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Axos Review

Thursday, October 6th

2022 Business Bank Account Reviews

Axos Review 1 Star Rating


1 Star Rating
  • Personal and business checking accounts
  • Savings accounts
  • Investing
  • Commercial banking and lending
  • Personal loans
  • Auto loans
  • Mortgages
  • Member FDIC
  • Equal Housing Lender

Axos is an online-only bank that has been in business since 2000 and was founded with the goal of moving away from traditional banking by improving digital banking. They have over $15 billion in assets and services oriented toward individuals and businesses to help them plan, bank, borrow, and invest conveniently and with various customizations.

A Mixture of Fees

Only the Basic Small Business Checking account has no initial deposit requirement and no minimum balance requirement. No monthly maintenance fees are available for the Basic Small Business Checking and Business Premium Savings accounts. Unlimited domestic ATM fee reimbursements are available for the Basic Small Business Checking and Business Interest Checking accounts. All other accounts include some mixture of a minimum opening deposit and minimum balance. Some have a threshold minimum balance before monthly maintenance fees go to $0. Be sure when choosing a business checking or saving account type that you know what the fees will be for various conditions.

ATM Availability

Axos supports MoneyPass® and AllPoint ATM networks for withdrawals and Green Dot Network®. It was difficult to see the distribution of ATMs across the United States. The interactive map for the ATM locator on their website would only show ATMs for specific locations either selected directly from the map or via entering an address, city, or zip code. Perhaps that is by design to keep competitors from making comparisons, but it's inconvenient for potential business customers with multiple locations who need to know at a glance where ATMs are located nationwide.

Interest-bearing Checking

Looking to grow your business's cash reserves by earning interest on money that isn't needed for operations immediately? Axos Business Interest Checking has 1.01% APY interest. The other small business savings and money market accounts all offer 0.20% APY interest. You can also put money into business certificates of deposit (CDs) with flexible terms ranging from 3 months to 5 years. However, the CD rates are below average for an online bank.

QuickBooks and Accountants

Both the Basic Small Business and Business Interest checking accounts include compatibility with QuickBooks. None of the accounts have the ability to add a third-party accountant as a user with access to see your statements and transactions.

Transfers and Bill Pay

We looked all over the Axos website but didn't find any mention of how transfer and bill pay transactions might work specifically for businesses, separately from personal banking. It may be that they are one and the same. This is a shortcoming of the Axos website: it doesn't have a comprehensive online help system to refer to for basic information. You have to call the number and wait to talk to a customer service representative to get confirmation on various questions not answered in the FAQs scattered throughout the site.

Best Business Bank Accounts

Multiple Accounts Are Not Available

None of the business accounts or personal accounts at Axos offer the ability to have more than one account or sub-account per each main account.

FDIC Status

Axos, like all FDIC-insured bank accounts, protects you up to $250,000 should the banking system fail. If you need added safety and security for your account funds, you can sign up for InsureGuard+ Savings. InsureGuard+ gives you multi-million-dollar FDIC insurance protection on all savings cash balances across multiple accounts and multiple banks.

Checking and Deposit Limitations

Axos provides the first set of 50 checks free. After that, you must pay for new checks to be printed and sent to you. You can have up to 60 items per month for Remote Deposit Anywhere. You also get two domestic wire fees reimbursed per month.

Customer Experience

Axos has an "A+" accredited rating with the Better Business Bureau. There are several customer complaints, all of which have responses. However, the majority of the responses noted are simply instructions to refer to an attached letter and too many of the customer responses are that the resolution was unsatisfactory or the customer didn't respond back. Axos had an overwhelmingly large amount of bad reviews elsewhere on the internet.

Customers who like Axos said they knew they were getting an online-only bank and their expectations were managed along those lines. They said they had little to no problems with simple banking tasks.

Customers who do not like Axos say they had problems with the approval process, locked accounts, fine print "tricks" regarding interest rates, system errors on signup, missing funds, week-long delays to process deposited checks, blocked debit cards without notification, bad customer support, and much, much more.

Not Worth the Effort as a Business Bank

With all the alternatives available, we can find no good reason to select Axos as your business bank. Online-only banking can work just fine, but this bank hasn't gone to the lengths needed to make the service suitable for most business owners. We think you shouldn't waste your time here, and instead choose one of the higher-rated business bank accounts.

The 10 Best Business Bank Accounts

Where Should You Open a Business Bank Account?

The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?

Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.

