Axos Bank Review 2021

Finding the best online bank to handle your financial affairs can be tricky mostly because there are so many banks from which to choose.

In this Axos bank review, we will discuss everything you need to know to make an informed decision about whether on not to open an Axos Bank account.

What Is Axos Bank?

Founded in 1999 and headquartered in San Diego, CA, Axos is an online-only bank that offers a plethora of innovative banking products to individuals and businesses alike.

Though the bank is primarily an online-only bank, it has offices and branches in Ohio, Kansas, Nevada, Utah, and California.

The bank also changed its name from Bank of Internet USA to BofI Federal Bank, and finally, in October of 2018, to the current “Axos Bank.”

Axos Bank is an FDIC insured bank that is publicly traded on the stock exchange as Axos Financial (AX)

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Products Axos Bank Offers

Axos Bank provides checking and savings accounts for individuals and businesses. The bank also offers various kinds of loans and business development financing. Below are the different types of accounts on offer at Axos Bank

Personal Checking Accounts

Axos offer five different types of personal checking accounts. Each account comes with a different set of features and attribute. Depending on what you need in a checking account, you can select from of these five personal checking accounts at Axos:

• Essential Checking
• Rewards Checking
• First Checking
• Cashback Checking
• Golden Checking

Essential Checking

As the name suggests, this account gives you the essentials of a personal checking account without cutting corners. The account also gives more than you would expect from your traditional basic checking account.

For example, Axos’ Essential Checking account comes with the following features:

• Unlimited domestic ATM fee reimbursements
• No overdraft or non-sufficient funds fees
• Zero monthly maintenance fees
• No minimum monthly balance requirements
• Direct Deposit Express (which allows you to get paid up to two days early).
• Exclusive Visa offers and perks such as Visa’s Zero Liability Policy which protects you from unauthorized charges if your card is lost or stolen.

Rewards Checking

Axos Rewards Checking is a pleasantly unusual checking account even for an online-only bank. The bank rewards you up to 1.25% APY for using your account. However, you need to meet certain benchmarks to earn your 1.25% APY reward. For instance, you need to achieve the following every month:

• Receive monthly direct deposits totaling $1,000 or more and get 0.4166% APY
• Use your Axos debit for a total of ten $3 or more transaction a month and get 0.4166% APY
• Use your Axos for an additional five $3 or more transaction a month and get 0.4166% APY

If you meet all three requirements every month, you get a 1.25% APY applied to your account. If you don’t meet all the requirements, you get a 0.4166% APY each for the ones you meet.

In addition to a very high APY, the account also comes equipped with the following:

• Unlimited domestic ATM fee reimbursements
• No overdraft or non-sufficient fund fees
• Zero monthly maintenance fees
• No minimum balance requirements

There is, however, a $50 minimum requirement to open an Axos Reward checking account.

The account comes equipped with the following perks:

First Checking

Axos’ First Checking is an account designed for young people ages 13 to 17. Though the account is co-owned by an adult — usually a parent — it is meant to be your child’s introduction to personal banking and money management skills.

The account comes equipped with a debit card and other amenities you’ll have with a regular checking account. Here are some of the benefits of a First Checking Account:

• Zero monthly maintenance fees
• No overdraft or non-sufficient funds fees
• Designed for ages 13 – 17 years old
• Earn 0.25% APY (conditions apply)
• Up to $12 domestic ATM fee reimbursements per month

The account has a daily $100 cash withdrawal limit and $500 point of sale transactions.

Cashback Checking

If getting up to 1% cashback on your purchases sounds like something you’ll be interested in, the Axos cashback checking account may be good for you. In addition to cash back on your purchases, the account also provides Unlimited domestic ATM fee reimbursement, unlimited check writing privileges, and zero monthly maintenance fees.

Thought the cashback checking provides cashback on your purchases, the cashback in limited to purchases that require signature, i.e., point of sale purchases. If you do most of your purchases online, the 1% cashback may not apply.

Golden Checking

The Axos Golden Checking is designed for people age 55 and older. The account comes equipped with free personal checks and up to $8 domestic ATM fee reimbursements monthly. There’s also no overdraft fee associated with the account, as well as no non-sufficient fund fees. There is, however, a $50 minimum requirement to open an account.

One of the good things about the Golden Checking account, in addition to everything already listed, is that it pays a 0.20% APY on your account balance regardless of the amount.

