Axos Bank
Fees
Our Rating
Current Promotion
APY Savings
Axos is one of the oldest online-only banking services around. It has been operating since 2000 and continues growing to offer more services for individuals and businesses. The bank is based in San Diego, CA, and is a subsidiary of Axos Financial. While the bank does have three locations, it operates online for most customers.
The bank acquired Nationwide Bank in 2018, which grew Axos Bank by $3 billion in deposits and added 40,000 customers. The bank also acquired WiseBanyan, the no-fee Robo advisor, which can benefit Axos bank customers.
Axos Bank can be a perfect fit if:
You prefer online bank with good savings rates & no fees
You may need a mortgage soon
You need a debit card (including 1% cash back on your debit card purchase)
While Axos Bank operates as an online bank, it is full service and offers a variety of accounts to suit most private customers and small businesses. So, here we’ll delve into Axos Bank to help you determine if it provides accounts that meet your needs.
- Full Service Banking
- Low Monthly Fees
- ATM Fee Reimbursement
- No Physical Branches
- Lower Rates on Savings
Does Axos offer cash deposits?
Axos accepts cash deposits, yes. At ATMs across the country that participate, you can deposit cash. Nearly 100,000 of America's biggest and most reputable merchants, including 7-Eleven, ACE Cash Express, CVS, Dollar General, Kroger, Rite Aid Safeway, Walgreens, and Walmart, accept deposits via Axos' relationship with Green Dot Network®.
Can I use Axos debit card abroad?
Anywhere a Visa card is accepted worldwide, you can use your Visa® Debit card. All international Point of Sale (POS) transactions and ATM withdrawals are subject to a foreign exchange rate.
Can I withdraw money from Axos's savings account?
Although less flexible than Axos checking accounts, Axos Bank savings accounts nonetheless provide a number of withdrawal options. Here's how to make it:
- Transfer money to a different Axos Bank account or to a different financial institution. Select Move Money after signing in to your online banking.
- Make a wire transfer start. Log in to your online banking account and choose Wire Transfers after Moving Money.
- Take money out of the ATM. Log into online banking and use our ATM Locator to find nearby locations where you can withdraw money for free from ATMs using your debit or ATM card.
How's Axos ATM fee work?
The type of account you have will determine how the ATM fees are reimbursed.
For accounts with Rewards Checking, Cashback Checking, and Essential Checking, unlimited domestic ATM fee refunds are available.
Golden Checking accounts are eligible for monthly reimbursements of up to $8.00 for domestic ATM fees.
Axos Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Axos Bank Pros and Cons
As with any financial institution, there are both positives and potential negatives associated with Axos Bank. It is important to be aware of both sides before deciding if this is the right choice for you.
Pros | Cons |
|---|---|
Full Service Banking | Low Rates On Savings And CDs |
ATM Fee Reimbursement | No Physical Branches |
Low Monthly Fees |
- Full Service Banking
While it operates almost exclusively online, Axos Bank is a full service bank offering savings, checking and money market accounts, in addition to CDs, investment options and loans for both individuals and small businesses.
- ATM Fee Reimbursement
Since Axos does not have its own ATM network, customers receive unlimited domestic ATM fee reimbursements. The only restriction is on Golden checking accounts, which have a cap of $8 for fee reimbursements each month.
- Low Monthly Fees
Axos checking and savings accounts attract no monthly fees.
In fact, only the Golden Checking and CashBack accounts have an overdraft or nonsufficient fund fees. This makes Axos an inexpensive banking option for most users.
- Low Rates On Savings And CDs
The savings account and CD rates from Axos Bank are, at best, average. The rates are just above the national average for the short term but slightly below on terms over 12 months.
Top Offers From Our Partners
- No Physical Branches
Although Axos Bank has three locations, these are not for customer use, the bank operates entirely online.
So, if you’re looking for a bank where you can get help from an in-person teller, Axos is not the right option for you
Axos Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
Axos Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
If you’re looking to grow your savings and start working towards your savings goals, Axos Bank has several options:
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High Yield Savings Account
This is more than your basic savings account with other online banks. It not only offers a high yield of Up to 0.61%, but has a number of other features.
For example, you can request a free ATM card, but no monthly maintenance fees exist. Interest is compounded daily, and there are no minimum balance requirements. Additionally, this account provides access to various online money management tools.
