Axos Bank was one of the first online-only banks. It opened for business on July 4, 2000, as Bank of Internet USA and grew steadily for nearly two decades before rebranding itself as Axos Bank in 2018.
It has a lot of options for checking and savings accounts and even has some pretty sweet options for small businesses. But, it’s not perfect and our review of the online bank shows both pros and cons.
Our Axos Bank review will give you an honest look at the bank’s checking account and savings account features for individuals, as well as its overall convenience and mobile banking features so you can make an informed decision about where to do your banking.
Let’s review the checking and savings accounts offerings, plus accounts geared to small- and medium-sized businesses.
Pros and Cons
The following our overall impressions of Axos Bank:
Almost entirely fee-free banking
Lots of options for small business banking
Highly regarded customer service
Unlimited ATM fee reimbursement for most accounts
Some reviews claim that the app is slow or buggy
No physical branches
Interest rates are good, but they are not the best we’ve found
Picking a checking account that’s right for you is personal. Among some of the most popular features for checking accounts are no minimum balance requirements and no monthly maintenance fees. No overdraft fees are also a plus. Let’s review three Axos Bank checking accounts and determine whether they’re the right fit for you. In addition to the accounts below, Axos Bank also offers basic checking accounts designed for specific ages. The Golden Checking is for the 55 and older crowd, while First Checking is designed for teens between the ages of 13 and 17. Overall, all of Axos’s checking accounts offer good benefits without getting bogged down by monthly fees.
No minimum balance requirement.
Unlimited domestic ATM-fee reimbursement.
Automatic early paycheck deposit.
Earn up to 1.25% APY.
Interest begins accruing immediately.
No fees or minimum balance requirements.
1.00% cash back on some debit card purchases.
Pay friends directly from your account.
No maintenance fees.
If personal savings account options are high on your list, Axos Bank may not be the bank for you. There’s the high-yield savings account and, well, that’s it. It does, however, reward balances under $25,000 with a healthy 0.61% APY.
High Yield Savings
No maintenance fees.
Free ATM card available.
Axos Bank offers four different checking accounts and savings accounts for small- and midsize-business owners. This is more than most banks offer, and the interest-bearing accounts offer higher interest than other banks we’ve reviewed. In our Axos Bank review, we found the following accounts fit for entrepreneurs.
Basic Business Checking
No monthly maintenance fees.
Unlimited credits, debits and deposited items.
First 50 checks free.
Business Interest Checking
1.01% APY on balances under $50,000.
100 free transactions per month.
Unlimited domestic ATM fee reimbursement.
Variable interest compounded daily.
$200 bonus for new business owners.
Business Premium Savings
0.20% interest on balances $24,000+.
No maintenance fee.
No average daily balance requirement.
Business Money Market
$5,000 daily balance requirement.
$1,000 opening deposit.
Other Axos Products
Even as an online bank, Axos offers a pretty full menu of banking products beyond just checking and savings accounts. You can find all of these banking options at Axos:
Investment property lending
Managed investment portfolios
If you’re comfortable handling all of these things online, it can be convenient to have your loans at the same place that handles your personal banking.
Axos Bank Customer Service
Axos Bank gets rave reviews for customer service in the app stores with a 4.4 out of 5 stars in Google and a slightly higher 4.7 stars in Apple. In the Google app store, one customer wrote, “If you need to talk to someone on the phone, they are there to help.”
That is definitely true for personal banking when representatives staff the phone 24 hours a day, seven days a week with only Thanksgiving and Christmas off.
If you need help with loans, auto refinancing, small business banking and investment property lending, Axos customer service hours are more traditional banking times from 8 a.m. to 5 a.m. generally Pacific Time. That makes sense because Axos is based in San Diego, California.
Messages can also be sent through your login on the website and for more general information, follow them on Twitter, @AxosBank. Messaging through social media is often a good way to get a quick response from a company.
Is Axos Bank Right for You?
Axos Bank offers a lot of benefits, but that doesn’t mean it’s the perfect fit for everyone. If you think you’re in the market to switch to an online-only bank, it’s probably worth your time to scout out Axos Bank. There’s a lot to like and not much to dislike.
See how Axos compared to the other banks on our list of the best online banks.
Frequently Asked Questions (FAQ) about Axos Bank
Yes, Axos is a legitimate online-only bank. Axos Banks is a direct banking arm of the publicly-held company Axos Financial. The bank is federally chartered, FDIC insured and BBB accredited.
Yes! Axos Bank was previously Bank of Internet USA and then BofI Federal Bank. It’s been known as Axos Bank since around 2018.
Axos Bank is the direct banking arm of Axos Financial, the bank holding company previously known as BofI Holding.
Axos is an online-only bank so if you like walking into a physical place to do your banking business face-to-face, it may not be for you. But, if you’re computer and smartphone savvy, Axos allows you to do all of your banking from wherever you are at any given moment. You can also access your money through a network of 91,000 ATMs with no fees.
Dana Sitar (@danasitar) has been writing and editing for online audiences since 2011, covering personal finance, careers and digital media. She is a former staffer at The Penny Hoarder. Her work has appeared in the New York Times, CNBC, The Motley Fool, Inc. and more.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.