Axos Financial institution was one of many first online-only banks. It opened for enterprise on July 4, 2000, as Financial institution of the Web USA and grew steadily for almost twenty years earlier than rebranding itself as Axos Financial institution in 2018.
It has a whole lot of choices for checking and only one financial savings account, plus some strong choices for small companies. However, it’s not good and our evaluate of the web financial institution reveals each execs and cons.
Our Axos Financial institution evaluate will provide you with an sincere have a look at the financial institution’s checking account and financial savings account options for people, in addition to its general comfort and cell banking options so you can also make an knowledgeable choice about the place you do your banking.
On this publish, we evaluate checking and financial savings accounts, plus accounts geared to small- and medium-sized companies.
Axos Checking Accounts
Choosing a checking account that’s best for you is private. Amongst a few of the hottest options for checking accounts aren’t any minimal steadiness necessities and no month-to-month upkeep charges. Plus, no overdraft charges are additionally an enticement. We have a look at three Axos Financial institution checking accounts in search of what is going to make them give you the results you want.
Apart from these accounts, Axos Financial institution additionally provides primary checking accounts designed for particular ages. The Golden Checking is for the 55 and older crowd, whereas First Checking is designed for teenagers between the ages of 13 and 17. General, Axos’s checking accounts provide good advantages with out getting slowed down by month-to-month charges.
Axos Financial institution Important Checking
Greatest for Direct Deposit
Key Options
- No minimal steadiness requirement
- Referral bonus when associates open accounts
- Early paycheck deposit
The fundamental checking account for Axos Financial institution is a free checking account that comes with a whole lot of perks and no charges. It comes with no charges, together with no overdraft charges or non-sufficient fund charges, no minimal steadiness and limitless reimbursement for ATM expenses. You can even get your paycheck as much as two days early with direct deposit. The disadvantage? This checking account doesn’t provide curiosity.
Axos Financial institution Important Checking
Charges
None, together with no penalty for overdrafts
Curiosity
None
Minimal steadiness
None
ATM expenses
Limitless home ATM payment reimbursements
Axos Financial institution Rewards Checking
Greatest for Direct Deposit
Key Options
- Earn as much as 1.00% APY
- Curiosity begins accruing instantly
- No charges or minimal steadiness necessities
Stand up to 1.00% APY (annual proportion yield) in your steadiness with just a few stipulations. This checking account is greatest for people with a daily earnings of greater than $1,000 per 30 days who wish to make Axos Financial institution their primary monetary establishment for spending, saving, funding and loans.
Axos Financial institution Rewards Checking
Charges
None
Curiosity
1.00% APY
Minimal Steadiness
None
ATM expenses
Limitless home ATM payment reimbursements
Axos Financial institution CashBack Checking
Better of Large Spenders
Key Options
- 1.00% money again on debit card purchases
- Limitless verify writing
- No upkeep charges
Axos Cashback Checking account pays you 1.00% money again on signature-based purchases along with your debit card. The account requires a $1,500 minimal month-to-month steadiness to earn the reward. In contrast to different Axos private accounts, this one does cost overdraft charges.
Axos Financial institution CashBack Checking
Charges
Overdraft charges
Curiosity
None
Minimal steadiness
$1,500 month-to-month steadiness
ATM expenses
https://www.axosbank.com/Private/Checking/Cashback-Checking
Axos Financial savings Account
If private financial savings account choices are excessive in your record, Axos Financial institution will not be the financial institution for you. There’s the high-yield financial savings account and, effectively, that’s it. Axos does, nonetheless, reward balances below $25,000 with a wholesome 0.60% APY.
Axos Excessive Yield Financial savings
Greatest for Axos Checking Account Holders
Key Options
- 0.61% APY
- No upkeep charges
- Free ATM card obtainable
This major financial savings account doesn’t have upkeep charges or a required minimal month-to-month steadiness. It does require a $250 deposit to open the account, which is just a little larger than many financial savings accounts at different on-line banks. It provides 0.61% APY (annual proportion yield) in your cash, no matter how a lot you’ve gotten in your account.
Opening steadiness
Minimal $250
Prime perk
Digital cash administration instruments
Axos Financial institution Enterprise Accounts
Axos Financial institution provides 5 checking accounts and financial savings accounts for small-business homeowners. That is greater than most banks provide, and the interest-bearing accounts provide larger curiosity than different banks we’ve reviewed. In our Axos Financial institution evaluate, we discovered the next accounts match for entrepreneurs.
Axos Financial institution Fundamental Enterprise Checking
Greatest for New Small Companies
Key Options
- No month-to-month upkeep charges
- As much as 200 free transactions per 30 days
- First 50 checks free
If easy is what you want for your small business checking account, Axos’ Fundamental Enterprise Checking ought to match the invoice. You may open an account with simply $1,000, and combine it with Quickbooks for simple bookkeeping.
Axos Financial institution Fundamental Enterprise Checking
The high-quality print
$100 bonus for brand new shoppers who began companies after June 1, 2020.
Prime perk
Free on-line invoice pay
Axos Financial institution Enterprise Curiosity Checking
Greatest for Established Small and Medium Companies
Key Options
- 0.81% APY with no minimal steadiness
- 50 free transactions per 30 days
- Limitless home ATM payment reimbursement
If you happen to plan on having just a little more cash in your checking account, you may as effectively earn some curiosity on it. The Axos Financial institution Enterprise Curiosity Checking account provides 0.81% in your steadiness, whatever the quantity. You’ll pay month-to-month upkeep charges of $10 until you keep a $5,000 minimal steadiness
Axos Financial institution Enterprise Curiosity Checking
The high-quality print
$5,000 minimal common day by day steadiness requirement to keep away from $10 month-to-month upkeep payment
Prime perk
As much as 60 gadgets per 30 days for distant deposit
Axos Financial institution Enterprise Financial savings
Greatest for New Small Companies
Key Options
- 0.20% APY
- Variable curiosity compounded day by day
- $100 bonus for brand new enterprise homeowners
The fundamental Enterprise Financial savings account at Axos Financial institution is simply that — primary. It provides 0.20% APY in your cash and has a fairly low bar to entry. Open an account with a minimal $1,000 deposit. You’ll pay a $5 month-to-month upkeep payment until you keep a $2,500 minimal month-to-month steadiness. Declare a $100 bonus when you integrated after June 1, 2020, utilizing code NEWBIZ100.
