In the world of modern banking, where digital transactions reign supreme, Axos Bank stands out as an online banking institution worth exploring. In this comprehensive review, we delve into the bank’s offerings, dissecting the pros and cons of its various accounts. Whether you’re in pursuit of a no-fee checking account or exploring high-yield savings options, Axos Bank has something to offer. Let’s break it down for you.
A Glimpse at Axos Bank
Rating: 4.0 stars out of 5 (Finance Devil Score)
- CDs: 2.6 stars out of 5
- Checking: 4.9 stars out of 5
- Savings: 3.9 stars out of 5
- MMA (Money Market Accounts): 3.4 stars out of 5
Exploring Axos Bank
Axos Bank caters to the needs of consumers seeking online banking convenience. Offering a free checking account and a vast network of no-fee ATMs, this bank has several highlights that deserve attention.
Here are some of the key features that make Axos Bank worth considering:
- ATM Fee Refunds: Axos Bank offers unlimited domestic ATM reimbursements, which is a remarkable benefit for its customers.
- Reward Checking: The bank provides a range of reward checking accounts, giving you the opportunity to earn more with your deposits.
- 24/7 Customer Service: With round-the-clock customer service, you’ll never feel stranded, and assistance is just a call away.
- Competitive Rates: Axos Bank’s checking and savings accounts offer competitive rates, allowing your money to work harder for you.
- No Monthly Fees: There’s no need to worry about monthly account fees, making banking with Axos hassle-free.
- Savings Account Includes ATM Card: The savings account comes with the added benefit of an ATM card, providing easy access to your funds.
- Unlimited ATM Fee Reimbursements: For many accounts, Axos Bank provides unlimited ATM fee reimbursements, ensuring you’re not out of pocket when accessing your cash.
While Axos Bank has many positive aspects, it’s important to be aware of its limitations as well:
- No Branch Access: Like most online banks, Axos Bank does not offer physical branch access. This could be a drawback for those who prefer in-person banking services.
- Subpar Savings Account Rates: Axos Bank’s savings account interest rates may not be as competitive as what you can find elsewhere.
- No Zelle Access: Customers do not have access to the popular peer-to-peer payment tool, Zelle, when banking with Axos.
- CD Rates May Lag Behind: When it comes to CD rates, Axos Bank may not be the most competitive choice among online banks.
Axos Bank’s Banking Products
Rating: 3.9 stars out of 5 (Finance Devil Score)
Are you in search of a high-yield savings account? Axos Bank’s High Yield Savings account might be what you need. It offers a tiered APY structure, with some rates surpassing the national average savings account rate. Notably, the highest rate is earned on balances under $25,000. You can open this account with a minimum deposit of $250, and there are no monthly maintenance fees. An ATM card is available upon request.
Rating: 2.6 stars out of 5 (Finance Devil Score)
Axos Bank offers seven CD terms, ranging from three months to five years. To open a CD, you’ll need a minimum deposit of $1,000. Keep in mind that these CDs automatically renew upon maturity, and early withdrawal penalties vary based on the term length.
Rating: 3.4 stars out of 5 (Finance Devil Score)
The High Yield Money Market account from Axos Bank requires a minimum deposit of $1,000. However, it offers a yield that may not be as competitive as what other online banks provide. You’ll have check-writing privileges and a debit card with this account.
Rating: 4.9 stars out of 5 (Finance Devil Score)
Axos Bank’s Essential Checking account is a standout choice. It has no monthly fees or minimum balance requirements. Customers enjoy unlimited domestic ATM fee reimbursements in the U.S. and have access to 24/7 phone support. For those signed up for direct deposit, early paycheck access is an added benefit. Other checking options include Rewards Checking and Cashback Checking.
Axos Bank Fees
Axos Bank stands out for its fee structure, with most of its deposit accounts offering no monthly fees, ATM fees, and overdraft fees. Some additional fees to be aware of include:
- Overdraft Fee: None
- Non-Sufficient Funds Fee: $0
- Monthly Maintenance Fee: None
- Out-of-Network ATM Fee: None
- Excessive Transaction Fee: $10
- Outgoing Domestic Wires: $35
- Outgoing International Wires: $45
- Stop Payment Requests Made Online: $10
Additionally, early withdrawal penalties are applied to Axos Bank CDs, depending on the CD term length. This fee can amount to up to 24 months of interest.
