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Axos Bank Review 2024 | TIME Stamped – THE CIALISAN WORLD 2024
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Axos Bank Review 2024 | TIME Stamped

Axos Bank is one of the longest-running digital banks in America. It’s been in business since the beginning of the century and provides full-service banking, including several loan types.

But what may distinguish Axos Bank from the competition most are its investment options. The bank offers both self-directed trading and a managed portfolio to accommodate a wide range of investors.

Who is Axos Bank for?

If you’re looking for an online bank that pays some of the highest interest rates in the industry, you won’t find it at Axos Bank. Most of its accounts pay rates well below what the top online banks offer.

The one exception is Axos’ Rewards Checking account. This account currently pays an annual percentage yield (APY)* of up to 3.30%, although it’s a tiered rate arrangement, meaning you must comply with five separate accounts/activities to earn the maximum rate. If that is not an issue, Axos Bank can be an excellent choice for your checking account.

RELATED: Best Checking Accounts

Otherwise, Axos may be a good choice if you also invest with the company and would like to bank with the same institution.

Axos Checking

Axos Bank offers different checking accounts, but the star of the lineup is Rewards Checking.

Rewards Checking Account

The Rewards Checking pays up to 3.30% APY*. The return you get depends on how many of the following boxes you tick.

  1. Earn 0.40% by receiving monthly direct deposits of at least $1,500.
  2. Earn 0.30% by signing up for Personal Finance Manager or making at least 10 transactions per month using your Axos Visa debit card.
  3. Earn 1% by maintaining an average daily balance of at least $2,500 per month in an Axos Invest Managed Portfolios account.
  4. Earn 1% by maintaining an average daily balance of at least $2,500 per month in an Axos Invest Self-Directed Trading account.
  5. Earn 0.60% by using your Rewards Checking account to make full monthly payments on an Axos loan.

If you participate in all five steps, you’ll earn 3.30% APY.

There are $0 monthly fees and no overdraft or non-sufficient funds (NSF) fees. You can open an account with $50, but there is $0 minimum monthly balance requirement thereafter. The account also provides unlimited domestic ATM fee reimbursements.

Sign-up bonus: Use promo codeAXOS300and apply by June 30th, to earn up to a $300 bonus! To qualify, the account must have at least $7,000 in direct deposits each calendar month for the first seven months your account is open and maintain a minimum average daily balance of $15,000 from September 2023 through March 2024.

Pros:

  • Earn up to 3.30% APY.
  • No monthly maintenance, NSF, or overdraft fees.
  • Only $50 to open, then no minimum balance requirement.
  • Unlimited domestic ATM fee reimbursements.

Cons:

  • Though the APY is attractive, you’ll need to maintain all five components of the rate structure each and every month to get the full benefit.
  • The sign-up bonus is difficult to qualify for.

Axos Bank offers other checking accounts, which are summarized in the table below:

General-purpose checking account

No monthly service, overdraft, or NSF fees

Unlimited domestic ATM fee reimbursements

Earn up to 1% cash back on signature transactions

Unlimited domestic ATM fee reimbursements

No monthly service, overdraft, or NSF fees

Joint account with parent or guardian; up to $12 in domestic ATM fee reimbursements per month

Customers aged 55 and older

No monthly maintenance fees

Up to $8 domestic ATM fee reimbursements per month

Axos Basic Business Checking

Unlimited domestic ATM fee reimbursements

Business Interest Checking

1.01% APY up to $49,999, then 0.20% or 0.10%

$10 monthly maintenance fee, waived with $5,000 minimum daily balance

Unlimited domestic ATM fee reimbursements

Premium checking account for world travelers and international residents

$30 monthly maintenance fee, which is waived with an average daily balance of $150,000 or more

Unlimited U.S. ATM fee reimbursement; four ATM foreign currency conversion fee reimbursements per month; unlimited incoming international wire fee waivers

Axos Checking alternatives


Axos Savings

High Yield Savings

Axos High Yield Savings

Min. balance to earn APY

$0.01

We don’t recommend Axos High Yield Savings accounts because other banks pay much higher returns.