Axos Financial institution Enterprise Financial savings
The high-quality print
Keep $2,500 steadiness to keep away from charges
Prime perk
Free picture statements
Axos Financial institution Enterprise Premium Financial savings
Greatest for Established Medium-Sized Companies
Key Options
- 0.20% curiosity on balances $25,000+
- No upkeep payment
- No common day by day steadiness requirement
If you happen to can afford to maintain just a little more cash in your Axos Financial institution financial savings account, you may let it give you the results you want with the Enterprise Premium Financial savings account. Balances over $25,000 earn 0.20%. Balances under that threshold earn nothing, so it solely pays to go this route if you understand your small business account can keep at $25,000 or larger.
Axos Financial institution Enterprise Premium Financial savings
The high-quality print
$25,000 minimal opening steadiness
Prime perk
Distant deposit from wherever
Axos Financial institution Enterprise Cash Market
Greatest for Entry to Enterprise Financial savings
Key Options
- 0.20% APY
- $5,000 day by day steadiness requirement
- $1,000 opening deposit
If you happen to don’t count on to be dipping into your funds too typically, the Enterprise Cash Market could also be for you. It provides 0.20% APY however is restricted to 6 transactions per 30 days. Open an account with a minimal $1,000 deposit, and get free picture statements, on-line banking and cell banking.
Axos Financial institution Enterprise Cash Market
The high-quality print
Keep $5,000 day by day steadiness otherwise you’ll must pay $10 month-to-month payment
Prime perk
Account has verify writing privileges
Different Axos Merchandise
Whilst a web-based financial institution, Axos provides a fairly full menu of banking merchandise past simply checking and financial savings accounts. Yow will discover all of those banking choices at Axos:
- House loans
- Auto loans
- Private loans
- Funding property lending
- Managed funding portfolios
If you happen to’re snug dealing with all of this stuff on-line, it may be handy to have your loans on the similar place you do your private banking.
Axos Financial institution Buyer Service
Axos Financial institution will get rave critiques for customer support within the app shops with a 4.5 stars out of 5 in Google and barely larger in Apple. Within the Google app retailer, one buyer wrote, “If that you must speak to somebody on the telephone, they’re there to assist.”
That’s undoubtedly true for private banking when representatives workers the telephone 24 hours a day, seven days per week. They take Thanksgiving and Christmas days off.
If you happen to need assistance with loans, auto refinancing, small enterprise banking and funding property lending, Axos customer service hours are extra conventional banking instances, 8 a.m. to five a.m. usually and people instances are Pacific. That is smart as a result of Axos relies in San Diego, California.
Messages may also be despatched by means of your login on the web site and for extra normal info, comply with Axos on Twitter, @AxosBank. Messaging by means of social media is commonly a great way to get a fast response from an organization.
Is Axos Financial institution Proper for You?
Axos Financial institution provides a whole lot of advantages, however that doesn’t imply it’s the proper match for everybody. If you happen to assume you’re out there to change to an online-only financial institution, it’s in all probability price your time to scout out Axos Financial institution. There’s rather a lot to love and never a lot to dislike.
See how Axos in comparison with the opposite banks on our record of one of the best on-line banks.
Execs and Cons
The next our general impressions of Axos Financial institution:
Execs
- Nearly solely fee-free banking
- A number of choices for small enterprise banking
- Extremely regarded customer support
- Affords of different banking merchandise like automotive loans and mortgages
Cons
- Some critiques declare that the app is sluggish or buggy
- No bodily branches
- Rates of interest are good, however they don’t seem to be one of the best we’ve discovered
Regularly Requested Questions (FAQs) about Axos Financial institution
Is Axos Financial institution a Brick-and-Mortar Financial institution?
No, Axos operates solely on-line. If that you must get in contact with customer support, Axos provides 24/7 phone buyer assist (besides on Thanksgiving and Christmas). If that you must communicate to somebody a few mortgage or mortgage, you’ll discover they’ve different schedules of availability.
Is Axos Financial institution Reliable?
Axos Banks is a direct banking arm of the publicly-held firm Axos Monetary. The financial institution is federally chartered, FDIC insured and BBB accredited.
Is Axos Financial institution Nonetheless in Enterprise?
Sure! Axos Financial institution was beforehand Financial institution of Web USA, then BofI Federal Financial institution. It’s been referred to as Axos Financial institution since round 2018.
Who Owns Axos On-line Financial institution?
Axos Financial institution is the direct banking arm of Axos Monetary, the financial institution holding firm beforehand referred to as BofI Holding.
Is Axos a Good Financial institution?
Axos is an online-only financial institution so when you like strolling right into a bodily place to do your banking enterprise face-to-face, it will not be for you. However, when you’re laptop and smartphone savvy, you are able to do your whole banking from wherever you might be at any given second. You can even entry your cash by means of a community of 91,000 ATMs with no charges.
Dana Sitar (@danasitar) has been writing and enhancing for on-line audiences since 2011, overlaying private finance, careers and digital media. She is a former staffer at The PNW. Her work has appeared within the New York Instances, CNBC, The Motley Idiot, Inc. and extra. Data from author Tyler Omoth is included on this report.