Axos Bank is an online bank that offers a wide range of financial products and services, including checking and savings accounts, money market accounts, CDs, and more.
In this review, we will take a closer look at the bank’s features and services, as well as its fees, interest rates, and customer support.
Axos Bank Checking Accounts
One of the standout features of Axos Bank is its variety of checking accounts. The bank offers several types of accounts, each with its own set of benefits and features.
- Essential Checking: The Essential Checking account is a basic account that comes with no monthly maintenance fee and no minimum balance requirement. The account also comes with a free debit card and online and mobile banking access.
- Rewards Checking: The Rewards Checking account offers a tiered interest structure, with the potential to earn up to 1.25% APY on account balances. However, it should be noted that balances above $50,000 do not earn interest. This checking account only requires a $50 initial deposit and has no monthly maintenance fees. Additionally, customers will enjoy unlimited domestic ATM fee reimbursements with this account.
- CashBack Checking: At Axos Bank, customers can earn cash back on their checking account, a feature that is not commonly found in traditional banking. The CashBack Checking account offers up to 1% cash back on all signature-based purchases. Additionally, this account comes with no monthly fees, unlimited domestic ATM reimbursements, and the ability to write unlimited checks.
Axos also offers two specialized checking accounts: First Checking and Golden Checking.
- First Checking: This checking account is a suitable banking introduction for kids aged 13-17, offering 0.10% APY on all balances, $12 in monthly domestic ATM reimbursements, no monthly fees. It has a daily transaction limit of $100 cash and $500 debit. It’s the perfect first step for young people to learn about the importance of saving money and managing their finances.
- Golden Checking: This checking account is specifically designed for individuals 55 years and older. It offers 0.10% APY on all balances, free checks, a low initial deposit requirement, and up to $8 in monthly domestic ATM reimbursements.
Axos Bank Savings Accounts
High-Yield Savings Account
The Axos Bank high-yield savings account offers the potential to earn 0.61% APY on balances under $25,000. As the account balance increases, the interest rate decreases. You earn 0.25% APY for balances between $25,000 and $100,000 and 0.15% APY for balances above $100,000.
Opening an account requires a $250 deposit, and there are no ongoing balance requirements or monthly maintenance fees. Additionally, customers can request a free ATM card, a feature not commonly found in savings accounts.
For higher APYs, check out our best savings accounts.
Money Market Account
The Axos Bank High Yield Money Market account offers check-writing privileges and a free ATM card. The account requires an initial deposit of $1,000 and offers an interest rate of 0.25% APY on all balances. Additionally, there are no monthly fees, making it a cost-effective option for managing your funds.
For higher APYs, check out our best money market accounts.
CDs
CD rates are currently set at 0.20% APY across all terms, which range from three months to five years. To open a CD account with Axos Bank, you’ll need to deposit at least $1,000. However, there are no monthly fees associated with these accounts.
When a CD reaches maturity, it will automatically renew. Customers have a 10-day grace period during which they can close it, withdrawing funds, or adding more money, without penalty. However, if you withdraw funds from a CD before it matures, you may be subject to early withdrawal penalties of up to 24 months’ worth of interest, depending on the term of the CD.
All Axos Bank accounts are FDIC-insured up to $250,000 per depositor, per ownership category. However, overall, you can find much better rates for savings accounts, money market accounts, and CDs at other online banks.
Additional Services from Axos Bank
In addition to its personal bank account options, Axos Bank also offers a range of other financial services. These include:
- New mortgages
- Mortgage refinancing
- Home equity loans and lines of credit
- FHA and VA loans
- Auto loans
- Personal loans
- Managed investment portfolios
- Business and commercial banking and lending solutions
Fees
Axos Bank has a reputation for low fees, and for good reason. The bank’s checking and savings accounts have no monthly maintenance fees and no minimum balance requirements.
Additionally, the bank’s ATM network is extensive, so customers can withdraw cash from thousands of ATMs across the country without paying a fee. Customers have access to over 90,000 fee-free ATMs across the country.
Features
Axos Bank offers a variety of features to make banking more convenient for its customers. Some of the most notable features include:
- Mobile banking: Customers can access their accounts and conduct transactions using the bank’s mobile app, which is available for both iOS and Android devices.
- Bill pay: Online bill pay allows for seamless management of bills and payments directly from the customer’s account.
- Direct deposit: Paychecks and other deposits can be automatically deposited into the customer’s account, eliminating the need for physical deposit slips.
- Mobile check deposit: Customers can deposit checks into their accounts using the bank’s mobile app.
- Fund Transfers: The online banking platform enables customers to easily transfer funds between their own bank accounts or to other financial institutions.
- Account balances and transaction history: Customers can view account balances and transaction history online or through the mobile app.
- Online banking: The bank’s online platform gives customers access to their accounts and the ability to conduct transactions at any time, from anywhere.
24/7 Customer Service
Axos Bank offers several ways for customers to contact the bank. You can call 24 hours a day, 7 days a week (excluding Thanksgiving Day and Christmas Day) or send them a secure message while logged in.
Customers also get access to Evo, a virtual financial assistant. Evo can assist you with banking questions and help you manage your accounts.
Axos also has a FAQ section, how-to videos, and an ATM locator that provide answers to common questions about its products and services.
Bottom Line
In conclusion, Axos Bank is a great choice for customers looking for an online bank with competitive interest rates, low fees, and a variety of account options. The bank’s online-only model allows it to offer these benefits while keeping overhead costs low.
With its extensive ATM network and convenient features like mobile banking and bill pay, Axos Bank is a great choice for customers who prefer to bank online.
Source: crediful.com