Brief Look at Axos Bank
Axos Bank was launched in 2000 and is headquartered in San Diego, California. This is a modern digital bank that delivers a full list of internet banking services. With Axos, you can open checking and savings accounts and take out home, auto, or student loans. The bank offers domestic and international transfers with automated currency conversion at market rates. Depositing cash is free of charge and ATM fees are fully reimbursed if you use partner ATMs. You can also use ATMs abroad, but with high fees. The charge on international transactions is just 1%.
- The bank offers several account types for private individuals and businesses. There are no subscription fees for most accounts.
- Minimum deposit may be $0, depending on the account type.
- Free deposits and withdrawals of cash with GreenDot ATMs (one of the largest networks in the U.S.)
- Savings accounts with no limits on deposit at 1.25% APY (annual percentage yield).
- No lender fees on mortgages (including refinancing), plus low rates.
- Axos Bank is a member of the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC), and the Federal Deposit Insurance Corporation (FDIC). This bank has proven regulators and offers deposit insurance.
- $150 welcome bonus and a number of other competitive benefits.
- Minimum deposit requirements and quite strict limits, depending on account type.
- Business accounts are convenient and practical, but many solutions are difficult to integrate with an already existing business.
- Axos Bank alerts you about primary fees before you make transactions, but in some cases, the company also charges additional fees specified in documents only.
TU Expert Verdict
Chief Analytics Officer
Axos Bank offers personal and business accounts, virtual and physical cards, domestic and international payments, and supports savings options with up to 1.25% APY. The mobile app allows clients to manage finances, automate bill payments, and aggregate expense data. Loan products include home, student, auto, and consumer loans with customizable conditions, while self-directed trading and managed portfolios are available for investment. Axos Bank is regulated by the FDIC and SIPC and provides deposit insurance coverage up to $500,000.
A few disadvantages are eligibility is limited to U.S. residents, integration of business accounts can be challenging for existing businesses, some fees and deposit requirements vary notably by account type, and international ATM use often involves higher fees. Therefore, Axos Bank may be more suitable for U.S.-based clients seeking a comprehensive digital banking solution than for those with global residency or complex business needs.
Axos Bank Summary
Via Axos Bank's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Personal and business |
|---|---|
| 💱 Multi-currency account: | No, only U.S. dollars are supported |
| 💵 Deposit terms and conditions: | From $50, up to 1.25% APY |
| 💳 Loan terms and conditions: | Individual (discounts and cash back) |
| ☂ Deposit insurance: | Yes, in compliance with the FDIC requirements |
| 👛️ Savings options: | Aggregation of income and expenses data on the app’s dashboard, automation of regular bills, and alerts |
| 📋 Types of payment: | Virtual and physical cards, and all types of contactless payments via a smartphone |
| ➕ Additional features: | Investing, financial tools, and business solutions |
Note that Axos Bank delivers services only to U.S. residents. You don’t have to be in the country to use this bank, but you have to be an American citizen. You can use your Axos Bank account and virtual card globally. But remember that there are additional ATM fees outside of the U.S.
Axos Bank Commissions & Fees
You do not need to pay for opening an account with Axos Bank. It does not charge monthly fees, except for several plans. For example, the monthly fee on its World Savings account is $30 if there is less than $150,000 in the balance. Axos Bank offers several types of personal and business accounts. Limits and available features are determined by account types. Free virtual and physical debit cards are issued for most standard accounts. But you have to meet qualification requirements to open accounts of some types.
Commissions mostly depend on the account type. Bank transfer fees are $7 for incoming transfers and $15 for outgoing ones. ATM fees are determined by the companies that own ATMs. Withdrawing cash from GreenDot ATMs is free, and although some account types have limits after which withdrawal fees apply, cash back can fully compensate for them. Depositing cash is free of charge, regardless of the method. The foreign transaction fee is 1%, plus third-party fees.
The table below provides the basic fees at Axos Bank compared to the fees at other digital banks in the U.S.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Axos Bank | This service is not provided | 0% within the GreenDot network; otherwise, the fee depends on account type and ATM | 1% | At market rates |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
Axos Bank offers competitive conditions, although many commissions and fees vary greatly depending on account types and individual conditions chosen by users. On the whole, Axos Bank is more favorable for everyday purposes than most of its competitors. Business fees are market average, but the diversity of options is this digital bank’s advantage. Remember that only U.S. residents can open an account with Axos Bank.
