Table Of Content
Operating entirely online, Axos Bank leverages its branchless model to offer competitive savings rates, aligning with its mission to prioritize customers' financial goals.
It provides a full range of banking services, including deposit accounts and loans for individuals and businesses, all supported by 24/7 account access and extensive ATM fee reimbursements.
Discover Bank, part of the Discover Group, offers high-yield savings accounts, CDs, MMAs, and a unique checking account with 1% cash back on debit purchases.
Though not a full-service bank, it provides seamless online and mobile access but lacks branches.
Banking Options
Discover | Axos Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
Discover Bank provides an Online Savings account with a higher APY compared to Axos. It offers 3.70% APY, no monthly fees, and no minimum balance requirement.
With both accounts, customers benefit from 24/7 online access and ATM fee reimbursements, making it ideal for digital banking.
Discover | Axos Bank | |
|---|---|---|
APY | 3.70% | Up to 0.61% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $250 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Discover and Axos both offer fee-free checking accounts with distinct features. Discover’s Cashback Debit provides 1% cash back on debit purchases, while Axos includes Direct Deposit Express, enabling access to paychecks up to two days early.
The key difference lies in Axos’s multiple account options.
Beyond its Essential Checking, Axos offers Cash Back Checking, which matches Discover’s 1% cash back, and Rewards Checking, which earns 1% interest on balances.
These accounts are also fee-free but require a $50 minimum deposit to open, offering more flexibility for customers with varying financial preferences.
Discover | Axos Bank | |
|---|---|---|
APY | 0% (1% cash back on up to $3,000 in debit card purchases each month) | Up to 3.30% APY
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).
|
Fees | $0 | $0 |
Minimum Deposit | $0 | $50 |
Main Benefits |
|
|
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CDs
The CD comparison is a little more tricky. While Discover does offer far better rates, the minimum deposit is also far higher at $2,500 compared to Axos’s $1,000. Additionally, Axos has a lower rate regardless of the CD term, while Discover incentivizes taking on a longer CD term.
So, unless you don’t have the $2,500 minimum deposit, Discover is a far more attractive option.
Discover | Axos Bank | |
|---|---|---|
Minimum Deposit | $2,500 | $1,000 |
APY Range | 2.00% – 4.00% | 0.20% |
Credit Cards
Discover established its reputation as a credit card brand, but over time it has expanded its financial product line. As you would expect, Discover offers a decent selection of credit card options.
What makes Discover credit cards really attractive is that there is an Unlimited Cashback Match. This means that Discover will match the rewards from your first year, dollar for dollar with no maximum cap or minimum spend.
Unfortunately, while Axos has an impressive product line, at this time, the bank does not offer even one credit card option. If you want financing, you have to apply for an Axos personal loan.
Personal Loans
Discover | Axos Bank | |
|---|---|---|
APR | 7.99% – 24.99%
| 11.79% – 20.84% |
Loan Amount | $2,500 – $40,000
| $5,000 – $50,000 |
Terms | 36 to 84 months
| 36-72 months |
Axos Bank offers personal loans without requiring collateral, making it accessible for those needing quick funds.
While Axos doesn’t specify minimum credit scores or debt-to-income ratios, approval depends on factors like income, assets, and credit history.
Discover provides personal loans in all 50 states, with no origination fees and flexible terms.
A minimum credit score of 660 and an annual income of $25,000 are required. Discover features competitive rates, direct creditor payments, and a soft credit pull for applications.
However, it lacks joint borrower options, has a capped loan amount, and charges late fees, with a slower application process.
Customer Service
Discover offers 24/7 to its customer service team via a toll free number or through the website. Axos also has a 24/7 helpline, but you can also chat with the Evo virtual assistant or browse the extensive support page on the website.
Online/Digital Experience
Both Discover and Axos have an easy to use website to explore products and access support and help with various finance topics. This ensures a great user experience, particularly if you’re not sure exactly what banking services and products are the best option for you.
Both the banks also have highly rated apps. The Discover app is rated 4.9/5 on the Apple Store and 4.6/5 on Google Play, while Axos mobile app is rated 4.7/5 and 4.5/5 for Apple and Google respectively.
These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card. You can even locate the nearest fee free ATM through the app, making it highly convenient if you’re in an unfamiliar neighborhood.
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Which Bank is The Winner?
Obviously, Discover is a bigger brand compared to Axos, but does this mean it is a better bank? We’ll need to look a little closer to make that determination.
Both Discover and Axos offer fee free accounts to make managing your money easy. However, Axos offers a far better savings rate and you can upgrade your checking account to enjoy up to 1% on your balance or 1% cash back on your debit card purchases, a feature that is standard with the Discover checking account. In terms of CDs, Discover offers better rates, but you do need a higher minimum deposit.
However, the big difference between these banks is that while Discover has numerous credit card options, at this time, Axos does not have a credit card. So, if you’re looking to have a checking account, savings account and credit card with the same bank, Discover is a better option. On the other hand, if you don’t particularly need a credit card, Axos may offers better terms.
FAQs
How's Discover bonus promotion?
