Axos Bank
$0/mo
- Deposits held by
- Axos itself (bank)
- Free cash deposits /mo
- Not published at source
- Entities accepted
- Sole prop, LLC, corporation
- Branches
- Not published at source
- To open
- None (Basic), $100 (Interest)
- Monthly fee
- $0/moFree outright
Axos Bank
Axos Bank is a US chartered digital bank offering small business checking online, with a free account and an interest-bearing account whose monthly fee is waived above a published balance.
Best for
US small businesses that want a free checking account at a chartered bank, or interest on a modest checking balance, and do not need to deposit cash.
- Rate on your money
- 1.01% under $50K (Interest Checking)
- Cash deposits
- Not published at source
- FDIC coverage
- $250,000 direct, $265M via sweep
- EIN required
- Yes, plus SSN for sole props
How Axos Bank compares
All prices in USDPrices checked
Side-by-side with the closest alternatives by monthly fee.
Each account's published monthly fee, and the plan that fee belongs to. Where a fee can be waived, the condition is stated rather than applied. Interest is shown as the rate each account publishes, with its conditions, and never as a forecast of what you would earn.
Mercury
$0/mo
- Deposits held by
- Fintech; Choice Financial and Column N.A.
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Not published at source
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Relay
$0/mo
- Deposits held by
- Fintech; Thread Bank
- Free cash deposits /mo
- $2,000/day (ATM), $5,000/mo (retail)
- Entities accepted
- LLC, corp, partnership, sole prop, non-profit
- Branches
- No, Allpoint in network
- To open
- Not published at source
- Monthly fee
- $0/moFree outright
Novo
$0/mo
- Deposits held by
- Fintech; Middlesex Federal Savings
- Free cash deposits /mo
- Not applicable
- Entities accepted
- Sole prop, LLC, corp, partnership, non-profit
- Branches
- No
- To open
- None
- Monthly fee
- $0/moFree outright
Strengths and trade-offs
Pros
- A chartered bank holding deposits directly, rather than a partner arrangement
- Basic Business Checking has no monthly fee, no opening deposit and no minimum balance
- Unlimited domestic ATM fee reimbursements on both checking accounts
- Free incoming wires, domestic and international
- Business Interest Checking pays interest on the checking balance itself
- Full schedule of fees published in its deposit agreement
Cons
- No cash deposit route, allowance or fee is published for business checking
- The interest rate falls sharply above the first balance band and applies to the whole balance
- Business Interest Checking charges per item above a monthly allowance
- Outgoing wires are charged, beyond two reimbursed domestic wires a month on Basic
- Applicants must be US residents with a physical US address and a Social Security number
About Axos Bank
Axos Bank is a chartered bank and holds deposits itself, insured under a single FDIC certificate across all of its brands. It runs small business banking online and through a mobile app, with an optional deposit sweep for cover above the statutory limit.
It sells two small business checking accounts. Basic Business Checking carries no monthly fee, no opening deposit and no minimum balance, and includes unlimited transaction processing. Business Interest Checking pays interest on the checking balance and charges a monthly fee unless the average daily balance stays above a published threshold. Its rate is set by balance band and applies to the whole balance, and the first band pays the most, so a balance just over the first threshold earns less in total than one just under it.
Both accounts reimburse domestic ATM operator fees without limit, and incoming wires are free. What Axos does not publish is how a business deposits cash: its deposit agreement mentions branch and ATM deposit cutoffs, but no cash route, allowance or fee is described for business checking.
We may earn a commission when you click through to a provider. Any offer shown is the provider’s own, and we check each one before it appears. Neither ever affects ranking or data shown. Read our terms.
Work at Axos Bank? Request a correction
Compare Axos Bank
Compare Axos Bank against every other US provider on price, contract terms, and features.