Axos Bank Review

Axos Bank Axos Rewards Checking Account

3.30% APY

Axos Bank (known formerly as Bank of Internet USA) offers a great online bank option for customers who don’t mind banking without physical branches. You have access to a variety of bank accounts from a simple checking account to an IRA CD. Each account is free since Axos does not charge a monthly fee.

Online banks typically offer the highest interest rates in the banking industry, and Axos is no exception. Of course, you’ll occasionally need to meet certain conditions or minimum balances to earn at the highest percentages. You can still find some better rates at other online bank competitors, however.

Products Offered

Axos Bank Interest Rate Comparison

Axos Bank Overview

Axos Bank used to be called Bank of Internet USA, until it was rebranded as Axos in the fall of 2018. Entirely online, Axos Bank uses its branchless banking model to provide some of the best savings rates to its customers. It brands itself as a bank that will maintain its focus on its customers and their financial goals. This is certainly made easier by its 24/7 access to your accounts and many ways to access a bank representative, despite its web-based nature.

Axos Bank Account Features

Axos Bank bank accounts are easily accessible both online and on mobile devices. You can even deposit checks into an account on your smartphone through mobile check deposit. Axos accounts don’t require minimum balances or monthly fees, making accounts more accessible to customers and easier to maintain.

The bank’s checking accounts also offer a couple tools to make managing your money even easier. The complimentary online bill pay service allows you to take care of your bills all in one place. The Green Dot® Reload @ the Register feature allows you to use your Axos Visa debit card at registers to deposit money into an Axos account.

Axos Bank compounds interest daily on its interest-earning bank accounts. What this means is that Axos will credit your account with its interest earnings every day, which allows the following day’s interest to be earned based on a higher balance. This allows your account to grow even faster than if it were to compound monthly, for example.

Axos Bank High Yield Savings

The Axos Bank High Yield Savings account is the bank’s approach to a simple, but high-interest savings account. You won’t have to worry about meeting any minimum amounts or paying a monthly fee with this account. That way you can really take advantage of the account’s competitive tiered APY structure.

You can easily access your High Yield Savings account online and on mobile. This allows you to check your balances, deposit checks from your phone, make transfers and more.

Axos Bank CDs (Certificates of Deposit)

If you’re unfamiliar with certificates of deposit, or CDs, they are timed deposit accounts that allow you to save at competitive rates. You choose the term length that best fits your savings goals, whether short- or long-term, and make your deposit into the account. After that, you cannot touch the account without incurring a hefty penalty until it reaches the end of its term, otherwise known as the maturity date. Then you can renew the account for the same term length or you can withdraw your earnings.

Axos Bank offers seven different CD terms from three to 60 months. Each term has solid rates, especially when compared to the options available at bigger banks. You can still find higher CD rates at other online banks, though.

Axos Bank CDs require a minimum deposit of $1,000. This is a bit of a high amount when compared to the $0 or $500 minimums at other banks. This stipulation still doesn’t reach the heights of some other CD minimum deposits, which can climb as high as $10,000. Plus, having a higher CD deposit means you have more money to grow throughout its term and more money to withdraw at maturity.

Once your Axos CD reaches maturity, you have 10 days to make any changes or withdrawals. If you don’t take any action within this grace period, your CD will automatically renew for the same term length.

Axos Bank High Yield Money Market Account

Axos Bank also offers its High Yield Money Market account, a sort of mix between a standard savings account and a checking account. Money market accounts typically have higher interest rates than their standard savings account counterparts. The Axos Bank High Yield Money Market account earns at a solid APY, it’s a lower rate than the bank’s High Yield Savings account (depending on your savings balance).

The High Yield Money Market account offers customers a little more flexibility in accessing their account with an Axos Visa Debit Card and check-writing capabilities. You are still limited to six outgoing transactions, however, including transfers and withdrawals.

Unlike the High Yield Savings account, this account includes free bill pay abilities and free online check images.

Axos Bank Rewards Checking Account

The Rewards Checking account is the first of Axos Bank’s interest-earning checking accounts. You can earn interest on this account via a condition-based system. Depending on the requirement you meet, you earn 0.40%, 0.60% or 0.99% APY. Should you meet all conditions, you’ll unlock the highest rate of up to 3.30%.

Luckily, you can focus your energy on meeting the above rate conditions rather than any balance minimums or monthly fees, since the Rewards Checking account doesn’t implement either. Without any ATMs of its own, Axos Bank allows you to use any ATM nationwide. Axos Bank will also reimburse all domestic ATM fees for the Rewards Checking, Cashback Checking and Essential Checking accounts, and up to $8 a month for Golden Checking account holders.

You can access your account on Axos’ mobile apps and online banking website. You can also set up email and text alerts. Axos checking accounts also include the Green Dot® Reload @ the Register feature. This makes it easier to deposit money into your internal accounts by allowing you to initiate deposits using your debit card at cash registers.

