When was the last time you went to the bank? I’m going to visit my local bank branch this week to get some banking done. It might be time for you to open an account with an online bank if you haven’t visited a brick and mortar branch in a while. Online banks offer competitive interest rates and a wide range of services that can help you manage your finances more effectively.
A full-service bank that operates entirely online is called Axos Bank. It’s an ideal choice for anyone looking for convenient and secure online banking because of the wide range of banking products and services at Axos Bank. Less money is spent on building upkeep, maintenance, and other overhead costs when there is no physical location. This helps to keep operating costs low, which in turn allows for greater profits and cost savings for customers. Compared to traditional banks, they are able to give you a higher APY. Their online banking system makes it easy to transfer funds between accounts and keep track of your finances.
If you would like to learn more about the bank, check out our review. They also offer a wide variety of banking products, from checking and savings accounts to credit cards and home loans.
About Axos Bank
The Bank of Internet USA was founded in San Diego. One of the largest and most respected financial institutions in the United States is Axos Bank. They are a full-service bank and offer a wide range of financial products including checking, savings, money market accounts, CD’s, mortgages, loans and self-directed trading. As of the writing of this article, the company has over $11 billion in assets. Since its founding in 2011, Axos has experienced tremendous growth and continues to expand its presence in the banking sector.
A strong emphasis is placed on an online experience. The online experience that Axos provides is tailored to the needs of its customers. With no physical branches, Axos is able to lower their overhead costs and offer higher rates to their customers. As a result, Axos has become a popular choice for those looking to maximize their savings. Customers that are comfortable with a fully digital banking experience will be rewarded with high APYs.
Customers of the bank can open several types of accounts. If you’re looking for a checking account, savings account, or other type of investment account, you’re in the right place. There are different types of accounts that you can access. You can choose from a variety of accounts to fit your financial needs.
Axos Bank Rates
Here are today’s Axos Bank deposit rates:
| Product | APY | Min Deposit |
|---|---|---|
| Axos Bank Rewards Checking | up to 3.30% APY | $0 |
| Axos Bank Business Interest Checking | up to 1.01% APY | $100 |
| Axos Bank High Yield Savings | up to 0.61% APY | $0 |
| Axos Bank High Yield Money Market | 0.25% APY | $1,000 |
| Axos Bank Business Premium Savings | up to 0.20% APY | $0 |
| Axos Bank Business Savings | 0.20% APY | $0 |
| Axos Bank Business Money Market | up to 0.20% APY | $0 |
| Axos Bank Golden Checking | 0.10% APY | $0 |
| Axos Bank First Checking | 0.10% APY | $0 |
Axos Checking Accounts
Axos offers five different types of checking accounts:
- Essential Checking
- Rewards Checking
- Cashback Checking
- First Checking
- Golden Checking
Free mobile deposit, online bill pay, and mobile banking can be found in all checking accounts.
Essential Checking Account
The basic account for those with simple checking needs is the Essential Checking account. It does not require a minimum balance to open an account. There are no monthly fees or minimum balance requirements. It has a competitive interest rate for those who can maintain an account balance. There are no fund fees. If you don’t have to worry about the extra fees associated with overdrawn accounts, you can save money.
The account has unlimited domestic ATM fee reimbursements. It’s easy to access your funds wherever you go with this account. Two days early, you can have your paycheck deposited into your account.
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Rewards Checking Account
The rewards checking account has the same features as the essential checking account, but it also has interest on account balances. To qualify for the full amount, you must have at least a $50 minimum balance and meet certain criteria. You may be required to maintain the minimum balance for a period of time.
To earn interest, you must at least:
- Have a Direct Deposit of at least $1,500 per month
You can earn rate boost by completing activities such as using your Axos card for at least 10 transactions each month, having a linked self-directed trading account and paying on an Axos loan. It’s worth taking the time to do these rate increases because they can help you get more out of your money.
The range of bonuses for new accounts is $100-$200. These bonuses are usually accompanied by perks, such as a waive maintenance fee or an interest rate boost. If there is an ongoing promotion, you can check the link. Don’t forget to take advantage of the promotion.
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Cashback Checking Account
You can get 1% back on your purchases with the Cash Back Checking account.
You will get unlimited check writing and no monthly fees. You can use online and mobile banking services to manage your account.
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First Checking Account
Children from 13 to 17 can open the First Checking account. This account is used to teach money management skills to kids while allowing parents to impose restrictions. It’s a great way for kids to learn about money management from an early age.
Interest can be earned on the account holder’s balance. There are no monthly fees or overdraft fees in this account. You can easily manage your account online or with the mobile app.
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Golden Checking Account
The Golden Checking account is for people who are 55 or older. There are no minimum balance requirements and free check orders.
To open an account, you have to have a $50 minimum balance.
Account holders can get up to $8 in monthly ATM reimbursement. It’s an incredibly cost-effective option for people who need cash on a regular basis.
