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The Axos Basic Business Checking account is an affordable and user-friendly option for startups and small businesses. As an online-only bank, it's able to offer perks, like ATM fee reimbursements, that you don't typically see with business checking accounts at brick-and-mortar banks. It also has far fewer fees than you typically see, which can help you hold onto more of your cash.
Axos Basic Business Checking
The Axos Basic Business Checking account is an affordable and user-friendly option for startups and small businesses. As an online-only bank, it’s able to offer perks, like ATM fee reimbursements, that you don’t typically see with business checking accounts at brick-and-mortar banks. It also has far fewer fees than you typically see, which can help you hold onto more of your cash.
Use promo code NEW400 and apply by December 31st, to earn up to a $400 bonus!
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 12/31/2023 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.
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.
The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Here's a look at some of the key features of the Axos Basic Business Checking account.
The Axos Basic Business Checking account is one of the few business checking accounts that doesn't charge a monthly maintenance fee at all. This is great news for business owners who worry about being able to waive the monthly maintenance fee most brick-and-mortar business checking accounts charge.
There is no minimum balance requirement or ongoing balance requirement you must meet to have one of these accounts. Many other business checking accounts do require you to keep a minimum amount in your account, so the Axos Basic Business Checking account holds a definite edge for those with small average daily balances.
As with its personal checking accounts, the Axos Basic Business Checking account includes unlimited domestic ATM fee reimbursements, so you can use any ATM in the country. The bank does have a surcharge-free ATM network; if you use an ATM within this network, you won't pay a fee at all. Otherwise, the ATM owner may charge a fee, but Axos Bank will reimburse you for it at the end of the month.
You're allowed an unlimited number of free transactions per month. This includes debits, credits, and deposited items. This makes the account suitable for businesses with small and large monthly transaction volumes.
Axos Basic Business Checking account customers can optionally enroll in merchant services the bank offers through a partnership with Celero. This includes shopping cart integration; POS systems to track time, inventory, and attendance; software to set up recurring billing; and of course, the ability to process credit and debit card sales. Those interested in this service must contact Axos for more information.
This checking account integrates with Roll™ software by ADP®. It's a chat-based system that enables you to quickly give out raises and bonuses and take advantage of unlimited payroll and tax filing. Axos Basic Business Checking account customers get four months of this service free when they open their bank account.
If you want others in your company to be able to access your business checking account funds, you can set this up in your Axos online banking account. There are settings that enable you to control what each person can do, so if you don't want someone to be able to withdraw funds or you only want them to be able to withdraw up to a certain amount, you can specify this.
You must contact Axos Bank if you're interested in setting up individual account permissions.
Business owners who open a Basic Business Checking account can earn up to a $400 welcome bonus. This bonus is paid out in a series of four installments over the first five months after account opening. In order to claim it, business owners must:
Those who fulfill this criteria for the statement cycle and have their account in good standing will receive their incentive within 10 days of the end of the statement cycle. Also, the business owner must keep the account open for at least 150 days. Closing it sooner could result in an early closure fee of up to $400.
These are your choices for depositing and withdrawing funds from your Axos Basic Business Checking account.
You can deposit money into your Axos Basic Business Checking account using any of the following methods:
You can find your nearest Axos deposit-taking ATM by using the locator tool on the company's website or in its mobile app.
When you need to withdraw funds from your Axos Basic Business Checking account, these are your options:
Axos Bank is a popular place to open a business bank account for several reasons.
Axos doesn't try to nickel-and-dime you like some other banks. It avoids common fees like monthly maintenance and out-of-network ATM fees and it's transparent about the fees it does charge, so you shouldn't run into any surprises.
Axos Bank has a more robust line of business products than most other online banks. In addition to checking accounts, it also offers small business savings accounts and certificates of deposits (CDs) as well as accounts for larger businesses and business loans. If you'd like to manage all your business funds in one place, Axos Bank could be a good fit for you.
The Axos Basic Business Checking account integrates with useful tools like merchant services and payroll software. This is yet another plus for those interested in doing all their banking business in one place.
While there are many benefits to doing your business banking with Axos, there are also a few drawbacks you'll need to factor in.
Most people are comfortable banking online these days, but some people still prefer to visit a branch for in-person support. This is especially true if your business handles a lot of cash. Axos doesn't have any physical locations, so this isn't an option if you choose this bank.
Though Axos Bank does have some deposit-taking ATMs in its network, you may have difficulty depositing cash payments if you don't live near one of these. If your customers frequently pay you in cash, you may be better off choosing a business checking account with a brick-and-mortar bank that has a branch near you.
Both the Axos Bank Business iOS and Android apps have received poor ratings from users. The company also has numerous negative reviews regarding its online and mobile tools on Trustpilot. This could be problematic for those who often find themselves using online and mobile banking tools.
The Axos Basic Business Checking account is unique among business checking accounts in several ways, but whether that makes it a good choice for your business depends on your company's needs. Review the account's features above and compare them to some of our other top business checking accounts to decide which is best for you.
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
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You can use any ATMs you'd like, though if you choose one that's outside of Axos Bank's surcharge-free network, you will pay a fee, which Axos will later reimburse you for.
You can make cash deposits at select deposit-taking ATMs, though this may not be as convenient as working with a bank that has branches in your area.
You can pay bills, transfer funds, and deposit checks through your online or mobile account. You also receive a debit card you can use for accessing cash, and there's the option to write checks as well.
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