Business banking has evolved. Gone are the days of endless paperwork and waiting in line at a branch. Today, it’s all about simplicity, speed, and security, delivered through an intuitive online experience. Axos Business Checking has made a name for itself by promising seamless online banking tailored for small businesses—a pitch that certainly sounds appealing.

But does Axos deliver on its promises? For business owners who value no-hassle banking, Axos aims to provide a streamlined solution. However, it’s worth exploring whether it truly meets your needs or if there might be a better fit elsewhere. Here’s a closer look at how Axos stacks up—both its strengths and where it might fall short.

Low Fees, High Efficiency: The Standout Feature of Axos Business Checking

No one enjoys paying unnecessary fees, and with Axos, you don’t have to. Their accounts are designed to keep costs low while providing convenient features to help you manage your finances with ease.

  • No monthly maintenance fees: Axos waives the monthly maintenance fee for its Basic Business Checking, letting you keep your account open without extra costs—something rare for full-featured business accounts.
  • Unlimited transactions: Axos eliminates caps on deposits and transfers, allowing you to make as many transactions as your business requires without additional charges.
  • ATM fee reimbursements: With unlimited domestic ATM fee reimbursements and access to a large ATM network, you can withdraw cash wherever you are, without worrying about fees piling up.

While Axos offers significant fee savings, it’s worth noting that they don’t currently support cash deposits, which may be a limitation for cash-heavy businesses.

Digital-first banking: Convenience at your fingertips

Axos leans heavily into its online platform, and that’s a win for most business owners. After all, who really wants to spend time visiting a branch? With Axos, you can handle everything from account opening to daily banking digitally.

  • User-friendly interface: Axos delivers a sleek online banking experience. It’s simple, responsive, and packed with features like bill pay, fund transfers, and mobile check deposits.
  • Integrations for efficiency: Axos connects with popular accounting software like QuickBooks. This makes it easier to reconcile accounts and keep your books in order without manual data entry.
  • 24/7 customer service: While there are no physical branches, Axos provides customer support through phone and chat, ensuring help is always available when you need it.

That said, the purely digital setup won’t work for everyone. If you prefer in-person service or need regular access to cash services, the lack of branches could be limiting.

Account options: Basic or interest-bearing?

Axos offers two core business checking accounts: Basic Business Checking and Business Interest Checking. Both cater to small business needs, but their features differ slightly.

  • Basic Business Checking: Best for businesses seeking no-fee simplicity. It comes with no monthly maintenance fees, unlimited transactions, and no minimum balance requirements.
  • Business Interest Checking: Ideal for businesses looking to earn on their deposits. This account earns interest on balances, but it has a monthly maintenance fee of $10 unless you maintain a minimum balance of $5,000.

Whether you choose simplicity or earning potential depends on your financial priorities. If you regularly hold a higher balance, Business Interest Checking might give you more value over time.

Tax prep made simpler

Tax season’s never simple, but Axos gives clients tools to help them stay organized year-round. Its integration with accounting software streamlines expense tracking and categorization, so you can file with confidence when April rolls around.

Plus, having a dedicated business account simplifies tax deductions. When you separate business and personal finances, tracking deductible expenses—supplies, travel, marketing, etc.—becomes much easier. This is one of the biggest advantages of a business checking account—and Axos makes it pretty seamless.

Where Axos Business Checking falls short

Axos Business Checking has plenty of perks, but no banking option is perfect. For all its strengths, there are areas where Axos may not meet the needs of certain businesses.

  • Expensive cash deposits: Does your business rely heavily on cash? Axos’s fee-based system for cash deposits through third-party networks can be a hassle. The costs add up quickly, making it less appealing for industries like retail or food service.
  • No physical branches: Axos’s fully digital setup means no in-person service. This isn’t an issue for digital-first businesses, but those who prefer face-to-face support may find the lack of branches limiting.
  • High balance requirements for interest accounts: The Business Interest Checking account requires a $5,000 minimum balance to waive the $10 monthly fee. That’s a big ask for businesses managing tight cash flow or those just starting out.
  • Limited financial tools: Axos offers basic integrations with software like QuickBooks but lacks advanced features such as real-time expense categorization or in-depth budgeting tools. For businesses that rely on detailed financial insights, this could be a dealbreaker.

Is Axos Business Checking right for you?

Axos is an excellent choice for businesses that value flexibility and online convenience. It’s particularly appealing if:

  • You operate primarily online or don’t require in-person banking services.
  • Unlimited transactions and fee-free banking are high priorities.
  • Your business doesn’t handle large amounts of cash deposits.

North One: A better fit for small businesses

Axos Business Checking delivers on its promise of low fees and digital convenience. But it isn’t perfect. Axos’ cash deposit fees and lack of advanced financial tools create friction for most businesses. North One is the better alternative.

North One combines simplicity with flexibility, offering features Axos can’t match. Need automated budgeting tools? Or an app that categorizes expenses in real time? What about an industry-leading APY up to 38 times higher than the national average? North One has you covered. Plus, it’s built for businesses of all sizes, whether you’re just starting out or scaling up.

When it comes to managing your business finances in 2025, North One goes beyond basic banking. If you’re looking for a smarter, more versatile banking solution, North One’s the upgrade you’ve been waiting for. Sign up for your business bank account today.