As we enter 2024, Axos Bank stands at the forefront of redefining online banking experiences. This review examines their current services and how they stack up in the competitive market.
About Axos Bank
Founded on July 4, 2000, Axos Bank has established itself as a prominent player in the digital banking industry. It caters to both personal and business banking needs, providing a variety of financial products, from checking and savings accounts to loans and investment services.
Axos Bank Personal Banking Services
Here’s a closer look at its personal banking products.
Checking Accounts
Axos Bank offers five checking account options to meet the needs of its customers:
- Essential Checking: It’s a straightforward fee-free option offering early direct deposit and unlimited ATM fee reimbursements.
- Rewards Checking: You’ll earn a 3.30% APY on your money with $1,500 or more in direct deposits. There are no monthly maintenance fees or minimum balance requirements.
- Cashback Checking: Debit card purchases from this account earn up to 1% cashback. You’ll need a minimum opening deposit of $50 to get started.
- First Checking: Teenagers aged 13 to 17 can learn the basics of money management with this joint checking account that pays 0.10% APY. ATM reimbursements are capped at $12 monthly, and daily transaction limits apply.
- Golden Checking: Reserved for customers 55 and older, Golden Checking is another fee-free option that features up to $8 in domestic ATM fee reimbursements and free personal checks. However, it does require a $250 deposit to open an account.
Savings Accounts
If you need a place to stash your cash, the High Yield Savings is a fee-free option that pays an APY of up to 0.61%. It also comes with an ATM card if you request it when opening an account. There are no minimum monthly balance requirements, but an opening deposit of $250 is required.
Certificates of Deposit (CDs)
You can open an Axos Bank CD and earn up to 0.20%. Terms range from 3 to 60 months, and the minimum deposit is $1,000.
Money Market
High-yield Money market accounts are also available with limited check writing privileges and debit card access. The APY of 0.25% isn’t much to marvel over, but you won’t pay monthly maintenance fees. And unlike most money market accounts, you aren’t required to maintain a minimum monthly balance.
Axos Bank Business Banking and Lending Solutions
If you own a small business, Axos also features products and services you may find useful.
Small Business Banking
Your small business can benefit from Axos Bank’s suite of banking products designed for entrepreneurs like you. Enjoy the convenience of online small business bank accounts that minimize fees, provide unlimited item processing with Basic Business Checking, and allow you to manage your funds with ease.
Commercial Banking and Lending
Move your organization forward with Axos Bank’s Commercial Banking & Lending services. Manage your cash flow efficiently and leverage competitive Earnings Credit to reduce monthly costs. Also, consider high-yield saving options to maximize your company’s earnings.
Axos Bank Loans
Mortgages and Home Loans
Axos Bank provides various mortgage products to fit your home-buying needs or refinancing scenarios. You can find adjustable-rate mortgages (ARMs), fixed-rate mortgages, FHA loans, VA loans, and jumbo loans.
For existing homeowners looking to leverage their home equity, Axos Bank offers home equity loans and home equity lines of credit (HELOCs), which you can use for renovations or other large expenses.
Personal Loans
If you’re looking to consolidate debt, make home improvements, or cover unexpected expenses, Axos Bank’s unsecured personal loans might be the right solution. You can borrow amounts ranging from $7,000 to $50,000 with fixed annual percentage rates (APR) and no collateral required. Terms range from 6 to 72 months, giving you a more affordable monthly payment.
Auto Loans
Axos Bank offers competitive auto financing options. These loans come with a streamlined process for both auto purchase and auto refinance, aiming to get you behind the wheel with terms that match your budget and timeline.
Investing and Wealth Management
Your financial growth is supported by a suite of investment services at Axos Bank.
Axos FundFinder+
Axos FundFinder+ gives you access to a diverse range of investment options. This platform is tailored for investors who like to be involved in decision-making and want a comprehensive view of potential investments. By using FundFinder+, you can meticulously sift through different funds to find those that best suit your investment goals and risk profile.
