Axos Bank Review

Pros

• Welcome offer
• Cash deposits at ATMs or via GreenDot
• ATM fee reimbursement (domestic)
• Unlimited debits, credits, and deposits

Cons

• Minimum balance requirements
• Hidden fees
• Limited integrations

What Is Axos?

Axos, or Axos Bank, is an up-and-coming banking solution for businesses. Unlike many competitors in the crowded field of business banking, Axos Bank is a direct bank and member of FDIC, not a financial services company backed by a bank like most online banking options.

This structure sets Axos Bank apart, but does it make a difference for Axos Bank customers?

If anything, Axos’s status as a bank means it can offer a greater variety of services than many competitors, with specialized offerings aimed at diverse groups of individuals and business customers.

On the business side, Axos offers basic and interest-bearing checking accounts in addition to savings, premium savings, money market, and certificates of deposits. Axos also offers business financing, including equipment financing, commercial real estate loans, treasury management, and investment services. Axos does offer rewards checking with both APY and cashback earning options, which is a huge plus. However, the APY options for savings accounts are below the national average and significantly below other online high-yield savings accounts.

Services Offered By Axos

Here is a rundown of the business services Axos Bank offers:

• Business checking
• Business interest checking
• Business savings and premium savings
• Business money market account and CDs
• Debit card, with domestic ATM fee reimbursement
• Commercial financing
• Real estate and construction lending
• Merchant services (through a partnership with Celero)
• Mobile and online banking
• Bill payment
• Advisory services

With this wide array of business and baking services, it should come as no surprise that we rated Axos a perfect 5-star score for its offerings.

Axos Bank Rewards & Perks

We expect business banking services to offer competitive rewards to customers, and while Axos is not the most generous we’ve seen in this category, it hits the basics. Still, there are some notable perks and rewards from Axos, which contributed to our score of 4.4/5 in this category.

Three areas we especially look at when we are comparing one bank’s rewards and perks to its competitors are APY, the availability of partner offers and special discounts, and access to credit options.

Because Axos offers a variety of interest rates, let’s start with those first before we look at the other categories of business banking rewards and perks Axos makes available to customers.

• Interest-Bearing Accounts: You’ll find several ways to earn interest at Axos Bank. Each type of account has different opening deposits, monthly fees, and minimum balance requirements, which are subject to change, so we’ll refer you to Axos’s website for the most up-to-date information. However, know that APY rates on savings are only 0.20%. APY on Axos checking accounts are much better with rates up to 3.30%.  Be sure to check out all the different interest-earning opportunities Axos offers, including interest checking, savings and premium savings accounts, money market, CDs, and CDARS. Axos also offers options for commercial banking.
• Partner Offers: Some business banking service providers have partnerships with software companies and other vendors to offer integrations, discounts, and special offers. Axos does not have any partnerships of that nature to offer its business banking customers.
• Access To Credit: If Axos is lacking in partner perks, it makes up for that lack somewhat with the range of credit and financing options it makes available to customers. These options include commercial lines of credit, term loans starting at $250,000, real estate lending, equipment financing, and more. Axos does not offer an in-house credit card, however.

Axos also regularly offers new business sign-on bonuses.

Axos Bank Pricing & Fees

While Axos’ fees aren’t too high compared to other online banking options, the company loses serious points for claiming it has a “no-fee checking account,” when several fees exist. This includes a potential monthly fee (the $10 monthly fee can be waived if you have a minimum account balance of $5K).

Wire transfers are another area where fees could add up, with charges of $7 and $15, respectively, for outgoing and incoming wires. Outgoing international wires will cost you $50, so if your business relies on overseas partners, be sure to calculate the cost of doing business via Axos.

There are also fees charged for relatively uncommon actions, such as stop-payment requests. Axos makes its full terms and conditions available online for all its business accounts. We suggest you read the fee schedule or talk to a representative so you can avoid fees.

These fees aren’t the worst we’ve seen, but some Axos competitors have lower fees or don’t charge them at all. Some of these fees may also come as a surprise since Axos advertises no-fee checking accounts. For these reasons, our rating for this bank’s fees is 4.1/5.

Axos Bank Eligibility Requirements

Axos makes business banking services available to all types of US-based businesses, from sole proprietorships to corporations.

The application process for Axos Bank can be completed online. Because of fees that can add up when users make transactions like deposits and transfers, we think an Axos business account is best suited to smaller businesses that can batch transactions rather than very large organizations making multiple debits, payments, and deposits each day.

Axos Bank Application Process

Unfortunately, Axos Bank isn’t very forthcoming when it comes to its application process. The application process can be completed online, and the steps may vary based on which product you’re applying for.

It is disclosed that all businesses applying for an Axos account must present a copy of each owner’s and authorized signer’s driver’s license. If you’re doing business under a different name, you may need to show a DBA certificate or similar documentation.

Axos Bank does not provide details on how long it will take to process your application.

We had to consider the lack of transparency and documentation requirements, which lowered our score for the Axos Bank application process to 3.4/5.

Axos Bank Features

Certain features are non-negotiable when you’re looking for business banking services. Axos Bank delivers those, but not a whole lot more.