Discover offers bonus promotions for new accounts as well as on a variety of credit cards. As of April 2025 , Discover Online Savings offers $150 – $200 bonus promotion based on your minimum deposit. There are also promotions on Discover Cashback Debit Account
How's Axos bonus promotion?
Axos offers a decent promotion for new customers. $500 when you open a new account.
What is Axos Bank's reputation?
- A+ on BBB – BBB assigns ratings ranging from A+ (highest) to F (lowest) (lowest). BB ratings are based on information in BBB files about factors such as the business's complaint history with the BBB, the type of business, the length of time in business, transparent business practices, and more.
- 3.5/5 on WalletHub (+1100 reviews) – overall rating of reviewer satisfaction, scaled from 1 to 5.
What are Axos Bank's main disadvantages?
Although Axos Bank has three locations, none of them are open to the public; the bank operates entirely online. As a result, if you're looking for a bank where you can get help from a teller in person, Axos is not the right choice for you.
Furthermore, the minimum deposit for CDs is quite high, and Axos Bank's CD rates are at best average.
How's Discover money market account work?
A money market account combines the earning power of your savings account with access to your checking features for a more versatile account. Discover offers money market accounts that include ATM access, a debit card, and the ability to write checks.
Discover's money market accounts are free of fees and have no minimum balance requirements. This allows you to earn more interest than you would with a traditional checking account, making it an excellent opportunity to grow and expand your financial portfolio without taking on too much risk.
How does the Discover debit card work?
It's unusual to find a debit card which gives cash back rewards, but Discover allows you to earn 1% cash back on up to $3,000 in purchases per month. Discover also does not charge monthly service fees. This can be a great low-cost checking account if you enroll in overdraft protection, which ties your checking to another Discover account.
Discover gives you access to 60,000 ATMs, however the bank does not reimburse any out-of-network ATM fees charged by ATM providers.
How We Compared Discover Bank and Axos: Methodology
In our comprehensive banking comparison, The Smart Investor team thoroughly assessed Discover and Axos across five main categories:
- Checking Accounts (30%): We scrutinized essential features like direct deposit, debit card availability, monthly maintenance fees, ATM and branch access, check deposit, bill pay options, and account alerts. Additionally, we considered any special checking account options and promotions offered to customers.
- Savings Accounts including CDs (20%): Our evaluation focused on critical factors such as APY (Annual Percentage Yield), minimum deposit requirements, Terms and Flexibility of accounts, and the assurance of FDIC insurance. We also examined special savings options, variety of CDs, automatic renewal options, and early withdrawal penalties.
- Credit Cards (15%): We analyzed the rewards program, annual fees, intro bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards, ensuring a comprehensive comparison of available features.
- Lending Options (15%): We assessed the variety of lending options available, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing consumers with insights into the bank's lending capabilities.
- Customer Experience And Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, customer support accessibility, online reviews, JD Power research, Trustpilot ratings, and the overall Financial Stability of each bank, ensuring a holistic view of customer experience and reputation.
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Axos vs Ally Bank
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Axos vs Varo
Axos is a large online bank that offers checking, savings, CDs, investing, and other services. Customers can earn interest or cash back on a variety of checking account options. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's high enough to justify opening an account as part of a larger online banking strategy, and there aren't many fees.
Varo Bank is a web-based bank that offers a variety of deposit and loan products. It was founded in 2015 and is based in San Francisco. Varo offers high-yield savings accounts and cash-back checking accounts, as well as a fee-free ATM network (see below for more information from Varo) and automatic savings tools.
Read Full Comparison: Axos vs Varo: Compare Banking Products
Axos vs Chime
Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.
Chime is an online-only company that works with two banks to provide checking and savings accounts. Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties.
Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?
Axos vs Marcus
Marcus, on the other hand, made Goldman Sachs banking more accessible to the general public when it debuted in 2016. Our in-depth Marcus review can help you decide if this online bank is right for you. Goldman Sachs is one of the world's largest investment banks, with offices in every major financial center and a client list that includes other banks as well as the state of New Jersey. With Marcus, however, you could be next on the list.
Axos online bank, which provides checking, savings, CDs, investing, and other services, has a lot to offer. A variety of checking account options allow customers to earn interest or cash back. The APY on Axos Bank's Rewards Checking account isn't the highest among online banks, but it's sufficient to justify opening an account as part of a larger online banking strategy, and there are almost no fees.
Read Full Comparison: Axos vs Marcus: Which Online Bank is Better?
Discover Bank vs Chase Bank
The Discover checking account is more traditional. While the account does not pay interest, you can earn 1% cash back on debit card purchases. There are also no fees if you require a replacement debit card, have a deposit item returned, or have insufficient funds in your account.
Chase offers a wide range of banking products, including savings accounts, checking accounts, home loans, home equity options, auto loans, and a wide range of credit cards. In addition, Chase's customer service system is quite extensive.
Read Full Comparison: Discover vs Chase: Which Bank Account Suits You Best?
Discover vs Citi
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Discover vs American Express
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Discover vs CIT Bank
The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.
While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.
Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?
Discover vs SoFi
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
