Axos Bank Review

Axos is one of the oldest digital banks in the world! Founded in 2000, in the United States, Axos is a fully digital bank that offers a wide range of personal and business banking products and services.

The advantage is that Axos don’t have the overhead costs of physical branches. Therefore, they can provide competitive rates and low fees on many of their accounts.

How We Rate Axos

At Financer.com, all banks go through a thorough research and review process. Here’s how we rate Axos:

What You Need to Know About Axos

Axos Bank was originally launched as Bank of Internet USA and rebranded to Axos in 2018. Today, it has grown to over $20.3 billion in assets and serves customers nationwide.

Some key facts about Axos Bank:

• Offers personal and business checking, savings, money market, CD, and loan products
• No physical branch locations – all banking is done online or via mobile app
• Access to over 91,000 free ATMs nationwide
• FDIC insured up to $250,000 per depositor
• Publicly traded company (NYSE: AX)
• Headquartered in San Diego, CA

Axos aims to provide a full-service digital banking experience with competitive rates, low fees, and innovative features. Take a look in the main information of Axos Bank:

One of Axos Bank’s standout offerings is their Rewards Checking account, which offers the potential to earn up to 3.30% APY if certain requirements are met each month. They also provide unlimited domestic ATM fee reimbursements on many of their checking accounts.

For savings, their High Yield Savings account earns up to 0.61% APY, which is above the national average but not as competitive as some other online banks. Axos Bank CD rates are also relatively low compared to other online banks.

On the business side, Axos offers checking and savings accounts as well as lending options tailored for small businesses and commercial clients. Their digital-first approach aims to make business banking more convenient and cost-effective.

Overall, Axos Financial provides a comprehensive suite of online banking products and services with competitive rates on many accounts and minimal fees. Their long history as an online bank has allowed them to refine their digital offerings over time.

The Good and Bad of Axos Bank

Okay, but nothing is perfect. Let’s weigh the good and the bad of Axos Bank, so you can decide if this is the best option for your moment.

In conclusion, Axos Bank offers a solid digital banking experience with some standout checking account options and minimal fees. However, their savings rates are not the most competitive, and the lack of physical branches may be a drawback for some customers.

Axos is best suited for those comfortable with online-only banking who want to minimize fees and potentially earn high checking account interest rates.

Banking Products at Axos

Axos Financial offers a wide range of financial products that’ll make your wallet sit up and take notice. Whether you’re looking to stash your cash, borrow some dough, or invest for the future, Axos has got you covered. Let’s take a closer look at what this digital bank brings to the table.

Checking Accounts

Axos isn’t messing around when it comes to checking accounts. They’ve got options that’ll make your money work really hard.

Their star player is the Rewards Checking account. It’s like finding money in your couch cushions, but better. You can earn up to a whopping 3.30% APY if you complete some challenges each month. That’s more than 40 times the national average! Plus, there are no monthly fees, and they’ll reimburse you for ATM fees nationwide. Talk about a win-win.

For the cash-back lovers, there’s the CashBack Checking. Earn up to 1% cash back on all those debit card purchases. It’s like getting paid to spend money (but don’t go too crazy, okay?).

Savings Accounts

Axos knows that saving money shouldn’t feel like a pain. Their High Yield Savings account offers up to 0.61% APY, which is good when compared to the national average of 0.41%.

For those interested in combining their checking and savings, Axos offers an attractive option. The Axos ONE account provides a highly competitive 4.86% APY on your savings balance. This rate significantly outperforms many traditional savings accounts in the current market.

CDs (Certificates of Deposit)

If you’re the “lock it and leave it” type, Axos has CDs with terms ranging from 3 months to 5 years. However, Axos Bank CD rates still have space to improve. With a flat 0.20% APY across all terms, maybe you want to shop around if you’re up to CDs.

Money Market Account

Axos’ High Yield Money Market account is like a savings account with a dash of checking account flexibility. You get check-writing privileges and a debit card, plus a 0.25% APY. It’s not the highest rate out there, but it’s a solid option if you want easy access to your savings.

Personal Loans

Need some extra cash? Axos offers personal loans from $7,000 to $50,000 with terms up to 6 years. They promise competitive rates and fast funding, so worth a try.

