Axos Bank products: Savings and Checking

Formerly Bank of the Internet, Axos Bank has been championing innovation since its conception on July 4th, 2000, eschewing traditional banking in favor of low overhead costs and almost nonexistent account fees. But you’ll need to be comfortable communicating entirely online if you don’t live near one of its six office locations.

Compare Axos Bank products

• Checking
• Savings

Axos has options to help a wide variety of customers navigate their finances.

Personal banking

Its personal checking and savings accounts come with a host of online money management tools like free deposit, online bill pay and a No-Hassle Switch Kit that can help transition you from your current bank.

Checking accounts

There are no monthly maintenance fees on any Axos checking accounts, and some offer ATM fee reimbursement.

• First Checking. Meant for teens ages 13 to 17, it earns an APY of 0.25% per month and comes with daily transaction limits — $100 for cash withdrawal and a $500 debit card cap — to help teach financial responsibility. Get refunded for up to $12 in domestic ATM fees per month.
• Essential Checking. A bare-bones checking account with unlimited domestic ATM fee reimbursements and no overdraft fees or monthly balance requirements. But it doesn’t earn interest.
• Rewards Checking. Up to 1.25% APY with no overdraft fees or monthly balance requirements. Plus, unlimited domestic ATM fee reimbursements.
• CashBack Checking. This account earns 1% cash back on signature-based purchases when you maintain a monthly balance of at least $1,500. Expect unlimited ATM fee reimbursement and check-writing privileges.
• Golden Checking. This account was designed for individuals age 55 and over. Expect no fees, 0.2% APY on all balances and no monthly minimum balance requirements of overdraft fees. Axos will reimburse customers up to $8 in domestic ATM fees per month.
• Second Chance Checking. This non-interest-bearing account is meant to help those with a negative banking history get back on track. It has a $50 opening deposit and an unavoidable $8.95 monthly fee. Although it’s reduced to $6.95 when you set up direct deposits.

Account	Meant for	APY	ATM fee reimbursement
First Checking	Ages 13-17	0.25%	Up to $12/mo
Essential Checking	Everyone	0%	Unlimited
Rewards Checking	Everyone	1.25%	Unlimited
CashBack Checking	Everyone	1%	Unlimited
Golden Checking	Age 55 and over	0.2%	Up to $8
Second Chance Checking	Those with a negative banking history	0%	None

Savings accounts

Options for growing stashed-away cash include:

• High Yield Savings. Earn a 0.61% APY with no minimum balance requirements or maintenance fees. A debit card is available upon request.
• Second Chance Savings. This is account is designed to help those with a negative banking history rebuild their report. It has no monthly fee and comes with a free ATM card, but you’ll need at least $50 to get started.
• High Yield Money Market. Expect an APY of 0.6% and no fees or minimum balance requirements. You can write checks and get a debit card upon request.
• IRA Savings. The APYs on this retirement account are grouped into two tiers: 0.15% on less than $1,000 and 0.7% on more than $1,000. Make a $250 deposit to get started, which compounds interest daily.
• IRA Certificates of Deposit. Interest compounds daily, but you’ve got to make an initial deposit of $1,000 to get started. Choose from 12-, 18- or 36-month terms with APYs of 0.6%, 0.7% and 0.75%, compounded daily.

Account	Initial Required Deposit	APY
High Yield Savings	$0	1.3%
Second Chance Savings	$50	0.25%
High Yield Money Market	$0	1.05%
IRA Savings	$250	0.15% on less than $1,000 0.7% on more than $1,000
IRA Certificates of Deposit	$1,000	Tiered options ranging from 0.6%, 0.7%, and 0.75%

Business banking

Axos Bank offers a suite of small business products and borrowing options for bigger commercial companies.

Small business checking accounts

• Basic Business Checking. Meant for small businesses with modest checking needs. There’s no monthly maintenance fee, but a $100 direct deposit is required to get started. Get up to 200 free transactions a month with a fee of $0.30 per item after. This account doesn’t earn an APY.
• Business Interest Checking. Deposit $100 to get started, which earns an APY of up to 0.81%. To skip the $10 monthly maintenance fee, you’ll need to maintain a daily balance of at least $5,000. Get 50 free transactions each month, then pay $0.50 for each item.
• Analyzed Business Checking. Instead of an APY, it comes with an Earnings Credit Rate (ECR). There’s no minimum balance requirement, but you’ll have to pay a $15 monthly maintenance fee, which there’s no way to waive. Deposit $100 to get started.

