Axos Bank Business Checking
Basic = $0 monthly + unlimited items + unlimited domestic ATM rebates. Interest = waivable $10 + declining-tier APY.
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Axos Bank Business Checking | Novo Business Checking |
|---|---|---|
| Monthly maintenance | Basic: $0 unconditional. Interest: $10/mo waived if average daily balance ≥ $5,000 | $0 unconditional |
| Fee waiver | Interest Checking only — $5,000 ADB waives $10 monthly fee. Basic has no monthly fee. | N/A — already $0 |
| Transaction fees | Basic: unlimited items (debits, credits, deposited items). Interest: 100 free items/month then $0.50 each. RDA deposits count as 2 items; 60 RDA items/month cap on both. | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | NSF paid or returned item $25 (max $75/day); no fee if negative balance less than NSF fee. Returned deposited item $10. Linked-account OD transfer free. | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| ATM fees | Axos charge $0. Unlimited domestic third-party ATM surcharge reimbursements on both products. International ATM surcharges not reimbursed. | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. |
| Wire/ACH | Incoming domestic + international: $0. Outgoing domestic: $15. Basic reimburses 2 outgoing domestic wires/month. Outgoing international: $50. Online/automated transfers free. ACH origination is treasury add-on. | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. |
Interest & Yields
| Metric | Axos Bank Business Checking | Novo Business Checking |
|---|---|---|
| Checking APY | Basic: none. Interest: tiered variable — 1.01% ($0–$49,999.99), 0.20% ($50k–$249,999.99), 0.10% ($250k–$4,999,999.99), contact RM at $5M+ | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | Business Premium Savings advertised up to 3.60% APY as of 9/2/2026 — separate product, not checking APY | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Axos Bank (Cert 35546) | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Axos Bank Business Checking | Novo Business Checking |
|---|---|---|
| Branch/ATM network | No SMB retail branches. Any U.S. ATM with unlimited domestic surcharge rebates (~90,000+ network cited). Cash deposits at deposit-taking Allpoint+/MoneyPass ATMs only. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | iOS ~4.7; Android ~4.6 (~10.1K reviews); NerdWallet weighted ~4.52 (Feb 2026) | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Standard Visa debit only; virtual employee cards not disclosed | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | Basic: none. Interest: $100 | $0 ($1,000 recommended) |
| Eligibility | U.S. companies only — sole prop, GP, LLC, LP/LLP, C-corp, nonprofit corp, association/HOA. U.S. resident signer with SSN and physical business address required. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
Pros & Cons
Axos Bank Business Checking
Pros
- Basic: $0 monthly, $0 open, unlimited item processing (Agreement 07/2025)
- Unlimited domestic ATM surcharge rebates on both products
- Incoming domestic and international wires $0 on fee schedule
- Basic reimburses two outgoing domestic wire fees per month
- Interest Checking publishes dated deposit APY (1.01% as of 9/2/2026) with no spend gate; IntraFi ICS to $265MM
Cons
- No branches; cash is ATM/retail-constrained with possible retailer fees
- Interest Checking: $0.50/item after 100 plus 60-item RDA cap; APY falls sharply above $50k
- RDA availability can be five business days by contract
- Business support weekday-only; reviews cluster on holds, portal bugs, slow ops
- Outbound international wires $50 + undisclosed FX; no multi-currency; weak native multi-user
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Verdict
Axos Bank Business Checking
Axos Bank offers two online SMB checking accounts at a direct FDIC member bank (Cert 35546). Basic Business Checking is structurally cheap: $0 monthly, $0 open, unlimited items, free incoming wires, and two reimbursed outgoing domestic wires — ideal for digital SMBs. Business Interest Checking adds tiered APY (1.01% below $50k as of 9/2/2026) but charges $10 unless $5k ADB and meters items after 100. Both cap mobile deposits at 60 items with up to 5th-business-day availability. IntraFi ICS to $265MM helps large balances but checking APY collapses above $50k. Weak on branches, cash, multi-user, and 24/7 support. Price Interest against the $50k APY cliff and item cap.
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.