Chosen 674 times

• Full-service online banking
• Application will not impact your credit score
• Available in all 50 U.S. states
• 24/7 customer support

Lowest APR1,179.00%

Highest APR2,084.00%

Min Loan Amount$7,000

Max Loan Amount$50,000

Min Loan Term3 Years

Max Loan Term6 Years

Accepts bad credit:No

Quick payoutNo

See offerMore Info

5.0Read 4 reviews

Auto Loans

Axos is ready to get you rolling with auto loans for both purchases and refinancing. They offer terms up to 96 months (that’s 8 years). Plus, you can defer your first payment for up to 90 days. Just remember, longer terms mean more interest over time, so choose wisely.

Mortgages

Looking to put down roots? Axos has a variety of mortgage options, including conventional loans, jumbo loans, and even FHA and VA loans. They’re currently offering $0 lender fees and up to 3% annualized cash back. That’s enough to make your real estate agent do a happy dance.

Investment Options

For those who like to let their money work for them, Axos offers both managed portfolios and self-directed trading. Their managed portfolios come with a low 0.24% annual advisory fee, which is a quarter of what many traditional advisors charge.

If you prefer to be in the driver’s seat, their self-directed trading platform offers commission-free trades on stocks and ETFs.

Axos Bank is serving up a financial feast with options for every appetite. Whether you’re a savings superstar or a borrowing buff, there’s likely something here to tickle your financial fancy.

Interest Rates for Axos Accounts

Let’s dive into Axos Bank’s interest rates. Remember, these rates can change any time, so always check them. Here’s the current scenario:

The standout star here is the Axos ONE Savings account with its eye-popping 4.86% APY. That’s enough to make your money grow really fast. But there’s a catch – you need to meet some requirements with the linked checking account to snag this rate.

The Rewards Checking account is another overachiever, offering up to 3.30% APY. That’s more than 40 times the national average for checking accounts. But like Axos ONE Savings, you’ve got to put in some effort to earn the top rate.

Axos High Yield Savings Account

Axos Bank’s High Yield Savings account stands out among many standard savings options. While it may not offer the highest rate in the market, it provides a notably above-average return on your savings.

Let’s break it down:

• APY: Up to 0.61%
• Minimum opening deposit: $250
• Monthly fees: Zero, nothing, nada, zilch.

Now, 0.61% might not sound like much, but it’s actually about 1.5 times the national average of 0.41%. Not bad, right?

But here’s where it gets interesting. Axos has a secret weapon called the Axos ONE account. This bad boy combines checking and savings, offering a jaw-dropping 4.86% APY on your savings balance.

Let’s see how Axos stacks up against some other big players in the high-yield savings game:

As you can see, Axos can lead the ranking with its standard savings account. But that Axos ONE account? It’s leaving the competition in the dust.

Here’s what makes the Axos High Yield Savings account stand out:

But remember, to get that sweet 4.86% APY, you need to meet some requirements with the linked checking account.

So, is the Axos High Yield Savings account right for you? If you’re looking for a solid savings account with no fees and above-average rates, it’s definitely worth considering. And if you’re willing to go all-in with the Axos ONE account, you could be looking at some of the highest savings rates in the country.

Axos Investment Platform Guide

Okay, now we know all the good (and the few bad) of Axos Bank’s accounts. But did you know you can also make investments through the platform? Let’s examine Axos Invest services.

We’ll analyze their investment offerings to determine if they’re a suitable choice for your financial goals.

Axos offers two main flavors of investing:

• Managed Portfolios: For those who want a hands-off approach.
• Self-Directed Trading: For the DIY investors who like to call their own shots.

Let’s break these down.

Managed Portfolios

Think of this as the “set it and forget it” option. Here’s the lowdown:

• Annual fee: 0.24% (That’s $24 for every $10,000 invested)
• Minimum investment: $500
• Investment types: Exchange-Traded Funds (ETFs)

Axos uses fancy algorithms to create a portfolio based on your goals and risk tolerance. They’ll even rebalance it for you.

Self-Directed Trading

For those who like to be in the driver’s seat:

• Stock and ETF trades: $0 commission (That’s right, free!)
• Options contracts: $1.00 per contract
• Mutual funds: $0 per trade for no-load funds

You can trade stocks, ETFs, options, and mutual funds. Plus, they offer real-time market data and research tools to help you make informed decisions.

