Axos is one of the oldest digital banks in the United States. Founded in 2000 as Bank of Internet USA, Axos is a fully digital bank that offers a wide range of personal and business banking products and services.
The advantage is that Axos doesn't have the overhead costs of physical branches. This allows them to provide competitive rates and low fees on many of their accounts.
How We Rate Axos
At Financer, all banks go through a thorough research and review process. Here's how we rate Axos:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| CDs profitability | ⭐ |
| High Yield Savings | ⭐⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Axos?
Yes, Axos Bank is legit and we recommend it as a trustworthy bank and lender. With FDIC insurance and over 20 years in operation, Axos is a safe choice for online banking. Skip to our full review below for complete details.
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 at the main products and services from Axos Bank:
| Product/Service | Key Features |
|---|---|
| Checking Accounts | Multiple options including Rewards Checking (up to 3.30% APY) and Cashback Checking |
| Savings Accounts | Summit Savings at 3.75% APY, Axos ONE Savings up to 4.21% APY (promotional) |
| Money Market Accounts | Check writing and debit card access, 0.25% APY |
| Certificates of Deposit | Terms from 3 months to 5 years. Up to 0.20% APY |
| Personal Loans | Amounts from $7,000 to $50,000. APR: 11.79% - 20.84% |
| Mortgages | Conventional, FHA, VA, jumbo, and investor loans |
| Home Equity | HELOCs and home equity loans available |
| Auto Refinancing | Competitive rates for refinancing existing auto loans |
| Investing | Managed portfolios (0.24% fee) and self-directed trading ($0 commissions) |
| ATM Access | Unlimited domestic ATM fee reimbursements on most accounts |
| FDIC Insurance | Deposits insured up to $250,000 per depositor |
| Customer Support | 24/7 phone support at 1-888-502-2967 |
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, the Axos ONE Savings account earns up to 4.21% APY with a promotional rate when you meet qualifying deposit requirements. Their standalone Summit Savings account earns 3.75% APY with no minimum balance needed.
On the lending side, Axos offers personal loans from $7,000 to $50,000 with APRs ranging from 11.79% to 20.84%. They also provide mortgages, auto loans, and home equity products.
Banking Products at Axos
Axos Financial offers a wide range of financial products that cover nearly every banking need. Whether you're looking to save, borrow, or invest, Axos has options worth considering. Let's take a closer look at what this digital bank brings to the table.
Checking Accounts
Axos offers several checking accounts designed to earn you money, not cost you money.
Their star player is the Rewards Checking account. You can earn up to 3.30% APY if you complete qualifying activities 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.
For the cash-back lovers, there's the CashBack Checking account. Earn up to 1% cash back on debit card purchases.
Savings Accounts
Axos offers multiple savings account options. The Summit Savings account earns 3.75% APY with no minimum balance and no qualifying requirements.
For those willing to bundle checking and savings, the Axos ONE account provides an impressive 4.21% APY (promotional rate) on your savings balance when you meet direct deposit and balance requirements.
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 lag behind competitors. With a flat 0.20% APY across all terms, you'll want to shop around if CDs are your primary savings vehicle.
Money Market Account
Axos' High Yield Money Market account offers 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 extra cash? Axos offers personal loans from $7,000 to $50,000 with APRs between 11.79% and 20.84%. They charge an origination fee of 1%-2% and require a minimum credit score of 730.
Auto Loans
Axos provides auto loan refinancing with terms up to 96 months (8 years). You can defer your first payment for up to 90 days. Just remember, longer terms mean more interest over time.
Mortgages
Looking to buy a home? Axos has a variety of mortgage options, including conventional loans, jumbo loans, FHA loans, and VA loans. They also offer home equity loans and HELOCs. Axos offers fee discounts for customers who open an Axos checking account.
Investment Options
Axos offers both managed portfolios and self-directed trading through Axos Invest. Their managed portfolios charge a low 0.24% annual advisory fee. Self-directed trading offers commission-free trades on stocks and ETFs.
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:
| Account Type | APY (Annual Percentage Yield) |
|---|---|
| Rewards Checking | Up to 3.30% |
| Axos ONE Savings | Up to 4.21% (promotional) |
| Summit Savings | 3.75% |
| High Yield Money Market | 0.25% |
| Certificates of Deposit | Up to 0.20% |
The standout here is the Axos ONE Savings account with its 4.21% APY promotional rate. That's enough to make your money grow faster than most traditional banks offer. But there's a catch: you need to meet direct deposit and balance requirements with the linked checking account to qualify.
The Rewards Checking account is another strong option, offering up to 3.30% APY. That's significantly higher than the national average for checking accounts. Like the ONE Savings, you need to meet several monthly requirements to earn the top rate.
