About company
Axos Bank, an award-winning online bank under the umbrella of Axos Financial, is renowned for its comprehensive suite of banking products and services, catering to both personal and business customers. Among its offerings are checking accounts and savings accounts, which serve as foundational elements in its array of financial solutions.
The checking accounts provided by Axos Bank are particularly noteworthy for their competitive interest rates and the absence of maintenance fees, aligning with the institution's commitment to providing value and convenience to its customers. Notably, these accounts feature unlimited domestic ATM reimbursements, ensuring easy access to cash without incurring additional charges.
Key features
- ATM Cards. Customers can access their funds conveniently through Axos Bank's ATM cards, facilitating withdrawals and other transactions at a wide network of ATMs.
- 24/7 Phone Support. Axos Bank ensures round-the-clock customer support, allowing customers to receive assistance and resolve queries at any time of the day or night.
- In-Network ATMs. With access to approximately 91,000 in-network ATMs, Axos Bank customers enjoy the convenience of withdrawing cash without incurring out-of-network ATM fees.
- Online Operation. As an online bank, Axos Bank operates exclusively through its secure online platform, offering customers the flexibility to manage their accounts anytime, anywhere in the world.
Pros and cons
Pros
Cons
Reliability
Axos Bank has demonstrated reliability over the years, which is further highlighted by its A+ rating from the Better Business Bureau (BBB). This rating reflects the bank's commitment to quality, security, and customer satisfaction. With decades of experience in the banking industry, Axos Bank has established itself as a trusted financial institution, operating with a focus on security, maintaining high-quality services, and addressing the challenges of modern banking. Customers can feel confident in the reliability of Axos Bank as they navigate their financial needs, whether personal or business-related.
Products
Axos Bank Savings Account
Axos Bank's High Yield Savings account offers a tiered APY structure, with rates surpassing the national average. Balances under $25,000 earn the highest rate, up to 0.61% APY, while amounts over $100,000 earn slightly lower rates. The account requires a minimum opening deposit of $250 and has no monthly maintenance fees. Additionally, customers can request an ATM card for convenient access to their funds.
Axos Bank Checking Account
Axos Bank's Essential Checking account is a standout option, with no monthly service fees, overdraft fees, or non-sufficient funds (NSF) fees. There's also no minimum opening deposit requirement. Plus, customers enjoy unlimited domestic ATM fee reimbursement and the possibility of accessing paychecks up to two days early with direct deposit. Additionally, customers have the option to explore other checking account choices like Rewards Checking and Cashback Checking.
Axos Bank CD
Axos Bank provides a range of CD options spanning from three months to five years, each requiring a minimum deposit of $1,000 to open. These CDs feature automatic renewal upon maturity. Early withdrawal penalties vary based on the term length, such as one and a half months of interest for 3-month CDs and three months of interest for 6-month CDs. The APY offered is 0.20%, presenting a competitive option for savers looking to grow their funds with a fixed interest rate over a specified period.
Axos Bank ATM Card
Axos Bank provides customers with free ATM cards for most of its accounts, offering convenient access to cash withdrawals and other transactions. With access to approximately 91,000 fee-free ATMs across the United States, customers can enjoy widespread ATM accessibility without incurring additional fees. Additionally, many Axos Bank deposit accounts include ATM fee reimbursements for out-of-network ATM use, further enhancing the convenience and cost-effectiveness of using the bank's ATM services.
Other services Axos Bank offers
- Mortgages. Axos Bank provides mortgage solutions for individuals seeking to purchase or refinance a home, offering competitive rates and personalized guidance throughout the process.
- Personal Loans. Customers can access personal loans through Axos Bank, allowing them to finance large expenses or consolidate debt with flexible terms and competitive rates.
- Auto Loans. Axos Bank offers auto loans to help individuals purchase new or used vehicles, with options for both private party purchases and dealership financing.
- Managed Portfolios. Through its investment services, Axos Bank offers managed portfolios designed to help customers grow their wealth and achieve their financial goals with professional investment management.
