Axos Bank Review: No Fees Makes Axos A Smart Choice

With so many banks out there, it can be hard to find the one that has the most benefit for you and your money. Axos Bank may not be on your radar now, but it should be. Our Axos Bank review offers a critical looking at banking with this online-only institution.

[highlight]Axos Bank doesn't charge any fees for checking or high yield savings accounts. It also offers higher APY than the average bank and requires little to no money to open up an account. For these two reasons, Axos Bank is a great choice for people who are just starting out on the FI journey and need a secure place to bank.[/highlight]

Is Axos Bank Legit
Two Main Checking Account Options
Axos Bank High Yield Saving Account
How Does Axos Bank's Savings Account Compare To CIT Savings Builder Account
Axos Bank Loans
Who Is Axos Good For--And Who Is Axos Not Good For
Recommendation

Is Axos Bank Legit?

Yes, Axos Bank is definitely legit. It began in 2000 as Bank of Internet USA and was rebranded a couple of times before becoming Axos Bank in October 2018. The bank is FDIC-insured.

During its entire history, Axos has always been online only. It does not have any physical, brick-and-mortar locations. However, Axos does have a customer service number that you can call and speak to someone if you have questions about your account.

Two Main Checking Account Options

Axos offers five different checking account options. We want to highlight two for you because they offer you the most perks and features. The other three offer less features and two have very specific age requirements in order to qualify for them. We mention these three at the bottom of this section so you know all of your choices.

The two accounts we are focusing on here are the Essential Checking and the Rewards Checking. Each is a great checking account and can meet many needs. Which one you go with will just depend on what specific things you're looking for in your checking account.

Essential Checking

Axos Bank Essential Checking is for those who want a basic checking account with no worries and no frills. They just want their money available to them as soon as possible. They don't want to have to worry about minimum balances, they're too busy to try and figure out rewards, and they don't want to think about fees, let alone pay them.

Highlights of the Axos Essentials Checking Account include:

No fees for monthly maintenance, overdrafts, or insufficient funds
Direct Deposit Express is automatically given to anyone who receives direct deposit payments. Normally there is a hold on direct deposit payments to be sure that the money is really there, usually up to two days. Direct Deposit Express gives you immediate access to your money, no delay.
Unlimited monthly reimbursements on all domestic ATM fees
High level of security with two-step authentication, SSL encryption, and account monitoring for fraud, among other security features
Digital Banking Toolbox so you can set yourself up for mobile banking, free mobile deposits, and online bill pay
No-Hassle Switch Kit so you can easily switch your existing account over to Axos

Open an Axos Bank Essential Checking Account Today

Rewards Checking

Axos Bank Rewards Checking is for those who are a little bit more interested in having their money work for them. Sure, they want easy access, but they also have no problem monitoring their account to see how it's doing. They'll sacrifice having immediate access to their direct deposits in order to have other perks.

Here are the highlights of the Axos Rewards Checking Account:

Up to 1.25% APY
Required $50 deposit to open an account
No minimum monthly balance required
No fees for monthly maintenance, overdrafts, or insufficient funds
Unlimited monthly reimbursements for all domestic ATM fees
High level of security with two-step authentication, SSL encryption, and account monitoring for fraud, among other security features
Digital Banking Toolbox so you can set yourself up for mobile banking, free mobile deposits, and online bill pay
No-Hassle Switch Kit so you can easily switch your existing account over to Axos

Axos Bank High Yield Savings Account

Of course, if you're keeping a large amount of money in your checking account (the only time we would recommend Radius over Axos), the question really is, why? Why not take that money and invest it somewhere that it's actually working for you and earning you even more money?

The Axos Bank High Yield Savings Account is ready to serve you. Still no fees (like their checking accounts) and now you're earning an APY while your money is in the account. Here are the highlights of the Axos High Yield Savings Account, which operates under the UFB brand.

1.3% APY (if balance is $10,000 or higher)
No monthly fees
No minimum balance
Digital money management tools for 24/7 access to your money
Mobile banking & online bill pay
FDIC-insured

Start a high-yield savings account at Axos today

How Does Axos Bank's Savings Account Compare To CIT Savings Builder Account

As we did with the checking accounts, we wanted to compare the Axos High Yield Savings Account with another savings account to see how each held up against another option. We chose the CIT Savings Builder Account because it was similar to Axos in the perks and features it offered. Here's a breakdown of the two.

