Axos Bank Review – Digital Finance with Big Bank Benefits

Name: Axos Bank Review – Digital Finance with Big Bank Benefits
Item: Axos Bank
Rating: 9

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Last Updated:April 26, 2024

Axos Bank Review – Digital Finance with Big Bank Benefits

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If you’re intrigued by the idea of online-only banking but have been turned off by the limited offerings from digital banks, then Axos Bank is worth a look.

9/10

Cost

9/10

Services

8/10

Features

9/10

Ease of use

9/10

In this day and age, most of us have come to expect our banks to keep up with our digital lives. Axos Bank was founded on the notion that an all-digital banking platform was the future of banking. Instead of the traditional model focused on both in-store and online service, Axos is an online-only option for banking needs.

However, Axos has set out to differentiate itself from other online-only banks that offer spotty customer service and limited account options. Our Axos Bank review looks closely at how Axos is pushing the concept of online-only banking to the next level.

Related: Best Online Banks

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What is Axos Bank?

Axos Bank is a 21st-century, technology-driven, digital banking company focused on banking innovation. The company is headquartered in San Diego and has offices nationwide while focusing on further growth. When founded in 2000, it was known as the “Bank of Internet USA,” but years later, after numerous mergers and acquisitions, it became the current Axos Bank.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

How does Axos Bank work?

Axos Bank features three different areas of money management, including banking, which includes checking and savings accounts, high-yield savings accounts, plus certificates of deposit. The second area is focused on borrowing money. Axos offers loans of all shapes and sizes, including new mortgages and refinancing, auto loan refinancing, and personal loans.

You can also choose from investment accounts, which feature self-directed accounts where you can purchase stocks and ETFs and participate in margin trading.

Axos Bank works like most other financial institutions, requiring an application process to open an account. The application process will be based on the product you’re applying for, such as checking, savings, mortgages, or investment accounts. You can apply online or contact the 24/7 customer service to help you complete the application.

How much does using Axos Bank cost?

The cost of using Axos Bank depends on the type of account you have, but Axos offers many fee-free options worth mentioning.

The Essential Checking account is maintenance-free and has zero non-sufficient fund fees and no overdraft fees. Plus, you receive unlimited domestic ATM fee reimbursement, all without a minimum account balance required.

Other accounts also have attractive fee structures, including mortgages with a $0 lender fee.

Features

Axos Bank offers plenty of features and financial products besides being an online-only option.

Multiple checking account solutions

Axos bank accounts can be used across a wide range of ages.

Essential Checking: This basic account offers several perks, including no monthly fees, early monthly direct deposit, and a $0 monthly balance requirement.
Rewards Checking Account: This is an interest-bearing checking account where you can earn up to 3.30% annual percentage yield (APY) and enjoy the same perks as Essential checking.
Cashback Checking: Ideal for frequent debit card users because you earn up to 1% cash back and no monthly maintenance fees.
First Checking: This is a joint account option for teens aged 13-17 with money management capabilities. It pays an APY of 0.10%.
Golden Checking: This account is also interest-bearing for adults 55 and older, and account holders can earn up to 0.10% APY. A minimum deposit of $250 is required to open the account. You enjoy zero maintenance fees with complimentary personal checks.

Robust digital tools

You would expect an all-digital bank to provide multiple digital assets to handle your accounts, and Axos does not disappoint. The highly-rated mobile banking app allows complete control of your accounts at your fingertips, or you can manage your accounts online. This also extends to customer service, where you have 24/7 chat capabilities.

Other digital tools include online wire transfers and mobile deposits using the mobile app, which allows users to complete as many transactions as possible on the go.

Unlimited ATM reimbursements

If you’re concerned about ATM fees, you will appreciate the unlimited fee reimbursement for ATM usage.

High-yield savings accounts

The high-yield savings accounts offer APY of up to 0.61%. This account also gives you access to digital money management tools. In addition, the account doesn't charge any maintenance fees, and there are no monthly minimum balance requirements. However, you'll need to deposit $250 to open the account.