- Self-Directed Trading. Axos Bank provides a platform for self-directed trading, empowering customers to buy and sell stocks, ETFs, and other securities on their own terms.
- Client Relationship Summary. Axos Bank offers comprehensive client relationship summaries, providing transparency and clarity regarding the bank's products, services, fees, and conflicts of interest.
- Commercial Lending. Axos Bank provides commercial lending solutions tailored to the needs of businesses, including financing for real estate, equipment, and working capital.
- Small Business Accounts. Axos Bank offers a range of banking solutions specifically designed for small businesses, including business checking accounts, savings accounts, and lending options to support growth and financial management.
Conditions and requirements
Conditions
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No Monthly Fees. None of Axos Bank’s deposit accounts impose monthly fees, providing customers with cost-effective banking options.
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No ATM Fees. Axos Bank does not charge ATM fees for most of its accounts, ensuring convenient access to cash without additional charges.
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Limited Overdraft Fees. Most Axos checking accounts also lack overdraft fees, reducing the financial burden on customers in the event of insufficient funds.
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Unlimited Domestic ATM Reimbursements. Many Axos checking accounts feature unlimited domestic reimbursements for fees incurred at out-of-network ATMs, enhancing accessibility and minimizing costs for customers.
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Excess Transactions or Withdrawals. A fee of $10 is applied for excess transactions or withdrawals beyond the account's limit.
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Outgoing Domestic Wires. Axos Bank charges a fee of $35 for outgoing domestic wire transfers, facilitating secure fund transfers within the United States.
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Outgoing International Wires. For outgoing international wire transfers, Axos Bank imposes a fee of $45, ensuring efficient cross-border transactions.
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Non-Sufficient Funds (NSF). In the case of insufficient funds, Axos Bank charges a fee of $25 per occurrence, up to $75 per day, to cover the cost of processing transactions without adequate funds.
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Stop Payment Requests. Customers requesting stop payments online are subject to a fee of $10, enabling them to halt payment on specific transactions as needed.
Requirements
- Legal Age. Applicants must be of legal age to apply for banking products and services. This typically means being at least 18 years old, although specific age requirements may vary by product and jurisdiction.
- Residency. Applicants may need to be residents of the United States or meet specific residency requirements depending on the product and banking regulations.
- Identification. Providing valid identification, such as a government-issued ID or Social Security Number, is often necessary to open an account or apply for certain financial products.
- Income Verification. Some products, like mortgages or personal loans, may require applicants to provide proof of income to demonstrate their ability to repay the loan amount.
- Legal Capacity. Applicants must have the legal capacity to enter into contracts, meaning they are not under any legal restrictions that would prevent them from engaging in financial transactions.
Network of ATMs
Axos Bank provides customers with access to a vast network of ATMs across the United States. With approximately 91,000 fee-free ATMs available, customers can conveniently withdraw cash and perform other transactions without incurring additional fees. Additionally, many Axos Bank deposit accounts offer ATM fee reimbursements for out-of-network ATM use, further enhancing accessibility and minimizing costs for customers. It's worth noting that none of Axos Bank's deposit accounts impose monthly fees or ATM fees, and most lack overdraft fees as well. Moreover, most Axos checking accounts include unlimited domestic reimbursements for fees charged by out-of-network ATMs, ensuring seamless access to funds wherever customers may be.
Apps like Axos Bank
- Ally Bank offers a mobile app that provides customers with convenient access to their accounts, allowing them to manage their finances, deposit checks, and pay bills on the go.
- Chime is an online bank that offers a mobile app with features such as mobile banking, fee-free overdraft protection, and early direct deposit.
- Capital One provides a mobile app that enables customers to manage their accounts, track spending, and make mobile deposits. It also offers features like credit monitoring and personalized insights.
- Chase offers a mobile app that allows customers to manage their accounts, transfer money, and deposit checks remotely. The app also offers features such as mobile payments and spending insights.
Editorial opinion
Additional Resources
- Axos Reviews
