Of the two, Axos Bank is the one that names an interest-bearing business checking account in its pricing: Business Interest Checking at $10 per month, waived with a $5,000 minimum average daily balance. Novo is $0 per month with no monthly fee, and Novo's own site is where to check whether it pays interest and at what rate. Of the providers on this site's list, Bluevine is the one that publishes APYs by tier (1.3%, 1.75% and 3.0%), so a reader chasing the highest rate should look there first.
Which business bank accounts pay good interest on balances?
On published pricing as of October 6, 2026, the answer has three parts. Axos Bank offers a named interest-bearing account, Business Interest Checking, and Axos lists the rate it pays on its own rate page. Bluevine publishes APYs by tier, at 1.3% on Standard (subject to a monthly activity goal), 1.75% on Plus and 3.0% on Premier. Novo's own site is where to check whether it pays interest.
An interest rate only matters relative to what it costs to earn it. A 3.0% APY on a tier that costs $95 per month is a different proposition from a rate attached to a fee that is waived at a balance the business actually holds. For that reason, the fee conditions are as important as the headline rate.
Rates also change, so any rate should be confirmed on the provider's own page on the day of applying.
How do Axos Bank and Novo compare side by side?
The table lists the two providers alphabetically. That is not a ranking, and the order carries no preference. All figures were checked on each provider's own page on 2026-10-06 and can change.
| Axos Bank | Novo | |
|---|---|---|
| Fee-free account | Basic Business Checking, $0 per month | $0 per month, no monthly fee |
| Interest-bearing account | Business Interest Checking, $10 per month | Not published as a separate account |
| Fee waiver | Business Interest fee waived with a $5,000 minimum average daily balance | Not applicable, since there is no monthly fee |
| Opening deposit | $100 for Business Interest Checking | See Novo's own site |
| Interest rate | See Axos's rate page | See Novo's own site |
Where the table points to a provider's own page, that page is where to confirm the figure.
What does Axos Bank offer?
Axos Bank has two business checking accounts. Basic Business Checking is $0 per month, with no minimum balance and no maintenance fee. Business Interest Checking is $10 per month, and it takes a $100 opening deposit.
The $10 fee is waived with a $5,000 minimum average daily balance. That condition is the practical test. A business that reliably keeps $5,000 or more on average pays nothing for the interest-bearing account, while one that dips below it pays $10 each month against whatever interest the balance earns.
Axos lists the interest rate on Business Interest Checking on its own rate page. That is the first thing to read there, since it determines whether holding the balance is worth it.
What does Novo offer?
Novo lists $0 per month, with no monthly fee, as of 2026-10-06. Its published pricing shows no fee ladder and no balance condition, which makes the cost the simplest of the two.
The cost of that simplicity, for a reader focused on interest, is that the rate has to be checked separately. A business that expects to hold a large balance should check Novo's own pages for whether the account pays interest at all, and at what rate. Where that is not stated plainly, it is fair to treat the answer as unconfirmed rather than assume it.
Novo fits a business that cares more about a predictable zero fee than about earning interest. That is a different priority from the one this page's question starts with.
Is the money insured at either provider?
Where the money sits matters as much as the rate. The FDIC states that the deposit accounts of a corporation, partnership, or unincorporated association are insured for up to $250,000. All accounts held by the same entity at one insured bank are combined, so separate accounts for different divisions or purposes do not get separate coverage.
For a business chasing interest, that limit is directly relevant. A business holding more than $250,000 at one insured bank should know that the excess is not covered by deposit insurance.
The FDIC also says that nonbank companies are never themselves FDIC-insured. Funds sent to a nonbank are not eligible for FDIC insurance until the company deposits them in an FDIC-insured bank and other conditions are met. Deposit insurance does not protect against the insolvency or bankruptcy of a nonbank company, and recovery then runs through an insolvency or bankruptcy proceeding that may take some time.
Each provider publishes its own disclosures about how it holds funds, and they should be read before money is moved.
What about the other options?
Five other providers are on this site's list. They are shown alphabetically, which is not a ranking, with prices as of 2026-10-06.
- Bluevine: Standard is $0 per month, Plus is $30 per month and Premier is $95 per month, and the Plus and Premier fees are waivable. The APY is 1.3% on Standard, subject to a monthly activity goal, 1.75% on Plus and 3.0% on Premier.
- Found: Free is $0, Plus is $35 per month or $315 per year, and Pro is $80 per month or $720 per year.
- Lili: Core is $0, Pro is $15 per month, Smart is $35 per month and Premium is $55 per month. Lili also runs a promotional rate of roughly 40% off for three months on the paid tiers, which is introductory pricing and not the ongoing cost.
- Mercury: The base tier is $0 per month, Plus is $29.90 per month and Pro is $299 per month.
- Relay: Starter is $0 per month, Grow is $30 per month and Scale is $90 per month.
Bluevine is the one provider in this set whose published pricing answers the interest question directly, so it is the stronger answer on rate alone. Its highest rate sits on its most expensive tier, and its lowest rate depends on meeting a monthly activity goal. The other four set out any interest terms on their own sites.
Which is the better fit for earning interest?
Axos Bank fits a business that expects to hold at least $5,000 on average and wants an account that is built to earn interest. Once the balance condition is met, the monthly fee drops to zero, and the free Basic account remains available for a business that does not hold that much.
Novo fits a business that wants no monthly fee and no conditions, and that treats interest as a secondary concern. A business that wants a published rate to compare should not rely on this page for Novo, since none is stated.
Neither is automatically better. The deciding figure is the interest rate each provider currently pays, which each provider sets out on its own site, set against the balance the business realistically holds.
Why does a separate business account matter?
The SBA says that keeping personal and business funds completely separate requires two different bank accounts. It frames the separation as a liability question, not just a tidiness one: failing to separate risks forfeiting the legal protections that entity structures offer, and separation is pivotal for protecting your own assets and credit.
The IRS makes the same point from the recordkeeping side. In Publication 583 it says one of the first things to do when starting a business is open a business checking account, and to keep it separate from the personal one. That holds whichever provider ends up holding the balance.
What should be checked before applying?
Four checks cover most of it. Confirm the current interest rate on the account being considered. Confirm any balance condition attached to the rate or to a fee waiver. Read where the provider holds deposits. And confirm which documents the provider will ask for, since requirements vary by institution.
Bank of America, for example, asks for the business name and address, state of formation, an EIN or SSN, and the date established. It also asks for personal details, including SSN and date of birth, for everyone on the application, including those with at least 25% or more ownership. It may request the Articles of Organization or an equivalent, and it does not list an operating agreement as required. Other providers set their own lists, so the specific provider's requirements are the ones that count.
Sources
- Federal Deposit Insurance Corporation, "Deposit Insurance for Corporation, Partnership and Unincorporated Association Accounts"
- Federal Deposit Insurance Corporation, "Banking with Third-Party Apps"
- U.S. Small Business Administration, "5 Ways to Separate Your Personal and Business Finances"
- Internal Revenue Service, "Publication 583, Starting a Business and Keeping Records"
This is general information, not legal, tax or accounting advice, and requirements vary and change.