Customer service-centric

Axos has prioritized customer service by offering phone support 24/7, almost every day of the year. In addition to phone support, there is an email, chatbot, and a virtual assistant named Evo to help answer questions.

Innovative account security

Axos offers biometric screening for an added layer of security. You can activate fingerprint, voiceprint, or facial recognition for the most advanced security features.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

Who is Axos Bank best for?

You want multiple checking account options. Axos Bank offers multiple checking account options, not just the usual basic choice. There are options for rewards, interest-bearing, or tailored to older account holders.

Parents who want to teach their children money management skills. Axos offers the First Checking account to teach teenagers ages 13 through 17 how to use a checking account. The account is fee-free and designed for teenagers to learn how to use their first checking account.

Who shouldn’t use Axos Bank?

You prefer banking at a physical location. The biggest disadvantage to an all-digital bank is you can’t speak with someone face to face if you have questions or need help with an issue. While Axos offers plenty of customer service channels, it still can’t replace the human interaction some customers prefer.

Pros and cons

There are plenty of positives to using Axos Bank for your checking or savings needs, but there are other points to consider.

Pros

Innovative digital banking tools include multiple customer service channels, online and mobile dashboards, plus biometric screening for advanced security.
A generous selection of checking account options, including Essential Banking and Golden Checking, for adults 55 years and older.
Higher interest rates for the high-yield savings accounts.
Wide network of over 91,000 ATMs that qualify for fee reimbursement or are free to use.
Most accounts do not have monthly maintenance fees or require a minimum opening deposit.

Cons

No physical branches when you need to speak to someone in person.
The Essential Checking account does not earn any interest.
The CD rates are not very competitive and fall below average compared to other options.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

Axos Bank vs. the competition

Bank	Cost	Type
Axos	No monthly maintenance fees on deposit accounts	Checking, savings, loans
Varo	No monthly maintenance fees	Checking, savings, credit cards
Chime	No monthly maintenance fees	Spending accounts and savings accounts

Varo Bank

Varo is technically a fintech company and not a bank like Axos. Varo offers full-service banking with both checking and savings accounts and secured credit card options. Because it’s also a technology-driven company, you can manage all aspects of your accounts through the app or online. Varo Bank users have access to a network of over 40,000 ATMs, but the checking and savings account options are limited compared to the multiple offerings found at Axos.

Read a full review on Varo Bank.

Chime

Like Varo Bank, Chime is a fintech company that partners with other banks to offer multiple banking services. Chime offers checking and savings options with very little fees to anyone who wants to save money with their bank accounts. Chime also offers a secured Visa credit card option for those who want to build their credit. Chime does offer a large network of ATMs, over 60,000 nationwide, at stores like Walgreens and CVS, so you can easily access your funds.

Read a full review on Chime.

FAQs

Does Axos Bank charge overdraft fees?

No, Axos does not charge overdraft fees or non-sufficient funds fees for a vast majority of its accounts.

Who is Axos owned by?

Axos Bank is owned by Axos Financial. Originally the company was known as the Bank of Internet USA but has changed names through the years because of multiple acquisitions.

Is Axos a free bank?

Essential Checking is available with no monthly fees and $0 monthly balance requirements.

The bottom line

If you’re intrigued by online-only banking but have been turned off by the limited offerings from digital banks, then Axos Bank is worth a look. It offers a range of checking and savings solutions, and the high-yield savings accounts offer very competitive interest rates. While there are no physical locations to walk into, Axos Bank offers multiple channels for customer service, ensuring you can get your banking questions answered when you need them the most.

NEW! Online Bank Account

Better banking is here.

No account fees
Earn up to 4.50% APY
Up to 2-day-early-paycheck
No-fee Overdraft Coverage.
Do it all in one app.
Up to $2M of additional FDIC insurance through a network of participating banks.

Open an Account

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Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.

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