Account	Initial Required Deposit	APY	Monthly Maintenance Fee	Ways to Waive Monthly Fee
Basic Business Checking	$1,000	0%	$0	N/A
Basic Interest Checking	$100	0.81%	$10	Maintain an average balance of $5,000
Analyzed Business Checking	$100	ECR – varies	$15	N/A

Small business savings accounts

Its small business savings accounts allow for 20 free transactions each month. After that, you’ll be charged a $0.30 fee per item, except for the Non-Profit account, which gives you 25. Here’s what to expect:

• Business Savings. You’ll get an APY of up to 0.5%, but will have to make an initial deposit of $1,000. Expect a $5 monthly maintenance fee unless you maintain an average daily balance of at least $2,500. Deposit up to 60 items each month from a remote location.
• Business Premium Savings. Expect an APY of up to 0.5% with no average daily balance requirements. But you need to make a $25,000 deposit to get started and those funds must be “new” from an outside account. There’s no monthly maintenance fees and monthly remote deposits are unlimited.
• Business Money Market. Deposit $1,000 to get started and earn up to 0.5% APY. There’s a $10 monthly maintenance fee unless you maintain an average daily balance of $5,000. Plus, you can deposit up to 60 items remotely each month.
• Non-Profit and Association Money Market. Get an APY of up to 0.8% and waive the $5 monthly maintenance fee with an average balance of $2,500. Deposit $1,000 to get started and deposit up to 60 items each statement period remotely.

Account	Initial Required Deposit	APY	Monthly Maintenance Fee	Ways to Waive Monthly Fee
Business Savings	$1,000	0.5%	$5	Maintain an average balance of $2,500
Business Premium Savings	$25,000	0.5%	$0	N/A
Business Money Market	$1,000	0.8% APY	$10	Maintain an average balance of $5,000
Nonprofit and Association Money Market	$1,000	0.8% APY	$5	Maintain an average balance of $2,500

Small business CDs

• Business Certificate of Deposit. Axos has one CD available for business use, with flexible terms ranging from three months to five years. Interest compounds daily, with rates ranging from 0.15% for three months to 0.4% for 36 months. Each CD is FDIC-insured up to $250,000 per depositor.

Commercial accounts

• Analyzed Business Checking. It’s offered for small business use too, but Axos recommends you pair it with Treasury Management services to cover all your accounting needs. It comes with an ECR instead of an APY. There’s no minimum balance requirement, but you’ll have to pay a non-waivable $15 monthly maintenance fee. Deposit $100 to get started.
• Certificate of Deposit Account Registry Service (CDARS). Meant for businesses that want CD-level returns on hefty investments. Opening an account requires a deposit of $100,000. Get partnered with a banking professional and expect finite term lengths that vary by case. Deposits are FDIC-insured up to $50 million.

Other products

• Mortgages. Get a loan to purchase or refinance a home or take out a loan based on equity. There’s no lender fee.
• Personal loans. Expect fixed monthly payments with no collateral required. Get approved in two days for loan amounts ranging from $5,000 to $30,000.
• Auto loans. Borrow from $10,000 to 90,000 to finance your car. Rates start at around 4.45% and there’s no penalty if you choose to pay it off early.
• Commercial loans. Finance new equipment or get cash to build your next real estate endeavor. Expect flexible negotiations and “common sense underwriting.”

How does it compare to other banks or services?

Axos Bank was launched as a digital company in 2000 and still holds true to its initial values — a lean business model offering technology-based financial services. It has six offices around the country, mostly on the west coast, but plans to expand soon.

It doesn’t rank on the FDIC’s list of Top 50 Bank Holding Companies by Total Domestic Deposits, but it’s not as established as giants like Bank of America or Wells Fargo. It doesn’t have a network of Axos-brand ATMs, but reimburses nearly all domestic withdrawal fees to make up for that.

Checking accounts

Pros

• No monthly fees. All personal checking accounts are fee-free and only two business accounts have monthly fees that range from $10 to $15.
• Low minimum opening deposits. Open a personal account with as little as $0 or a business account with as little as $100.
• Solid ATM reimbursement policy. Most of its checking accounts offer unlimited reimbursement for non-domestic ATM withdrawals, which helps make up for its lack of ATM network.
• Several account options. This digital bank offers five personal checking accounts and three business checking accounts.