Financial Tools and Planning
Axos Invest LLC equips you with financial tools and planning services that are aimed to enhance your investment strategy. Make informed decisions with data-driven insights and a clear financial plan in place. These tools allow you to set and manage your individual risk profile. You can also Identify and pursue your short and long-term financial goals and track the growth of your money with transparent reporting features.
How to Bank with Axos Bank
Requirements and Process for Opening a Bank Account
To open an account with Axos Bank, you’ll need to provide personal information, including your Social Security number, a valid form of identification, and your current home address. Here’s a step-by-step guide to help you get started:
- Visit the Axos Bank website: Locate the account opening section.
- Select your preferred account type: Choose between checking, savings, or loan products.
- Provide your information: Fill in the required fields with accurate personal details.
- Verify your identity: Upload or provide identification documents as requested.
- Fund your account: Transfer funds electronically from an external account or deposit a check using the mobile app.
The Digital Banking Experience with Axos Bank
Axos offers a robust online banking experience that is highlighted by its comprehensive mobile app. Through this platform, you can:
- Manage your accounts: Check balances, review transactions and transfer money.
- Automate your finances: Set up direct deposits, automatic payments and savings plans.
- Customer support: Engage in 24/7 support with chat features and a library of How-To Videos.
- Financial tools: Use the app to sync all your financial accounts, analyze spending and increase savings.
By downloading the Axos Bank mobile app, you place a wide array of banking operations at your fingertips.
The Pros and Cons of Axos Bank
Pros
- No monthly maintenance fees
- ATM reimbursement on all domestic out-of-network withdrawals
- Generous APY on rewards checking account
Cons
- Opening deposit requirements on select checking and savings accounts
- Significantly low APYs on savings accounts
- No physical branches for face-to-face support
Comparing Axos Bank
Axos Bank vs Traditional Banks
- Physical Presence: Unlike traditional banks that often have extensive branch networks, Axos Bank operates solely online. This often leads to lower fees and higher interest rates, as the online bank doesn’t incur the costs associated with maintaining physical branches.
- Service Availability: You have 24/7 access to your Axos accounts via the bank’s website or mobile app. However, traditional banks typically have specific operating hours for in-person services.
- Customer Experience: Traditional banks may provide more face-to-face interactions, which can be important for customers preferring personal service. With Axos Bank being online-only, your interaction would primarily be digital, although customer service is still accessible by phone or chat.
Axos Bank vs Other Digital Banks
- Product Range: Axos Bank offers a broad range of services, including checking and savings accounts, CDs and loans. Some digital banks may offer a more limited selection, focusing primarily on checking and savings accounts.
- Rewards and Features: Axos stands out by offering rewards checking accounts with added perks, which may not be as common with other online banks.
What Makes Axos Bank Stand Out?
Axos Bank’s services stand out by integrating features designed to enhance your financial mobility and freedom. You benefit from:
- No monthly maintenance fees across most accounts
- An intuitive online platform and mobile app for 24/7 access to your funds
- Security measures in place to protect your personal and financial information
The digital bank’s customer service is also highly touted for its efficiency and accessibility, which is vital for an online bank where face-to-face interactions are limited. You have multiple channels at your disposal, such as phone support, email and live chat, ensuring that help is readily available whenever you need it.
Is Axos Bank Right for You?
If your focus is on services such as direct deposit, rewards and overall digital convenience, Axos could be an excellent banking partner. Evaluate your personal banking preferences, the importance of a physical presence, and how you manage your daily financial transactions to decide if Axos aligns with your financial lifestyle.
How to Get Started with Axos Bank
Visit the Axos Bank application page, where you can fill out an application form for the account of your choice.
FAQs About Axos Bank
Yes, Axos Bank is a legitimate financial institution. It was established in 2000 and operates as a federally chartered savings bank, providing a variety of banking services online.
Axos Bank is owned by Axos Financial, Inc.
It is an online bank, which means it doesn’t have physical branches like traditional banks.
Your deposits at Axos Bank are FDIC-insured up to the legal limit, which offers peace of mind that your money is protected. This federal insurance guarantees the safety of your deposits in the unlikely event of bank failure.
