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Finding the right business checking account can be challenging. While you may be tempted to go through the bank or credit union that you do your personal banking with, branching out and comparing other options can help you score some excellent features.

Axos Bank offers three great examples in its Basic Business Checking, Business Interest Checking and Analyzed Business Checking accounts. Here's what you need to know about each business bank account and how to determine which is the best for you.

Axos Basic Business Checking Account

  • N/A APY
  • $0 Monthly
    Maintenance Fee
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Axos Business Interest Checking

  • Up to 1.01% APY
  • $10 with options to waive Monthly
    Maintenance Fee
Open Account

at Axos

Business Bank Account Bonuses: Up to $400 Promo

You shouldn't decide which account to choose solely because of its bonus, but it can be the cherry on top if the account has a lot of great features. With the Basic Business Checking and Business Interest Checking accounts, you can earn a welcome bonus worth up to $400. Here's how the Axos business checking bonus works.

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Basic Business Checking Bonus

One way to be eligible for the bonus is to open a Basic Business Checking by account by June 30, 2024, and use the promotional code NEW400.

Eligible account holders can earn up to $400 during the first five statement cycles: $75 for each statement cycle during which the average daily balance in your account is between $25,000 and $49,999.99, or $100 for each statement cycle which the average daily balance is $50,000 or more. A maximum of four payouts can be earned during the five statement cycles.*

In both cases, you'll also need to complete 10 point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases (minimum $3/transaction), and have bill pay set up and connected to your business checking account to be eligible for the bonus.

Business Interest Checking Bonus

Those hoping to earn interest on their deposits may want to consider Axos Bank's Business Interest Checking account. Luckily, this account offers an identical welcome bonus to the Basic Business Checking Account. To be eligible for the bonus, you need to open a Business Interest Checking account by June 30, 2024, and use the promotional code NEW400.

Eligible account holders can earn up to $400 during the first five statement cycles: $75 for each statement cycle during which the average daily balance in your account is between $25,000 and $49,999.99, or $100 for each statement cycle which the average daily balance is $50,000 or more. A maximum of four payouts can be earned during the five statement cycles.*

Once again, you'll also need to complete 10 point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases (minimum $3/transaction), and have bill pay set up and connected to your business checking account to be eligible for the bonus.

*Disclosure

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "NEW400," an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 6/30/2024 at 11:59 pm PT. Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Small Business Checking bonus up to $400: You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.

  • $75 will be earned for each statement cycle, up to $300 when you meet three requirements: 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
  • $100 will be earned for each statement cycle, up to $400 when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.

Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.

Axos Bank Business Checking Accounts

Axos Bank offers three business checking accounts, each with a different set of features and fees. Here's what you need to know about each one before you apply.

Axos Basic Business Checking Account

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  • Our Rating 4/5 How our ratings work
  • APYN/A
  • Minimum
    Deposit Required
    N/A
  • Intro Bonus Up to $400Expires June 30, 2024 More Info

    Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.

Axos Basic Business Checking is a good fit for new businesses or those that don’t generate a lot of sales (yet). It offers a sign-up bonus worth up to $400, which is relatively competitive, has no monthly fees, and unlimited domestic ATM fee reimbursements. However, Axos is an online-only bank, so it’s not a good option if your business handles cash regularly.

Overview

With Axos Bank’s Basic Business Checking Account, you don’t have to worry about monthly maintenance fees, minimum balances or a minimum opening deposit. Add on a sign-up bonus worth up to $100, and it’s easy to recommend this account to newly incorporated small businesses, or those who want to try out Axos Bank.

Pros

  • No monthly maintenance fee
  • Unlimited domestic ATM fee reimbursements
  • No minimum deposit required to open an account
  • 2 free domestic wire transfers each month

Cons

  • Account does not earn interest
  • No physical branch locations

If your small business is new or doesn't generate a lot of sales yet, the Basic Business Checking account may be right for you. There is no monthly maintenance fee like there is with many business bank accounts. The account offers unlimited domestic ATM fee reimbursements if you venture outside of the bank's ATM network — though the network includes roughly 91,000 machines throughout the country. There's also no minimum balance requirement, and no minimum deposit required to open an account.

When you first sign up, you'll get four months of free access to ADP payroll services. You also receive two free domestic wires each month. If you're looking for a small-business checking account with no monthly fee, this one stands out compared to most alternatives.

Axos Business Interest Checking

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  • Our Rating 4/5 How our ratings work
  • APYUp to 1.01% More Info

    Customers earn 1.01% APY on balances between $0 and $49,999.99; balances between $50,000 and $249,999.99 earn 0.20% APY; balances of $250,000 or more earn 0.10% APY.

  • Minimum
    Deposit Required
    $100
  • Intro Bonus Up to $400Expires June 30, 2024 More Info

    Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.

