For many of us, dealing with our finances can be a scary and unpleasant task, especially when it comes to complicated contracts such as loans, mortgages, investments, and choosing the best bank account.
Axos is a bank that helps to cut through all the noise and distractions and offer you a range of top-quality products with all services delivered online for your maximum convenience.
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Services and Products Offered
There are a wide variety of account options available at Axos Bank, including:
- Online checking accounts
- Online savings accounts
- Money market accounts
- Traditional and Roth IRAs
- CD options
One of the key features of Axos is its commitment to zero fees, but you should be aware that a $10 fee will be charged for any replacement cards.
Some of the main accounts include:
CashBack Checking
The Axos Bank CashBack Checking is unique in that it essentially rewards you for carrying out your everyday shopping tasks.
You will earn up to one percent cash back on all purchases which require a signature, in addition to unlimited domestic ATM fee reimbursement.
This account also has no monthly maintenance fees and does not place a limit on the number of checks you can write each month.
Customers will be able to access a host of digital tools and services, including mobile banking, online bill paying, and free mobile deposits, and the company makes it super easy to switch from your existing bank account.
Get started with an Axos checking account>>
Essential Checking Account
The Axos Bank Essential Checking account is perfect for the busy modern customer and includes bonus features, such as no fees for overdrafts or insufficient funds, no fees for monthly maintenance, unlimited domestic ATM reimbursements, and no minimum balance requirements.
It is simple and easy to use and allows you to carry out all of your financial and banking tasks online with ease.
First Checking Account
It is never too early to get your child familiar with the basics of finances and banking.
The Axos First Checking Account is a great way to teach your child financial responsibility in a safe way, where you can keep a close eye on exactly what is going on.
This is a joint checking account for those aged 13-17 years old and offers a host of features, such as no monthly maintenance fees, overdraft fees or insufficient funds fees, daily transaction limits to help you manage money, a 0.25 percent APY and up to $12 domestic ATM fee reimbursement each month.
Golden Checking Account
The Golden Checking account is designed to help keep on top of your finances until well into your ‘golden years,’ long after you may have stopped benefiting from other accounts and financial plans.
The online-only feature is ideal for those who may live more remotely or be less mobile, allowing you to retain independence and control over your finances and affairs.
This is an account which is beneficial to retirement, offering benefits such as no overdraft or insufficient funds fees or monthly balance requirements, and 0.2 percent APY on all balances.
Rewards Checking Account
For a more premium service and option, the Axos Banks Rewards Checking account offers you extra benefits such
- lower fees
- higher interest rate at 1.25 percent APY
- unlimited domestic ATM reimbursements
- no overdraft fees
- no insufficient funds fees
- no account maintenance fees
- no minimum balance requirement
Get started with a rewards checking account>>
Second Chance Checking Account
If you are used to prepaid cards to help you to budget and manage your money, this can be a great way to transition into a more advanced bank account, and get a foot on the financial ladder.
You will benefit from an overdraft protection option to help you manage your money, as well as a free Visa debit card.
There is a minimum deposit requirement of $50, and a monthly maintenance charge of $6.95 with direct deposit, and $8.95 without.
Make sure that this is factored into your budget when you decide to switch, and that this is a number which will remain affordable for you.
Second Chance Savings Account
This is a savings account which allows you to earn a generous 0.25 percent APY and does not charge any fees at any point. You will benefit from compounded interest, but a $50 deposit is required to open the account.
High-Yield Money Market
The Axos high-yield money market account allows you to save money while maximizing your funds and offers 1.05 percent APY, the option to write checks and obtain a debit card, no fees for monthly maintenance or minimum balance requirements, and the security of an account which is FDIC-insured.
Company History
Founded in 2000, Axos Bank is a digital bank and exists as the baking subsidiary of Axos Financial, Inc.
With its headquarters in San Diego, and physical branches in Las Vegas, Columbas, Ohio and San Diego, it prides itself on offering a service to its customers.
The Bank is entirely digital, cutting out the need for long-winded meetings or physical trips—all transactions and applications can be made from the privacy of the customer’s own home.
Axos offers banking products to Nationwide customers on the website and acquired around $2.4 billion in deposits from Nationwide Bank in 2018.
This included $0.7 billion in savings, checking and money market accounts, as well as $1.7 billion in time deposit accounts.
This total was acquired from around 80,000 deposit accounts in total, showing that Axos has some serious standing within the industry.
The focus of Axos is to provide their customers with a solid, reliable online bank, which comes with an accessible and wide-ranging network of ATM’s.
They make no promises to offer the best loans, the highest rates, or the widest variety of loan products, but they use simple, basic products to retain loyal and satisfied customers.
Pros
- There are no monthly balance requirements or fees on most accounts
- There are few to no domestic ATM costs
- You can receive rewards if you put in the effort, such as an annual percentage yield of up to 1.25 percent, and one percent cash back on all debit cards.
Cons
- You may encounter occasional fees, through getting a replacement debit card (this is a $10 charge or $50 for a speedy delivery). Foreign transactions will also cost 2 percent of the purchase, or the ATM withdrawal amount.
Axos Bank Review Bottom Line
If you are looking for a simple, online bank which allows you to choose from a range of options, Axos Bank is the ideal solution.
Catering for everyone from young teens to seniors, you are sure to find an account which is the perfect match for your basic financial needs.
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