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Business Insider's personal finance team compared Axos Bank to the best online banks, and it stood out as an industry leader. Its checking account is a superior option for avoiding domestic ATM fees and overdraft fees. The bank also has a variety of banking products and services, so it could be worth exploring if you primarily want to bank in one place.
About Axos Bank
Axos Bank is an online bank. It doesn't have physical locations, so it isn't the best option for anyone who values a traditional brick-and-mortar experience.
For banking, there are personal and business checking accounts, savings accounts, and CDs, as well as both a personal and business money market account, which you won't find at every bank. Your deposits are FDIC-insured for up to $250,000, or $500,000 for joint accounts.
Axos also offers home loans, personal loans, auto loans, and investment services.
Is Axos Bank Trustworthy?
The Better Business Bureau has given Axos an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Axos also doesn't have any recent public controversies.
Axos Bank Pros and Cons
Pros
- Checking account earns interest and offers a cash bonus of up to $500
- Savings account comes with a debit card
Cons
- Low CD rates compared to other online banks
- $250 minimum opening deposit for savings account
Axos Bank Fees and Charges
Axos Bank Monthly Maintenance Fees
At Axos Bank, you typically don't need to worry about monthly bank maintenance fees for most personal and business banking products. The standard checking and savings accounts do not charge any monthly service fees.
There are a few exceptions, though, so check the bank's fee schedule to make sure the account you're interested in doesn't have any fees. For example, Axos Bank Business Interest Checking and the Axos Bank Non-Profit Money Market Account charge monthly service fees when you do not meet certain minimum balance requirements.
Axos Bank Overdraft Fees
Axos Bank is one of the best banks for avoiding overdraft fees. Many of its checking accounts specify that they have zero overdraft and non-sufficient funds fees.
You can get overdraft protection by linking your checking account to a savings account. When you overdraw from your checking balance, Axos will restore your balance by moving over money from your savings account. There is no fee for this service.
Overdraft fees are still common at many financial institutions, particularly brick-and-mortar banks. If your priority is to minimize checking account fees, Axos is a good option overall.
Axos Bank ATM Fees
If you regularly travel throughout the U.S. and need to use ATMs, you may like Axos Bank. It's one of the best banks for avoiding ATM fees. You can get unlimited domestic ATM fee reimbursements with Axos checking accounts. This is a unique perk seldom offered by banks.
Axos Bank's Mobile and Online Banking
Axos Bank's Mobile App Features
Axos mobile banking offers a hub for managing personal bank accounts, business bank accounts, loans, and investment accounts. The app includes standard features common among big bank mobile apps. For example, you can make mobile check deposits, check your credit score for free, set up a direct deposit, open new bank accounts, set balance alerts, add stocks to your brokerage account, and apply for a loan.
The Axos mobile app has 4.7 out of 5 stars in the Apple store, and 3.2 out of 5 stars in the Google Play store.
Axos Bank's Online Banking Tools
Axos online banking has many of the same features as the mobile app. To use Axos online banking, you have to sign in through the bank's website.
Axos Bank Customer Service and Support
To speak to a customer service representative, you can call Axos. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.
Axos customer service hours vary depending on the product. For example, representatives are available 24/7 to answer questions about personal banking but loan service support is only available for 8 a.m. to 5 p.m. PT on weekdays.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Axos Bank ranked lower in overall customer satisfaction than the segment average for online-only checking providers. Other online-only institutions like Charles Schwab and Capital One ranked the highest in this study.
Axos Bank FAQs
Yes, Axos Bank is a legitimate financial institution. It is FDIC-insured. When a bank is federally insured, your insured deposits — up to $250,000 per person, per account category — are secure in a bank account even if a bank fails.
Axos Financial, Inc. is the parent company of Axos Bank. The company was previously known as Bofl Holding, Inc prior to 2018.
Axos Bank includes many services common among big national banks. You can apply for personal and business checking accounts, savings accounts, money market accounts, and CDs. The bank also offers loans and investment services.
There are minimal fees associated with Axos Bank accounts. You won't have to be concerned with monthly service fees, overdraft fees, or out-of-network ATM fees on any standard Axos personal or business checking and savings accounts. The premium bank accounts may have monthly service fees, though.
You can contact Axos Bank customer service by phone. Personal banking support is available 24/7. If you have questions about other Axos Bank products, customer support hours may vary.
The pros of banking with Axos Bank include top-tier business and personal checking accounts, and savings accounts with minimal bank fees. The cons of banking with Axos are that there are no physical locations and low CD rates compared to other banks.
Axos Personal Banking Review
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Axos Bank Rewards Checking -
Axos High Yield Savings Account
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Axos CD
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Axos High Yield Money Market Account
Axos High Yield Savings Account
no monthly service fee
0.15% to 0.61%
$250
- High APY
- No monthly service fees
- Request a free debit card
- $250 minimum opening deposit
- Few mobile app reviews
: Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos High Yield Savings Account- No monthly maintenance fees
- No minimal balance requirements
- $250 minimum opening deposit
- Free incoming Wires
- Zero Minimum Balance Requirement
Axos High Yield Savings Account is a solid savings account with no monthly service fee. Your interest rate will vary depending on your account balance, though. The best high-yield savings account also pay significantly higher interest rates overall.
Axos Bank Rewards Checking
no monthly service fee
up to 3.30%
$0
up to $500
- High APY
- Unlimited out-of-network ATM reimbursements
- No monthly maintenance fees
- No overdraft fees
- No non-sufficient funds fees
- No APY if you can't meet qualifications
- Few mobile app reviews
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos Bank Rewards Checking- Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before August 31.
