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Axos Business Online Banking Review

Bob Phillips Bob Phillips Last update:

Headquartered in San Diego, CA, Axos Bank, formerly Bank of Internet USA, was founded in 1999 (Bank of Internet USA formally rebranded itself as Axos Bank in 2018). Though Axos has five branch offices scattered throughout the Western and Midwest United States, it is primarily regarded as an online bank. It provides both personal and business banking services.

Axos’ main selling point is that it’s been a leader in technology-driven finance since 2000. This does make it stand out among its competitors and has allowed it to make some high-profile business loans over the years.

Axos Bank’s online banking services are robust and include multiple types of business checking and savings accounts, which can be accessed through their mobile app or online.

 

Business Bank Account Types Checking /Savings/ Money Market Deposit Account (MMDA)
Minimum Deposit $0
Minimum Balance $0
APY Checking (Annual Percentage Yield) 1.01%
APY Savings (Annual Percentage Yield) 0.20%
ATM Network Unlimited
Features, Benefits, & Rewards No fees, competitive interest rates, no rewards programs
Overdraft Fees None
Maintenance Fee None
Other Fees None

 

Best For

Axos is a suitable choice for small-medium size businesses that are comfortable doing their banking online. In addition to business checking and savings accounts, business account holders can open personal bank accounts and have all of their online banking needs met by one bank.

Pros & Cons

Pros

  • Multiple checking & savings account types
  • No fees

ATM charges reimbursed

Cons

  • Only five branch offices nationwide
  • No weekend customer support
  • Live chat feature for support uses a bot

Account Types

Basic Business Checking

Designed for small businesses with moderate account activity. No monthly maintenance fees and no minimum deposit required to open an account. Does not pay interest on the account balance.

Account Type Key Features
Basic Business Checking
  • No fees
  • No overdraft charges
  • $0 to open an account

Business Interest Checking

Checking alternative for growing businesses with cash reserves. No monthly maintenance fees when the business maintains an average daily balance of $5,000 or more. Competitive APY benefits businesses that are interested in growing their reserve funds.

Account Type Key Features
Business Interest Checking
  • 1.01% APY
  • No overdraft charges
  • No minimum balance required

Business Premium Savings

Designed for small businesses with moderate account activity. No monthly maintenance fees.

Account Type Key Features
Business Premium Savings
  • 0.20% APY
  • $25,000 initial deposit required
  • No maintenance fees

Business Savings

Designed for growing businesses with cash reserves. No monthly maintenance fee when an average daily balance of at least $2,500 is maintained.

Account Type Key Features
Business Savings
  • 0.20% APY
  • $1,000 initial deposit required
  • No maintenance fees if the average daily balance requirement met

Non-Profit Money Market

Designed for non-profit organizations or religious groups. Funds can grow quickly with cost-saving Treasury Management tools while maintaining check-writing privileges.

Account Type Key Features
Non-Profit Money Market
  • 0.20% APY
  • $1,000 minimum opening deposit
  • Dedicated relationship manager

APYs

Account Type APY
Basic Business Checking None
Business Interest Checking 1.01%
Business Premium Savings 0.20%
Business Savings 0.20%
Non-Profit Money Market 0.20%

Opening an Account With Axos

The process for opening an account with Axos is simple and straightforward. The additional documentation required will depend on the applicant’s type of business entity (sole proprietorship, partnership, S-Corporation, etc.).

Steps:

  • Screen 1: Name/Contact Information
  • Screen 2: Business Entity Type
  • Screen 3: Application: Account Selection
  • Screen 4: Application: Signature

State Availability

An Axos Bank account is available to residents of all 50 states and the District of Columbia.

Customer Support

Axos offers customer support via telephone, email, and live chat. We used the chat feature to inquire about their customer support hours and found that they use a third-party chat service that uses artificial intelligence (AI) to answer questions. Unfortunately, the chatbot was unable to answer our customer support question.

We found Axos’ telephone system voice prompts easy to use and were promptly placed in a queue to speak with a live representative. In addition, they offer a ‘call back’ option to avoid having callers wait on hold for an extended period.

Online reviews of Axos customer support are mostly favorable. Axos has an A+ rating with the Better Business Bureau (BBB).

Phone Support Monday: 6 am to 6 pm Pacific

Tuesday: 6 am to 6 pm Pacific

Wednesday: 6 am to 6 pm Pacific

Thursday: 6 am to 6 pm Pacific

Friday: 6 am to 6 pm Pacific

Saturday: Closed

Sunday: Closed

Email Support Yes: businessbanking@axos.com
Live Chat Yes
Social Media Facebook: https://www.facebook.com/AxosBank/

Instagram: https://www.instagram.com/axosbank/

Twitter: https://twitter.com/axosbank

YouTube: https://www.youtube.com/axosbank

LinkedIn: https://www.linkedin.com/company/axosbank/

Headquarters 4350 La Jolla Village Dr.

Suite 140

San Diego, CA 92122

In Conclusion

Axos Bank has a long track record of providing online banking services. They have a very good reputation and appear to have evolved with the industry as it has matured over the past twenty years. No significant drawbacks in doing business with Axos are apparent.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bob Phillips Bob Phillips
Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.
This review is based on the writer's personal opinion.