Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.
Thursday, October 6th
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.
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.
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.
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.
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.
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 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.
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:
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!
Select any 2 Business Bank Accounts to compare them head to head
Gov. Lamont meets with embattled bank's CEO: 'I will be holding M&T ...
Ned Lamont met Tuesday with the chief executive officer of M&T Bank, which is facing significant scrutiny from elected officials for customer-account issues and employee ... Paul Schott is a business ...
Wed, 05 Oct 2022