News

Axos business banking review: Free checking account with unlimited ATM fee refunds


Axos Bank has a business checking, savings, CD, and money market account.

Table of Contents: Masthead Sticky

The bottom line: Axos is a good bank for businesses overall. The Axos Bank Basic Business Checking Account is probably its strongest product, with 200 free monthly transactions and unlimited ATM fee refunds.

Overall bank rating

Feature
Insider rating (out of 5)

Business checking
4.25

Business savings
3.75

Business CD
3.5

Business money market account
3.75

Trustworthiness
5

Total
4.05

Pros and cons

Pros
Cons

$100 sign-up bonus if you incorporated your business after June 1, 2020
Free business checking account
Unlimited refunds on out-of-network ATM fees

No physical branch locations
Monthly service fees on savings and money market (unless you qualify to waive them)
No way to deposit cash

Business checking
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 up to 200 free transactions each month. Axos also refunds all out-of-network ATM fees.

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

Business savings
Axos Bank Business Savings Account

The Axos Bank Business Savings Account pays a good interest rate, although 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 $5 monthly service fee.

Business CD
Axos Bank Business Certificate of Deposit

The Axos Bank Business Certificate of Deposit pays decent interest rates, and it could be a good fit if you have $1,000 to open an account.

Business money market 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 $10 monthly fee.

How Axos business banking works

Axos Bank Basic Business Checking Account is an online bank with both business and personal banking products.

You may qualify for a $100 sign-up bonus if you incorporated your business after June 1, 2020, and use the code NEWBIZ100. This offer is available for the business checking, savings, and money market account, but you can only earn one bonus per business. Your average daily balance must be $2,500 or higher for two months after opening your business account to qualify for the bonus.

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 mobile app has 4.7 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.

Your business banking deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts.

Is Axos trustworthy?

Axos Bank Basic Business Checking Account doesn’t have any public controversies.

The Better Business Bureau gives Axos an …read more

Source:: Business Insider

      

(Visited 9 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *