- No monthly maintenance fees.
- ATM reimbursement.
- No minimum account requirements.
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Updated March 7, 2024
In a nutshell
Launched in 2000 as Bank of the Internet, Axos Bank is a digital bank that focuses mainly on online offerings.
- In addition to high-yield savings accounts and rewards checking, Axos also offers investment and loan products.
- Axos is an online only bank with no physical branches.
- Higher deposits get the best rates.
Axos Bank overview
Pros:
Cons:
- No branch access.
- Yields on savings products aren’t as high as other online banks.
- Relatively high balance requirements to get the best rates.
Axos Bank’s banking products
Checking
Axos Bank offers five different checking products with different perks and yields:
| Account | APY* | Min. deposit | Monthly fee |
|---|---|---|---|
Axos Rewards Checking | Up to 3.30% | $0 | $0 |
Axos Essential Checking | N/A | None | No monthly service, overdraft, or NSF fees |
Axos First Checking | 0.10% APY | None | No monthly service, overdraft, or NSF fees |
Axos Cashback Checking | N/A | $50 | No monthly service fee |
Axos Golden Checking | 0.10% APY | $250 | No monthly maintenance fees |
- Rewards Checking: Up to 3.30% APY as of this writing, depending on your daily balance, and whether you take other actions, including using the Managed Portfolios. There are no monthly maintenance fees and Axos offers ATM reimbursement.
- Essential Checking: No APY, but there are no fees and there’s an option to receive early direct deposit. This account comes with unlimited ATM reimbursement from domestic machines.
- First Checking: Aimed at helping your teen learn money management, this account is a joint account that earns 0.10% APY and comes with no monthly maintenance fees.
- CashBack Checking: Earn 1% cash back on eligible purchases made with your debit card. You must use the card as a signature card, not a PIN card, to receive this benefit.
- Golden Checking: Meant for those 55 and older, this account earns a 0.1% APY and offers complimentary personal checks. There is a $250 opening deposit required.
Savings
Axos High Yield Savings
Axos High Yield Savings
APY*
$0
Min. deposit
$250
Min. balance to earn APY
$0.01
Monthly fee
$0
Axos has a High Yield Savings account that comes with a free ATM card upon request and that has no monthly minimum requirements are maintenance fees. You do need $250 to open an account, however. The annual percentage yield is 0.61%, which is a little higher than the national average of 0.46% reported by the FDIC in January, 2024. However, it’s lower than other online banks. Additionally, the more you keep in the account, the lower your APY. Accounts with more than $100,000 earn 0.15% APY.
CD
Axos Certificates of Deposit
Axos Certificates of Deposit
APY*
0.20%
Min. deposit
$1,000
Monthly fee
$0
Term
3 months to 60 months
The CD product is fairly straightforward at Axos Bank, with all terms earning 0.20%. Terms range from three to 60 months, and it’s possible to set up automatic renewal upon maturity. There is a minimum deposit of $1,000 to open a CD account with Axos.
MMA
Axos High Yield Money Market
Axos High Yield Money Market
APY*
0.25%
Min. deposit
$1,000
Min. balance to earn APY
$0.01
Monthly fee
$0
For all money market savings tiers, Axos Bank has a yield of 0.20% APY as of this writing. It’s possible to get check writing privileges and access the account via debit card. You don’t have to worry about monthly maintenance fees or monthly account minimums. However, you do need $1,000 to open an MMA account with Axos.
Other banking products
In addition to traditional banking products, Axos Bank also offers access to a variety of other financial products, including:
- Personal loans: Loan amounts range from $7,000 to $50,000 with terms three to six years. The annual percentage rate depends on a variety of factors, but you can get prequalified without it impacting your credit score.
- Mortgages: Axos Bank touts its fast closing and charges no lender fees associated with closing. They offer a variety of programs, including those with low down payments and a 3% cash back program.
- Auto loans: Axos Bank offers auto loans for any age car, and terms of up to 96 months. It’s also possible to wait 90 days before making your first payment, if you’re eligible.
- Investing: Axos Bank offers investing services, including no-commission self-directed accounts and its Managed Portfolios, which is a robo-investing option. They also offer margin and options trading in the self-directed accounts. You can also open an IRA with Axos Bank.
- Small business merchant services: Axos Bank offers business accounts, and provides merchant services that allow you to accept credit cards. They feature a $100 price-match guarantee.
Axos Bank’s customer experience
Axos Bank isn’t rated as highly as some of its counterparts when it comes to customer service. In the 2023 J.D. Power study on direct banking, Axos Bank ranked at the bottom among peer banks in the Overall Satisfaction Index Ranking, with a score of 607.
In the last three years, between November 2020 and November 2023, the Consumer Financial Protection Bureau (CFPB) reported over 200 complaints against Axos Bank. Most of the complaints related to their checking and savings products.
How does Axos Bank compare?
Axos Bank vs. SoFi
SoFi also offers a range of services, including loans, banking and investing products. However, SoFi offers a much higher APY, up to 4.60%. Additionally, SoFi offers a signup bonus of $250 when you set up direct deposit. Axos does have a $300 signup bonus for its Rewards Checking product.
Axos Bank vs. CIT
CIT is known for its savings, checking and CD accounts. Rates can be as high as 5.00% APY for a savings account, which is much higher than Axos. However CIT also has higher account minimums and opening deposits than Axos Bank.
Axos Bank vs. Ally Bank
Ally Bank is another online-only bank that offers high-yield accounts. As with other direct banks, Ally’s rates are much higher than those offered by Axos. The main draw for Axos over Ally is the potential to get a much higher yield on a checking account.
Methodology
By employing this comprehensive review methodology, we aim to empower consumers like you to make informed decisions when choosing a consumer bank that aligns with your financial goals and preferences. We evaluate key factors such as interest rates, fees, minimum balance requirements, access to funds, and more to help you make informed decisions. Please note that our reviews are based on publicly available information, and we recommend verifying the latest details directly from the respective financial institutions.
Frequently Asked Questions (FAQs)
Is Axos Bank FDIC insured?
Yes, Axos Bank carries FDIC insurance for up to $250,000.
Is Axos Bank a good or bad bank?
Whether Axos Bank is good or bad depends on your needs and expectations. Customers tend to find Axos lackluster, according to J.D. Power rankings, but those who are willing to carry a high balance in a checking account and use other products could benefit.
Is Axos Bank a good bank for beginners?
The fact that Axos offers a banking product specifically designed for teenagers can be an indication that it can be good for beginners. Parents might consider getting a joint account to help their child learn about money.
Who owns Axos Bank?
Axos Financial is a publicly traded company listed on the New York Stock Exchange under the ticker symbol AX.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.