BlueVine vs Axos Business Checking

January 13, 2023 Business Banking
BlueVine vs Axos Business Checking

BlueVine vs. Axos Business Checking Accounts

If you’re opening a new business bank account, you might consider both BlueVine and Axos. Both are popular online business banks, so it might be hard to decide on BlueVine vs. Axos.

Both companies have a variety of tools that make running a company easier. The drawback of both, like most online banks, is that dealing with cash can be difficult. However, online businesses and those that use cash very frequently should certainly consider both options.

BlueVine vs. Axos Business Checking Accounts Overview

Before you jump into the details of both accounts, it’s good to understand where both businesses come from.

BlueVine was founded in California in 2013 and aims to serve mostly small and medium-sized businesses. It’s grown significantly since 2018 to become a larger player in the space.

Axos was founded in 1999 as Bank of Internet USA. It offers personal banking services alongside its business banking.

BlueVine Services and Features Axos Services and Features
Business checking Business checking
Business lending Business savings
Bill payment Merchant services
Quickbooks integrations Payroll services
Interest checking SBA loans

Both companies offer powerful business banking features that we’ll break down here.

BlueVine Features

BlueVine was designed with online business owners in mind, so it caters many of its tools to small and medium-sized online companies.

_Interest Checking _

One of the first things that BlueVine advertises on its website is its interest checking account. All BlueVine checking accounts give business owners the chance to earn interest on their extra cash. At the time of writing, you can earn as much as 1.5% APY on balances up to $100,000. That can total as much as $1,500 each year.

To earn interest, you need to either spend $500 a month with your business debit card or receive $2,500 a month in customer payments.

Bill Payment

Every company has invoices to pay and BlueVine makes it as easy as possible to deal with paying those bills.

Through your BlueVine account, you can send ACH, wire, or check payments, all from one dashboard. You can use your business credit card to make payments through your account, which gives you the opportunity to rack up rewards.

Using this tool makes it easy to keep your bills in one place and lets you set up automated payments to make dealing with your bills easy.

Quickbooks Integration

Quickbooks is one of the most popular bookkeeping and account tools for small businesses, so BlueVine makes it easy to use Quickbooks alongside your checking account.

Business Lending

BlueVine offers business lending to its checking account customers. You can use a business line of credit to borrow as much as $250,000 at a time at relatively low interest rates. This gives your company the flexibility to get cash when it needs it without having to pay interest on a large loan every month.

Axos Features

Axos Bank gives business owners some other tools that may appeal.

Multiple checking options

Axos lets business owners choose from two checking accounts: the basic business checking and the business interest checking accounts.

The basic account is, like the name implies, basic. It offers typical business checking tools but has no minimum balance requirements or monthly fees.

Business interest checking pays 1.01% APY on the account’s balance but has a few more fees to deal with. You’ll need $100 to open the account and need to maintain a $5,000 balance to waive the $10 monthly fee. However, there’s no spending requirement or payment requirement to earn the interest.

Savings accounts

If you want to keep your business’s extra cash set aside in a separate account, Axos offers multiple savings account options with minimum deposit requirements as low as $1,000.

However, these accounts offer lower interest rates than the interest checking account and can result in additional fees if you don’t maintain the required balance.

Merchant and payroll services

Businesses often need more than just banking services. It can be highly convenient if you get the other services you need from the same place.

That’s why Axos offers merchant services, including point-of-sale terminals and eCommerce tools to make it easy to accept payments for your company. You can also work with Axos to manage your company’s payroll, sending regular paychecks to your employees. Axos handles the paperwork, including compliance and tax filing.

SBA loans

If you need funding to help grow your business, Axos works with Centerstone SBA Lending to make it easy for customers to access the SBA loan program. These loans offer funding of $5 million or even more to help companies expand operations, buy equipment, or purchase real estate.

SBA loans are insured by the US government, which means they can often have low rates and easy approval compared to other types of loans.

BlueVine vs. Axos Business Checking Accounts Comparison

BlueVine and Axos both offer great business checking accounts. Before you make a choice, it’s important to look at the basic fee structure and features of both to ensure it’s the right choice for your company.

BlueVine Axos
Best for Companies looking to earn interest on their balance Companies that want a wider variety of business services
Minimum deposit None None
Monthly fee None None
Requirements to avoid monthly fee N/A N/A
Other fees Two fee-free, paper checkbooks per year, 2.9% credit card bill payment fee, $15 outgoing wire transfer fee, $4.95 per cash deposit, $2.50 out-of-network ATM fee One fee-free checkbook
Other features Make cash deposits, Earn interest Unlimited domestic ATM fee reimbursements, Interest-bearing account available

Why Choose BlueVine Business Checking?

There are a few reasons you might pick BlueVine over Axos.

You want to earn interest

BlueVine offers the higher interest rate of the two banks, which makes it the winner if you want to grow your balance over time. While you have to spend some money or receive some payments to qualify, it’s pretty easy to meet the requirements to earn interest. Plus, you can earn interest with the basic BlueVine account while Axos makes you open an account that may charge a monthly fee if you want to earn interest.

You need to make cash deposits

BlueVine gives its customers a way to make cash deposits to their business checking accounts. While the bank is clearly targeted at companies that do most of their business online and without cash, having that option is a significant perk, even if it carries a fee.

Your company needs a line of credit

A line of credit is a flexible way to access extra cash when your company needs it. BlueVine gives every customer the option to apply for a line of credit at a relatively low interest rate.

Why Choose Axos Business Checking?

Axos edges out BlueVine in a few key areas.

You want business services

Where BlueVine primarily offers banking services, Axos offers other services that could appeal to business owners. For example, you can work with Axos to handle your company’s payroll or use Axos’ merchant services tools to accept payments or set up a point-of-sale system in your business.

You want larger loans

Axos partners with an SBA lender to help its customers apply for and qualify for Small Business Administration loans. SBA loans can offer massive amounts of funding to companies, making them a great tool for business owners that want to finance a project or expand their operations.

For big investments, these can be more effective than BlueVine’s line of credit.

Bottom Line

BlueVine and Axos are both great options for business owners that want to open a new checking account. Which one is best for you will really depend on a few small factors. Companies looking to earn interest on the cash might prefer BlueVine while those who can benefit from payroll or merchant services should consider Axos.

Before you open an account at either bank, make sure to consider all your options along with their pros and cons. That will help you choose the best bank account for your business.

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About The Author

TJ Porter avatar

TJ Porter

Freelance Personal Finance Writer

TJ Porter is a Boston-based freelance writer who specializes in bank accounts, credit, and credit cards. He’s written for Bankrate, Credit Karma, MoneyCrashers, DollarSprout and My Bank Tracker, among others. In his spare time, TJ enjoys cooking, soccer, reading, and video games. You can connect with him on his website, tjporterwriting.com.


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