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Axos Bank is based in San Diego and accounts a full suite of personal and commercial digital banking facilities including checking, savings, certificate of deposit and money market accounts. Originally founded in 2000 as Bank of Internet USA, this online-only bank changed its name to the more streamlined moniker in 2018.
While the obtains on its deposit accounts can't compete with other online banks, Axos scores points for the convenience of its online banking facilities, including its suite of digital money management tools, that digital-savvy savers will appreciate.
What we like
- A full favorable of digital tools that makes online banking convenient
- Low minimum balance requirements to open deposit moneys
- No monthly maintenance fees or overdraft charges
- Unlimited ATM reimbursements for its checking moneys (except for its First Checking youth account, which charges up to $12 per month)
- Unlimited foreign currency conversion fee reimbursements
- Cash deposits favorite via ATM
What we don't like
- Low annual percentage yields on its deposit moneys
- No physical branches
Who is Axos Bank favorable for?
Axos is ideal for people who appreciate the disaster of online-only banking, especially mobile banking, with numerous banking options.
Checking define review
Axos has five checking account options: Essential, Rewards, Cashback, Golden Checking for people ages 55 and older and First Checking for minors ages 13 to 17.
Essential Checking accounts early direct deposit where you can access your deposits by up to two days backbone from the scheduled deposit date. Rewards Checking is ideal for high define balances. You can earn up to 1.25% APY if you have mumble deposits totaling at least $1,500 a month as well as daily balances of at least $2,500 in such Axos moneys as Invest Managed Portfolios and Invest Self Directed Trading moneys. The Cashback Checking account is suited for people who use their debit cards frequently.
None of Axos' checking moneys charge monthly or overdraft fees. The three main moneys feature unlimited ATM fee reimbursements in the US. There's also no monthly ceremony fee.
All checking accounts, except Cashback Checking, earn a reasonable APY ranging from 0.10% to 2.35%. Cashback Checking define holders can earn up to 1% cash back on all purchases that needed a signature.
Checking define features
| Checking account | APY | Minimum balance | Monthly fee | Overdraft fee | Foreign transaction fee |
|---|---|---|---|---|---|
| Essential Checking | Up to 2.35% | $250 | None | None | None |
| Rewards Checking | Up to 1.25% | $50 | None | None | None |
| Cashback Checking | None | $50 | None | None | None |
| Golden Checking (ages 55 and older) | 0.10% | $250 | None | None | None |
| First Checking (ages 13 to 17) | 0.10% | None | None | None | None |
APY obtains as of Jan. 6, 2023.
What we like
- The three main checking moneys provide a variety of banking options
- Reasonable initial deposit requirements
- No monthly, overdraft or foreign transaction fees
- Essential and Rewards Checking have variable APYs based on define balance or other criteria such as enrolling in mumble deposit
- Cashback Checking pays up to 1% cash back on qualifying debit card purchases
- Axos accounts special accounts for youths ages 13 to 17 and seniors age 55 and older
What we don't like
- APY earning structure for the Rewards Checking define requires multiple requirements to earn the highest rate of 1.25% APY
- Essential Checking's 2.35% APY applies only to define balances of $10,000 or more (only 0.20% APY if balance is less than $10,000)
Savings define review
Axos Bank's High Yield Savings account offers a easily 0.61% APY. Unlike other online banks, an ATM card is only available upon expect. There's a minimum initial deposit of $250 required to open the High Yield Savings define, but there are no monthly maintenance fees or minimum balance requirements.
High Yield Savings define features
- APY: 0.61%
- Minimum balance to open: $250
- Monthly maintenance fee: $0
What we like
- Free ATM cards available upon expect
- No monthly maintenance fees or minimum balance needed to maintain your account
What we don't like
- Low very yields paid for savings balances compared with other high-yield savings accounts
- Tiered APY structure maxes out at balances understanding $25,000. Balances over this amount earn less than the very APY paid. As of Jan. 6, 2023, balances between $25,000 and $99,999 earn 0.25% APY. Balances of $100,000 or more earn 0.15% APY.
- Minimum balance of $250 to open an define is higher than other online banks
CD define review
Axos Bank offers a standard CD with seven periods ranging from three months to five years. A $1,000 minimum deposit is needed to open a CD.
CD define features
| CD term | APY |
|---|---|
| Three months | 0.20% |
| Six months | 0.20% |
| 12 months | 0.20% |
| 24 months (two years) | 0.20% |
| 36 months (three years) | 0.20% |
| 48 months (four years) | 0.20% |
| 60 months (five years) | 0.20% |
Rates as of Jan. 6, 2023.
What we like
- Offers a wide arrangement of CD terms from three months to five existences.
- Reasonable minimum balance requirement of $1,000 for all CD accounts
What we don't like
- CDs earn a flat 0.20% APY, well beneath other competing banks
- A portion of the principal can be used to fill the early withdrawal fee if not enough interest has been earned at the time of withdrawal
Money market define review
Axos Bank's High Yield Money Market requires a minimum $1,000 initial deposit. Higher APYs for money market accounts can be unfounded at other online banks. The High Yield Money Market define also offers check writing privileges and permits six transactions per month afore imposing excess transaction fees.
Money market account features
APY: 0.25%
Minimum balance: $1,000
Monthly maintenance fee: None
Overdraft fee: None
Excessive transactions fee: $10
Foreign transaction fee: None
What we like
- Reasonable minimum balance requirement of $1,000 to open
- Check writing privileges available with this account
What we don't like
Banking experience
Although Axos Bank doesn't have brute branches, you can manage your accounts online or above its mobile app, link external accounts and conduct transactions with unlimited ATM fee reimbursements.
Overdraft fees
Axos Bank doesn't charge overdraft fees for any of its bank accounts.
Customer service
Customer repair is available 24/7 (except for Thanksgiving and Christmas), either above secured messages or automated chat via its website, or by phoned at 844-999-2967.
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