In your search for an online bank, Axos Bank may be one of the few on your shortlist. Should you open an account?
Well, they have top notch free checking, and they have solid business banking. They also pay high yields on their savings accounts.
Check out our full review of Axos Bank below.
- Full service online bank
- Earn interest on checking accounts
- Fewer fees than most banks
Axos Bank Details
Axos Essentials Checking
Unlimited via Reimbursement
Who Is Axos Bank?
Axos Bank started life on July 4, 2000, as Bank of Internet USA, offering only basic checking services. The bank’s focus was on a superior online experience coupled with 24/7 access.
On October 1, 2018, the company changed to Axos Bank and began trading on the New York Stock Exchange under the ticker “AX.” Existing brands were absorbed into Axos Bank. These included Bank of Internet USA, BofI Federal Bank, including BofI Advisor, Bank X, NetBank, Apartment Bank, Annuitants Federal Bank, and Virtus Bank.
Axos Bank is still very focused on the “100% digital” experience, as evidenced by its lack of branches. No branches mean higher rates of return for customers through financial products. Axos Bank is also a full-service bank with financial products for individuals and businesses that span deposit accounts and loans.
What Do They Offer?
While Axos Bank offers products for individuals and businesses, we’ll focus on offerings for individuals.
Axos Checking Accounts
Axos Bank offers five different checking accounts with two of them focusing on age categories (13–17 years old and 55+ years old). These two accounts are also called Specialized Accounts.
- Rewards Checking: This is for frequent debit card use and direct deposits. It has a 1.25% APY, no overdraft or non-sufficient funds fees, and unlimited domestic ATM fee reimbursements. The 1.25% rate is calculated through spending on your debit card and direct deposits totaling $1,000 per month. Check out Rewards Checking here >>
- Essential Checking: This is no-fee checking, has no overdraft or non-sufficient funds fees, and has unlimited domestic ATM fee reimbursements. Check out essentials checking here >>
- CashBack Checking: You get 1.00% cash back when using your debit card and maintaining a $1,500 balance with this account. This has unlimited domestic ATM fee reimbursements and unlimited check writing. Check out Cashback Checking here >>
- Golden Checking (Age 55+): This has a 0.20% APY, free personal checks, and no monthly or minimum balance requirement. You also get up to $8.00/month in ATM fee reimbursements. Check out Golden Checking here >>
- First Checking (Ages 13 to 17): This has a 0.25% APY, no monthly fee, no non-sufficient fund fee, and up to $12/month in ATM fee reimbursements. This is managed as a joint checking account. Check out First Checking here >>
Checking accounts do include overdraft protection. There is no annual fee for using overdraft protection. However, you’ll be charged an 18.00% APR from the date the overdraft transaction occurs. There is also a $25.00 late fee if the overdraft is paid 10 days after the due date.
Axos Bank does have a mobile banking app that lets you deposit checks.
Axos Savings Products
Non-retirement savings products come in three flavors. See how they compare to the top savings accounts here.
- High Yield Savings: Offers a solid 0.90% APY, no monthly fee, a free ATM card, and no minimum balance required. Check out Axos High Yield Savings here >>
- High Yield Money Market: Offers a strong 0.90% APY, limited check writing, no monthly fee, and no minimum balance. Check out Axos Money Market here >>
- Certificates of Deposit: These require a $1,000 deposit, you can earn up to a high APY, and there are 3- to 60-month terms.
You can also open or transfer an existing IRA into an Axos Bank IRA Savings or IRA CD. Rates on IRAs range from 0.15% to 0.70% APY. An IRA Savings requires a minimum deposit of $250 while an IRA CD requires a deposit of $1,000.
Axos Business Products
Axos also has great business checking and savings products as well. They are one of the few online banks that offer solid business products.
They offer the following business checking accounts:
- Basic Business Checking: A basic business checking account with no monthly maintenance fees, does require a $1,000 minimum to open.
- Business Interest Checking: Interest bearing checking account that requires a $5,000 daily average balance to avoid maintenance fees and earn interest.
See how their business checking products compare here: best online business checking accounts.
They also offer business savings accounts (which is very rare). They offer:
- Business Savings: A basic business savings account that pays a lower interest, but only requires an average daily balance of $2,500.
- Business Premium Savings: A higher interest business savings account, but requires $25,000.
- Business Money Market: A business money market with check writing privileges, decent interest, and requires a $5,000 average daily balance.
See how they compare to our list of the best business savings accounts.
Are There Any Fees?
There are some fees depending on the situation. Some of the more common fees include:
- Debit or ATM card replacement: $5.00
- Bank verification letter: $35.00
- Account paper statement: $5.00
- Domestic outgoing wire: $35.00
- International outgoing wire: $45.00
- Item returned unpaid, per item: $10.00
- Excess transaction or withdrawal fee: $10.00
- Stop-payment request that is completed online: $10.00
- Stop-payment request that is completed with assistance: $35.00
How Do I Open an Account?
Visit https://www.axosbank.com to open an account and click the “Open an Account” button. You’ll need the following to open an account:
- A Social Security number
- A valid form of ID, which can include a driver’s license or state ID
- A valid U.S. address that is not a PO Box
- U.S. citizenship or status as a resident alien
Axos Bank customer service can be contacted through an 800 number on their website, through chat, or by email.
Is My Money Safe?
Yes — Axos Bank is an FDIC member, which insures deposit accounts up to $250,000 for each customer. Additionally, they utilize bank-grade encryption, two-step authentication, anti-virus and malware protection, automatic logout, and account monitoring. Basically, everything you’d expect from an online bank.
Axos Bank recently acquired the robo-advisor WiseBanyan and rebranded them as Axos Invest. They are a free robo-advisor, which is a great deal.
Check out our full Axos Invest review here.
Is It Worth It?
Working with an online bank that has no branches or only a few that aren’t nearby is common practice nowadays. Online banks that are full-service are becoming more common. Eliminating or never offering branches allows online banks to increase returns on financial products for customers. That is what you get with Axos Bank.
ATM reimbursements are another great feature of Axos Bank, allowing you to use ATMs across the country, rather than in one regional area. All of these features make Axos Bank appealing to a broad audience of customers.
Axos Bank Review
- Interest Rates - 80
- Fees and Charges - 80
- Customer Service - 80
- Ease of Use - 80
- Tools and Resources - 90
- Products and Service - 90
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him here and here.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.