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What is Axos Bank?
Axos Bank specializes in providing customized online banking solutions for businesses. With a strong focus on efficiency and convenience, they offer a range of features to meet the unique needs of small and medium-sized enterprises. From customizable checking accounts to a user-friendly mobile app, Axos Bank ensures accessibility and flexibility for their business account holders.
Their customizable checking accounts cater to diverse business requirements, including commercial banking, small business solutions, and industry-specific services. Account holders have the freedom to select the features that align with their specific needs.
With a strong commitment to security, Axos Bank prioritizes the safety of their customers’ funds. They are a member of reputable organizations such as the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA). Additionally, all deposits with Axos Bank are FDIC insured, providing businesses with peace of mind.
Key Details
Axos Account Pros & Cons
- Up to 1.01% APY (based on balances).
- Extra items for businesses with high transaction volumes can be processed for $0.50 per item.
- The Remote Deposit Anywhere feature allows up to 60 monthly item deposits with processing limitations.
- ATM cards are included with savings accounts with unlimited ATM fee reimbursements.
- Business Features & Functions hamstrung by poor customer service & difficulty withdrawing funds.
- There are no physical branches for face-to-face communication.
- Must maintain a minimum account balance of $5,000 to avoid monthly maintenance fees.
- Limited access for cash deposits at ATMs.
- Minimum account opening deposit of $100.
Axos Checking Features
Axos Bank offers a range of comprehensive banking features for small and medium-sized businesses. The small business checking account comes with no monthly fees and unlimited transactions, with the flexibility to meet individual funding needs. Eligible customers can also benefit from high-yield interest rates. Axos Bank also offers secure business CDs with guaranteed returns. Plus, the Treasury Management suite streamlines financial operations and reduces fraud risk, while mobile banking solutions provide convenient access to accounts. Axos Bank dovetails as a reliable and flexible banking solution for businesses.
Business Checking Services
Accordeon buttonBluevine’s business checking options stand out with zero monthly fees and unlimited transactions, making it an ideal choice for small businesses seeking better banking options. Eligible customers can also earn 2.0% interest on balances up to $250k, which is higher than many traditional banks. Bluevine also offers free ATM withdrawals at over 37,000 national MoneyPass locations, and two free checkbooks per year for funded accounts. In addition, Bluevine prioritizes security by using two-factor authentication and SSL/AES encryption to secure accounts and sub-accounts. With professional live support available Monday through Friday, Bluevine provides a comprehensive banking experience for small businesses.
Better Business Management
Accordeon buttonBluevine sets itself apart from the competition by offering customers intuitive control over their accounts with easy-to-use features such as quick balance views, check deposits, and transfers, all accessible through their mobile app. For larger teams, additional users can be added with designated permissions and tasks. Additionally, a payment approval option is available, requiring team approval before payments are sent to the payee. If customers need support, they can easily reach out via email or telephone. The account registration process is quick and straightforward, taking only a few minutes to complete, allowing clients to get started quickly.
Business Lines of Credit
Accordeon buttonBluevine offers on-demand access to revolving lines of credit with no monthly fees. You are only charged for what you use. Your line of credit replenishes as you repay it, and there are no penalties for repaying early. Businesses can qualify for credit lines up to $250,000 with rates starting at 4.8%. Rapid approvals in 5 minutes are possible, provided the right information is presented. Applying for a business line of credit does not affect your credit score. The 4 step process for credit applications begins with an online application, a request for funds, repayments, and access to additional funds as you pay off your balance. A minimum FICO score of 625+ FICO is required, with business operations of at least 24 months, and $40,000 in monthly revenues.
Bill Pay Options
Accordeon buttonBluevine’s Bill Pay options provide a hassle-free way to pay bills online, with no monthly fees. With access to over 40,000 registered payees or the option to add your own, you can easily schedule payments at your convenience. Choose from a variety of payment options such as check, credit card, Bank Wire, standard ACH, or same-day ACH, and decide how and when the vendor will receive payment. Same-day transfers are possible with Bill Pay, and clients can easily add, track, and manage bills on the Bluevine Dashboard. Plus, new features such as Inbox and Recurring Bills allow for easy management and tracking of multiple payments. Payment Approvals feature also allows team members to route payments for approval before being sent to the payee.
Bluevine Business Debit Card
Accordeon buttonThe Bluevine Business Debit Mastercard is available for use anywhere that Mastercard is accepted. You can withdraw your cash at 37,000+ ATM MoneyPass locations. The 4 step process to using the business debit card requires you to activate the card, add funds to your card, enjoy mobile checking options, and have peace of mind with watertight security protocols in place. Clients can activate the debit card from their dashboard or the app. You can add funds to your account through a Green Dot® location, transfer funds from your checking account, or deposit a check through the mobile app.
