By revenued
Business owners in the digital age know the importance of online and mobile banking services that work for your organization. As the oldest digitally-based bank in the U.S., Axos Bank offers several online and mobile banking solutions to consider for the banking needs of your small business.
It’s important to make sure the features of your business banking account are flexible enough to meet your needs. Here’s a breakdown of the three business checking accounts offered by Axos to entrepreneurs like you.
| Basic Business Checking | Business Interest Checking | Analyzed Business Checking |
|---|---|---|
| For business owners with simple checking needs: • No daily minimum • No monthly fees • $1000 minimum deposit to open account | For businesses with cash reserves and interest needs: • Daily minimum of $5,000 • Monthly fee of $10 • $100 minimum deposit to open account | For organizations needing Treasury Management Services: • No daily minimum • Monthly fee of $15 • $100 minimum deposit to open account |
| • Unlimited reimbursements of domestic ATM fees • Free online banking access with paperless statements • Online Bill Pay • Up to 60 free monthly remote deposits • Transfer protection with a linked account | • Unlimited reimbursements of domestic ATM fees • Free online banking access with paperless statements • Online Bill Pay • Up to 60 free monthly remote deposits • Transfer protection with a linked account | • Unlimited reimbursements of domestic ATM fees • Free online banking access with paperless statements • Online Bill Pay • Up to 60 free monthly remote deposits • Transfer protection with a linked account |
While the basic Axos business checking account requires a hefty $1,000 initial deposit and yields no interest, the interest checking account earns up to 0.80% APY with only a $100 initial deposit. For even more flexibility, consider opening an Analyzed Business Checking account with $100 down and a competitive earnings credit.
Unfortunately, despite some good features the Axos mobile banking app isn’t quite there yet. And I’m not the only one that feels that way. In the Google Play Store, the app barely rakes in 2.4 out of 5 stars (<300 ratings), and the Apple iOS app doesn’t do much better, at 2.7 out of 5 stars (<200 ratings).
Ratings can give a lot of information on app usability but can’t tell you everything. For a better idea of how the Axos app could affect your banking decision, let’s take a look at the pros and cons involved.
| Pros | Cons |
|---|---|
| Dashboard UX Design You’re able to see a breakdown of your account distribution while easily accessing account information from a clean, intuitive dashboard design. | Glitchy Bugs in the design can make account access unreliable, especially with bill pay setup and transfers. |
| Custom Alerts Easily set up new alerts to stay on top of major changes to your cash flow. | Slow Transfers Mobile deposits and bank transfers can take up to 5 days to occur when made from the app. |
Aside from the technical issues of the mobile app, what would banking with Axos really look like? Here are some pros and cons for your small business account.
| Pros | Cons |
|---|---|
| Online Account Setup Set-up of your checking account can be done 100% online, giving you access much sooner than setting it up in person. | Limited Customer Service Customer helplines are only open during business hours. Calling after-hours will give you a third-party company that might not be able to give you answers. |
| Industry Solutions For public sector and non-profit companies, you can find industry-specific treasury management and collection services tailored to fit your needs. | No Brick-and-Mortar Branches Despite 24/7 online banking services, not having a physical branch can leave you frustrated with long processing times and limited customer support. |
When it comes to your business finance solutions, Axos might be a good option for some business owners looking for the benefits of an online bank. I would probably only give 3 out of 5 stars due to the unresolved mobile app issues. Until these mobile issues can be sorted out, this online-only bank may not be worth the risk for most businesses. Looking for more options? See other bank reviews like this at Revenued.com
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