Navigating the landscape of business checking accounts can be a daunting task. While the convenience of utilizing the same institution for personal and business banking may seem appealing, exploring alternative options can unveil a wealth of exceptional features.

Axos Bank presents three compelling solutions in the form of its Basic Business Checking, Business Interest Checking, and Analyzed Business Checking accounts. Let’s delve into the details of each offering and assist you in determining the most suitable option for your unique requirements.

Business Bank Account Bonuses: Potential $400 Incentive

While the bonus shouldn’t singularly dictate your decision, it undoubtedly serves as a noteworthy perk if complemented by a host of other beneficial features. With both the Basic Business Checking and Business Interest Checking accounts, an enticing welcome bonus of up to $400 awaits. Here’s a breakdown of how the Axos business checking bonus scheme operates.

1. Basic Business Checking Bonus

To qualify for the bonus, one avenue entails opening a Basic Business Checking account by June 30, 2024, and employing the promotional code NEW400.

Eligible account holders stand to earn up to $400 across the initial five statement cycles: $75 for each cycle during which the average daily balance ranges from $25,000 to $49,999.99, or $100 for each cycle where the average daily balance exceeds $50,000. A maximum of four payouts can be accrued throughout these five statement cycles.

In addition, completing a minimum of 10 point-of-sale transactions monthly using your Small Business Checking Visa® Debit Card for signature-based purchases (minimum $3 per transaction), and ensuring bill pay is established and linked to your business checking account, are prerequisites for bonus eligibility.

2. Business Interest Checking Bonus

For those seeking interest-bearing deposits, Axos Bank’s Business Interest Checking account presents an enticing opportunity. Mirroring the bonus structure of the Basic Business Checking Account, this account also extends a welcome bonus of up to $400. To qualify for the bonus, open a Business Interest Checking account by June 30, 2024, and apply the promotional code NEW400.

Eligible account holders can earn up to $400 during the initial five statement cycles, following the same criteria as outlined for the Basic Business Checking Account.

Once again, ensuring the completion of a minimum of 10 point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases (minimum $3 per transaction), and establishing bill pay linked to your business checking account, are essential for bonus qualification.

Axos Bank Business Checking Accounts

Axos Bank presents a trio of business checking account options, each tailored to meet diverse needs while offering distinct features and fee structures. Delve into the specifics of each account before making your decision.

1. Axos Basic Business Checking Account

• Our Score: 4/5

• APY: Not Applicable

• Minimum Deposit Requirement: None

• Introductory Bonus: Up to $400, Expires June 30, 2024 (Enter promo code NEW400 when applying for a business checking account by June 30, maintain a minimum average daily balance of $50,000, and reap rewards.)

• Insight: Simplify your business banking with Axos Bank’s Basic Business Checking Account, free from concerns of monthly maintenance fees, minimum balances, or initial deposit requirements. Coupled with a potential sign-up bonus of up to $100, this account is a compelling choice for newly established small businesses or those considering Axos Bank.

Benefits:

• Absence of monthly maintenance fee

• Unlimited domestic ATM fee reimbursements

• No minimum deposit requirement

• Two free domestic wire transfers monthly

Drawbacks:

• Account does not accrue interest

• Lack of physical branch locations

For burgeoning businesses or those with modest revenue streams, the Basic Business Checking account offers a fitting solution. Unlike many counterparts, it doesn’t burden you with a monthly maintenance fee. Furthermore, it grants unlimited domestic ATM fee reimbursements, extending its convenience beyond Axos Bank’s extensive ATM network of approximately 91,000 machines nationwide. The absence of minimum balance prerequisites and initial deposit requirements further sweetens the deal.

Upon enrollment, enjoy four months of complimentary access to ADP payroll services, in addition to the two free domestic wire transfers per month. In the realm of small-business checking accounts devoid of monthly fees, this option shines brightly amidst its peers.

2. Axos Business Interest Checking

• Our Score: 4/5

• APY: Up to 1.01% (Earn a 1.01% annual percentage yield on balances ranging from $0 to $49,999.99; balances between $50,000 and $249,999.99 receive a 0.20% APY; account balances of $250,000 or greater earn a 0.10% APY.)

• Minimum Deposit Requirement: $100

• Introductory Bonus: Up to $400, Expires June 30, 2024 (Opening a business checking account by June 30 and applying promo code NEW400 on your application while maintaining a minimum average daily balance of $50,000 grants up to $400.)

• Insight: Axos Bank provides an appealing Business Interest Checking account designed for newly formed businesses looking to grow their funds through interest-earning deposits. A standout feature is the ability to earn up to a 1.01% annual percentage yield, coupled with an enticing sign-up bonus potentially worth $400.

