Axos Bank is a leading financial institution known for its innovative and customer-centric approach to banking. Whether you’re an individual looking for convenient online banking solutions or a business in need of robust financial services, Axos Bank has you covered. Their commitment to a digital-first strategy means you can seamlessly manage your finances from the comfort of your home or office, ensuring efficiency and ease.
One of the standout features of Axos Bank is its fee structure. With minimal fees, you can enjoy the benefits of your banking services without worrying about unexpected charges eating into your account. Axos Bank offers industry-leading interest rates, allowing your money to work harder for you.
The Axos High Yield Savings account offers a unique tiered Annual Percentage Yield (APY) structure that surpasses the national average for savings accounts. It provides the highest APY for balances under $25,000, making it an attractive option for those looking to maximize their savings. However, balances exceeding $100,000 may earn a slightly lower rate.
Opening this account requires a minimum deposit of $250, but the good news is that there are no monthly maintenance fees to worry about. Upon request, you can receive an ATM card for added convenience in managing your funds.
What are the services Axos bank offers?
Beyond its personal banking options, Axos Bank extends its services to cater to a wide range of financial needs:
- Mortgages: Whether you’re buying a new home or looking to refinance, Axos Bank offers competitive mortgage solutions to help you achieve your homeownership goals.
- Home Equity: Access the equity in your home through home equity loans or lines of credit (HELOCs) to fund projects, consolidate debt, or cover unexpected expenses.
- Specialized Loans: Axos provides FHA and VA loans, making homeownership more accessible for a variety of borrowers.
- Auto Loans: If you’re in the market for a new vehicle, Axos offers auto loans with flexible terms and competitive rates.
- Personal Loans: For life’s unexpected expenses or major purchases, personal loans from Axos Bank offer a straightforward solution.
- Wealth Management: If you’re looking for investment options, Axos offers managed investment portfolios to help grow your wealth.
- Business Banking: For businesses of all sizes, Axos Bank provides a suite of business and commercial banking services, including lending solutions to support your company’s growth.
Axos fees
Axos Bank takes a customer-friendly approach when it comes to fees, with most deposit accounts having no monthly fees, ATM fees, or overdraft charges. Many of their checking accounts offer unlimited domestic ATM fee reimbursements, even for out-of-network ATMs.
However, it’s important to note that Axos Bank does apply fees in specific situations:
- Excess Transactions or Withdrawals: A $10 fee is levied for exceeding the allowable number of transactions or withdrawals.
- Outgoing Domestic Wires: Sending domestic wires comes with a $35 fee.
- Outgoing International Wires: For international wire transfers, there’s a $45 fee.
- Non-Sufficient Funds (NSF): If your account lacks sufficient funds, you may face a $25 fee, which can be incurred up to $75 per day.
- Stop Payment Requests (Online): Initiating a stop payment request online incurs a $10 fee.
If you have an Axos Bank Certificate of Deposit (CD) and need to withdraw funds before the CD matures, you’ll encounter an early-withdrawal penalty. The extent of this penalty varies based on your CD’s term length and could result in the forfeiture of up to 24 months’ worth of interest. This aligns with the industry standard for CD early-withdrawal fees.
Is Axos bank worth it?
Axos Bank stands out in the realm of online banking due to its extensive array of account options. Whether you’re in search of a specialized checking account that offers rewards, or a savings account that conveniently includes an ATM card, Axos Bank has you covered. This bank’s commitment to customer-friendly practices shines through with its minimal fees and competitive interest rates, making it an attractive choice for those seeking a hassle-free online banking experience. In essence, Axos Bank caters to a wide spectrum of financial needs, making it a versatile and accessible choice for nearly every type of banking customer.
Axos account options
Axos Bank offers a comprehensive range of account options, catering to various financial needs.
For checking accounts, they present five distinct choices:
- Essential Checking: A straightforward, non-interest-bearing account with no monthly fees and unlimited domestic ATM reimbursements. It has no minimum deposit requirements.