Pros:

  • Only $250 to open an account, then no minimum balance requirement.
  • No monthly maintenance fees.
  • Provides a suite of digital money management tools.

Cons:

  • The APY paid on the account is well below many competitors.
  • The APY is even lower on balances of $25,000 or more.

Axos Bank’s High Yield Savings account currently pays 0.61% APY* on balances up to $24,999.99, 0.25% APY on balances between $25,000 and $99,999.99, and 0.15% APY on balances of $100,000 or more.

There is a $250 minimum opening deposit, then $0.01 minimum balance requirement. Axos charges $0 monthly maintenance fee on the account, and it comes with a free ATM card as well as a suite of digital money management tools.

RELATED: Best High Yield Savings Accounts

World Savings

Axos World Savings

Min. balance to earn APY

$0.01

Monthly fee

$30, waived with a minimum $150,000 average daily balance

Axos Bank offers this account as a premium savings account. It pays interest of 0.25% APY and waives the first outgoing international transfer fee. The minimum opening balance requirement is $0.01, and there is a monthly maintenance fee of $30, waived with a minimum $150,000 average daily balance.

Pros:

  • US Tax ID is not required to open an account.
  • Online banking platform can be accessed anywhere in the world.
  • Expanded insurance coverage on account balances up to $200 million through InsureGuard+ program.

Cons:

  • Requires a minimum balance of $75,000 to open an account.
  • Monthly fee waiver requires an average daily balance of $150,000 or above.

Business Savings

Axos Business Savings

Min. balance to earn APY

$0.01

Monthly fee

$5 service fee (waived with ave. daily balance of $2,500)

Axos Bank Business Savings pays 0.20% on all account balances, up to $4,999,999.99. You can open an account with as little as $1,000 and take advantage of online and mobile banking, as well as remote check deposits. There is a very reasonable monthly service fee of just $5 service fee (waived with ave. daily balance of $2,500). Account deposits are FDIC insured for up to $250,000, but can be expanded up to $200 million under the Axos Bank Insured Cash Sweep program.

As is typical with bank deposit accounts, there is a limit of six withdrawals per statement cycle. If you exceed this limit, Axos Bank charges an excess withdrawal fee of $10 per withdrawal.

Pros:

  • Low minimum initial deposit requirement.
  • Low monthly service fee, easily waived.
  • Pays interest on all account balances.
  • 24/7 customer service.

Cons:

  • Interest paid is below many competitors.

InsureGuard+ Savings

Axos also offers an insured cash sweep program that expands FDIC insurance coverage for up to $225 million in deposits. This product is targeted at businesses, government entities, institutional investors, and others who handle a lot of cash.Why we don’t recommend it: It’s possible to earn much higher interest with competing institutions.

Axos Savings alternatives


Axos Money Market Accounts

High Yield Money Market

Axos High Yield Money Making Account

Min. balance to earn APY

$0.01

Other banks pay much higher returns on similar accounts, and we therefore don’t recommend Axos Money Market Account.

Pros:

  • No monthly maintenance fees.
  • No minimum balance requirements.

Cons:

  • The APY paid on the account is well below many competitors.

Axos Bank’s High Yield Money Market pays 0.25% on all balances with $0 monthly maintenance fees. The account comes with check-writing privileges and can be accessed with a debit card. A minimum of $1,000 is required to open an account, but there are $0.01 minimum balance requirements thereafter.

Pros:

  • No monthly maintenance fees.
  • No minimum balance requirements.

Cons:

  • The APY paid on the account is well below many competitors.

Why we don’t recommend it: Other banks pay much higher returns on similar accounts.

Business Money Market

Axos Business Money Market Account

Min. balance to earn APY

$0.01

Monthly fee

$10 (waived with a minimum balance of $5,000)

Other banks pay much higher returns on similar accounts, and we therefore don’t recommend Axos Money Market Account.

Pros:

  • No monthly maintenance fees.
  • No minimum balance requirements.

Cons:

  • The APY paid on the account is well below many competitors.

Axos Bank Money Market pays0.20% on all account balances, up to $4,999,999.99. You can open an account with as little as $1,000. There is a $10 (waived with a minimum balance of $5,000). You can take advantage of both online and mobile banking, as well as remote check deposit.

