC and Axos Bank both offer solid options on multiple business banking accounts, so your decision between the two may rest on what you prioritize more.

NBKC Business Checking Account - Brand Name doesn't have monthly service fees or minimum deposits on its accounts; you'll also have a Debit MasterCard included on either account. NBKC also offers a better interest rate than Axos Bank on its savings and money market accounts. 

The Axos Bank Basic Business Checking Account - Product Name Only provides unlimited ATM fee refunds, though. In comparison, NBKC only reimburses $12 per month. Axos Bank also has a bonus of Axos Bank Basic Business Checking Account - Ongoing Bonus for qualifying business owners.

NBKC Business Banking Review

Why You Should Trust Us: How We Reviewed Axos Business Banking

For our Axos business banking review, we used our bank account methodology and our certificate of deposit methodology. We rate each account on a scale from 0 to 5.

We evaluate ethics, mobile apps, and customer service for every type of account. Other factors we consider depend on which type of account we're reviewing. For example, we look at early withdrawal penalties for CDs, and whether you have easy access to money through a debit card or checks for money market accounts.

For business checking accounts, we consider many of the same factors we would for personal checking accounts, such as minimum opening deposits and monthly fees. But we also look at things that are specific to business accounts, such as monthly transaction limits.