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
Axos Bank Rewards Checking is a great option if you want to earn a solid interest rate on your checking balance. Not all checking accounts pay interest, and those that do typically pay relatively low rates. But with Axos, you can earn a relatively high rate.
With the Axos Bank Rewards Checking account, you earn interest in stages — with each goal you accomplish, you earn a little more interest. Here are the goals, which earn increasingly more interest as you advance:
- Receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
- Make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
- Keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account monthly.
- Keep at least a daily average of $2,500 in an Axos Invest Self Directed Trading Account monthly.
- Make a monthly Axos consumer loan payment with your Reward Checking account.
If you accomplish all goals in a month, you earn the maximum available APY.
This checking account is also offering a checking account bonus of up to $500 welcome bonus when you use the promo code RC500 to apply for a Rewards Checking account and complete qualifying activities by 8/31/24
If you aren't necessarily looking for a high-interest checking account, then you can check out one of Axos' several other checking accounts.
Axos Bank CD
0.20%
$1,000
- Higher APY than brick-and-mortar banks
- Interest compounded daily
- Lower APY than other online banks
- $1,000 minimum deposit
- Few mobile app reviews
- Standard-to-high early withdrawal penalties
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos CD- Terms ranging from 3 months to 5 years
- Early withdrawal penalties: 1.5 months interest for terms of 3 to 5 months; 3 months interest for terms of 6 to 11 months; 6 months interest for terms of 12 to 23 months; 12 months interest for terms of 24 to 35 interest; 18 months interest for terms of 36 to 47 months; 24 months interest for terms of 48+ months
- Interest compounded daily, paid monthly
- FDIC insured
The Axos CD rate is low, and it's not nearly as strong as Axos' other accounts. You can find higher rates elsewhere. You'll need $1,000 to open a CD with Axos. Some banks require more, but some ask for less. Axos charges relatively high penalties for withdrawing funds before your CD matures, especially for longer terms.
Axos High Yield Money Market Account
no monthly service fee
0.25%
$1,000
- High APY
- Paper checks
- Debit card
- No monthly service fees
- No fees for using an out-of-network ATM
- $1,000 minimum opening deposit
- Doesn't reimburse any fees charged by out-of-network ATM providers
- Few mobile app reviews
Axos Bank has strong high-yield savings, checking, and money market accounts if you'd like to avoid monthly service fees. But, you can find higher interest rates at some of the best online banks.
Axos High Yield Money Market Account- Access your savings with a debit card or paper checks
- Interest compounded daily, paid monthly
- FDIC insured
The Axos High Yield Money Market Account pays a low APY, but it pays the same rate regardless of your account balance.
One advantage of a money market account over a savings account is that the former usually makes it easier to access your savings. Axos offers a debit card with both its savings account and money market account, but the money market account also includes free paper checks.
Axos Bank Loans and Mortgages Review
Axos has a variety of loan options. You can get a personal loan or auto loan. The bank also offers conforming loans, non-conforming loans, FHA loans, portfolio loans, VA loans, jumbo loans, super jumbo loans, and home equity lines of credit. It wasn't a top pick for any of our guides, though.
Read Business Insider's Axos Bank Personal Loans Review.
Axos Bank Business Banking Review
You may like Axos Bank if you're a small business owner. Axos has one of the best free business checking accounts.
You can also choose from several business savings accounts, including a high-yield business savings account, money market account, and a variety of CDs.
Read Business Insider's Axos Business Banking Review.
Axos Bank Investment Services Review
Axos Self-Directed Trading is best for people who have other Axos products. For example, one of the ways to earn a higher interest rate on Axos Bank Rewards Checking is by keeping a daily average of $2,500 or more in an Axos Invest Self Directed Trading Account monthly.
Other institutions will be more appealing for investing, though. Some of the best online brokerages also have bank accounts, so you can find more suitable options if you want more investment selection or lower contract option fees.
Read Business Insider's Axos Bank Invest Review.
How Axos Bank Compares
Axos Bank vs. Discover Bank
Axos and Discover® both have strong rewards checking accounts, but the accounts' structures are different.
With Axos, you can earn interest on your checking balance. You won't earn any interest on the Discover® Cashback Debit Account, but you will earn rewards when you make a purchase with your cash-back debit card. You'll earn 1% cash back on up to $3,000 in purchases (see website for details). One type of rewards account isn't necessarily better than the other — it depends on what you want out of a checking account, and whether you make purchases with your debit card.
Discover® doesn't require any money to open a savings account, while Axos does. But Discover requires $2,500 to open a CD, and Axos only asks for $1,000.
Axos Bank vs. Ally Bank
Ally savings rates are significantly higher than what Axos pays, and you can earn the high rate on the entire balance. Ally will also be the better choice for CDs, because it pays much better rates and has a variety of CD types to choose from.
But the Axos Bank Rewards Checking account is stronger than Ally's checking option, especially if you can qualify for the highest rate. This Axos account also offers a up to $500 bonus for eligible customers.
Why You Should Trust Us: How We Reviewed Axos Bank
At Business Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank's ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. Meanwhile, we'll look at term lengths for loans and investment selection for online brokerages.
Axos Bank Review: Overall Rating
| Feature | Business Insider rating (out of 5) |
| Personal Banking | 3.5 to 4.25 |
| Business Banking | 3.5 to 4.75 |
| Personal Loans | 4 |
| Investment Services | 4.2 |
| Trustworthiness | 5 |
| Total | 4.25 |