Similar to Business Savings, there is a limit of six withdrawals per statement cycle, after which you may be charged an excess withdrawal fee of $10 per withdrawal.

Pros:

  • Low minimum deposit requirement.
  • Low monthly maintenance fee.
  • Pays interest on all account balances.
  • 24/7 customer service.

Cons:

  • Interest paid is below many competitors.

Why we don’t recommend it: It’s possible to earn much higher interest with competing institutions.

Axos MMA alternatives


Axos Certificates of deposit (CDs)

Axos Certificates of Deposit

Terms

3 months – 60 months

The interest paid is well below what the competition offers, so we therefore don’t recommend Axos CD’s.

Cons:

  • Low interest paid on all balances and certificate terms.

Axos Bank offers CDs in terms, ranging from 3 months – 60 months. The current APY is 0.20% on all balances and terms. The minimum investment is $1,000, and there are $0 setup or maintenance fees.

Pros:

  • No monthly maintenance fees.
  • No minimum balance requirements.

Cons:

  • The APY paid on the account is well below many competitors.

Axos CDs alternatives

RELATED: Best CD Rates


Axos Invest

Self-Directed Trading

Axos Self Directed Investing

Trading options

Stocks, options, and exchange-traded funds (ETFs)

Account types

Joint taxable accounts, and traditional, Roth, and rollover IRAs

Fees

$0 for stocks and ETFs; $1 commission fee for option trades; $9.95 commission fee for mutual funds trade

You can open an Axos Self-Directed Trading account with no money and begin investing as you add funds. You can trade stocks, options, and exchange-traded funds (ETFs) commission-free (options trades require a $1 per contract fee). More than 10,000 mutual funds are available on the platform, at a commission of $9.95 per trade. Axos also offers margin investment accounts to increase your buying power.

Available accounts include individual and joint taxable accounts, and traditional, Roth, and rollover IRAs.

Pros:

  • Open an account with no money.
  • Commission-free trading of stocks, options, and ETFs.
  • Offers one of the largest selections in mutual funds in the industry.

Cons:

  • The option per contract fee is higher than the industry average of $0.65.
  • Does not offer self-employed retirement plans, such as SEP and SIMPLE IRAs or Solo 401(k)s.

Why we recommend it: No funds required to open an account, and commission-free trading of stocks, options, and ETFs.

Managed Portfolios

Axos Managed Portfolios

Account types

Taxable accounts, as well as traditional, Roth, and rollover IRAs

Axos Managed Portfolios provide automated investment management that includes periodic rebalancing and dividend reinvesting. A portfolio will be created for you based on your risk tolerance, time horizon, and investment goals. The portfolio will be constructed with up to 30 asset classes, each represented by a single ETF. You can open an account with a minimum of $500, with an annual fee of 0.24%. Available accounts include individual and joint taxable accounts, as well as traditional, Roth, and rollover IRAs.

Pros:

  • Fully managed investment portfolio designed based on your investment needs.
  • The annual advisory fee is slightly below the robo-industry average of 0.25%.
  • Diversifies into more asset classes than competing robo-advisors.

Cons:

  • Many competitors require no minimum initial deposit to open an account.
  • Account selection is limited. Axos offers no custodial accounts, or SEP or SIMPLE IRAs.

Why we recommend it: It’s an excellent choice if you lack the time or experience to manage your own investments. All you need to do is fund your account and Axos handles all the details for you.

Axos Invest alternatives

$0 stock & ETF trades.

$0.65/contract options trades.

$0 mutual funds trades.

  • $0 management fees
  • $0 commission fees
  • IRA Match Early Withdrawal Fee may apply

$0 stock & ETF trades.

1.25% crypto fee.

Get up to $700 when you open & fund an account with qualifying new money. Offer expires 4/12/24

Get a 3% match on IRA contributions each year with Robinhood Gold (subscription fee applies), or 1% without.

IRA transfers and 401(k) rollovers also get a 3% match through April 30 with Robinhood Gold, or 1% without.