The Best Business Bank Accounts Compare Business Bank Accounts Compare Business Bank Account Reviews What are the best Business Bank Accounts Best Business Bank Account Reviews

Business Bank Account FAQ

A business bank account has more features than a typical personal banking account. For example, business accounts might have overdraft protection. They also might have fewer fees and interest-bearing options to help your money grow while stored in the account. A growing number of business checking accounts have integrations with popular eCommerce, payment, and accounting systems.
That depends on the bank. Larger banks with greater longevity typically have minimum daily balance requirements. Smaller banks that are trying to gain a foothold in the banking industry will entice new customers by offering a zero minimum balance requirement. While you'll never be able to completely avoid minimum daily balance requirements at all banks, the trend with newer banks is towards eliminating them in favor of the banking customer.
You can usually find an interactive, searchable map of ATMs near you on each bank's website. Most banks have an association with networks of ATM providers. MoneyPass®, AllPoint, and Green Dot Network® are examples of such networks. By pooling ATM resources in those networks, banks avoid having to build and operate their own ATMs, thus saving themselves and their customers on fees they would otherwise have to charge and pay, respectively. Some banks cover fees even for non-network ATMs.
There are banks that require up to $1,000 as an initial deposit to open a bank account. There are other banks that have lower initial deposit amounts. There are a few that offer a zero initial deposit to open an account and no monthly fees. Yet others offer zero initial deposit but charge a monthly maintenance or subscription fee.
Software and services like QuickBooks, Shopify, PayPal, Stripe, Square, Venmo, and others have proliferated since the beginning of eCommerce in the late 1990s and early 2000s. In the past 10 years, banks have increased their support for third-party financial software. Today it is more likely than not that you can connect your bank account to QuickBooks to import and reconcile bank statements and to direct funds from PayPal, Venmo, and Stripe directly to your checking or savings account. Newer and more innovative banks are beginning to provide integration with cryptocurrencies and the blockchain.
If your bank does not provide the ability to add users to your account, you're stuck sending a copy of your bank statement to your accountant. Or you can share your login credentials with your accountant, which is not recommended. Another option that some banks provide is adding team members. Unfortunately, most of the time those team members have the same ability to move funds that you do, so you're advised to keep a sharp eye on your balances. A few banks have introduced features that allow you to restrict users to specific roles and abilities, or to limit how much money they can handle.
A debit card looks like a credit card and is used similarly to a credit card at a point of sale terminal at a store or via an online eCommerce checkout form. But instead of borrowing money, it allows you to spend money directly from your business bank account. It's important to be careful with a debit card because you don't want to withdraw more money than you have in the account. You also don't want to use a debit card to spend money faster than you bring money in.
ACH stands for Automated Clearing House. Banks belong to networks of money transfer computer systems built for the purpose of coordinating electronic payments and automating money transfers. Typically the money going through the ACH system is handled in batches, which is why it can take between 1-7 days for money to arrive in the destination account. Whenever you transfer money from your bank account to another vendor (say, your accountant or a supplier), you're sending it through the Automated Clearing House system.
Compare the Best Reviews

Continued from above...

When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.

We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:

  • Fees. What fees will you be charged for using ATMs, depositing or withdrawing cash, sending wire transfers either domestically or internationally, or from bank to bank? Fees are too often overlooked by consumers of banking services but those fees can quickly add up. It's important to read all the fine print and make calculations as to how much money, on average, you need to have in your account to avoid fees.
  • ATMs. For some businesses, having easy access to no-fee ATMs is critical, especially if you're buying goods or paying employees or vendors regularly in paper money. Being able to deposit cash is another task some businesses cannot do without.
  • Integration with accounting or accountants. Banks that provide connections to popular accounting software or payment systems have an edge over banks that don't. The same goes for banks that allow you to add team members such as accountants, bookkeepers, or other similar roles to your bank accounts. Delegating financial tasks can create a measurable difference in productivity.
  • Ease of transfers to personal accounts. Transferring money between financial institutions, to other businesses, or even to yourself should not be a chore. And it should happen as fast as possible. Some banks take up to a week or more to complete funds transfers. The best banks complete them either instantly or within 1-3 business days.
  • Bill pay. If you don't pay your bills, you can't stay in business. Having to remember to pay them on a specific schedule can be tedious and is prone to error. Instead of putting payment schedules on a calendar, expect your bank to make it easy to pay your bills online on a recurring basis. That way you can focus on what your business was made for: serving customers.
  • Ability to have multiple accounts under one. Savvy financial planners advise individuals and businesses to set aside cash reserves for taxes, bills, payroll, expenses, and other purposes that are easy to forget but essential to financial success. There is a growing number of banks who recognize the value of this and provide subaccounts or "envelopes" for storing money for a rainy day.
  • Minimum deposit required. Startups are usually low on money at the beginning. They can't afford to have too much money exit their cash flow. So having to deposit a minimum amount to start a business checking account can be a problem. Fortunately, there are banks that don't require a minimum deposit to start an account.
  • FDIC insured. To avoid another Great Depression-era financial disaster, the Federal Deposit Insurance Corporation (FDIC) ensures that if there's ever a massive failure of the banking system, you'll be able to obtain at least $250,000 of what was lost. Every bank we reviewed is FDIC insured. Very few banks are not, if any.
  • Limits to the number of monthly transactions. Let's say your business has a really successful quarter, but as a result the number and amounts of banking transactions begins to exceed your bank's imposed limits. Do you really want to be blocked or pay a lot of money to your bank for the privilege of being their customer? In our review, we included banks with low or no monthly transaction limits or costs.

TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!

The Best Reviews of Business Bank Accounts