- Rewards Checking: This account offers the potential to earn up to 3.30% APY with three tiers of interest, although balances over $50,000 do not earn interest. It has a low initial deposit requirement of $50, $0 monthly maintenance fees, and unlimited domestic ATM reimbursements.
- CashBack Checking: A rarity among checking accounts, this option allows customers to earn up to 1% cashback on signature-based purchases. It features $0 monthly fees, unlimited domestic ATM reimbursements, and unlimited check-writing privileges.
- Golden Checking: Tailored for individuals aged 55 and older, this interest-bearing account offers 0.10% APY on all balances. It includes free checks, an initial deposit requirement, and provides up to $8 in domestic ATM reimbursements monthly.
- First Checking: Designed for young customers aged 13-17 as an introduction to banking, this account earns 0.10% APY on all balances. It offers up to $12 in domestic ATM reimbursements each month and has no monthly fees. However, it comes with daily transaction limits.
Best banks like Axos
Here’s a brief overview of 5 online banks similar to Axos bank
- Chime: Chime is an online bank known for its fee-free checking and savings accounts. They provide early direct deposit, allowing you to access your paycheck up to two days early. Chime’s mobile app is user-friendly and offers features like round-up savings, automatic savings, and no hidden fees.
- Ally Bank: Ally Bank is renowned for its competitive interest rates on savings accounts and CDs. They offer a wide range of banking products, including checking, savings, money market, and investment accounts. Ally is known for its exceptional customer service and lack of monthly fees.
- Varo Bank: Varo Bank is a mobile-only bank that aims to simplify banking. They offer a fee-free checking account with no monthly fees and no minimum balance requirements. Varo also provides early direct deposit and a high-yield savings account with competitive interest rates.
- Discover Bank: Discover Bank offers a variety of online banking services, including checking and savings accounts. They are known for their cashback rewards checking account, which lets you earn cashback on debit card purchases. Discover also offers competitive interest rates on savings accounts and CDs.
- Capital One 360: Capital One 360 also provides a range of online banking options, from checking and savings accounts to CDs and money market accounts. They have a network of fee-free ATMs and offer a competitive savings account. Capital One 360 also provides a user-friendly mobile app.
In the savings category:
Axos Bank offers competitive rates, with its savings account ranking among the best online options. The account requires an initial deposit but imposes no balance requirements or monthly maintenance fees. Remarkably, customers can request a complimentary ATM card, a unique feature for savings accounts.
The High Yield Money Market account mandates a $1,000 initial deposit and offers 0.25% APY on all balances. While it comes with check-writing privileges and a free ATM card, its rates are slightly lower than the best money market accounts, and there are no monthly maintenance fees.
For those interested in Certificates of Deposit (CDs), Axos Bank does provide this option. However, their rates may not be as competitive as those offered by other top online banks. CD terms span from three months to five years, all currently set at 0.20% APY.
A $1,000 deposit is required to open a CD account, and as is customary with most CDs, there are no monthly fees. Axos Bank CDs automatically renew upon maturity, with a 10-day grace period for penalty-free actions such as closing the account, making withdrawals or deposits, or adjusting CD terms. Early withdrawal penalties may apply, potentially costing customers up to 24 months’ worth of interest, contingent on the CD term.
What is the minimum balance for Axos bank?
Axos Bank is quite flexible when it comes to minimum balance requirements for its various accounts. Here are the specifics:
- No Minimum Balance Requirement: Essential Checking, Rewards Checking, First Checking, High Yield Savings, and High Yield Money Market accounts.
- CashBack Checking: To open this account, you’ll need a minimum balance of at least $50. To earn 1% cash back on signature-based purchases, you should maintain a minimum balance of $1,500. If your balance falls below this threshold, you’ll still get 0.50% cash back on those transactions.