A 0.20% APY is significantly more than what some of the major banks pay on savings accounts. If you are looking for a way to earn interest on your money while being able to make unlimited withdrawals, the Axos Golden Checking account may be the ideal account for that.

Personal Savings Accounts

In addition to the phenomenal checking accounts Axos Bank has on offer, it also has competitive high yield personal savings accounts. The accounts are:

• High Yield Money Market Account
• High Yield Savings Account

Below is all you need to know about these accounts.

High Yield Money Market Account

This high yield money market account comes with the security of traditional savings and the advantage of a significantly higher-than-average interest rate. At an interest rate of 0.7% APY, check-writing privileges, and an accompanying debit card, this account is in a league of its own.

Most money market accounts charge a monthly service fee and don’t come equipped with a debit account. Axos High Yield Money Market account is different because, not only does it not charge a monthly service fee, it also grants the ability to write checks and use a debit card.

The only downside about this account is its $1000 minimum requirement to open it.

If you can get over the $1000 hurdle, there’s a lot of goodies waiting for you on the other side.

High Yield Savings

How would you like a savings account that comes with a free debit card and a 0.81% APY? That’s what you get with the Axos High Yield Savings account. The account also comes with no maintenance fee and no minimum balance requirement.

If you need a savings account with the convenience of a dedicated debit card as well as a reasonably high APY, Axos High Yield Savings account would be a strong contender.

The only downside with this account is the $250 minimum requirement to open it.

Axos Loans

In addition to offering bank accounts, Axos Bank also has a rigorous loan regime. The bank does personal and commercial lending. From individual loans such as mortgage loans, personal loans, and auto loans, to large-scale commercial loans such as Residential Warehouse Lending, Commercial Real Estate Bridge and Construction Lending, to commercial lines of credit, Axos Bank does it all.

Axos Personal Loans

The Axos Personal loans typically range in amount from $5000 to $35,000. These loans are uncollateralized loans that get funded within two days of acceptance of the final loan offer.

The repayment term on Axos personal loan are between 12 months to 60 months. Here are some of the highlights of the Axos Personal Loan program:

• Flexible lending criteria
• Preliminary offers have no impact on credit score
• No collateral required
• No pre-payment penalties
• Loan amounts from $5,000 to $35,000
• Term options: 12, 24, 36, 48 and 60 months
• Funds deposited directly into checking or savings account within 2 days of acceptance of the final loan offer

Borrowers can use these personal loans for anything ranging from home improvement, debt consolidation, legal fees, or medical bills to paying for special occasions such as weddings and family vacations.

Axos Mortgage Loans

For many people, taking out a mortgage loan is one of the most significant financial undertakings in their lives. That’s why partnering with the right financial institution can sometimes mean the difference between peace of mind and a financial disaster.

You can use Axos mortgage loans for home purchase, cash-out and no cash-out refinancing, and home equity. Here are some of the highlights of an Axos mortgage loan:

• Low mortgage loan rates and fees – Because Axos Bank is primarily an online bank, it doesn’t have the overhead costs associated with running brick and mortar branches. This lack of local branches translates to savings for the bank, which the bank then passes on to customers in the form of low fees and low-interest rates.
• Quick close-of-escrow – Axos Bank’s streamlined lending process eliminates the inconveniences of a long, drawn-out escrow process.
• Variety of mortgage options – Axos Bank offers a broad range of mortgage solutions designed to meet the needs of all types of borrowers, from first-time homebuyers to seasoned developers.

Axos Auto Loans

Getting a new car or refinancing your current one is a significant financial undertaking. Finding the right lender who will give you the most favorable terms can be a painstaking process.

Axos auto loans are great loans, but only for people with a 700 and above credit score. The bank does not give auto loans to people with less than stellar credit scores. Here are some of the highlights of the Axos auto loan program:

• 700 minimum credit score to get an auto loan
• Loan amount must be between $10,000 – $90,000
• Borrowers must be current on other auto and mortgage loans
• No pre-payment penalties for paying off the loan early
• Zero out-of-pocket expense
• No payment for 90 days

Though the Axos Bank auto loan has some useful features, it is not a great or competitive offer. With a 700 minimum credit score requirement, the loan excludes a large portion of the population. Axos’ auto loan interest rate, which starts at 4%, is significantly higher than the competition. For instance, Bank of America’s auto loan rates starts at 2.69%. Some lenders such as Navy Federal Credit Union begins at 1.79%.