Account Access
Accordeon buttonAccount Access is a new way to manage access levels. Every customer can log into their business account and see what levels of access they have granted others. With this feature, customers can now manage all those access levels in a single location, making it easy to see who has which permissions.
QuickBooks Integration
Accordeon buttonBluevine’s QuickBooks Online integration gives customers the ability to automatically sync bills, transactions, and payees between the two platforms. Users can also sync payments, balances, and schedules to the QuickBooks database.
Plans & Pricing
Bluevine pricing ranks among the lowest in the industry. Consider the following:
- No limit on the number of monthly transactions.
- Eligible customers receive 2.0% interest on Balance up to $250k
- Clients with funded accounts receive up to 2 complimentary checkbooks annually.
- There are no monthly fees, minimum balance fees, minimum deposit fees, overdraft fees, NSF fees, bill pay fees, incoming/outgoing standard ACH fees, no depositing check fees, no paper check fees, no incoming wire transfer fees, and no in-network ATM fees.
- However, clients will be charged a $15 outgoing wire fee, $10 outgoing same-day ACH fee, $2.50 out-of-network ATM fee, $1.50 for their service where they’ll send a paper check on your behalf, and $30 per shipment debit card replacement with express shipping.
- Bill pay with credit card transaction fees amount to 2.9%, and there is a cash deposit fee of $4.95 for each deposit.
Bluevine is all about saving money for small businesses. That’s why their mobile banking solutions for businesses offer unlimited monthly transactions with no minimum deposits, no in-network ATM fees, no NSF fees, and no incoming wire transfer fees. Granted, you will be required to pay $4.95 for each cash deposit you make. Plus, there are $15 outgoing wire transfer fees and $2.50 out-of-network ATM fees to consider. You can also use your Bluevine debit card online, or in-store for free.
FAQ
What do I need to open a Bluevine Business Account?
Accordeon button Accordeon buttonThe Bluevine Business Checking account application process requires the following information from clients:
- Your Email Address
- Your First Name and Your Last Name.
- The type of business you are running (Corporation, General Partnership, LLC, LLP, Limited Partnership, or Sole Proprietorship).
- Your Telephone Number.
- A Secure Password.
- Acceptance of the T&C and the Privacy Policy at Bluevine.
Once you provide this basic information, you will be required to provide additional information on your business. This includes your business name, trading name, business address, work telephone number, annual revenue, the industry you operate in, your tax ID or EIN (employer identification number), and specific biographic information about yourself including SSN, ID, DOB, address, business ownership interests, driver’s license, et al. Applications can be finished and submitted in minutes via Bluevine’s website.
Will Bluevine run a hard credit check on me for a line of credit?
Accordeon button Accordeon buttonYou can apply for a Bluevine Line of Credit without impacting your credit score. If you’re approved, a hard credit check will happen only after you accept the offer.
As part of the eligibility and qualifications for Bluevine lines of credit, you must be a business in operation for at least 6+ months, with $40,000 in monthly revenue, and a personal FICO score of at least 600.
What are the Benefits of Bluevine Business Checking?
Accordeon button Accordeon buttonBluevine Business Checking has no monthly fees, no fees on incoming wires, and no NSF fees. Plus, eligible customers will receive 2.0% interest on balances up to $250,000, and there are free ATM in-network withdrawals at 37,000+ locations where the MoneyPass Network is supported. Accounts are FDIC insured up to $250,000 through Coastal Community Bank, member FDIC.
Our Verdict
In our opinion, Bluevine is an impressive business banking solution that offers many benefits for clients. Its low-fee structure is particularly appealing, especially when compared to the high costs that businesses typically face through traditional banks. We have conducted thorough research and read customer reviews, and Bluevine compares favorably with the best options out there.
The business checking, loans, bill pay, and other resources offered by Bluevine are all worthwhile. The 2.0% interest on balances up to $250,000 is an exceptional rate that’s up to 30X greater than the standard interest rate you can receive at most US banks today. While there are some fees to consider, such as cash deposit fees of $4.95 and outgoing wire fees of $15, the benefits of using Bluevine, such as the Bluevine Mastercard debit card and access to tens of thousands of ATMs across the country, make it a highly attractive option for small business owners. Overall, we highly recommend Bluevine for businesses looking for a modern and competitive banking solution.
User Reviews
Bluevine is a great company. Their product does exactly what I needed (separating sub-accounts, etc). And, they promptly address and resolve any issues I’ve had. I can always get ahold of their customer support right away, which is a huge deal! The service works as it should. I’m definitely satisfied!
By Stephanie Bock Sept, 2021
I love the simplicity of Bluevine. Their platform is extremely user friendly for EVERYONE. Their customer service is very responsive and the app makes everything flow so well. I am a new business owner and did a lot of research to decide who I would use for my business and I am so happy I chose Bluevine!
By Yolanda Harold Aug, 2019