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CDs
Axos Bank also offers certificates (Certificates of Deposit) that vary from three to 60 months. You will need a $1,000 minimum deposit to open an account.
This is higher than many other banks, but there are no maintenance or setup fees, free electronic interest transfers, and auto-renewal with a ten-day grace period. All CDs are FDIC insured, and the APY varies by term length, but you can expect up to 0.20%. However, these rates are far lower than top bank's CD rates, so you may look elsewhere before applying to Axos CDs.
Axos Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Axos Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
There are five types of checking accounts available with Axos Bank. These are:
- Essential Checking: This account has no monthly fees or overdraft fees. There is no minimum balance requirement, and you can enjoy unlimited domestic ATM fee reimbursements. Axos Bank can also allow you to receive direct deposit funds up to two days early.
- Rewards Checking: The Reward Checking account has a $50 minimum balance, and it offers all the benefits of Essential Checking, but there is a higher APY of Up to 3.30% APY to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY)., depending on your account activity:
Earn 0.40% APY if you receive direct deposits totaling $1,500 or more.
Earn 0.30% if you use your Axos Visa Debit Card for ten monthly transactions (minimum $3 per transaction) or sign up for PFM.
Earn 0.20% if you maintain an average daily balance of $2,500 per month in an SDT account.
Earn 0.20% if you maintain an average daily balance of $2,500 per month in an MP account.
Earn 0.15% if you use your RewardsChecking account to make your full monthly Axos bank consumer loan payment.
- CashBack Checking: This account offers 1% cash back on all shopping purchases requiring a signature. It has no monthly fees and offers unlimited check-writing privileges.
- First Checking: This is designed for children aged 13 to 17 to help them learn good money management skills. The account offers 0.10% APR with no monthly or overdraft fees. There are daily transaction limits, and parents can also impose account restrictions.
- Golden Checking: This account is open to people aged 55 plus. There is a $50 minimum balance, but you’ll earn 0.10% APR on any balances.
All checking accounts provide access to the Axos Bank digital tools, including online bill pay and free mobile banking. The Rewards checking is one of the best bank accounts if you're looking for an online bank.
Axos Money Market Account
The Axos Bank Money Market account is a great option if you want to save money and maximize your funds. It offers a 0.25% APY with no monthly minimum balance requirements or monthly maintenance fees.
There is a $1,000 minimum balance required to open an account, but it offers debit card transactions and checks writing privileges.
Axos Personal Loans
Axos Bank offers personal loans on their website. Axos offers personal loans ranging from $5,000 – $50,000 with terms ranging from 36-72 months. Borrowers are required to make a monthly payment. The current APR range is 11.79% – 20.84%.
It may be difficult to qualify with Axos Bank if you have a low credit score, a high debt-to-income ratio, and no income or credit history.
Your credit should not be affected during the pre-qualifying process, regardless of how you apply. You can pay off your loan early and save a significant amount of money in interest because Axos personal loans do not charge an early payoff fee.
After your loan has been approved and you have agreed to the terms, you should receive funds within two days.
Other Bank Features
In addition to the variety of accounts, Axos Bank has several other features, including:
- Mobile App: The Axos Bank app provides all the features of Axos online banking. You can make mobile deposits by photographing both sides of a check and downloading it to the app. The app is available for both Android and iOS devices.
- Digital Banking Tools: The Axos Bank dashboard offers a variety of tools, including online bill pay and a No Hassle Switch Kit that is a step-by-step checklist for a stress-free process to switch from another bank.
- Axos Premier: If you qualify, you may be invited to join the private Premier program. This offers exclusive rewards, including 24/7 access to an account concierge, direct access to a personal relationship manager, no lender fees for home loans, expedited service, and higher limits for ATM and point-of-sale transactions and transfers.
- Axos Invest is a no-fee robo advisor service offering fully automated investing. You can use this to create investment accounts and tailored portfolios. There are no fees and no minimum balance requirements.
- Customer Support: You can access customer support by live chat, email, or phone. Personal banking live support is available 24/7, excluding Christmas Day and Thanksgiving. Support for most other banking services is open Monday to Friday during standard business hours.
- Account Security: Axos Bank accounts are FDIC insured, and there are a variety of account security protocols, including automatic log-out, account monitoring, antivirus protection, two-step authentication, and 128-bit SSL encryption.