Axos High-Yield Savings Account
Axos’s You can build your wealth with a competitive high yield savings account. The High Yield Savings account is insured by the Federal Deposit Insurance Corporation, giving you peace of mind that your money is safe. It is possible to earn interest on your balance, which is compounded daily for the High Yield Savings account. High Yield Savings accounts come with no minimum balance and no monthly fees, so you don’t have to worry about any extra costs.
Everyone gets the highest rate no matter what their balance is. You can save more money with this account. The account does not have monthly maintenance fees and has a $250 minimum balance requirement.
With a high yield savings account, account holders have access to several online money management tools. If you request it, you can get a free ATM card. You will be able to access your money whenever you need it with this ATM card.
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Axos Money Market Account
The Money Market account allows you to access money in case of an emergency, while also helping you save money.
The national average for money market account rates is higher than account balances. You can potentially earn more money on your account balance than other types of investments. The interest on this account is compounded daily. The interest earned on the account is added to the balance each day in order to allow for maximum growth of the account.
You need a $1,000 minimum deposit to open an account. You can make deposits and withdrawals once the account is opened.
Monthly maintenance fees are included in the Money Market account. Account holders have access to their funds with check writing privileges. If you need the money, you can use this account to access it. You can log in online or on your mobile device to access your account.
Axos Certificates of Deposit
Certificates of deposit offer high-interest yields and guaranteed returns. You can open a Three to 60 months are the terms of the CD account. CD accounts have the potential to earn higher interest rates than traditional savings accounts. The minimum deposit to open an account is higher than most banks require. Customers can benefit from a higher rate of return on their deposits than other banks.
There are no setup or maintenance fees. Competitive interest rates make the accounts an attractive option for customers. The CD accounts are insured by the FDIC. The principal and accumulated interest of all CD accounts are guaranteed by the FDIC.
You will face a penalty fee if you withdraw the principal before the account matures. Penalties can vary depending on the type of account, so be sure to check the terms of the account before making any withdrawals. The fee is defined by the months of interest. The monthly interest rate and term length will be used to calculate the total fee. There is a 10-day grace period for autorenewal. You must cancel your account before the 10-day grace period ends to avoid automatic renewal.
Today’s Axos Bank CD Rates
| Product | APY | Min Deposit |
|---|---|---|
| Axos Bank 3 Month CD | 0.20% APY | $1,000 |
| Axos Bank 6 Month CD | 0.20% APY | $1,000 |
| Axos Bank 1 Year CD | 0.20% APY | $1,000 |
| Axos Bank 2 Year CD | 0.20% APY | $1,000 |
| Axos Bank 3 Year CD | 0.20% APY | $1,000 |
| Axos Bank 4 Year CD | 0.20% APY | $1,000 |
| Axos Bank 5 Year CD | 0.20% APY | $1,000 |
Fees
Many of the fees that come with traditional banking are eliminated by Axos.
For example, Axos’s There are no monthly maintenance fees, overdraft fees, domestic wire transfer fees, international wire transfer fee, or ATM withdrawal fees in the rewards checking account. Checking account holders can take advantage of free online banking and bill pay services. Many of their competitors still charge their customers many of these fees.
Depending on the account, you may have to pay some fees. It is important to read the fine print of your account in order to know what fees you will be responsible for. They keep these fees to a minimum so they don’t hurt your wallet too much. It is important to research and shop around for the best deal.
Getting Started
It is easy to become a member of the bank. You can apply online or visit a branch to complete the process. The process is similar to opening an account at any other bank. It’s easy to open a new account with the convenience of digital banking.
You can apply to open an account by visiting the link above. Once your application is approved, you can use the account and take advantage of its features. Their team will ask you to provide a To confirm your identity, you need a Social Security number, a government-issued id, and a valid US residential address.
In order to open an account with Axos Bank, you must be at least 18 years old and a US citizen. You can’t open an account with a security freeze on your credit report. Lifting the security freeze from your credit report is the first thing you need to open an account. You can get your credit report unlocked by contacting the insurance bureau.
Security
Customers are concerned about the safety of their money and information. Banks use a variety of security measures to protect customer data and funds. You can be sure that you are protected if you open an account with Axos. You can trust that your money is safe because the bank is insured by the FDIC.
All accounts are insured by the Federal Deposit Insurance Corporation. The agency that protects the deposits of consumers in the event of a bank failure is called the FDIC. If anything should happen to Axos, this protects your money.
Axos wants to protect your data as a fully digital bank. Axos uses the best-in-class encryption technologies to make sure that your data is safe. They have measures in place to prevent unauthorized access to your information. Keeping your data secure is one of the measures monitored and updated.
Automatic logout and account monitoring are included in these features. It is important that your online accounts are safe and secure at all times.
Customer Support
You can contact the customer service team at several ways. If you have a question, you can call, email or live chat with the customer service team. You can contact their team by phone, email, secure message, and through their mobile app. You can get assistance from the team at this company seven days a week. The mobile app can be used on a variety of devices. It is very easy to use.
You can get a direct phone number based on what you need. If you don’t need an immediate response, you can use the online contact form. Loan servicing or small business banking are some of the issues that a specific team handles. The teams are comprised of highly trained professionals who have the experience and knowledge to address customer concerns in an efficient and effective manner. Depending on your schedule and time zone, each customer service team is only available during business hours.