Axos Business Interest Checking is our favorite small business checking account for newly incorporated businesses. We’ve seen them offer up to 1.01% APY on your funds, which is great for a checking account, typically has a solid sign-up bonus, 100 free monthly transactions, and it’s relatively simple to waive the $10 monthly maintenance fee. But keep in mind Axos is an online bank, so cash-heavy businesses are not a good fit.

Overview

Axos Bank’s Business Interest Checking Account is a great option for newly incorporated businesses eager to earn interest on deposits. It offers up to 1.01% interest, as well as a sign-up bonus worth up to $400.

Pros

  • Earn interest on deposits
  • Monthly maintenance fee can be waived
  • Unlimited reimbursements from any domestic ATM

Cons

  • APY decreases with higher balances
  • Limited fee-free transactions every month
  • Monthly maintenance fee

Another business checking account from Axos Bank, Business Interest Checking offers an impressive annual percentage yield (APY) of up to 1.01% on your deposits. Here's how the tiers work based on your balance amount:

  • 1.01% if your balance is between $0 and $49,999.99.
  • 0.20% if your balance is between $50,000 and $249,999.99.
  • 0.10% if your balance is $250,000 or more.

The account's monthly maintenance fee is $10, but you can get it waived if your average daily balance is at least $5,000.

Like the Basic Business Checking account, this one gives you unlimited domestic ATM fee reimbursements, giving business owners a lot of flexibility to access their cash. Accountholders also receive four months of free ADP payroll services.

But while this account charges a monthly fee that can be waived, it only offers 100 fee-free transactions every month. After that, you'll pay $0.50 per item. The minimum deposit to open an account is $100.

Other Axos Bank Business Products and Services

In addition to three checking accounts, other Axos business banking products including:

Axos Business Savings Account

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Axos Business Savings doesn't have the strongest APY, but the low monthly maintenance fee of $5 (with an option to waive) and breadth of other financial products do a lot to make up for this. The $1,000 minimum opening deposit can be a barrier for newer businesses, however, and Axos is a digital bank, so it’s not the best option if you deal with cash regularly.

Overview

Axos Bank’s basic Business Savings account offers 0.20% APY on all balances, which isn’t especially strong. Plus, customers must maintain a minimum account balance of $2,500 or more to avoid paying a monthly maintenance fee. On the other hand, this account offers some nice perks like free remote deposits and image statements.

Pros

  • Free remote deposits and free image statements
  • Daily compounding interest
  • Access to the Axos mobile app

Cons

  • APY is not competitive
  • Minimum deposit required to open account
  • Monthly maintenance fee for lower account balances
  • No physical branch locations

Unlike many banks that offer business products, Axos doesn't offer small-business credit cards. That said, you can get the following financing options:

  • Commercial line of credit
  • Commercial term loan
  • Equipment financing
  • Commercial real estate bridge and construction loans
  • Small balance commercial real estate lending
  • Residential warehouse lending
  • Lender finance

Depending on what type of financing you need to grow your business, Axos Bank may be able to offer some options to help. Before you apply, though, make sure you compare other lenders and loan offers.

And if you need a business credit card for your everyday business operations, there are plenty of cards you can choose from. Many of them offer big sign-up bonuses and high rewards rates, and some will even give you an introductory 0% APR promotion on new purchases, which can be handy if your cash flow is irregular.

Should You Get an Axos Business Checking Account?

Axos Bank offers some impressive checking accounts. If you want to avoid ATM fees, earn interest or get access to premium merchant services, there's an option for you with Axos.

It is worth noting that Axos is an online-only bank, which means there aren't any brick-and-mortar locations for actual in-person services.

But if you're a banking customer who doesn't need physical branches, an online-only bank like Axos can suit all your needs. And as of March 2022, Axos customers can make cash deposits via MoneyPass and AllPoint ATMs, a major standout feature among online banks.

While it's possible to get an account with no monthly maintenance fee and two of the bank's business checking accounts reimburse domestic ATM fees, the bank does charge an overdraft fee. That's a standard fee among many banks and credit unions, but there are some business bank accounts that don't charge it.

Before you apply for a small-business checking account, take some time to compare it to others that are available. Some other online options include Bank Novo, NBKC Bank and BlueVine. All of these online banks offer excellent business banking products with no monthly maintenance fee.

If you're looking for a small-business checking account from a traditional bank, U.S. Bank offers an account with no monthly fee.

The Bottom Line

If you're thinking about getting a bank account for your small business, there are several options to choose from. Axos Bank can be a solid choice for internet-based businesses that don't do any cash transactions. But it won't be a good option if your company handles cash frequently.

Among the three business checking accounts available, business owners should consider what their needs are and how much they're willing to pay. Even with the Business Interest Checking account offering a way to get the monthly fee waived, maintaining that high of a balance can be a big ask for many small business owners.

If you want to try out Axos Bank, you can open a Basic Business Checking account and get the bonus while you get a feel of whether it's right for you. Just remember that there's an early closure fee if you close within 180 days, so it's a good idea to take your time to determine whether it's the right small business banking service for you.

BL

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.