Cons

• No cash deposits. Because Axos is fully online, it doesn’t accept cash deposits.
• Withdraw limits. Those with a First Checking account can’t withdraw more than $100 at an ATM each day.
• Foreign currency conversion rate. You can technically use your debit card any place that accepts Visas overseas, but you’ll pay extra for the currency conversion.
• Fee for Second Chance Checking account. If you don’t qualify for a regular Axos checking account due to a bad banking record, you’ll pay $8.95 a month for a second chance account. Or, $6.95 if you set up direct deposit.

Savings accounts

Pros

• Low opening deposit for personal accounts. Open any Axos personal savings account with as little as $0.
• No monthly fees. Personal savings accounts have no monthly fees or minimum balance requirements to earn interest.
• Free debit card. Request your free debit card and get access to convenient cash withdrawals at ATMs nationwide.

Cons

• APYs are less competitive. You can likely get higher APY savings rates online elsewhere, like in Goldman Sachs’ Marcus account or Ally’s online savings account.
• High opening deposits for business accounts. Opening deposits range from $1,000 to $25,000 and most accounts have monthly fees.
• Excessive transaction fee. If you make more than six outgoing transactions a month, Axos charges a $10 fee each time. This fee may be temporarily waived. Check with Axos.

CDs

Pros

• No monthly fees. You won’t pay anything to set up or maintain an account.
• Competitive APYs. Rates start out at 0.55% for a three-month CD and top out at 2% for a five year CD. The longer your term, the more you’ll earn.
• Partial withdrawals allowed. Unlike other CDs, you can withdraw part of your account balance and leave the rest in your CD until maturity.

Cons

• $1,000 opening deposit. You’ll need to set aside at least $1,000 to open an Axos Bank CD.
• Early withdrawal fees. If you withdraw your money before maturity, you’ll pay a penalty equal to 45 to 730 days’ interest depending on the term. Unlike most CDs, you’ll pay this penalty whether you’ve accrued that much interest or not, which means you could lose some of your initial deposit.

Overall banking

Pros

• Few to no fees. In part due to its low overhead costs, users can expect few extraneous charges across all account types.
• Easy transfer. Axos Bank will send you a checklist for moving your money over to one of its accounts — it’s called the No-Hassle Switch Kit.
• Second chance options. Consumers with negative marks on their Chexsystem report can rebuild their history with a second chance checking or savings account.

Cons

• Limited in-person help. If you like face-to-face support, you may want to look elsewhere since Axos is focused on its online and mobile experience.
• No cash deposits. Axos is a digital bank, so it doesn’t accept cash deposits of any kind. If you routinely deposit cash, this may not be the bank for you.
• Average APYs. Although its APYs are competitive, you can find higher rates at other digital banks.

Axos reviews and complaints

Axos Bank has been accredited by the BBB since 2011, where it has an A- rating. There aren’t any complaints recorded against it in the Consumer Financial Protection Bureau, though it is a member of the FDIC.

Across the web, customer frustrations indicate operational errors and random account closures. Two poor reviews on Trustpilot report problems with credit card customer service.

Axos customer service

Connect with Axos’s customer care through:

• Phone: Reach Axos Bank‘s customer service at 888-502-2967.
• Fax. Send documents to 858-350-0443.
• Snail mail. You can send a note to:Axos Bank
  P.O. Box 509127
  San Diego, CA 92150

Bottom line

If Axos’s low-fee, digital setup appeals to you, it might be a good place to store your cash. But if you’re hoping for better access to brick-and-mortar service, shop around to find a better fit.

Frequently asked questions.

• Where are Axos Bank's offices located?

  It’s headquartered in San Diego, but has offices in Los Angeles, Orange County, Las Vegas, Salt Lake City and Kansas City, Kansas.

• What info do I need to apply for an Axos Bank account?

  While applying online, have the following handy:

  • Social security number
  • Valid ID — driver’s license or state ID
  • Valid US address
  • Must be a US citizen or resident alien

• How do I make a cash deposit with Axos Bank?

  Axos Bank‘s partnership with Green Dot Network lets you drop cash into your account at almost 100,000 big box retailers like 7-Eleven, CVS, Kroger, Walgreens, Walmart and Rite Aid Safeway.

  If you live near its brick-and-mortar branch spot in San Diego, you can also deposit cash there.