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About Axos Bank
Axos Bank is a digital, online-only bank, meaning it doesn’t have physical branches. With personal, small business and commercial financial services, it meets a variety of financial needs. Axos Bank offers checking and savings accounts, personal loans, certificates of deposit, investing services, mortgage loans and refinancing. Axos Bank doesn’t charge monthly maintenance fees on checking and savings accounts.
Pros & Cons
Pros
- Full-service banking
- Low to no fees
- Accessible online services
Cons
- No physical branches
- No cash deposits
Bottom Line
Axos Bank offers full-service, digital banking services for individuals and businesses. Personal loans up to $50,000 and auto loan refinancing are available. Axos Bank charges no annual fees and has 91,000 fee-free ATMs.
Axos Bank products
Axos Bank provides personal and business financial services. These include:
- Personal checking: Axos Banks offers three types of checking accounts; Essential, Rewards and Cashback. Additionally, there are checking accounts available for teens to learn money management and for those who are 55 and older.
- Personal savings: Axos Bank savings accounts earn up to 0.61% annual percentage yield (APY) with no monthly maintenance fees or minimum balance requirements. High-yield money market savings accounts can earn 0.25% APY with no monthly maintenance fees or balance requirements.
- Investing: Axos Bank offers investing options regardless of your experience. Managed portfolios and self-directed trading are available. Both options allow for customization and investment personalization.
- Small business banking: Small business banking options include two types of checking accounts and four types of savings accounts. Additionally, Axos Bank provides services in small business certificates of deposit (CDs) and Certificates of Deposit Account Registry Service (CDARS). Additional small business banking services include treasury management, mobile banking, online banking and merchant services.
- Commercial banking and lending: Axos Bank commercial banking services include managing cash flow, earnings credits, high-yield savings options and treasury management services. Commercial lending, working capital and equipment financing, not-for-profit banking, title and escrow software, homeowners association and property management software, and third-party payment processors are available.
- Personal loans: Axos Bank offers personal loans from $5,000 to $50,000. Funds can be used for major expenses, home improvement projects, debt consolidation and many other applications. You can see an initial offer without it affecting your credit score after filing an application online. Loan money can be disbursed in two days.
- Auto loans: Refinancing auto loans are offered online. Loans can help lower your monthly payment and interest rate, and payments don’t start for 90 days.
- Mortgage: Axos Bank offers mortgage purchase and refinance loans. It waives the lender fee in some cases and has an entirely online mortgage process.
Axos Bank rates and fees
Rates and fees vary based on the Axos Bank account type and loan type. One Axos Bank benefit is there are no monthly maintenance fees or overdraft fees in some cases. Interest rate and reward opportunities include:
- Rewards checking: 1.25% APY
- Cashback checking: 1% cash back
- High-yield savings: 0.61% APY
- High-yield money market savings: 0.25% APY
Specifically for Axos Bank’s CDs, these are the term and rate options at the time of publishing:
| Term | Rate |
|---|---|
| Three months | 0.10% |
| Six months | 0.15% |
| 12 Months | 0.20% |
| 18 Months | 0.20% |
| 24 Months | 0.20% |
| 36 months | 0.20% |
| 48 months | 0.20% |
| 60 Months | 0.20% |
It’s important to note that factors like account type, loan amount and your credit score will impact fees.
Axos Bank FAQ
Does Axos Bank have annual fees?
There are no Axos Bank annual fees.
Where is Axos Bank located?
Axos Bank is headquartered in San Diego, California. As a digital bank, it serves customers throughout the U.S.
Does Axos Bank have a credit card?
Axos Bank does not offer credit cards.
Is Axos Bank FDIC-insured?
Axos Bank is FDIC-insured and has additional digital security tools.
Is Axos Bank legit?
If you’re looking for an online bank, Axos Bank is a good option. Because it's digital, you can get access anywhere that has an internet or cellular connection. Axos Bank offers a variety of financial services beyond checking and savings, doesn't charge annual or monthly maintenance fees and provides cash-back options.
Axos Bank Reviews
ConsumerAffairs has collected 3 reviews and 30 ratings.
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Reviewed May 4, 2023
I have over an 800 credit score and a 7% debt ratio. They declined my personal loan application because I forgot the email address I used to apply saying they couldn't verify my identity. That's petty! And I ended up with an inquiry on my credit report. They had us jumping through hoops during the application process providing far more documents than SoFi needed, who offered the same rate and much more easily and quickly approved me.
Reviewed Feb. 3, 2023
Axos Bank/Invest had been one of my favorite banks, up until Feb 2021, now it seems they don’t care about their customers. I wrote this review back in 2020: "Hands down one of the better banking experiences I've had. Customer service is great and very informative when needed. Bill pay is great. Love the user interface, just an overall great experience and service."
Let's just say, things have gone downhill, heck under the hill at this point. I have had an issue with my account going on 3yrs now and no one can tell me what's going on. I eventually closed the account as much as I hated too, hoping to start from scratch. That didn’t go any better. The closed account is still there, I can access it, but that’s about it. I opened a new account to replace that account and now, I can't access the account. It's not visible on the portal or in any of the drop down menus to transfer funds to or from.
I'm a patient person and have given them the benefit of the doubt. I've tried to contact them and make them aware of my issue in multiple ways. I've emailed them directly to both support addresses, have sent secured messages through the bank portal, have posted multiple times on Facebook and Twitter. Most recently as of Dec. 13th 2022, I received a response after posting to Facebook, I think… Anyway, the response stated, that I would hear back from them in 3-5 days, as of today (Feb. 3rd 2023), I have not heard from them and have sent another follow up email like I had done on Jan. 4th 2023. My most recent thought option to get some attention on my account, was to start a video channel… The year is still early though, so who knows.
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Reviewed Jan. 4, 2023
Opened a Business Checking account about a year ago. Have had some issues with the account, small and large. Online support is non-existent. Telephone support is not empowered to do anything. Requests must be made through "secure email". Secure email takes days and in one case weeks to respond. Not Recommended for an online banking service.
Axos Bank Company Information
- Company Name:
- Axos Bank
- Website:
- www.axosbank.com
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