Axos Bank is the consumer banking subsidiary of Axos Financial, an online financial institution headquartered in San Diego, California.
Formerly known as the Bank of Internet USA, Axos was founded in 1999 as one of the first exclusively digital banks in the world.
Today, Axos has a few physical branches, holds over $20.8 billion in assets, and employs over 800 people.
Axos Bank reviews should help you determine if Axos Bank is suitable for your financing needs. In this post, you will learn about the most popular financial products, services, and features they offer.
Axos Checking
Axos has a pretty big selection of checking account options, which is pretty unique when it comes to online banks.
Account holders have five different checking account options, each with perks and features that appeal to different age groups.
All accounts come with a free debit card, account alerts, online bill pay, and direct peer-to-peer payments.
Here is a look at the Axos checking account options you can choose from:
1. Essential Checking
The Essential Checking account is a no-fee checking account that comes with unlimited ATM reimbursements and no minimum balance requirements.
You’ll also get access to Direct Deposit Express, which gets your paycheck into your account up to two days early if your employer supports it.
Essential Checking has no monthly maintenance fee, and you won’t be charged a fee if you overdraft your account.
Learn More:
2. Rewards Checking
The most popular checking option is the Axos Rewards Checking account, which earns up to 3.30% annual percentage yield (APY).
There is a $50 minimum opening deposit required to open this account.
You must have direct deposits totaling $1,500 or more set up to receive the base 0.40% APY. You can take advantage of the full APY with four additional qualifying actions.
Each action varies for the amount of interest rate boost (0.30% – 1.00% APY), so the true rate you get depends on how many of them you complete.
Here’s how to increase your APY:
- Make transactions of at least $3 with your debit card 10 times per month or sign up for Personal Finance Manager (PFM) “Account Aggregation” in Online Banking – earn a 0.30% boost
- Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account – earn a 1.00% boost
- Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account – earn a 1.00% boost
- Use your Rewards Checking account to make your full monthly Axos Bank Mortgage, personal, or auto loan payment – earn a 0.60% boost
Otherwise, Rewards Checking is the same as Essential Checking and comes with no monthly fee, unlimited ATM reimbursements, and no overdraft fees.
Learn More:
3. CashBack Checking
CashBack Checking focuses on cash-back rewards instead of interest accrual.
For all purchases that require a signature, you’ll earn 1.00% back if you carry an average daily balance of $1,500 or more. Otherwise, you’ll earn 0.50%.
There’s no monthly fee, unlimited ATM reimbursements, and a $50 minimum opening deposit requirement.
Learn More:
4. Golden Checking
Golden Checking is an interest-bearing checking account for anyone 55 or older.
The interest rates are tiered, but you’ll currently earn 0.10% APY regardless of your account balance.
Golden Checking has no monthly maintenance fees, no overdraft fees, and account holders can get up to $8 per month in ATM fee reimbursements.
Learn More:
5. First Checking
First Checking is an entry-level, fee-free, interest-bearing checking account for teens ages 13 to 17. The APY currently sits at 0.10% for all deposits.
The account requires an adult co-owner with a daily ATM withdrawal limit of $100. There is also a point-of-sale purchase limit of $500.
There’s no check writing available with First Checking, and you can get up to $12 per month of ATM fee reimbursements.
Learn More:
Axos Savings Accounts
Axos has three great savings account programs to consider, including one specialty account for teens to jump-start their savings.
1. High Yield Savings Account
The Axos High Yield Savings Account (HYSA) is a simple online savings account with an impressive 0.61% APY for any account balance.
There’s a $250 minimum deposit to open an account, but there are no monthly service fees, and you can request a free ATM card if you need one.
Learn More:
2. High Yield Money Market
The Axos Money Market account is similar to its HYSA, with a 0.25% APY and no monthly fees.
The difference is that you’ll have some added flexibility — with a Money Market, you can write checks and make debit card transactions.
You’ll need at least $1,000 to open this account, but there are no minimum monthly balance requirements.
Learn More:
3. First Savings
Like the First Checking account, First Savings is meant for teens ages 13 – 17. Teens can earn 0.10% APY on all balances without monthly maintenance fees.
The account includes a free debit card, and Axos Bank will reimburse up to $12 in monthly ATM fees. Like the checking account, there is a $100 daily limit on how much teens can withdraw to keep their savings safe.
Parents can easily monitor the account from their phone by checking spending, account balances, set up account alerts, or lock the teen’s debit card.
Learn More:
Axos Certificates of Deposit (CDs)
Axos offers CDs with term lengths ranging from three months to sixty months. Currently, CD rates are the same 0.20% APY no matter the size of your account balance on the length of your terms. To open a CD, there’s a minimum initial deposit requirement of $1,000.