Axos Bank CashBack Checking Account

This checking account from Axos focuses on earning cash back on purchases instead of interest on your balance. You can simply use your Axos Visa debit card to make signature-based transactions to earn your cash back. There is a balance tier that determines how much cash back you earn. If your average daily collected balance falls below $1,500, you’ll earn just 0.50% cash back. But if you can maintain a balance over $1,500, the bank will afford you 1.00% in cash back. You are limited to $2,000 in cash back per month.

As always, this Axos checking account includes free access to Green Dot® Reload @ the Register™, online bill pay and mobile check deposit.

Axos Bank Golden Checking Account

The Axos Bank Golden Checking account is meant for customers aged 55 and older. All customers can earn interest at a 0.10% clip regardless of their account balance. Although there are higher rates at Axos, the ease required to receive this APY is unmatched.

Since spending can be tough for seniors with limited income, this account doesn’t charge a monthly fee or require any minimums. GoldenChecking customers can also take advantage of Green Dot® Reload @ the Register™ which allows you to deposit cash into your account with your Axos Visa debit card.

Axos Bank Essential Checking Account

This is Axos Bank’s simplest, no-hassle checking account. Essential Checking account customers will not earn any interest or cash back. There are, however, absolutely no fees or minimums. You can also benefit from unlimited domestic ATM reimbursements. You won’t have to worry about overdraft or non-sufficient funds fees with this account. Plus, you’ll still benefit from the Green Dot® Reload @ the Register™ program.

Axos Bank Traditional/Roth IRA Savings Account

Axos Bank’s Traditional/Roth IRA Savings account is the most prominent of the bank’s IRA options. You need to start the account with at least $250, unlike the bank’s regular savings account. Any accounts with a balance of $1,000 and above will earn at a rate of 0.20%. In that case, it would benefit you and your retirement savings to set up automatic deposits to get yourself to that APY more quickly.

Axos Bank Traditional/Roth IRA Certificate of Deposit (CD)

Axos Bank offers three IRA CDs in 12-month, 18-month and 36-month terms. Each term offers a decent interest rate, especially when it comes to competing IRA CDs. Just like the standard CD offerings, you’ll need at least $1,000 to open and fund an Axos IRA CD. This ensures your account has something to base its growth on.

Where Can I Find Axos Bank?

Axos Bank is based entirely through its online and mobile platforms. Therefore, instead of visiting a physical location for customer service, you’ll need to use over-the-phone or internet-based methods. You can still access your accounts with an Axos Visa debit card at any ATM or even at a cash register with the Green Dot® Reload @ the Register™ program.

What Can You Do Online With Axos Bank?

You can do anything you need to do with your Axos accounts online. This includes simply checking on your balances, sending or receiving money transfers, opening a new account and more. If you don’t have an account, you can find all the bank’s information on its website. That way you can find the right account for you and your financial situation.

There is also a live chat feature on the bank’s website that’s open from 8 a.m. - 6 p.m. PST, Monday through Friday. This feature is available to both customers and non-customers. Live chat is perfect for talking to a professional representative in the event you have a quick question about the bank’s offerings.

How Do I Access My Money?

You can most easily access your deposited funds online or through Axos’ Apple and Android mobile apps. These are the best ways to go for deposits and transfers, although you obviously cannot deposit cash. In that case, you can use any ATM in the U.S. or take advantage of the Green Dot® Reload @ the Register™ feature so you can deposit cash into your account with your Axos Visa debit card at a cash register. You can also deposit checks with your smartphone as long as you have set up mobile check deposit.

How Can I Save More Money With an Axos Bank Account?

You can definitely save more money with an Axos Bank account due to its competitive interest rates and free accounts. Its interest rates grow your money at faster rates than many of its big bank competitors, especially because it compounds interest daily. You can keep those earnings with Axos, too, since you don’t have to worry about paying or avoiding a monthly fee for any of its accounts.

What’s the Process for Opening an Account With Axos Bank?

To open an account with Axos Bank, you can start by clicking the “Open an Account” button on its website for the specific account you want. You’ll then need to provide your Social Security Number, a valid U.S. driver’s license, and contact and personal information. This includes your physical address, email address, and phone numbers. You’ll also have to provide details of how you plan to fund your new account, whether it’s a wire transfer or cash deposit.

If you plan to open an Axos account as a joint account, you’ll need to provide all the above information for each account owner.

What’s the Catch?

Axos Bank is entirely online. While its online and mobile features make accessing your money convenient, it may not be enough for those who value having a nearby branch. Axos doesn’t have its own ATMs, either, but it does implement a rather extensive set of ATM fee reimbursements.

Another downside to Axos is that you can still find better interest rates at other online banks. Online financial institutions are known for having more favorable rates than big banks with thousands of branches. Axos Bank certainly offers better rates than the largest American banks, but it doesn’t necessarily keep up with its online-only competitors.

Bottom Line

Axos Bank is a solid choice in the online bank scene. Its rates aren’t the highest, but they still outperform many other banks. Plus, the bank doesn’t charge monthly fees and keeps its nearly nonexistent minimum balance requirements low. It’s a great option if you don’t mind banking mostly through your computer, mobile phone, tablet or all three. Still, the bank makes up for its lack of branches with nationwide ATM access and convenient deposit options.