About Axos Bank
Axos Bank, founded in 2000, is a digital banking institution headquartered in San Diego. As a subsidiary of Axos Financial Inc., it holds over $18.4 billion in assets. The bank boasts 24/7 phone support and offers a free checking account with unlimited domestic ATM fee reimbursement.
The Axos Bank Experience
Axos Bank provides Essential Checking customers with a remarkable perk: unlimited ATM reimbursements in the U.S. Customers can conveniently access their accounts through the Axos website or its mobile app for a wide range of transactions, including bill payments, check deposits, fund transfers, balance checks, and account history review. The bank’s mobile app is well-rated on both Google Play and the Apple App Store, ensuring a smooth digital banking experience. Moreover, round-the-clock phone support is available, ensuring you can get assistance whenever you need it.
How Axos Bank Compares
Axos Bank vs. Ally
Ally Bank and Axos Bank are both prominent online banks, known for their competitive rates, extensive ATM networks, out-of-network ATM fee reimbursements, and low fees. Choosing between them depends on your specific banking needs. If you desire a diverse range of checking accounts and unique features, Axos Bank may be the better option. On the other hand, Ally’s Online Savings account is packed with automation features to boost your savings, making it a suitable choice if you want more than just competitive interest rates.
Axos Bank vs. Chime
Comparing Axos Bank to Chime reveals that Axos Bank offers a broader array of products. Chime, on the other hand, provides a checking account, high-yield savings account, and credit card with competitive interest rates and automated savings tools. However, it’s worth noting that recent customer complaints about Chime’s account access and funds management have been reported, whereas such issues with Axos Bank are less common.
Axos Bank vs. SoFi
SoFi is known for its investing and loan services but also offers a combined checking and savings account with various benefits. If you’re interested in loan discounts, automated investing, financial planning, or career coaching, SoFi might be a good fit. However, Axos Bank offers a more extensive range of checking and savings options, making it a full-service institution.
Is Axos Bank Worth It?
In the realm of online banking, Axos Bank shines with a plethora of account options to cater to a wide range of financial needs. Whether you’re in search of a specialized checking account with rewards or a savings account with an ATM card, Axos Bank has you covered. With minimal fees and competitive interest rates, it offers an attractive package for nearly every type of customer. In summary, Axos Bank is a strong contender in the online banking arena.
Frequently Asked Questions (FAQs)
Is Axos a real bank?
Yes, Axos Bank is a legitimate online banking institution. Deposits with Axos Bank are insured by the FDIC up to $250,000 per depositor, per ownership category.
Does Axos Bank deposit early?
Essential Checking accounts from Axos Bank offer the option to receive paychecks up to two days early through direct deposit express. The eligibility for early deposits depends on the payer’s support and funding of this feature.
What is the minimum balance for Axos Bank?
Axos Bank’s Essential Checking, Rewards Checking, First Checking, High Yield Savings, and High Yield Money Market accounts do not have a minimum balance requirement. Cashback Checking requires a minimum opening balance of at least $50, with a requirement to maintain a minimum balance of $1,500 to earn 1% cash back on signature purchases. Falling below this balance results in a 0.50% cash-back rate. For a Golden Checking account, you need a $50 minimum deposit, and at least $1,000 is required to open and maintain an Axos CD.
Is Axos Bank FDIC insured?
Yes, Axos Bank is FDIC insured, offering government protection for deposits up to $250,000 per depositor, per account type, in the event of a bank failure.
Does Axos Bank have local branches?
No, Axos Bank operates exclusively as an online bank. Customers have access to approximately 91,000 fee-free ATMs across the United States.
How do I contact Axos Bank?
Personal banking customers of Axos Bank can reach customer support through its mobile app, by sending secure messages through their online accounts, or by calling Axos at 844-999-2967. Support is available 24 hours a day, seven days a week (excluding Thanksgiving Day and Christmas Day).
Who is Axos Bank best for?
Axos Bank is an ideal choice for customers comfortable with online banking. It’s also a good option for those looking to consolidate their banking under one roof. Although most accounts do not have monthly fees, be aware that some of the minimum deposit requirements are relatively high, and interest rates may not always be the most competitive.
In another related article, A Comprehensive Review of American Express National Bank in 2023