Axos Bank | |
|---|---|
App Rating (iOS)
| 4.7 |
App Rating (Android) | 4.6 |
BBB Rating (A-F) | A+ |
WalletHub (+1,000 reviews) | 3.4 |
Contect Options | phone/chat |
Availability | 24/7 |
Should You Consider Axos Bank?
Axos Bank is a great option for those who are looking for access to a wide variety of financial services and products, yet don’t require in person assistance. While this bank may not offer the highest interest rates among online banks, the rates are typically higher than what you can find at local banks.
However, according to the J.D. Power 2023 U.S. online banking satisfaction study, Axos Bank customer satisfaction is the lowest compared to other banks. Axos Bank gets 607 points while the average is 715 points, and it ranked 10 out of 10 bank in the list.
Some of the Axos Bank checking accounts offer some fantastic benefits including cash back and fee free banking. It is also a full service bank, so you can access personal and auto loans, mortgage financing and other financial products.
So, if you’re fairly tech savvy and want access to a variety of accounts, Axos Bank is worthy of consideration.
Axos Bank FAQs
How's Axos promotion?
Axos offers a decent promotion – Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account. However, if you're looking for a promotion – you can find better banking promotions with other banks.
Is Axos Bank legit and safe?
Yes, Axos Bank is a legit financial institution that carries FDIC insurance. You can enjoy full service banking with the reassurance of a secure online platform, where you can manage all aspects of your accounts.
You can also enjoy the convenience of the Axos app which is available on Android and iOS.
Is Axos bank a real bank?
xos is certainly a real bank. While it is a purely digital bank, it has been operating since 2000 and is a subsidiary of Axos Financial.
So, you can enjoy full banking services as you would with a traditional bank. The difference is that since it does not need to cover the cost of branches, you can enjoy competitive rates.
Is Axos Bank a good bank overall?
Axos Bank is a good way to move your banking activities online. There are checking, saving and investing options with competitive rates and minimal fees.
While there are no physical locations, you can enjoy great customer support, making Axos Bank a great choice for most customers.
Which is better Axos Bank or Chime?
While the Chime banking app does offer no monthly maintenance fees, the main advantage of this platform is that you can pay friends using the mobile app. This makes it a less comprehensive banking service compared to Axos, where you can choose a variety of accounts with competitive rates.
So, unless you frequently need to send money to your friends, there is no significant difference in your day to day banking needs.
Is Axos Bank better than Ally bank?
Although Ally Bank has no account minimums and better interest rates, Axos offers a broader variety of products and access to an extensive no-fee ATM network. Additionally, Axos Bank has a solid online presence, making accessing services easier.
However, Ally's deposit rates are much higher, and its customer satisfaction is better and therefore our Ally bank rating, 4.5 stars out of 5, is higher than Axos (3.8 out of 5)
Online Only Banks - Alternatives
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|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.60%
| 4.25%
| 4.25% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $0 | $0 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.9/5 on iOS, 4.7/5 on Android | 4.7/5 on iOS, 4.1/5 on Android |
BBB Rating | A+ | A+ | C
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How We Rate And Review Banks: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
Compare Alternatives Banks
Axos vs Ally Bank
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Axos vs Discover
Axos Bank is still committed to providing a “100% digital” experience, as evidenced by the absence of branches. When there are no branches, customers benefit from higher rates of return on financial products. Axos Bank is also a full-service bank, providing individuals and businesses with deposit accounts and loans.
Discover Bank, while not a full-service bank, is part of the Discover Group, which provides a wide range of loan products. If you have a Discover Bank account, you will be in their system if you ever need a loan or a credit card. With the exception of Delaware, Discover Bank does not have bank branches.
Read Full Comparison: Axos vs Discover: Which Bank Account Is Better?
Axos vs Marcus
Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.
Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.
Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?
Axos vs Varo
Axos is a large online bank that offers checking, savings, CDs, investing, and other services. Customers can earn interest or cash back on a variety of checking account options. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's high enough to justify opening an account as part of a larger online banking strategy, and there aren't many fees.
Varo Bank is a web-based bank that offers a variety of deposit and loan products. It was founded in 2015 and is based in San Francisco. Varo offers high-yield savings accounts and cash-back checking accounts, as well as a fee-free ATM network (see below for more information from Varo) and automatic savings tools.
Read Full Comparison: Axos vs Varo: Compare Banking Products
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