Now, let’s look at the pros and cons of investing with Axos.

So, is Axos the right place for your investments? It depends on what you’re looking for. If you’re an Axos Bank customer who wants a simple way to start investing, their platform could be a good fit. The managed portfolios offer a solid, low-cost option for hands-off investors.

For more active traders, the self-directed account offers commission-free trades, which is always nice. But if you’re looking for advanced trading tools or a wide range of investment options, you might want to shop around.

Before you dive in, make sure you understand your own financial goals and risk tolerance. And if you’re not sure, there’s no shame in talking to a financial advisor.

Steps to Start Banking With Axos

Now that you’ve researched Axos Bank, problably you have decided to open an account. So, let’s go through the process step by step. Opening an account with this digital bank is a straightforward procedure that can be completed entirely online.

How to Open an Account in Axos Bank

Steps

Remember, Axos offers 24/7 customer support, so if you get stuck at any point, help is just a phone call away.

Axos Bank Mobile App

In today’s fast-paced world, your bank should move as quickly as you do. That’s why Axos Bank Mobile App is so important. Let’s take a closer look at this digital dynamo.

First of all, look at what real clients think about it.

• App Store Rating: 4.7 out of 5 stars (based on 13,700+ ratings)
• Google Play Rating: 4.5 out of 5 stars (based on 6,200+ ratings)

Now, let’s break down what makes this app tick:

Axos takes your security seriously. They’ve also packed this app with a lot ot protective features. Check out:

Now, let’s weigh the pros and cons of Axos Bank Mobile App

The Axos Bank Mobile App isn’t just a nice-to-have – it’s a powerful tool for managing your personal finances. It’s like having a branch, an ATM, and a financial advisor all rolled into one sleek package that fits in your pocket.

Support Options for Axos Customers

We’ve covered a lot of ground about Axos Bank, from their high-yield savings accounts to their mobile app. But what happens when you need a helping hand? Let’s dive into Axos Bank’s support options. After all, even the most tech-savvy among us sometimes need to talk to a real human.

24/7 Phone Support

Axos Bank takes the cake when it comes to round-the-clock support. Their phone lines are open 24/7, which is really rare.

Phone number: 1-888-502-2967

Live Chat

Axos Bank’s website features a live chat option with their virtual assistant, Evo. It’s available 24/7 and can handle basic queries.

If Evo can’t solve your problem, it’ll connect you to a human agent.

Social Media

Axos Financial maintains active profiles on major social media platforms, such as Facebook, Instagram, LinkedIn and X. While they don’t recommend sharing sensitive info here, it’s a great place for general queries and to stay updated on Axos news.

Email Support

While not prominently advertised, Axos does offer email support at [email protected]. It’s not the fastest option, but it’s there if you need it.

The Truth About Axos Customer Service

Customer reviews about Axos support are mixed. Many praise the 24/7 availability and knowledgeable staff. However, some customers report long wait times during peak hours.

Overall, Axos Financial offers a robust set of support options. The 24/7 availability is a standout feature, especially for night owls and international customers. While there’s always room for improvement, Axos seems committed to helping customers whenever and however they need it.

Financer.com Users Reviews

Financer.com also receives reviews and feedback about financial companies. Let’s examine what our users are saying about Axos Bank:

Financer.com users have reported highly positive experiences with Axos Bank. Many customers commend Axos for its innovative approach to banking, particularly highlighting the seamless online experience and user-friendly mobile app.

Is Axos Bank Right for You

Alright, folks, in this Axos Bank review we’ve taken a deep dive into the world of Axos Financial. We’ve looked at their accounts, peeked at their mobile app, and even explored their customer support options. Now comes the million-dollar question: Is Axos Bank the right fit for you?

This question often is yes! So, let’s do this in the inverted way. For whom Axos is nor right?

• You prefer face-to-face banking: Axos is online-only, so if you like chatting with a teller, this isn’t your jam.
• You need to deposit cash frequently: While possible, it’s not as convenient as with traditional banks.
• You’re after the absolute highest CD rates: Axos Bank CDs rates aren’t competitive compared to some other online banks.

If you’re not in any of those places, there’s a high chance Axos is the best choice for you.

Remember, at the end of the day, the best bank for you is the one that helps you reach your financial goals while fitting seamlessly into your life. Happy banking!