Axos ticks all the essential boxes, with debit cards and ATM access, savings and interest checking, bill payment, access to credit, a mobile app, and even a link to mobile services. So far, we don’t see much beyond this standard features list. Here are details about a few notable features:

• ATM Reimbursement: Axos does not maintain a network of ATMs, so customers can expect to be charged fees for using their debit cards at ATMs nationwide. Fortunately, Axos will refund 100% of those fees.
• Access To Credit: Axos Bank customers have access to Lender Finance options. However, these loans are aimed at high-end customers, with loan amounts ranging from $10 million to $100 million and with two- to four-year repayment terms. Small balance loans are available for commercial real estate.
• Foreign Transaction Fees: Axos offers special accounts aimed at international residents and world travelers. If you use the World Checking and Savings account, you can receive unlimited fee waivers for incoming international wire transfers and one outgoing international wire in addition to unlimited US ATM fee reimbursements and four ATM foreign currency conversion fee reimbursements each month. However, these benefits are not available with Axos business accounts, where users can expect to pay a 1% foreign transaction fee when using the Axos debit card overseas for POS and ATM transactions.
• Quickbooks Integration: It makes sense for online banks to offer integrations to other popular business software products so users can connect all their departments online. We are happy to see that Axos business bank accounts are QuickBooks compatible. That can save users the hassle of transferring records and transactions manually. We’d like to see more integrations with banks offering business banking services, but if you’re only able to access one product, QuickBooks is a good one to start with.

Finally, like nearly all banks, Axos imposes some restrictions on the availability of funding. Here’s what you can expect:

Axos Bank Customer Service

Axos offers a fairly standard variety of customer support options, including live phone support on business days between 6 AM and 6 PM Pacific Time. Additional support is available via email, and the company maintains a library of a couple of dozen informational videos on its YouTube channel as well as posting information on Twitter. Relatively comprehensive FAQ sections can be found on the Axos website, although we would like to see more information provided.

Across an array of review sites, users share negative experiences they have had with Axos Bank. Not all the reviewers are business customers, however. Axos has been accredited by the Better Business Bureau since 2011.

Despite a 1.07/5 star composite rating on the Better Business Bureau Axos webpage, the BBB gives Axos an A+ rating. We looked at several other sites where users can post reviews of their experiences with companies, and customer service seems to be a common complaint about Axos Bank. We’ll go into detail about what we found in the next section.

The quality of customer support, no extended support options, and limited support options contributed to our customer support rating of 3/5.

Axos Bank Reviews & Customer Complaints

Keeping in mind that online reviews typically come from users with an ax to grind rather than those who are satisfied, we tend to give the benefit of the doubt when we encounter poor reviews online. However, when we see the same poor results and negative reviews posted on multiple sites, we take notice. The issues we found lowered our score in this category to 2.1/5.

Axos Bank reviews tend overwhelmingly toward the negative, and I found very few reviews online that were overwhelmingly positive. A pattern could be discerned of initial satisfaction, followed by problems and a lack of resolution from customer service.

Similar to our findings with the Better Business Bureau, Axos users have awarded the bank just 2/5 stars on Trustpilot. Axos fares a little better on WalletHub, where the bank has a composite 3.1/5 stars from 1,400+ reviews.

Negative Axos Reviews & Complaints

As one frustrated customer put it, “They claim to be an online bank, but everything requires you to call in, so I think that makes them a phone-in bank.”

Other issues include:

• Customer service is not helpful
• Limited phone service hours
• High fees
• Slow application process for accounts and loans
• Problems with mobile app

Positive Axos Reviews

• Good variety of accounts
• Higher-than-average interest

Is Axos Bank Safe?

Axos Bank is an FDIC member and all deposit accounts are insured through the FDIC. The bank takes measures to protect customers and keep their financial information secure. That includes SSL encryption, firewalls, fraud monitoring, and automatic times logouts. All bank documents are encrypted and stored in a secure message center.

Axos Bank routinely monitors accounts for unusual activity and contacts customers quickly about suspicious transactions. Information provided to Axos is protected by a strong privacy policy and by federal law.

Final Verdict: Is Axos Bank Worth It?

This Axos Bank review has revealed a business banking option that includes attractive options such as relatively high-yield savings and interest checking options and several choices for Axos checking accounts. But our in-depth look at Axos Bank has also revealed some potential negatives, including a pattern of customer complaints, that raise doubts about whether this is a good option for a small business that needs business banking services.

We like the variety available with Axos Bank for both business checking and savings accounts. You can decide which type of account will work best for your business by considering factors like minimum opening deposit, interest-earning potential, and daily balance requirements. The reimbursement of all domestic ATM fees is a welcome policy. And while the interest rates available are not the highest we’ve seen for savings accounts, Axos still has a compelling checking APY.

On the other hand, we are troubled by some of the fine print revelations with Axos, a bank that markets itself as a fee-free option for businesses. It would be easy to avoid some of those potential fees by understanding and abiding by the minimum balance requirements, for example.

Axos still makes the best online business bank accounts list because it offers both APY and cash-back earnings for its checking accounts, but if you are looking for more earnings on savings, check out our other high-yield savings accounts.

Axos FAQs

Business Banking Review Methodology

Merchant Maverick has been researching and reviewing business banking services since 2015. Our writers have tested over thirty different banking products, including checking accounts, savings accounts, employee spending cards, and more. In each review, we evaluate rates and fees, services, rewards, features, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business banking products.

When comparing different banks and banking services, we consider many data points, including the ease and transparency of the account application process, account fees, sales ethics, minimum deposit requirements, and revenue, time in business, and credit score requirements. Our lists of the best banking services include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, valuable rewards, numerous transaction options, and competitive APY.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the banking services included meet our internal standards for quality and reputation.

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