Axos Bank reviews: Is Axos the best bank for you?

Axos Bank is an online-only bankthat was founded in 2000. As such, Axos has had plenty of time to perfect its approach to online-only banking and is still an excellent option.

The bank offers a range of services and accounts. There are also rewards for checking account customers and ATM fee reimbursements.

In this Axos Bank review, you’ll see the various features and fees associated with the bank to give you a clear idea of what to expect.

You can also find out how to avoid the 1% currency conversion fee by using Wise - an easy and low-cost way to send money abroad.

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📝 Table of contents
Axos Bank review: Axos checking accounts Axos savings accounts Axos account access and customer service Is Axos Bank FDIC insured? Axos Bank comparison Is Axos Bank the best choice for you? Save money on international transfers with Wise

Axos Bank review: Axos checking accounts

Axos Bank offers a number of different accounts for its customers. There are many checking and saving accounts to choose from.

Each Axos checking account brings something different to the table. You can use the following information to decide which is best for you.

Essential Checking

The Essential Checking account from Axos is a basic account, which means you shouldn’t expect any interest or rewards with it.

However, that isn’t to say it’s without benefits. Direct Deposit Express, for example, grants you early access to your direct deposit payments.

Here are some of the best features¹ of the Axos Essential Checking account:

• Unlimited domestic ATM fee reimbursements
• No monthly minimum balance requirement
• No overdraft or non-sufficient funds fees

Fees	Best for
No overdraft fees No non-sufficient fund fees No monthly maintenance fees Domestic ATM fee reimbursements	The Axos Essential Checking account is best for its lack of fees and early access to direct deposit payments.

Rewards Checking

The Rewards Checking account incentivizes monthly direct deposits. Financial rewards are provided in the form of interest.

The tiered interest rate account can grant up to 1.25% APY on your funds, and it has no fees or minimum balance requirement. There is a minimum deposit of $50 required, though, to open the account.

If you want the top tier APY rewards, here are the criteria you’ll have to satisfy:

• Monthly direct deposits of $1,000 or more
• 10 direct debit card transactions of $3 or more a month
• 5 or more debit card uses

Each criterion met will afford you an APY of 0.4166%, and if you can meet all three, you can expect to receive 1.25%.²

Fees	Best for
$50 minimum deposit No monthly fees	APY-maximizing and getting the most from your money.

CashBack Checking

The CashBack Checking account allows you to earn up to 1% cashback for all of your signature-based purchases.³

Here’s what you can expect from the CashBack Checking account:

• Unlimited domestic ATM fee reimbursements
• No monthly fees
• Access to mobile banking
• As many checks as you want to write

Fees	Best for
No monthly fees	Earning cashback on your signature-based purchases.

Golden Checking

The Golden Checking account is the account of choice for those who are 55 and older.⁴

The account requires a $50 deposit to establish and offers up great interest rates and other perks, such as the following:

• Earn as much as 0.20% APY
• Personal checks free of charge
• No monthly fees
• Domestic ATM fee reimbursements of $8 per month

Fees	Best for
No monthly fees Initial $50 deposit	Those 55 and over looking for solid interest rates.

First Checking

The First Checking account is ideal for introducing children from the ages of 13-17 to online-only banking.⁵

Here are some of the features:

• $0.25 APY
• $12 domestic monthly ATM fee reimbursement
• No fees

Fees	Best for
No monthly fees No overdraft fees No non-sufficient fund fees	Setting up a first account for children aged 13-17

Axos savings accounts

Axos also has some excellent savings account options, which offer high-yield APY and other benefits.

Axos High-Yield Savings

The Axos High-Yield Savings account is free from monthly fees and doesn’t require a minimum balance. Though there is a minimum opening deposit of $250.⁶

Here’s why it might be a good option to consider:

• 0.61% APY
• You can get an ATM card

Fees/ Minimum deposit	Best for
No monthly fees Minimum deposit of $250	Enjoying a high-yield interest rate with no fees and online account management

Axos High-Yield Money Market

The High-Yield Money Market account from Axos offers various interest tiers. It has no fees and no minimum balance requirements, but you’ll need $1,000 at least to open up the account.⁷

Here are some of the best features:

• Earn up to 0.60% APY
• FDIC Insured
• Check writing privileges

Fees	Best for
No monthly fees Minimum deposit of $1,000	APY maximizing with various tiers of interest

Axos Certificate of Deposit (CD)

The Axos Certificate of Deposit is an account with a fixed interest rate and savings term and no monthly fees. There’s a minimum initial deposit of $1,000.

