Monday, December 2nd
2024 Business Bank Account Reviews
Axos
- Full panorama of business banking services, including checking, savings, merchant services, payroll services, treasury management, and SBA loans
- No initial deposit or minimum balance requirements
- No monthly maintenance fees
- Free domestic incoming wires
- Unlimited transactions
- Unlimited domestic ATM fee reimbursements
- $400 welcome bonus on business checking
- "A+” rated and accredited by the BBB
- In business since 2000
Axos Bank first opened for business on July 4, 2000 (on a national holiday?) as an online-only bank providing consumers and businesses with the banking products they need. Axos is FDIC-insured, with headquarters in San Diego and offices in Las Vegas and Ohio.
Not very transparent
Axos is a little clunky when it comes to telling small business owners what services they offer in a way that's easy to gather info and compare options at a glance. You'll have to click on the links for each type of service you need, for everything from Basic Business Checking or Business Premium Savings, to Merchant Services, Payroll Services, and Treasury Management. And, even then, the details aren't exactly abundant: there's a push to either jump in and sign up, or request a callback "to inquire about details”. Why not just make those details available on the website, like every other business banking platform out there?
Basic checking, savings, and business-related services
Here are some of the bits and pieces that Axos does put upfront:
- Basic Business Checking: unlimited domestic ATM fee reimbursements, free incoming wires (domestic and international) and two reimbursed outgoing wires per month, no initial deposit or minimum balance requirements, no monthly maintenance fees, unlimited transactions, integration with QuickBooks
- Business Premium Savings: 4.01% APY (as of the date of this review), integration with QuickBooks, free incoming wires and no monthly maintenance fees, no minimum to open or daily balance requirements
- Merchant Services: payment processing through Celero, including shopping cart integration, POS systems, recurring billing software
- Payroll Services: provided as Roll by ADP (and get the first 4 months for free as an Axos customer)
There may be sign-up bonuses
We found a couple of promotions in place when we visited Axos recently. Those included a bonus of up to $375 when opening a new Business Premium Savings account, and a $400 welcome bonus when opening a new Business Checking account.
Missing some key features
But, beyond that, Axos really doesn't go very far to sell you on their business banking. And, from what we could see (or, rather, what we didn't see...), this platform is missing a lot of the bells and whistles we like. There's no apparent way to have multiple "buckets” - so if you want one place to keep operational expenses and another to keep tax payments in reserve, there doesn't seem to be an easy set-up for that with Axos. We also didn't see anything mentioning integrations with some of the most obvious services, like Stripe, PayPal, or really anything beyond QuickBooks and the handful of partner services for payroll and merchant-based transactions.
Mixed feedback with the BBB
And reputation? We're happy to report that Axos Bank has an "A+” rating and accreditation from the Better Business Bureau, with just 16 complaints filed over the last year. That's a sign that this bank's reps are doing a better-than-average job of responding to those issues as they arise. But, aside from the complaints, over 100 people came to the BBB to leave a review, and those average a dismal 1.07 out of 5 stars (almost every single person came to leave the lowest-possible rating). Clients complained about promotions that weren't honored (like that sign-up bonus), overseas call centers that aren't empowered to resolve (or even investigate) problems, 5-day holds on all mobile check deposits, lack of connection with common services like Venmo and PayPal, and the list goes on and on.
Mostly negative reviews
Feedback elsewhere is exactly the same. Axos has an average of 1.8 stars across 200 reviews on Trustpilot, 2 out of 5 on Yelp, and a declining rating average on several well-known financial websites. Those reviews expand on what we mentioned earlier, describing nightmarish experiences with accounts being frozen and getting no help from Axos' customer support, a barely-functional mobile app, you get the idea.
Not a good choice for business banking
For an "online only” bank, you would think that Axos would have fewer issues than some of the big financial institutions with both brick-and-mortar and digital banking platforms. Nope. We hoped to see improvements in this business banking service since our previous evaluation, but unfortunately Axos only seems to have gotten worse. It continues to earn our lowest-possible rating.
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The 10 Best Business Bank Accounts
Where Should You Open a Business Bank Account?
Running a business means keeping your finances in order, and the right bank can help you do just that. But with so many options available, it can be tough to know where to start. When you're ready to open a business bank account, you'll want to consider a few key factors to make sure you're choosing the right one for your needs.
First, think about your business' cash flow. You need easy access to your money so you can cover expenses, pay employees, and handle daily operations without a hitch. A bank with fast and hassle-free deposits and withdrawals is essential. If you ever find yourself struggling to pay vendors or make payroll because of banking delays, it could harm your business in the long run. Picking a bank that works smoothly with your financial schedule is crucial.
Business Bank Account FAQ
Continued from above...
Next, be mindful of the fees associated with business accounts. Banks often charge for everything from ATM use to wire transfers, and these fees can add up quickly. Some banks may also charge monthly maintenance fees or penalties if your account balance dips below a certain threshold. Before opening an account, take a close look at these costs and decide if they're worth it for your business. The goal is to avoid paying for services you don't need, while making sure the services you do need are affordable.
Another important factor is how the bank integrates with your business' accounting systems. Does the bank support connections with your accounting software or allow your accountant to access the account? This can save time and simplify your financial management. Some banks also let you set up permissions for other team members, so they can help manage payments or reconcile transactions. These tools can make day-to-day operations much easier and more efficient.
Got all that? Good. Now you're ready to take a look at some of today's most popular options for business banking, not just big-name financial institutions with both brick-and-mortar and digital services, but also online-only fintech platforms that often have the bells-and-whistles missing from "brand-name” financial institutions. Here's a helpful checklist to help you to compare and decide:
- In-person vs. online. Do you need the reassurance of having a physical branch nearby to do your business banking? Or are you comfortable with going fully digital? There are pros and cons to both. You may need a business bank with a brick-and-mortar option if you're going to make lots of cash deposits every month.
- Features. What are the absolute must-haves for your business banking? For some, that's the ability to have sub-accounts for easy cash flow management. For others, it's having access to a wide network of ATMS. And don't forget about integration with any software you might already be using (like QuickBooks). It's okay if you don't have that worked out yet, but keep in mind that big banks tend to offer fewer features focused on small businesses.
- Fees and limits. Be very aware of what your business banking will cost, both from month-to-month and for the types of transactions you'll be making most often. Pay attention to minimum deposit/balance requirements, limits on wire transfers (inbound/outbound), transaction limits, and so on.
- Reputation. See what the Better Business Bureau has to say about the bank, but also what business owners like you have reported. Has the banking experience made life easier to run their company or has it been a hassle?
The experts at Top Consumer Reviews have researched and ranked many of the most popular options for business banking today. This information can help you keep some of the most important factors in mind, so that you can choose an institution that helps you manage your finances effectively and supports your company's success.
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