For a simpler option, the Summit Savings account offers 3.75% APY with no minimum balance and no hoops to jump through.
Not for everyone
The Axos ONE Savings and Rewards Checking accounts have high APYs, but you need to meet specific direct deposit, balance, and activity requirements to earn the top rates. The base rate without qualifying activity is much lower.
Axos Savings Accounts
Axos Bank offers multiple savings options. Their Summit Savings account (which replaced the older High Yield Savings) provides a competitive rate without any minimum balance requirements.
For those willing to bundle checking and savings, the Axos ONE account delivers significantly higher yields.
Let's break down the main options:
Summit Savings APY: 3.75% with no minimum balance
Axos ONE Savings APY: Up to 4.21% (promotional, requires linked checking with qualifying deposits)
Monthly fees: $0 on all savings accounts
The Summit Savings rate of 3.75% APY is competitive with many online banks, and you don't need to jump through hoops to earn it. No minimum balance, no qualifying transactions.
But if you want to maximize your yield, the Axos ONE account is where it gets interesting. This combined checking and savings product offers up to 4.21% APY on savings when you meet direct deposit requirements of at least $1,500 per month and maintain a $1,500 average daily balance in checking.
Here's how Axos savings rates compare to some alternatives:
| Bank | Savings APY |
|---|---|
| Axos Summit Savings | 3.75% |
| Axos ONE Savings (promotional) | Up to 4.21% |
| National Average | 0.41% |
| Top Online Banks | 4.00% - 5.00% |
Axos lands solidly in the middle of the pack for savings rates. The Summit Savings account beats the national average by a wide margin, and the Axos ONE promotional rate competes well with top online banks.
Here's what makes the Axos savings accounts stand out:
Axos Savings Account Highlights
No monthly fees: Your money grows without getting nibbled away by charges.
No minimum balance: The Summit Savings account doesn't require you to maintain any minimum balance to earn the full APY.
Daily compounding interest: Your money earns interest every single day, which adds up over time.
To get the 4.21% APY on the Axos ONE Savings account, you need to set up a direct deposit of at least $1,500 per month and maintain an average daily balance of $1,500 in your linked checking account. A higher tier is available at $5,000 in monthly qualifying deposits.
Is an Axos savings account right for you? If you're looking for a straightforward, no-fee savings account with above-average rates, the Summit Savings at 3.75% APY is a solid choice. And if you're willing to bundle checking and savings with the ONE account, you can earn even more.
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.
Pros
Low fees: The 0.24% fee for managed portfolios is lower than many robo-advisors.
No commissions on stock and ETF trades for self-directed accounts.
Integration with Axos Bank accounts: Easy to move money between your bank and investment accounts.
Educational resources: They offer tools and articles to help you learn about investing.
Cons
Limited investment options: No access to cryptocurrency or forex trading.
No fractional shares: You have to buy whole shares, which can be limiting for some investors.
Less established: Axos isn’t as well-known in the investing world as some bigger players.
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.
Be aware of the risks
Remember, investing always carries risk, and past performance doesn't guarantee future results. It's like trying to predict the weather - sometimes you'll get caught in the rain no matter what the forecast says.
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 read this Axos Bank review, you may have decided to open an account. 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 at Axos Bank
Choose Your Account
First things first, decide which Axos account fits your financial goals. Whether it’s the high-yield savings, the rewards checking, or the ONE account that’s caught your eye, know what you want before you start.
Gather Your Documents
Assemble the usual – your valid ID (driver’s license or state ID), Social Security number, and a valid U.S. mailing address. If you’re opening a joint account, have this info for all account holders.
Visit the Axos Website
Click here to acess Axos Bank and click on the button “Sign In”, on the top right corner. Then, go for “Account Login”.
Fill Out the Application
There are some fields to be filled about your personal information, such as Name, Date of Birth and Social Security Number. When done, click in Next.
Verify Your Identity
Axos will need to confirm you are who you say you are. They might ask some security questions or request additional documentation.
Set Up Online Access
Once your account is approved, you’ll receive instructions to set up your online banking credentials. Remembert to choose a strong password.
Welcome to Online Banking
Congratulations! You’re now an Axos banker. Explore your account features, set up direct deposit if you want, and start enjoying those sweet, sweet high-yield savings rates.
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 Bank Mobile App Key Features
All-In-One Dashboard: View all your Axos accounts in one place.
Mobile Check Deposit: Deposit checks by snapping a photo.
Bill Pay: Pay bills directly from the app.
Money Transfers: Move money between accounts or send to friends in an instant.
Credit Score Monitoring: Keep an eye on your credit score for free.
Budgeting Tools: Track your spending and set financial goals.