Investment Options
This digital bank provides two investing options: managed portfolios and self-directed trading. Managed portfolios will be suitable for those who do not want to spend time on the diversification of assets. Portfolios can be chosen based on fields, customization takes no more than 10 minutes, and clients get free advice. This is a convenient option for those who want to earn passive income only. You need to understand, however, that you cannot make significant profits without a large deposit. In the case of self-directed trading, clients can use stocks, ETFs, and other assets. They can choose strategies at their own discretion, take higher risks and earn more income in a shorter time. Axos Bank provides current information on securities markets. There are no limits on transactions or trading fees.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flex accounts
Axos Bank does not provide overdrafts. Moreover, it offers protection from making purchases that exceed card limits. This digital bank does not offer flexible terms. As far as loans go, it was mentioned that they are provided on individual terms: student, auto, home, and all-inclusive consumer loans. A loan calculator on the bank’s website or in the mobile app will help to determine the exact APR that depends on the principal amount, initial deposit, and loan term. Note bonus programs. For example, now you can get a $500 discount on mortgage refinancing.
Contacts
| Foundation date | 1999 |
|---|
Detailed review of Axos Bank
Axos Bank has been in business for over 22 years. In that time, no cases of nonfulfillment of this company’s obligations to its clients have been reported. Its financial statements are 100% transparent, primarily due to the comprehensive regulation and voluntary membership in the FDIC. This online bank allows you to open an account in minutes and performs reasonable and quick verification and compliance with qualification requirements.
Axos Bank by the numbers:
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22 years in the banking services market;
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$150 welcome bonus;
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$0 subscription fee for most accounts;
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up to 1.25% APY on savings;
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up to $500,000 insurance coverage.
You can manage your finances at Axos Bank with your user account on the bank’s official website or the mobile app. The app is a more preferable option. It can be installed on a phone or tablet, has a simple and intuitive interface, and is optimized for all operating systems. You can get it on the App Store or Play Market.
Axos Bank’s useful features
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Online payments. Clients can use their virtual debit cards to make unlimited online purchases.
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Offline payments. Physical debit cards and contactless payment methods are valid wherever Visa cards are accepted.
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Domestic transfers are made instantly and free of charge (third-party fees may apply).
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International transfers. You can send funds to most parts of the world and receive transfers from residents of other countries.
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Investing. Managed portfolios are divided into fields and let you earn income with minimal risk.
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Self-directed trading. Axos Bank’s special accounts enable you to invest in securities, ETFs, etc.
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Capital growth. Savings accounts let you earn up to 1.25% APY (with a frozen deposit).
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Targeted loans. Using the app, you can take out an auto, student, home, or other loan types anytime.
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Data aggregation. The app’s dashboard shows basic data on income and expenses and forms statements.
Advantages of Axos Bank:
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Free account opening. You don’t need to pay anything to open an account. Almost all account types are free of monthly subscription fees.
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Bonuses and discounts. Axos Bank is constantly running favorable specials. For example, now you can get $150 for registration.
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Personal and business accounts. The bank offers several types of accounts that will be optimal in particular situations.
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Beneficial savings. The 1.25% APY on savings accounts is one of the highest in the U.S. among online banks.
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All loan types. Clients can take out loans for any purpose on individual conditions.
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Automated investing. By investing money in managed portfolios, you get 100% passive income. Nothing else is required from you.
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Self-directed trading. Axos Bank provides clients with current information on the markets for securities, ETFs, and other assets.
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Insurance. The coverage for client deposits is up to $500,000 because this digital bank is a voluntary member of the FDIC.
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The mobile app is deemed one of the simplest and clearest. Clients appreciate its high usability and optimization.
Accounts types for private individuals and legal entities:
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Advisor Private Client Checking is a standard account without a subscription fee. All online banking services are free. Unlimited reimbursement of fees on ATM withdrawals and currency conversion.
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Cashback Checking. 1% cash back on everything up to $2,000; ATM fee reimbursement; cash back can be increased by meeting certain account balance conditions.
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World Checking is an all-inclusive account type with a free debit card; an unlimited number of checks; no domestic fees; and 4 foreign ATM fee reimbursements per month.
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First Checking is an adult-controlled account for 13-17 year-olds; with preset limits on various transaction types; but certain transactions are not available.
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Golden Checking is an account for retirees (aged 55 or older); with partial ATM fee reimbursement; and a special emphasis on savings: five tiers with higher APYs are available.
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Investor Checking is an all-inclusive savings account; the APY can be increased depending on the deposit; and limited ATM fee reimbursement.
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World Savings is an international savings account; the APY depends on the global economic situation; no fee on the first outgoing international transfer; partial currency conversion fee reimbursement.
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