- Golden Checking: You can open a Golden Checking account with a minimum deposit of $50.
- Axos CD: To open and maintain an Axos CD, you’ll need at least $1,000 as an initial deposit.
How Do I Contact Axos Bank?
Axos Bank has your back whenever you need assistance. Whether you prefer the convenience of their mobile app, sending secure messages through your online account, or giving them a call at 844-999-2967, they’re there for you 24/7, except on Thanksgiving Day and Christmas Day. So, whenever you have questions or need support, Axos Bank has got your questions covered!
How to bank with Axos Bank
To kickstart your Axos Bank journey, just head to their website! When you’re ready to open an account, make sure you have the following personal information ready to roll:
- A valid Driver’s License or State ID.
- Your trusty Social Security Number.
- A valid U.S. Mailing Address (sorry, no post office boxes allowed).
It’s important to note that applicants must be U.S. citizens or resident aliens who are at least 18 years old. If you’re looking into First Checking accounts for the kiddos, keep in mind they’ll need a parent or guardian who’s at least 18 years old to be a joint owner on the account. Let’s get started!
How does Axos bank works?
Axos Bank is your go-to online bank, offering a range of financial goodies like high-yield savings accounts, money market accounts, trusty CDs, and a bunch of checking account options.
Need to chat with a friendly customer service rep? No problem! You can ring up Axos Bank 24/7, and if you prefer a digital chat, they’ve got Evo, the automated representative, ready to help. And if Evo can’t quite cut it, no worries, it’ll connect you with a real-live agent.
Now, let’s talk mobile app reviews. While there are less than a thousand reviews in both the Apple and Google Play stores, the verdict so far is pretty sweet – we’re talking 4.7 out of 5 stars in the Apple store and a solid 3.5 out of 5 stars in the Google Play store.
And one last nugget of info to keep your money safe and sound: Axos Bank has your back with FDIC insurance for deposits up to $250,000, or $500,000 for those snazzy joint accounts. Peace of mind, right there.
Pros and cons of Axos bank
Some of the pros and cons of Axos bank incudes:
Pros:
- No pesky fees: The Essential Checking account is all about the fee-free life. No minimum balance required, no maintenance fees, and no worries about overdrafts or non-sufficient funds. Simple banking, plain and simple.
- Sweet interest rates: Get ready to earn up to 3.30% APY with the Rewards Checking Account. Just meet a few requirements, like having at least $1,500 in direct deposits each month, and you’re on your way to some seriously competitive checking rates.
- ATM freedom: With three Axos checking accounts (Rewards Checking, Cashback Checking, and Essential Checking), you’re in for unlimited ATM reimbursements. Say goodbye to those pesky fees at over 91,000 fee-free ATMs.
- Cashback goodness: The CashBack Checking account is where it’s at for earning up to $2,000 per month in cashback rewards. All your signature-based transactions can score you 1% cashback, as long as you keep a daily balance of at least $1,500.
Cons:
- No brick-and-mortar branches: Axos Bank is a digital-only affair, so don’t expect any physical branches to visit.
- Minimum balance blues: While Axos Bank offers some fantastic perks with minimal fees, the best benefits often come with a catch – maintaining a minimum daily balance or enrolling in direct deposit with a specific monthly threshold.
- So-so savings rates: Unfortunately, the High Yield Savings Account maxes out at just 0.61% APY (while some top-tier high-yield savings accounts offer over 4.00% APY). And when it comes to CDs, Axos offers a modest 0.20% APY, which falls short of the juicy rates offered by some of the best CDs (think over 5.00% APY).
Conclusion
In conclusion, Axos Bank is known as a digital-first financial institution known for its customer-centric approach, minimal fees, and competitive interest rates. It offers a wide range of personal and business banking services, including checking and savings accounts, mortgages, loans, and wealth management. While it excels in fee transparency and customer service, it may have slightly lower savings and CD rates compared to some competitors.