Overall, the CD APY is not super appealing compared to the bank’s higher rate options.
Learn More:
Axos Self-Directed Investing
Axos recently jumped into the investing space with the launch of Axos Self-Directed Trading.
They have an easy-to-use app where you can make $0 commission-free trades on U.S. Stocks, ETFs, and more than 10,000 mutual funds.
As a bonus, if you bank with Axos, you can see and manage your accounts all from one location. Talk about convenience!
Axos Bank Loans
Axos offers mortgage and refinance services, personal loans, and auto loans.
Like everything with Axos, you’ll apply for any loan online and should know your available rates within just a few minutes.
If you’re looking for a new home, Axos is currently offering a $0 lender fee on home loans.
Features
- Online-Only Banking: Axos Bank’s core function is online banking. Even though the bank has a few physical branches, most customers are online-only.
- 91,000 Free ATMs: An account with Axos provides access to 91,000 fee-free ATMs nationwide. Even if you can’t find one of these nearby, most Axos bank accounts come with unlimited domestic ATM fee reimbursements.
- Mobile App: Axos has a well-regarded mobile app in the App Store with a 4.7-star rating (out of 5). In the Google Play Store, the app has 4.2 stars (out of 5). With the Axos mobile app, you can set up direct deposits from your employer, make mobile check deposits, transfer money, and pay bills online.
Fees
Axos fits the mold of a modern online bank by not charging much when it comes to fees.
None of its deposit accounts come with a monthly fee or charge for overdrafts. There are also no minimum balance requirements or ATM fees for most accounts.
Depending on your account and what you require in your banking relationship, you may incur some small fees.
But overall, you won’t find the everyday fees that most big national banks charge.
Getting Started
To sign up for an account with Axos, you just have to visit their website or mobile banking app.
Since the bank is (almost) entirely online, you won’t have the option to enroll in person, but online enrollment is quick and painless.
To sign up, you must be a U.S. citizen and come prepared with your social security number, driver’s license, or other state ID.
Once enrolled, you can access all of Axos’ online banking tools.
Axos Bank Promotions
Here are some of the best Axos Bank promotions going on right now:
1. Rewards Checking - up to $300 bonus
Expires: June 30, 2024
Axos is offering to put up to an extra $300 in your pocket. This bonus is high for Axos; however, it also comes with some hefty requirements!
To qualify for the bonus, you'll need to open a new Rewards Checking account and set up direct deposit of at least $5,000. There's also a sizable minimum balance requirement which must be started immediately to earn the full bonus amount.
This cash bonus is in addition to the account's APY, which could see you earning up to 3.30% on your checking balance. Keep in mind that there are qualifying activities you need to do each month to earn the full rate, but it's definitely a competitive rate if you qualify.
How to earn the bonus
The Rewards Checking sign up offer requires you to set up direct deposits and deposit and maintain a minimum balance in order to earn the $300 bonus. Full requirements to receive this bonus are:
- Open a new Rewards Checking account with promo code AXOS300 and fund it within 30 days of account opening.
- During the first seven (7) calendar months your account is open (including the month in which it was opened), have qualifying direct deposit(s) that total at least $5,000 each calendar month.
- Each calendar month you complete these requirements, you'll earn $50, up to $300 total.
- Bonus(es) will be deposited into your new checking account within 10 business days following the eligible statement cycle date.
Apply now to earn the $300 bonus from Axos
2. Basic Business Checking - up to $400 bonus
Expires: June 30, 2024
Available nationwide with the ability to open online, Axos is offering a $400 welcome bonus when you open a new Basic Business checking account and maintain a minimum balance. You'll also need to use your debit card to qualify. This is double their previous offer (and quadruple one before that!) so now might be a good time to jump on it.
Wanna get an interest-bearing account instead? They're also running this promotion on their Business Interest Checking account.
How to earn the bonus
The Basic Business Checking sign up offer requires you to deposit and maintain a minimum balance, make purchases using the account's card and set up bill pay in order to earn the $400 bonus. Full requirements to receive this bonus are:
- Open a new Basic Business Checking account from Axos Bank with promo code NEW400.
- During the first 5 statement cycles, earn $75 for each statement cycle the average daily balance is $25,000 - $49,999.99, up to $300 total OR earn $100 for each statement cycle the average daily balance is at least $50,000, up to $400 total.
- In addition, you'll need to complete 10 purchases of at least $3 with your Small Business Checking Visa® Debit Card and have BillPay setup on your account.
- Bonus will be deposited into your new account within 10 business days of your statement cycle date.