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Although we do like Axos Bank's High Yield Savings Account, when we compare it side by side with the CIT Savings Builder Account, we think that CIT has a slight advantage.

Axos Bank Loans

Our Axos Bank review would be incomplete without examining the loan services they offer in addition to checking and savings account. If you're shopping around for a loan, you should have Axos Bank on your list of places that might work for you. They also do personal loans and auto loans as well as mortgages. Here are the perks that Axos offers for each of these.

Personal Loans

Among the top reasons that people take out personal loans are to consolidate debt, pay for moving expenses, and pay for home remodeling. Whether your reason for taking out a personal loan is one of these or something different, Axos can help you get that personal loan.

They offer low rates and fixed monthly payments. You can borrow anywhere from $5,000 to $35,000 and choose how long you have to pay that back, up to 60 months. No collateral is required to get the loan, and they have an easy three-step application process to apply for one. You have access to your money only two days after you've accepted the final loan offer!

Auto Loans

Although a lot of people shopping for a car don't look beyond the dealership for financing, you really should take the time to examine your options. You can often find better financing for cars through banks and Axos is a good example of that. They offer competitive rates, extended payback up to 84 months, flexible terms, low rates, a no-hassle application process, and no payments for the first 90 days. Use Axos's auto loan calculator to see how much you can afford and what your monthly payments would be.

Mortgages

When you're shopping around for the best mortgage rate (and you definitely should be), Axos is worth including in that search. They have a lot of perks that might make them a viable candidate to hold your mortgage.

For starters, they have a $0 lender fee and a close of escrow guarantee. They offer concierge service to ensure a smooth process and can give you pre-approval in as little as ten minutes. And saving the best for last, they offer 3% annualized cash back when you pay with the Total Loan Rewards Checking Account, something only available to people who have their mortgage at Axos. That checking account is also fee-free, like all of their other checking accounts.

Listen: Should I Refinance My Mortgage?

Who Is Axos Bank Good For--And Who It's Not Good For

Upon first reading our Axos Bank review, the bank seems to be good for just about everyone. Is that true? Let's take a closer look if and see who it's really good for and who it might not be as good for.

Who Axos Bank Is Good For

We like Axos Bank for people who don't keep a lot of money in their checking accounts. If you're someone who transfers money out and doesn't keep a lot of cash at the ready, the Axos accounts are great for you. The Axos checking account would also work very well for you if you're just starting off on the path to Financial Independence and so you don't have a lot of cash accumulated yet.

It's hard to find another bank that not only doesn't charge you maintenance fees but also doesn't require a minimum balance or charge you anything for overdrafts or non-sufficient funds. This is huge. They're keeping your money at virtually no cost to you and you don't really have to worry about it. That's a wonderful quality in a bank and a great fit for those who don't want to be hassled with checking on their money to make sure it's working for them--and they don't want to be paying anyone else to do it either.

Axos is also great for people who like to do everything online and don't feel the need to ever go into a brick-and-mortar bank. If you're thrilled doing everything online, Axos has you covered.

Listen: Avoid Bank Fees At All Cost

Who Axos Bank Is Not Good For

On the flip side, there are two types of people for whom Axos Bank may not be as good of a choice. The first is people who keep a large balance in their bank accounts. If that's you, there are banks that will give you better rewards for that and potentially help you to earn even more money. Choose a bank like Radius, for example, that will give you cash back on qualified purchases if your account is over a certain amount.

The second group that might not be a great fit for Axos Bank is those who really enjoy having a personal and in-person relationship with their banks. If you like this more traditional way of banking and love stopping in to talk to your teller, you should choose a different bank because, as we said, Axos is online only.

Recommendation

In our review of Axos Bank, we found so many positive things going for it that it's impossible for us not to recommend them. Their tagline is "Banking Evolved" and it really is. The way we bank is constantly changing and Axos has kept up with all of those changes. They meet their customers' needs with innovative solutions, smart features, and no fees, and they're ready to meet all of your needs too!

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Axos Bank Review: No Fees Makes Axos A Smart Choice

Table Of Contents

Is Axos Bank Legit?