{"menuItems":[{"label":"How does it compare to other banks or services?","anchorName":"#how-does-it-compare-to-other-banks-or-services"},{"label":"Axos reviews and complaints","anchorName":"#axos-reviews-and-complaints"},{"label":"Axos customer service","anchorName":"#axos-customer-service"},{"label":"Bottom line","anchorName":"#bottom-line"},{"label":"Frequently asked questions.","anchorName":"#frequently-asked-questions"}]}
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.
Axos Bank 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.
Axos Bank First Checking. Meant for teens ages 13 to 17, it earns an APY of 0.1% 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.
Axos Bank 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.
Axos Bank Rewards Checking. Up to 1.25% APY with no overdraft fees. Plus, unlimited domestic ATM fee reimbursements.
Axos Bank 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.
Axos Bank Golden Checking. This account was designed for individuals over 55 years old. Expect no fees, 0.1% 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.
Account
Meant for
APY
ATM fee reimbursement
Axos Bank First Checking
Ages 13–17
0.1%
Up to $12/mo
Axos Bank Essential Checking
Everyone
0%
Unlimited
Axos Bank Rewards Checking
Everyone
1.25%
Unlimited
Axos Bank CashBack Checking
Everyone
1%
Unlimited
Axos Bank Golden Checking
Age 55 and over
0.1%
Up to $8
Savings accounts
Options for growing stashed-away cash include:
Axos Bank High Yield Savings. Earn up to 0.61% APY with no minimum balance requirements or maintenance fees. A debit card is available upon request.
Axos Bank High Yield Money Market account. Expect an APY of 0.25% and no fees or minimum balance requirements. You can write checks and get a debit card upon request.
Account
Minimum balance to earn interest
APY
Axos Bank High Yield Savings
$0
Up to0.61%
Axos Bank High Yield Money Market account
$0
0.25%
Business banking
Axos Bank offers a suite of small business products and borrowing options for bigger commercial companies.
Small business checking accounts
Axos Bank Basic Business Checking. Meant for small businesses’ modest checking needs. There’s no monthly maintenance fee or minimum balance requirement, but this account doesn’t earn an APY.
Axos Bank Business Interest Checking. Deposit $100 to get started, which earns an APY of up to 1.01% on balances lower than $50,000. To skip the $10 monthly maintenance fee, you’ll need to maintain a daily balance of at least $5,000. Get 100 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
Axos Bank Basic Business Checking
$0
0%
$0
N/A
Axos Bank Business Interest Checking
$100
Up to 1.01%
$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. Here’s what to expect:
Axos Bank Business Savings. You’ll get an APY of up to 0.2%, 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.
Axos Bank Business Premium Savings. Expect an APY of up to 0.2% 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.
Axos Bank Business Money Market. Deposit $1,000 to get started and earn up to 0.2% 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.
Account
Initial Required Deposit
APY
Monthly Maintenance Fee
Ways to Waive Monthly Fee
Axos Bank Business Savings
$1,000
0.2%
$5
Maintain an average balance of $2,500
Axos Bank Business Premium Savings
$25,000
0.2%
$0
N/A
Axos Bank Business Money Market
$1,000
0.2% 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
Axos Bank Business CD. 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 0.1% for three months to 0.2% 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 $35,000.
Auto loans. Borrow from $10,000 to $90,000 to finance your car. Rates start at around 4.0% 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 eight offices around the country.
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 $0 to $10.
Low minimum opening deposits. Open a personal or business account with as little as $0.
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
Withdraw limits. Those with a Axos Bank 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 with any merchant that accepts Visa overseas, but you’ll pay extra for the currency conversion.
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.
CDs
Pros
No monthly fees. You won’t pay anything to set up or maintain an account.
Partial withdrawals allowed. Unlike other CDs, you can withdraw part of your account balance and leave the rest in your CD until maturity.
$500 opening deposit. Some banks require initial deposits of $1,000 or more to open a CD, but you only need $500 to open an Axos Bank CD.
Cons
APY isn’t competitive. CDs currently earn 0.2% APY regardless of the term. This rate is slightly above the national average for terms less than one year, but it below average for longer terms and significantly lower than rates offered by other banks.
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.
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.
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 Better Business Bureau 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. 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, California
Orange County, California
Las Vegas, Nevada
Salt Lake City, Utah
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 personal account at almost 100,000 big box retailers like 7-Eleven, CVS, Kroger, Walgreens, Walmart and Rite Aid Safeway.
For business accounts, you can visit any deposit-accepting MoneyPass or Allpoint ATMs to deposit cash.
And if you’re in the San Diego area, you can always stop by a brick-and-mortar branch to fund your account.
Amy Stoltenberg manages newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.