Easy Investing: Investments are a click away.
Axos takes your security seriously. They've also packed this app with a lot ot protective features. Check out:
Security Features
Biometric Authentication: Use your fingerprint or face to log in.
Two-Factor Authentication: An extra layer of security to keep the bad guys out.
Instant Card Lock: Misplace your card? Lock it instantly from the app.
Encryption: All your data is encrypted. Even if someone intercepts it, all they'll see is gibberish.
Now, let's weigh the pros and cons of Axos Bank Mobile App.
Pros
User-friendly interface
Comprehensive account management
Free credit score monitoring
Robust security features
24/7 customer support via chat
Cons
Some Android users report occasional glitches
Doesn’t support Zelle for peer-to-peer payments
Limited customization options
Some features may require desktop access
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.
Best Mobile Banking
Axos Bank was recently awarded "Best for Mobile Banking" by GOBankingRates.com. That's like winning an Oscar in the world of digital banking!
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 customerservice@axosbank.com. 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 Users Reviews
Financer also receives reviews and feedback about financial companies. Let's examine what our users are saying about Axos Bank:
Financer 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.
Customer Satisfaction
All the reviews we've received for Axos Bank have been 5/5 stars, indicating a high level of customer satisfaction among our users.
Is Axos Bank Right for You
Alright, in this Axos Bank review we've taken a deep dive into the world of Axos Financial. We've looked at their accounts, checked out their mobile app, and explored their customer support options. Now comes the important question: Is Axos Bank the right fit for you?
For most people, the answer is yes. But there are a few situations where Axos might not be the best choice:
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.
Your financial soulmate
If you're comfortable in the digital world, value high yields and low fees, and don't mind saying goodbye to physical branches, then Axos Bank is your financial soulmate.
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!
Axos Bank FAQs
Is Axos Bank Safe and FDIC Insured?
Yes, Axos Bank is FDIC insured (FDIC #35546), providing protection for up to $250,000 per depositor, per ownership category.
Axos employs robust security measures, including 128-bit SSL encryption and multi-factor authentication. With over 20 years of operation and more than $20 billion in assets, Axos has established itself as a reputable and legitimate online bank.
How Do I Open an Axos Bank Account?
Opening an Axos Bank account is a straightforward online process that typically takes 5-10 minutes. You'll need a valid government ID, Social Security number, and a way to fund the account.
Axos offers checking, savings, CDs, and money market accounts. Many accounts have no minimum opening deposit requirement.
What Are The Pros And Cons Of Banking With Axos?
Axos Bank offers several advantages: savings rates up to 4.21% APY through the Axos ONE account, no monthly maintenance fees on most accounts, unlimited domestic ATM fee reimbursements, and 24/7 phone support.
On the downside, Axos has no physical branches, CD rates are low at 0.20% APY, and earning the top checking and savings rates requires meeting specific deposit and balance requirements.
What Fees Does Axos Charge For Their Banking Services?
Axos Bank is known for its low-fee structure. Most accounts, including checking and savings, have no monthly maintenance fees, no overdraft fees, and no minimum balance requirements.
Some fees do apply: $35 for outgoing domestic wires, $45 for international wires, and early withdrawal penalties on CDs. Axos offers unlimited domestic ATM fee reimbursements on most checking accounts.
What Types Of Loans Does Axos Bank Offer?
Axos Bank offers personal loans from $7,000 to $50,000 with APRs ranging from 11.79% to 20.84% and an origination fee of 1%-2%. They also offer mortgages (conventional, FHA, VA, jumbo), home equity loans and HELOCs, auto refinancing, and commercial real estate loans.
Personal loans require a minimum credit score of 730, with terms from 2 to 5 years and funds typically deposited within two business days.
How Does Axos Mobile Banking App Work?
The Axos mobile banking app, available for iOS and Android, lets you check balances, transfer funds, deposit checks via photo, pay bills, and monitor your credit score for free.
The app uses biometric authentication and two-factor authentication for security. It currently holds a 4.7-star rating on the App Store and 4.5 stars on Google Play.
Can I Use Zelle with Axos Bank?
No, Axos Bank does not currently support Zelle for peer-to-peer payments. Instead, Axos offers its own "Axos Pay It Now" feature for sending money to other people.
You can also use third-party payment apps like Venmo or PayPal with your Axos debit card or linked bank account.
Is Axos Bank in Trouble?
No, Axos Bank is not in financial trouble. It is a publicly traded company (NYSE: AX) with over $20 billion in assets and is fully FDIC insured. The bank has been operating since 2000 and continues to grow.
Axos Financial, the parent company, reports its financial results quarterly. You can check their current financial health through SEC filings and their investor relations page.