Benefits:

• Interest accrues on deposited funds

• Option to waive monthly maintenance fee  

• Unlimited reimbursements for domestic ATM fees

Drawbacks:

• Interest rate decreases for higher balance tiers

• Limited number of fee-free monthly transactions

• Monthly maintenance fee applies unless waived

The Business Interest Checking account from Axos Bank presents a viable option for businesses to generate returns on their deposits through a tiered interest rate structure based on account balances:

• 1.01% APY on balances from $0 to $49,999.99.

• 0.20% APY on balances from $50,000 to $249,999.99.

• 0.10% APY on balances of $250,000 and above.

A $10 monthly maintenance fee is associated with this account, though it can be waived if the average daily balance equals or exceeds $5,000.

Mirroring the benefits of their Basic Business Checking account, this interest-bearing option provides unlimited reimbursements for fees incurred from using domestic ATMs, affording business owners substantial flexibility in accessing their funds. Furthermore, account holders receive four months of complimentary ADP payroll services.

While the account does carry a monthly maintenance fee with a potential waiver, it limits fee-free transactions to 100 per month. Any transactions exceeding this threshold will incur a $0.50 charge per item. Opening a new Axos Bank Business Interest Checking account requires a minimum opening deposit of $100.

Additional Business Banking Solutions from Axos Bank

Beyond the three checking account options, Axos Bank offers a range of other business banking products and services, including:

Axos Business Savings Account

• Our Score: 3/5

• APY: 0.20%

• Minimum Deposit Requirement: $1,000

• Introductory Bonus: None

• Insight: The Axos Bank Business Savings account delivers a 0.20% annual percentage yield (APY) on all balance levels. However, this rate is not particularly competitive compared to other offerings in the market. Additionally, account holders must maintain a minimum balance of $2,500 or higher to avoid incurring a monthly maintenance fee. On the positive side, this account provides complementary features such as remote deposit capabilities and electronic statement delivery.

Benefits:

• Complimentary remote deposit services

• Electronic statements provided at no charge

• Interest compounded daily

• Access to the Axos mobile app

Drawbacks:

• Non-competitive APY

• Minimum deposit requirement for account activation

• Monthly maintenance fee applies to lower account balances

• Absence of physical branch locations

In contrast to numerous banks catering to business needs, Axos stands out by not providing small-business credit cards. However, it presents a range of financing alternatives, including:

• Commercial Line of Credit: A flexible funding solution that allows businesses to access a predetermined sum of capital as needed, replenishing the available funds as repayments are made.

• Commercial Term Loan: A more structured approach, wherein a lump sum is disbursed to the borrower, to be repaid over a specified duration with predetermined installments.

• Equipment Financing: A specialized loan facility designed to assist businesses in acquiring essential machinery, tools, or vehicles crucial for their operations.

• Commercial Real Estate Bridge and Construction Loans: Tailored financing options to facilitate the acquisition, development, or renovation of commercial properties.

• Small Balance Commercial Real Estate Lending: A niche offering catering to the financing needs of smaller-scale commercial real estate endeavors.

• Residential Warehouse Lending: A specialized financing solution for entities engaged in the acquisition and subsequent resale of residential properties.

• Lender Finance: A financing avenue designed to support lending institutions in their own lending activities.

Axos Bank can potentially offer viable solutions tailored to your business growth requirements. Nevertheless, it’s prudent to conduct a thorough comparison of various lenders and their loan offerings before proceeding with an application.

For everyday business operations requiring a business credit card, numerous options are available. Many of these cards come with attractive sign-up bonuses and generous rewards programs. Additionally, some offer introductory 0% APR promotions on new purchases, which can be advantageous especially if your business experiences fluctuations in cash flow.

Considering an Axos Business Checking Account?

Axos Bank presents an array of compelling checking account options. Whether you aim to steer clear of ATM fees, accrue interest, or secure access to premium merchant services, Axos has a solution tailored to your needs.

One notable aspect of Axos is its status as an online-only bank, meaning there are no physical branch locations for in-person transactions. However, for individuals who prioritize digital banking and don’t require brick-and-mortar services, Axos proves to be a seamless fit. Notably, as of March 2022, Axos customers can conveniently make cash deposits through MoneyPass and AllPoint ATMs, distinguishing it significantly from other online banking platforms.

While some of Axos’s business checking accounts waive monthly maintenance fees and reimburse domestic ATM charges, it’s essential to recognize that the bank does impose an overdraft fee. Although this fee aligns with industry standards observed by many financial institutions, there are alternative business banking solutions that omit this charge.

Before committing to an Axos business checking account, it’s prudent to conduct a thorough comparison with other available options. Several online alternatives, such as Bank Novo, NBKC Bank, and BlueVine, offer competitive business banking products devoid of monthly maintenance fees.

For those preferring the offerings of traditional banks, U.S. Bank provides a small-business checking account with no monthly fee, presenting another viable option for consideration.