Other Axos Bank products

Axos Bank offers the following additional products and accounts:

  • Loans: Mortgages, personal loans, and auto loans.
  • Commercial: Loans, leasing programs, commercial real estate and construction financing, and treasury management.

Review of Axos Bank features

ATM network

Axos Bank is an online bank with no local branch network. But you can take advantage of 91,000 in-network ATMs located across the nation. There is no fee for using these ATMs.

Fees

Axos Bank imposes the following fees:

  • Visa debit card foreign currency conversion rate: 1%.
  • Paper statements: $5.
  • Incoming domestic and international wire transfers: Free.
  • Outgoing domestic wire transfers: $35.
  • Outgoing international wire transfers: $45.
  • Deposited checks returned unpaid: $10.
  • Excess transaction or withdrawal fee: $10.
  • Stop payments: $10 when requested online.
  • Stop payments with assistance: $35.

Early withdrawal penalties on CDs:

  • Terms of five months or less: one-and-a-half months’ interest.
  • Six to 11 months: three months’ interest.
  • 12 to 23 months: six months’ interest.
  • 24 to 35 months: 12 months’ interest.
  • 36 to 47 months: 18 months’ interest.
  • 48 months or longer: 24 months’ interest.

Security

Axos Bank provides 128-bit secure socket layer (SSL) encryption to protect your personal information. The bank also employs anti-virus and malware protection across its systems and accounts are protected by two-step authentication, automatic logout, and regular account monitoring.

Deposits are protected by FDIC insurance for up to $250,000 per depositor.

Customer service

Customer service for personal banking can be reached by toll-free phone at (844) 999-2967. It’s available 24 hours a day, seven days per week, except Thanksgiving Day and Christmas Day.

You can also take advantage of the Axos Bank virtual financial assistant, Evo. Evo can be accessed via text message or on Axos’s website and mobile banking app and provides answers to most basic questions.

Technology

Axos Bank offers both online and mobile banking. Mobile banking is available on both Android and iOS devices. The mobile banking app offers all the functionality of online banking. That includes the ability to check balances, review transaction history, deposit checks, transfer funds, and pay bills.

Axos accounts come with the Personal Finance Manager feature, which syncs all your external accounts so you can view them in one place. It also automatically categorizes transactions and displaced spending patterns.

More about Axos Bank

Who owns Axos Bank?

Axos Bank is owned by Axos Financial, Inc., a publicly held company listed on the New York Stock Exchange under the ticker “AX”.

History and reputation

Axos Bank is based in San Diego, California, and was launched in 2000 as a digital bank providing services to customers nationwide. The bank has over $20 billion in assets.

The bank has a Better Business Bureau rating of A+ and has been accredited by the agency since 2011. Customer reviews are less encouraging. Trustpilot shows Axos with a rating of two stars out of five.

The mobile app has a rating of 4.4 stars out of five from Android users on Google Play, and 4.7 stars out of five from users on the App Store.

World presence

Axos Bank has just three physical locations. The bank’s headquarters is in San Diego and it has offices in Las Vegas, Nevada, and Grandview Heights, Ohio. However, bank customers can access more than 91,000 fee-free ATMs nationwide.

TIME STAMP: Only Axos Bank’s checking account offers competitive rates

After reviewing the various accounts and products available with Axos Bank, the best overall account offered is Rewards Checking. The APY is perhaps the highest in the industry for a checking account, at 3.30%. However, you’ll only get a good rate if you are prepared to comply with most or all of the five requirements needed to get the maximum rate.

The other accounts offered by Axos Bank, including savings, money market, and CDs, pay less–sometimes much less–interest than the competition. If you do open a Rewards Checking account, you may be best served by holding the largest share of your savings at a competing bank.

Frequently Asked Questions (FAQs)

How to close Axos Bank account?

To close an account held at Axos Bank, you must send a secure message through online banking, notifying the bank which account you wish to close. Once you do, a team member will begin working on your request.

Where is Axos Bank located?

The bank is headquartered in San Diego and also has offices in Las Vegas and Grandview Heights, Ohio.

Is Axos Bank FDIC insured?

Yes, each account holder is FDIC-insured for up to $250,000.


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