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Home Challanger banks Axos Bank Review: A Comprehensive Look at the Online-Only Bank

Axos Bank Review: A Comprehensive Look at the Online-Only Bank

If you’re looking for a fully online bank that offers competitive rates and fees, Axos Bank may be worth considering.

This article will provide a comprehensive review of Axos Bank, including its features, fees, and benefits.

About Axos Bank

Axos Bank is an online-only bank that was founded in 2000 under the name Bank of Internet USA. It changed its name to Axos Bank in 2018.

Axos Bank is a federally chartered bank and a member of the FDIC, which means deposits are insured up to $250,000 per depositor.

Features and Benefits

Axos Bank offers a range of features and benefits, including:

  1. High-Yield Savings Accounts

Axos Bank’s High Yield Savings Account offers an APY of up to 0.61%, which is significantly higher than the national average. The account requires a $250 minimum deposit to open and has no monthly maintenance fees.

  1. Rewards Checking Accounts

Axos Bank’s Rewards Checking Account offers an APY of up to 1.25%, which is also significantly higher than the national average. The account requires a $50 minimum deposit to open and has no monthly maintenance fees. It also offers cashback rewards on debit card purchases.

  1. CDs

Axos Bank offers a range of CDs with terms ranging from three months to five years. The APY for its CDs is competitive, with rates ranging from 0.20% to 0.75%.

  1. Loans

Axos Bank offers a range of loan products, including personal loans, auto loans, and home loans. The bank’s personal loans have fixed rates and terms ranging from 6 to 60 months.

Its auto loans have terms ranging from 24 to 72 months and can be used to purchase new or used vehicles. Its home loans include conforming loans, jumbo loans, and home equity loans.

Fees

Axos Bank’s fees are generally competitive with other online banks. Some fees to be aware of include:

  1. Overdraft Fees

Axos Bank charges a $25 overdraft fee per item, up to a maximum of four items per day.

  1. ATM Fees

Axos Bank doesn’t charge ATM fees for withdrawals made at its network of over 91,000 ATMs. However, if you use an out-of-network ATM, you may be subject to a fee from Axos Bank and a fee from the ATM operator.

  1. Foreign Transaction Fees

Axos Bank charges a 2% foreign transaction fee on purchases made outside of the United States.

Customer Service

Axos Bank offers customer service via phone, email, and chat. Customer service is available 24/7, which is a big plus for customers who need assistance outside of regular business hours.

Additionally, Axos Bank has a mobile app that allows customers to deposit checks, pay bills, and manage their accounts on-the-go.

Final Thoughts

Overall, Axos Bank is a solid choice for customers looking for an online-only bank.

Its high-yield savings and rewards checking accounts offer competitive rates, and its range of loan products make it a one-stop-shop for banking needs.

However, it’s important to be aware of the fees, particularly the overdraft fees and foreign transaction fees, before opening an account.

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