Axos Bank Review 2021
- Preventing overdraft charges
- Stable pay via direct deposit
- Loans and banking in one place
Axos Bank was one of the first online-only banks. It opened for business on July 4, 2000, as Bank of the 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 just one savings account, plus some solid 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 you do your banking.
In this post, we review checking and savings accounts, plus accounts geared to small- and medium-sized businesses.
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. Plus, no overdraft fees are also an enticement. We look at three Axos Bank checking accounts in search of what will make them work for you.
Besides these accounts, 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, Axos’s checking accounts offer good benefits without getting bogged down by monthly fees.
Axos Bank Essential Checking
- No minimum balance requirement
- Referral bonus when friends open accounts
- Early paycheck deposit
Axos Bank Rewards Checking
- Earn up to 1.00% APY
- Interest begins accruing immediately
- No fees or minimum balance requirements
Axos Bank CashBack Checking
- 1.00% cash back on debit card purchases
- Unlimited check writing
- 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. Axos does, however, reward balances under $25,000 with a healthy 0.60% APY.
Axos High Yield Savings
- 0.61% APY
- No maintenance fees
- Free ATM card available
Axos Bank offers five checking accounts and savings accounts for small-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.
Axos Bank Basic Business Checking
- No monthly maintenance fees
- Up to 200 free transactions per month
- First 50 checks free
Axos Bank Business Interest Checking
- 0.81% APY with no minimum balance
- 50 free transactions per month
- Unlimited domestic ATM fee reimbursement
Axos Bank Business Savings
- 0.20% APY
- Variable interest compounded daily
- $100 bonus for new business owners
Axos Bank Business Premium Savings
- 0.20% interest on balances $25,000+
- No maintenance fee
- No average daily balance requirement
Axos Bank Business Money Market
- 0.20% APY
- $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:
- Home loans
- Auto loans
- Personal loans
- 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 you do your personal banking.
Axos Bank Customer Service
Axos Bank gets rave reviews for customer service in the app stores with a 4.5 stars out of 5 in Google and slightly higher 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. They take Thanksgiving and Christmas days 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, 8 a.m. to 5 a.m. generally and those times are Pacific. 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 Axos 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.
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
- Offers of other banking products like car loans and mortgages
- 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
Frequently Asked Questions (FAQs) about Axos Bank
Is Axos Bank a Brick-and-Mortar Bank?
No, Axos operates entirely online. If you need to get in touch with customer service, Axos offers 24/7 telephone customer support (except on Thanksgiving and Christmas). If you need to speak to someone about a loan or mortgage, you’ll find they have different schedules of availability.
Is Axos Bank Trustworthy?
Axos Banks is a direct banking arm of the publicly-held company Axos Financial. The bank is federally chartered, FDIC insured and BBB accredited.
Is Axos Bank Still in Business?
Yes! Axos Bank was previously Bank of Internet USA, then BofI Federal Bank. It’s been known as Axos Bank since around 2018.
Who Owns Axos Online Bank?
Axos Bank is the direct banking arm of Axos Financial, the bank holding company previously known as BofI Holding.
Is Axos a Good Bank?
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, you can 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. Information from writer Tyler Omoth is included in this report.