Unfortunately, Axos’ CD account APY remains the same whether your money has been in the account for 3 months or 48.⁸

Other online banks, such as Ally, offer an APY rate that increases over time from 0.20% for 3 months up to an impressive 0.85% after 5 years.⁹

Here are some reasons customers choose this account:

• Earn up to 0.20% APY
• Free electronic interest transfers
• 3-60 month terms available
• FDIC insured

Fees/ Minimum deposit	Best for
No monthly fees Minimum deposit of $1000	Earning a steady amount of APY from the start

Other financial products from Axos Bank

Axos banking offers more than just an array of personal accounts. It also provides customers with access to loans, mortgages, and business accounts.

The bank’s mortgages come with a $0 lender fee, and its loans operate on convenient fixed monthly payments.¹⁰

Axos account access and customer service

It’s quick and easy to access your funds with Axos Bank, as you can do so either online or through the mobile app.

You’ll also find that most of the accounts Axos offer come with an ATM card for extra convenience when withdrawing money.

To find out more about Axos bank or have your queries answered, you have several options.¹¹

You can watch the company’s how-to videos, read their FAQs, or drop Axos a line during business hours to talk with a customer service representative.

For personal banking questions, there is a 24/7 phone line, but for other queries, the contact number can only be reached from Monday to Friday.

This could be an issue for some, but the Axos site does offer plenty of resources and articles to help answer frequently asked questions.

It’s worth noting that some reviews on Trustpilot (a consumer review website) state that the customer service can be difficult to get hold of.

The bank has a Trustpilot rating of 1.9 out of 5 stars, and it seems the customer service when trying to resolve disputes is the main reason for negative Axos Bank reviews.¹² This is quite a low score compared to Varo Bank, who score 4.4 overall.¹³

Is Axos Bank FDIC insured?

Yes, all deposits made with Axos Bank are FDIC insured.

Other security measures include the Secure Socket Layer encryption which keeps your data safe. Firewalls keep intruders out, and automatic logging out after inactivity protects your account from hackers.¹⁴

Axos Bank comparison

With this table, you can compare these online-only banks with Axos at a glance. The comparison shows what rates and fees the savings account offers from each bank.

Bank	Fees and minimum opening deposit	APY
Axos Bank	No monthly fees $250 minimum balance to open an account Some ATM fees¹⁵	0.61%
Varo Bank	No monthly fees No minimum deposit No fee for ATM withdrawal at Allpoint ATMs ($2.50 for non-Allpoint ATMs)¹⁶	0.20% Up to 3.00% if you do not exceed a daily savings balance of $5,000 per month, make at least five qualifying Varo Bank Visa® Debit Card purchases AND receive direct deposits of $1,000 or more.
Ally Bank	No monthly fee No minimum deposit No ATM fees¹⁷	0.50%

Is Axos Bank the best choice for you?

Axos Bank can be a great choice if you want to make the change to convenient online-only banking.

While it can be scary to sign up for an account with a bank that has no physical branch, the benefits can outweigh the downsides. Especially when it comes to high APY interest rates and on-the-fly banking.

🤓 Not the one for you? Here are some more reviews you’ll love
Ally Bank review 2022: Ally Bank accounts and features reviewed Varo Bank reviews: Is a Varo Bank account the best choice for you? Green Dot Bank reviews 2022: Is Green Dot Bank the best choice for you? WebBank reviews 2022: Is WebBank the best choice for you? Discover Bank reviews 2022: Overview of the top Discover Bank accounts

Save money on international transfers with Wise

If you’d prefer an online option that allows you to manage foreign currencies through a single streamlined account, give Wise a try - it is not a bank, but a smart online alternative to traditional business bank accounts.

While Axos charges a 1% currency conversion fee and a $45 fee for outgoing international wires.¹⁸ With Wise, you simply pay a low, transparent fee and get the mid-market rates for spending in 50+ countries.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

1. Axos Bank - Essential Checking
2. Axos Bank - Rewards Checking
3. Axos Bank - Cashback Checking
4. Axos Bank - Golden Checking
5. Axos Bank - First Checking
6. High-Yield Savings Account | Interest Compounded Daily
7. Axos Bank - High Yield Money Market
8. Certificate of Deposit | CD Interest Rates
9. Ally - High Yield CD: Great CD Rates, CD Calculator
10. Axos Bank | Online Banking: Checking, Savings, Loans
11. Online Bank Customer Support
12. Axosbank Reviews | Read Customer Service Reviews
13. Varo Bank Reviews | Read Customer Service Reviews
14. Axos Bank Security Center | Online Banking Cybersecurity
15. High-Yield Savings Account | Interest Compounded Daily
16. Varo - Online Savings Account
17. Ally - Online Savings Account
18. Axos Bank - Wire transfer fees (Page 37)

All sources checked 17 May 2021.