Axos Business Banking Review 2024

Axos Bank Review image - 4/5

We are always looking for the best banks for startups, which is why we try to review all the options we can find. In this Axos bank review, we will look at the pros and cons of using Axos as your banking solution for your small business. 

There are multiple things we like about Axos, and there are only a few downsides to using it. Whether it’s the right startup banking solution for your business needs will depend on your own preferences and goals. 

Axos Bank Eligibility Requirements

Axos is much like other banking institutions when it comes to eligibility. You need to prove your identity, the identity of your business, and so on. That means giving Axos copies of your identifying information, such as the Articles of Organization for your LLC. What documents you need to provide depends on the structure of your business. 

Beyond the standard identification and vetting process, Axos does require some minimum deposits and/or minimum balances to qualify for certain accounts and interest rates. However, the basic business checking account doesn’t require any minimum deposit or minimum balance. 

  • Must be 18 years old or older
  • Documents specific to business type (i.e. IRS SS-4 or 147 c letter for sole proprietorships)
  • Valid government-issued ID

Getting a business checking account with Axos is fairly easy as long as you have your business entity documentation available. There are special account requirements for some of the special account options Axios offers, but for the basic free business checking all you need is to prove your identity and that you operate a registered business.

Pros and Cons of Axos Bank

Pros of Axos Bank

  • Impressive checking interest rates (1.01% currently)
  • Free checking and free savings
  • ATM fee reimbursements (domestic)
  • Can deposit cash at ATMs

Cons of Axos Bank

  • No physical branches
  • Limited to two outgoing domestic wire transfers per month for free
  • Low APY for savings accounts with a balance below $25,000

Axos Bank Pricing and Features

Axos business checking is a strong contender among online-only banking options. It offers options, including free business checking and interest-bearing checking accounts. If you are fine doing without brick-and-mortar banking locations, Axos could be a good fit for your business. 

Axos’ business banking options are mostly free, so the pricing is highly competitive. One of the big benefits of using Axos is that you don’t have to pay any fees to have a business checking account. The business interest checking does require an average daily balance of at least $5,000 to waive the $10 monthly fee, though.

Rewards and Benefits

  • Unlimited domestic ATM fee reimbursements
  • Up to 60 items per month for Remote Deposit Anywhere
  • Two reimbursed domestic wire fees per month
  • Cash deposits via MoneyPass and AllPoint networks
  • First set of 50 checks free
  • New Business Owner Bonus — if you filed after June 1, 2020, they´ll add $200 to your new business bank account. Just use promo code NEWBIZ200 on your application.* Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.

Interest Rates

  • Interest checking accounts:
    • $0–$49,999.99: 1.01%
    • $50,000–$249,999.99: 0.20%
    • $250,000+: 0.10%


  • Monthly Fee: $10 per month with a balance below $5,000
  • Transaction Fee: Up to 100 free items per month, then $0.50 per item thereafter

Axos offers two different types of accounts that will likely appeal to different business needs. Free business checking is a great option for those who need to save money on their banking, with no fees and free transitions. Interest checking is designed for those who have extra cash and want to leave it in their checking account to draw interest. If either of these sounds like a good choice for your business, Axos might be the perfect banking option for you.

Customer Reviews

Some customers report no troubles with their Axos accounts, while others complain that it’s difficult to get help and their money can get “stuck” and become difficult or impossible to access for a period of time. It seems like most customers have a good experience with Axos, but there are some that wish they had chosen a bank with more options to get help. 

Here are some verified customer reviews from Trustpilot by people who use Axos’ bank platform: 

Look. It’s a mobile bank with no place to talk to bankers in person. It’s a little annoying to not be able to deposit cash but that rarely ever happens to me. I’ve been with Axos for a little under a year with zero problems. All my information is processed correctly with easy-to-navigate online platforms. Also, their high yield savings is the reason I have an account with them.”

“Terrible online bank. Blocked my debit card without notifying me, every request or transaction requires you to submit a ‘secure message’ which takes days to be responded to, absolutely zero personal touch. Left listening to hold music for well over an hour. Will be closing out my account asap.”

How does Axos Bank Compare?

There are so many business banking options to choose from. Let’s see how Axos compares to another popular online banking choice – Lili. 

Axos Bank

Free basic business checking or $10/month interest checking with a balance below $5,000

Free (or virtually free) and tailor-made to help freelancers manage their money. 

Visit Website


No fees, unlimited free transactions

Free (or virtually free) and tailor-made to help freelancers manage their money. 

Visit Website

Final Thoughts on Axos Bank

Axos is a solid choice for online business banking. As long as you don’t mind not having bank branches to visit, you can get a good deal on your business checking account by using Axos’ free option. That, or you can keep more cash in an interest business checking account and earn interest. 

Axos gives you the choice to minimize your banking costs or to invest in a business checking solution that generates interest. If either of these sounds attractive, we encourage you to check out Axos Bank and try out an account. 

Frequently Asked Questions

Is Axos a real bank?

Yes, Axos is a real bank. It was founded in 2000 under the name Bank of Internet USA but was rebranded as Axos in 2018. 

What is the minimum balance for Axos Bank?

There is no minimum balance for a free business checking account. For the interest business checking account, you must maintain a minimum balance of $5,000 or pay a monthly fee of $10. 

Is Axos Bank a US bank?

Yes. Axos is headquartered in San Diego, California.