If you need an auto loan, you might do well shopping around for better rates.

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Axos Small Business Banking

In addition to personal banking services, Axos Bank also offers a range of small business banking accounts and services. For instance, Axos Bank offers the following accounts for small business:

• Basic Business Checking
• Interest checking account
• Money market account
• Business Premium Savings
• Business Savings
• Certificate Of Deposit

Axos Basic Business Checking

The Axos Basic Business Checking account is ideal for the small business owner with simple unsophisticated banking needs. The account comes with the following features:

• No monthly maintenance fees
• $1,000 minimum opening deposit
• Surcharge-free ATM network, nationwide
• The first set of 50 checks free
• QuickBooks compatibility
• Up to 200 free items (debits, credits, or deposited items) per month, $.30 per item after that

But for the $1000 minimum opening deposit, the account is excellent for your small business needs.

Axos Business Interest Checking

The Axos Business Interest Checking account is ideal for small businesses that carry a high — $5,000 and above — average daily balance. The account comes equipped with the following features:

• A 0.50% APY on balances of below $5 million
• $100 minimum opening deposit
• $10 monthly maintenance fee
• $5,000 minimum average daily balance requirement to waive the $10 monthly maintenance fee
• Unlimited domestic ATM fee reimbursements
• Up to 50 free items per month, $0.50 per item thereafter
• Up to 60 items per month for Remote Deposit Anywhere
• First set of 50 checks free
• Free image statements

Unless you can maintain a $5,000 daily average balance, this is not an ideal account for your small business. If you fall short of the $5,000 daily average balance, you’ll pay a $10 maintenance fee for that money.

The account grants only 50 free items per month and charges $0.50 per item after that. For a high volume business, this charge can add up over time.

Axos Business Money Market

The Axos Bank Business Money Market account, just like its personal money market account, requires at least $1,000 to get started. Though this minimum opening deposit is high, the bank softens the blow by offering a 0.5% APY on balances less than $5 million.

Here are some of the highlights of the Axos Business Money Market account:

• Competitive interest rates
• $1,000 minimum opening deposit
• $5,000 minimum average daily balance requirement
• Free image statements, online banking, and mobile banking with Remote Deposit Anywhere
• Up to six transactions per month

Axos Business Premium Savings

The Axos Business Premium Savings is ideal for business with large cash balances. With a $25,000 minimum opening deposit, this account is not for everybody. Though the account has a very high minimum opening desposit, it only pays a 0.5% APY.

Here are the most important features of the Axos Business Premium Savings account:

• 0.50% APY
• $25,000 minimum opening deposit
• No monthly maintenance fee
• No average daily balance requirement fee
• Free image statements
• Free online banking
• Remote deposit from anywhere

Axos Business Savings

The Axos Business Savings, just like its money market and basic business checking accounts, requires a $1,000 minimum opening deposit.

Besides a 0.50% APY, which is a common theme with most of the banking products Axos offers, the account does not offer any revolutionary feature.

Axos Business Certificate Of Deposit

Certificate of deposits provides an opportunity for people to earn interest income on their bank balance if they are willing to maintain those balances with that bank for a fixed period.

Axos Business Certificate of Deposit which requires a minimum opening deposit of $1,000, only pays a maximum of 0.4% APY on a 60 month CD. This APY is significantly lower than the competition.

If you are looking for a business CD, it will serve you right to shop around on the market first before taking Axos up on its offer.

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Axos Bank Mobile Banking

Mobile banking is ubiquitous. There’s hardly a bank that doesn’t have a mobile platform. Axos Banks has both an IOS and an Android app.

The Axos Bank mobile app comes wth the following built-in features:

• Secure, two-factor authentication
• Advanced Face ID and Touch ID (fingerprint login) 
• Account monitoring for potential fraud 
• Automatic logout for extended periods of inactivity
• Transfer between accounts
• Customizable dashboard
• Viewable transaction history, etc.

Axos Bank Customer Service

Because Axos Bank operates primarily online, you are unlikely to get in-person customer service with them. You can, however, contact the bank by the following contact information:

Axos Bank customer service telephone number: 1 (888) 502-2967

Bottom Line

Axos Bank shines in certain product categories. For example, personal banking and personal loan products (except its auto loans) appear to be competitive when compared to similar products on the market.

Axos business banking products, on the other hand, appears to be lacking in terms of the APY it offers. Overall, Axos Bank provides a mix-bag of good and below average products.

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