Apply now to earn the $400 bonus from Axos
3. Business Interest Checking - up to $400 bonus
Expires: June 30, 2024
Available nationwide with the ability to open online, Axos is offering up to a $400 welcome bonus when you open a new Business Interest Checking account and maintain a minimum balance. You'll also need to use your debit card to qualify. This is double their previous offer (and quadruple one before that!) so now might be a good time to jump on it.
How to earn the bonus
The Business Interest Checking sign up offer requires you to deposit and maintain a minimum balance, make purchases using the account's card and set up bill pay in order to earn the $400 bonus. Full requirements to receive this bonus are:
- Open a new Business Interest Checking account from Axos Bank with promo code NEW400.
- During the first 5 statement cycles, earn $75 for each statement cycle the average daily balance is $25,000 - $49,999.99, up to $300 total OR earn $100 for each statement cycle the average daily balance is at least $50,000, up to $400 total.
- In addition, you'll need to complete 10 purchases of at least $3 with your Small Business Checking Visa® Debit Card and have BillPay setup on your account.
- Bonus will be deposited into your new account within 10 business days of your statement cycle date.
Apply now to earn the $400 bonus from Axos
Learn More:
Security
As an online bank, secure banking is at the center of everything that Axos does.
Your privileged information is protected with 128-bit secure socket layer (SSL) encryption. Robust firewalls and other technologies are also in place to prevent unauthorized intrusions.
Any account is closely monitored for fraud, and you’ll be alerted immediately of any suspicious activity.
Customer Service and Support
Aside from the obvious fact that you won’t be able to head into a bank and talk to someone when you need support, Axos has quite a few options for customer service.
The bank’s website is loaded with helpful FAQs and a virtual chat assistant.
Axos has a personal banking phone line available 24/7 when you need to talk to someone. If an issue isn’t as pressing, you can also send a secure message through the mobile app.
Customer Reviews
Axos currently holds a 4.1 out of 5 star rating on the Google Play store and a 4.7 out of 5 on the App Store.
Here is what some of the customers have to say about their experience.
5-star review:
Love this app. Love Axos. Always friendly, easy to work with, and always willing to help with any problems.Tiffany Rae Google Play Store
4-star review:
Working well now. I'm happy and have been their customer for many years now. I do recommend them.Krik Valko Google Play Store
3-star review:
Good bank but the app is as slow as cold molasses.P M Google Play Store
Pros & Cons
Pros:
- No fees
- Competitive interest rates
- Lots of checking account options
- Huge ATM network
Cons:
- Extremely limited physical locations
- Low rates on CDs
Alternatives to Axos Bank
Axos is one of the leading online-only banks in the US. Some of its main competitors are other online-only banks, such as:
If the idea of an online bank doesn’t sound quite like what you’re looking for, you might be into a more traditional option.
You won’t see the same fee-free options and high interest rates, but banks like Chase and Wells Fargo have physical locations nationwide.
Frequently Asked Questions
Is Axos a good bank?
Yes. In many ways, it’s a great bank. If you don’t feel the need to do your banking in person, then Axos is one of the best options out there. You’ll pay nothing in fees, have access to higher APYs, and enjoy convenient mobile banking no matter where you are.
Is Axos a real bank?
Yes, absolutely. This is one of the most common questions we see regarding online banks. Online banks have the same FDIC insurance and account options as traditional banks. The only difference is that you do all of your banking on a screen.
What credit bureau does Axos use?
If you apply for a loan or anything that requires a credit pull, Axos reports these activities to all three major credit bureaus — Experian, Equifax, and TransUnion — as do all online banks.
Does Axos release funds early?
Yes. Axos’ Direct Deposit Express delivers your paycheck up to two days early. In other words, you can access your paycheck funds while your bank processes your employer’s payment.
Can you deposit cash with Axos?
No. As with most online banks, you won’t be able to deposit cash directly into your Axos account. If you work in a cash-based industry, your best bet is to set up an account with another bank accepting cash deposits.
Once it’s in there, you should easily be able to transfer the funds to your Axos account.
Is Axos Bank Right For You?
The bottom line is that Axos is one of the best online banks and most Axos Bank reviews agree.
Competitive APYs on high-yield savings accounts, minimal fees, and access to a wide range of financial products are some compelling reasons to sign up.
Your expectations and values heavily influence personal finance decisions like choosing a bank.
If you need to deposit cash or like to talk in person with a representative, then an online bank might leave you feeling a little isolated.
Whether you’re old-school or a millennial, you’ll be in a good spot if you know what you want, and you can’t go wrong with Axos.
Comments are closed.
Comments are closed here.