There are several tools that can help you manage your money. The tools include budgeting calculator, financial goal tracker, and retirement planners. They have a lot of useful features that make banking through Axos easy to use. Any questions or issues customers may have can be answered by the bank’s customer service team.
Pros and Cons
There are benefits and drawbacks to opening an account. Here are some pros and cons of being a customer of Axos Bank. A high level of customer service and satisfaction is the biggest pro of becoming a customer of Axos Bank.
Pros
- A lot of their accounts don’t have monthly maintenance fees, because they don’t have the overhead of brick-and-mortar branches. If you are looking for an easy and hassle-free banking experience, Axos is a great choice. They try to keep the other fees to a minimum. They want their customers to get the best value for their money. Another benefit of Axos is their online presence.
- Banking can be done on the go with a mobile app. Customers can manage their finances on the go with mobile banking. The market demand for such technology has led to the creation of a mobile app by Axos. The Axos mobile app is user friendly and easy to use, making it easy for users to quickly access the features they need. You can pay your bills with their app. The app is free to download and easy to use.
- ATM fees can be a pain if you can’t reach your bank’s designated ATM. If you need to use another bank’s ATM, you can save money because many banks offer unlimited domestic ATM reimbursements. You don’t have to worry about getting cash on the fly because Axos reimburses domestic ATM fee. If you have questions or concernsabout the ATM fee reimbursement policy, the customer service team at Axos is ready to help.
Cons
- If you are interested in in-person assistance, you are out of luck. All of its customers are serviced through remote customer service. A fully digital bank that offers competitive rates and fees on all its banking products is called Axos Bank. This isn’t the bank for you if you’re not comfortable with an online experience. If you are confident in navigating digital platforms and value convenience, this could be a great option.
- Axos Bank only offers phone support during certain times. Different teams at Axos work on different schedules. During the day, the entire team is available to provide assistance and support. If you would like assistance over the phone, you will need to review each team’s hours. Information about each team and their services can be found on our website.
- Many banks offer limited ATM reimbursements. It’s a great way to save money on ATM fees, as some banks charge up to $5 for each transaction. There is a line between two to eight ATM fee reimbursements. Customers will not be reimbursed for more than eight ATM fees per month. If you make frequent trips to the ATM, you should keep this in mind when opening an account with Axos. The ATM fees or surcharges associated with an Axos account should be considered in order to determine if it is the right fit for your banking needs.
Alternatives to Axos Bank
There are other banks that offer full service online. Customers can easily manage their finances from the comfort of their own home with online services from other banks. If you’re interested in other banks that can meet your banking needs electronically, here are some other options to consider. Do your research to find the best bank for you.
Radius Bank
You can bank from your phone at Radius Bank and earn a great interest rate on their account. If you ever have a question, they provide helpful customer service.
Radius’s The benefits of checking and savings accounts are offered by the Reward Checking account. It is possible to earn up to 1.5% cash back while being able to access the money in a checking account. There is no monthly fees for minimum balances after you make a $10 initial deposit. You can use the account immediately after you make your initial deposit.
You will only be eligible for the maximum interest rate if you have a balance of $2,500 or more. The interest rate is tiered depending on the amount of money in the account. The amount above $2,500 will accrue interest. Interest will be charged on the entire balance, not just the amount above $2,500. If you think you may have trouble reaching that threshold, keep that in mind. If you need assistance in achieving this goal, there are resources available.
Capital One 360
Capital One is a familiar name for all of us because of their credit card commercials. They have a checking account with competitive interest rates and no fees. It’s the perfect account for people who want to manage their money on the go.
Capital One has interest rates based on account balance tiers. Capital One has a variety of online and mobile banking services. Balances below $50,000 will have a lower interest rate than balances above $100,000. You can benefit from higher interest rates if you have a higher balance.
Many people choose to open an account with Capital One because they already have a credit card. Customers can transfer from their existing card to a Capital One account without having to open a new line of credit. It is convenient to have all of your accounts in one place. This will make it easier to manage your finances. If you can’t meet the $100,000 minimum balance, you may consider other institutions that offer higher rates. You might want to consider investing in stocks and bonds or buying certificates of deposit with different financial institutions.
Is Axos Bank For You?
One of the leading online-only banks is Axos. The convenience of an online-only experience is what makes Axos different from traditional banks. It is best for people who are comfortable doing their banking online that they use them. Online banking may not be the best option for people who prefer to bank in person.
If you own a small business, want to avoid late fees, or just want a rewarding checking account, Axos can help. Whatever your banking needs may be, Axos has a product that can help you reach your financial goals.
If you’re looking for the highest possible rate for checking and savings, look elsewhere. Different banks have different rates, so it’s important to shop around and compare offers before committing to a bank. Their rates are middle-market and won’t give you the highest possible return. They will give you a steady return on your investment.
It is always a good idea to compare your options. It is important to consider all of your options and weigh their pros and cons before making a decision. If you want to learn more about other banking institutions, check out some of our other reviews. Financial resources and advice can be found on our website.
