Axos Bank is an online bank bursting with products and services. Offering multiple checking, savings and lending options, it has something for everyone — if you like digital banking. It features decent APYs on savings, no-fee checking, ATM reimbursements, a very large ATM network, specialty accounts, CDs, mortgages and personal loans. It also accepts cash deposits at Green Dot locations, which isn’t a given for online banks. But look elsewhere if you prefer in-person support, and the bank’s CD rates are below national averages.
Best for: Those who prefer digital banking and specialty checking accounts.
Pros
Multiple personal and business banking accounts
Accepts cash deposits
High savings account rates
24/7 customer support
Large 90,000+ ATM network
Cons
Online only
$250 opening deposit on Golden Checking
Low rates on CDs
Poor customer reviews
Is Axos right for you?
Axos is an online bank and is FDIC-insured. If you’re comfortable doing all your banking digitally, Axos could be a great option.
None of its checking accounts have monthly maintenance fees, and only the senior checking account has an opening deposit requirement. It also offers 24/7 customer support, a very large 90,000-ATM network for fee-free cash withdrawals and most accounts offer ATM reimbursements for out-of-network ATM fees.
But if you’d rather have branch access, consider a bank like Chase or PNC. Axos doesn’t get the greatest customer reviews, either. Most of its customers on Trustpilot and Reddit complain of poor customer service and a poor mobile app for Android users.
Axos offers specialty accounts for teens and seniors, as well as multiple savings options like a high-yield hybrid account, certificates of deposit and a money market account. It also provides personal loans, mortgage options and business accounts
Where it shines
Compared to other online banking options, Axos has significantly more products and services than most.
One of the oldest online banks. In 2000, Axos launched originally as the Bank of Internet USA. Established in 2000, it’s much older than many competitors, such as SoFi, which launched in 2011 and didn’t obtain its bank charter until 2022.
Multiple account options. With six checking accounts, multiple savings avenues, loans and more, Axos is a full-service bank offering products you’d expect from a well-established institution.
Accepts cash deposits. At Green Dot retail locations like Kroger and Walgreens, you can deposit cash into your Axos account for a $4.95 per item fee.
High savings rates. The Axos ONE hybrid account offers up to 4.86% APY on its savings balance with no spending, balance or deposit requirements.
24/7 customer support. Axos offers 24/7 support through online chat or text and a virtual assistant Evo that can help with basic banking or direct you to a live representative if needed.
Where it falls short
No physical branches. This con isn’t specific to Axos, but online banks don’t have physical branches. If you’d rather speak with a teller in person, consider other options.
Senior account has a high deposit. The only Axos checking account with an opening deposit requirement, the Golden Checking account requires $250 at opening, which is rather steep in our opinion.
Low APYs on CDs. While Axos has some high-yield savings accounts, its CD rates cap at 0.20% for all CD terms — which is below average.
Axos checking accounts
Axos offers multiple checking accounts, including a hybrid all-in-one with checking and savings, as well as specialty accounts for seniors and kids banking.
None of Axos’ accounts charge monthly maintenance fees. The checking accounts feature early direct deposit, a large ATM network for fee-free cash withdrawals, and most provide out-of-network ATM reimbursements.
Axos ONE Account. This hybrid account has checking and savings all in one. Earn up to 4.86% APY on savings and up to 0.51% APY on checking if you receive up to $1,500 in total direct deposit per statement cycle. The account itself has no balance or deposit requirements to open or maintain.
Axos Bank First Checking. Designed for teens, this account automatically converts to an adult account once they turn 18. It includes ATM withdrawal and point-of-sale (POS) spending limits and offers up to $12 in monthly out-of-network ATM reimbursements.
Axos Bank Rewards Checking. This interest-bearing account offers up to 3.3% APY, unlimited ATM fee reimbursements and no overdraft fees. On the downside, there are several requirements to earn the APY, including opening the Axos Managed Portfolio and maintaining a high daily balance of at least $2,500.
Axos Bank Cashback Checking. As the name suggests, this account offers up to 1.00% cash back on signature-based debit card purchases and includes unlimited ATM reimbursements.
