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Banking » Reviews » Axos Bank Review: Competitive Rates, Great Experience

Axos Bank Review: Competitive Rates, Great Experience

While Axos Bank operates as an online bank, it is full service and offers a variety of accounts to suit most private customers and small businesses
Author: Baruch Mann (Silvermann)
Interest Rates Last Update: November 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update: November 28, 2024
Author: Baruch Mann (Silvermann)
Interest Rates Last Update: November 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update:November 28, 2024

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Axos Bank

axos-bank-logo-
axos-bank-logo-
On Axos Website

Axos Bank

Fees

$0

Our Rating

3.9
★★★★★ 3.9/5

Current Promotion

$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account

APY Savings

Up to 0.61%
On Axos Website

Axos is one of the oldest online-only banking services around. It has been operating since 2000 and continues growing to offer more services for individuals and businesses. The bank is based in San Diego, CA, and is a subsidiary of Axos Financial. While the bank does have three locations, it operates online for most customers.

The bank acquired Nationwide Bank in 2018, which grew Axos Bank by $3 billion in deposits and added 40,000 customers. The bank also acquired WiseBanyan, the no-fee Robo advisor, which can benefit Axos bank customers.

Axos Bank can be a perfect fit if:

  • You prefer online bank with good savings rates & no fees

  • You may need a mortgage soon

  • You need a debit card (including 1% cash back on your debit card purchase)

While Axos Bank operates as an online bank, it is full service and offers a variety of accounts to suit most private customers and small businesses. So, here we’ll delve into Axos Bank to help you determine if it provides accounts that meet your needs.

  • Full Service Banking
  • Low Monthly Fees
  • ATM Fee Reimbursement
  • No Physical Branches
  • Lower Rates on Savings

Does Axos offer cash deposits?

Axos accepts cash deposits, yes. At ATMs across the country that participate, you can deposit cash. Nearly 100,000 of America's biggest and most reputable merchants, including 7-Eleven, ACE Cash Express, CVS, Dollar General, Kroger, Rite Aid Safeway, Walgreens, and Walmart, accept deposits via Axos' relationship with Green Dot Network®.

Can I use Axos debit card abroad?

Anywhere a Visa card is accepted worldwide, you can use your Visa® Debit card. All international Point of Sale (POS) transactions and ATM withdrawals are subject to a foreign exchange rate.

Can I withdraw money from Axos's savings account?

Although less flexible than Axos checking accounts, Axos Bank savings accounts nonetheless provide a number of withdrawal options. Here's how to make it:

  • Transfer money to a different Axos Bank account or to a different financial institution. Select Move Money after signing in to your online banking.
  • Make a wire transfer start. Log in to your online banking account and choose Wire Transfers after Moving Money.
  • Take money out of the ATM. Log into online banking and use our ATM Locator to find nearby locations where you can withdraw money for free from ATMs using your debit or ATM card.

How's Axos ATM fee work?

The type of account you have will determine how the ATM fees are reimbursed.

For accounts with Rewards Checking, Cashback Checking, and Essential Checking, unlimited domestic ATM fee refunds are available.

Golden Checking accounts are eligible for monthly reimbursements of up to $8.00 for domestic ATM fees.

Axos Bank Review

Banking Services
Credit Options
Savings Accounts
Mortgage
Checking Accounts
Government Mortgage
CDs
Credit Cards
Money Market Account
Debit Card
Investing Capabilities
Personal Loans

Axos Bank Pros and Cons

As with any financial institution, there are both positives and potential negatives associated with Axos Bank. It is important to be aware of both sides before deciding if this is the right choice for you.

Pros
Cons
Full Service Banking
Low Rates On Savings And CDs
ATM Fee Reimbursement
No Physical Branches
Low Monthly Fees
  • Full Service Banking

While it operates almost exclusively online, Axos Bank is a full service bank offering savings, checking and money market accounts, in addition to CDs, investment options and loans for both individuals and small businesses.

  • ATM Fee Reimbursement

Since Axos does not have its own ATM network, customers receive unlimited domestic ATM fee reimbursements. 

The only restriction is on Golden checking accounts, which have a cap of $8 for fee reimbursements each month.

  • Low Monthly Fees

Axos checking and savings accounts attract no monthly fees. 

In fact, only the Golden Checking and CashBack accounts have an overdraft or nonsufficient fund fees. This makes Axos an inexpensive banking option for most users. 

  • Low Rates On Savings And CDs

The savings account and CD rates from Axos Bank are, at best, average. 

The rates are just above the national average for the short term but slightly below on terms over 12 months. 

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to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

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  • No Physical Branches

Although Axos Bank has three locations, these are not for customer use, the bank operates entirely online.  

So, if you’re looking for a bank where you can get help from an in-person teller, Axos is not the right option for you

axos-bank-logo-

Axos Savings Account

APY Savings

Up to 0.61%

Minimum Deposit

$0