Axos Bank Essential Checking. A simple, no-hassle account without overdraft fees or monthly fees.
Axos Bank Golden Checking. Designed for those aged 55 or older, this simple account earns 0.1% APY on all balances, has up to $8 in ATM reimbursements and offers free checks. However, there’s a $250 opening deposit requirement.
Axos doesn’t have as much variety in savings as its checking options, and its savings accounts don’t have the most competitive rates we’ve seen.
Axos High Yield Savings. It offers up to 0.61% APY with no balance requirements or monthly fees. However, the Axos ONE account offers a higher 4.86% APY.
Axos High Yield Money Market. This account offers up to 0.25% APY with no balance requirements or monthly maintenance fees. You’ll also get checkwriting privileges and a debit card. However, the APY on this account is below the national average of
0.61% for money markets.(1)
To be blunt, Axos CDs are not great. The rates are significantly lower than average, and you’re likely to find better rates almost anywhere else.
The highest APY is 0.2%, and that rate is on all terms from 3 to 60 months. You’ll also need to meet a $1,000 opening deposit requirement — that’s pretty typical, but for such a low rate, it’s not great.
Axos isn’t a one-trick pony. It has many of the typical banking services and products you’d expect from a long-standing institution.
Personal loans. Offers unsecured personal loans with amounts from $7,000 to $50,000 and terms from three to six years, with a prequalification process and loan delivery within two days of signing the final agreement.
Business banking. Offers small business banking and commercial banking, as well as business lending services.
Investing. Axos has investing services, offering managed portfolios and self-direct trading.
Mortgage products. Axos offers mortgages for purchases and home refinancing. Mortgage types include FHA, VA, Jumbo and Super loans, conforming and non-conforming loans.
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Customer reviews
BBB accredited
Yes
BBB rating
A+
BBB customer reviews
1.07 out of 5 stars, based on 141 customer reviews
Trustpilot score
1.7 out of 5 stars, based on 203 customer reviews
Apple App Store Score
4.7 out of 5 stars, based on 13,300 customer reviews
Google Play Score
4.5 out of 5 stars, based on 6,200 customer reviews
Customer reviews verified as of
08 November 2024
Most banks don’t have glowing reviews, and Axos is no exception.
A lot of Axos’ feedback on the Better Business Bureau (BBB) and Trustpilot is poor. Many reviews cite poor customer support, long hold times over the phone and difficulty contacting a representative at all, as well as issues closing accounts and accounts suddenly being closed.
Among the few positive reviews, customers mention the large ATM network and fast direct deposits. Many praise the business bank accounts, low rates on loans and the APYs on savings accounts.
On app stores, the Axos All-In-One Mobile Banking app has a lower Google Play star rating and than Apple’s store. From the looks of reviews, the app performs significantly better on Apple devices, as many Google Play reviews complain of issues logging in, slow loading times, bill payment issues and constant app crashes.
What do people on Reddit say?
Redditors are mostly unhappy with their Axos experience. On r/Banking, a thread titled “Has anyone tried Axos bank?” has many current and past customers expressing a similar sentiment: Axos used to be awesome, but now it’s not so great.
In another Axos-related thread, one user emphasizes how horrible the Axos mobile app is, stating, “[The] app can barely function — it’s very slow, doesn’t always load and completely didn’t work on many occasions where I needed it.”
Many customers say it’s a struggle to close accounts or earn account bonuses, and that the Axos Rewards Checking account used to have significantly better rewards. Redditors also mention that Axos uses Yodlee to connect to external banks instead of Plaid and that the process requires a lot of information, of which customers are not a fan.
Frequently asked questions
Is Axos Bank a legitimate bank?
Yes, Axos is a legit bank that is FDIC-insured. It launched in 2000 and used to be known as Bank of Internet USA until it changed its name to Axos in 2018.
Does Axos support Zelle?
No, Axos does not support Zelle currently. However, Zelle has a separate app you can download, and you can also compare banks that support Zelle.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio
Bethany's expertise
Bethany has written 435 Finder guides across topics including:
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