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0,5%
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Top 100+
0,05%
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Axos Bank Review 2024
Supported Countries:
- USA
Supported
Currencies:
Currencies:
- USD
Deposit rate:
- Up to 1.25%
Deposit insurance:
- $500,000
Summary of 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%.
| 💼 Main types of accounts: | Personal and business |
|---|---|
| 💱 Multi-currency account: | No, only U.S. dollars are supported |
| ☂ 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 |
| ➕ Additional features: | Investing, financial tools, and business solutions |
👍 Advantages of trading with Axos Bank:
- 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.
👎 Disadvantages of Axos Bank:
- 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.
Evaluation of the most influential parameters of Axos Bank
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Axos Bank News
- Analysis of Axos Bank
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Axos Bank
- FAQs
- TU Recommends
Geographic Distribution of Axos Bank Traders
Popularity in
90.9%
US
4%
GB
3.1%
Others
User Satisfaction i
2 comments
Total score:
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DanielPevy
1 year ago
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1 year ago
Expert Review of Axos Bank
The Axos Bank is rightfully viewed by many as a model American digital bank. The company provides a full set of features for financial management with a mobile app (available for Android and iOS). Checking accounts can be easily customized for many needs. You can set alerts and automated payments for regular transactions. Online debit cards have flexible settings, allowing you to use them effectively during foreign trips.
Axos Bank offers many loan types from consumer to auto loans and mortgages. Every program has its conditions and multi-level settings. The APR depends on selected parameters. Special features include a 3% interest reimbursement, a $500 discount for opening an account in a specified term, and the absence of lender fees. The down payment may be just a few thousand dollars. In this segment, Axos Bank has very few competitors.
The bank allows you to open a savings account for an optional term with a freezable deposit at 1.25% APY. The rate is rather high, but you have to meet several requirements to get it. There are neobanks with higher APYs, but their other conditions are not as beneficial.
Dynamics of Axos Bank’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of Axos Bank
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.
Important!
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.
Terms for Cooperation with Axos Bank
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.
| 💼 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 |
Comparison of Axos Bank with other Brokers
| Axos Bank | Wise | Bunq | Curve Bank | Monese Bank | Ally Bank | |
| Supported Countries | USA | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | UK and EEA | US |
| Supported Currencies | USD | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | GBP, EUR, RON | US dollar |
| Deposit insurance | $500,000 | No | EUR 100,000 | No | Yes | 500,000 dollars |
| Minimum deposit | $50 | No | No | No | No | No |
| Deposit rate | Up to 1.25% | No | 0.09% APY | No | 28.2% | 4% |
| Loan Rate | Individual | No | The bank does not issue loans | No | Individual | Individually |
Axos Bank Commissions & Fees
Information
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 |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| 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 |
Conclusion
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.
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:
-
22 years in the banking services market;
-
$150 welcome bonus;
-
$0 subscription fee for most accounts;
-
up to 1.25% APY on savings;
-
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
-
Online payments. Clients can use their virtual debit cards to make unlimited online purchases.
-
Offline payments. Physical debit cards and contactless payment methods are valid wherever Visa cards are accepted.
-
Domestic transfers are made instantly and free of charge (third-party fees may apply).
-
International transfers. You can send funds to most parts of the world and receive transfers from residents of other countries.
-
Investing. Managed portfolios are divided into fields and let you earn income with minimal risk.
-
Self-directed trading. Axos Bank’s special accounts enable you to invest in securities, ETFs, etc.
-
Capital growth. Savings accounts let you earn up to 1.25% APY (with a frozen deposit).
-
Targeted loans. Using the app, you can take out an auto, student, home, or other loan types anytime.
-
Data aggregation. The app’s dashboard shows basic data on income and expenses and forms statements.
Advantages of Axos Bank:
-
Free account opening. You don’t need to pay anything to open an account. Almost all account types are free of monthly subscription fees.
-
Bonuses and discounts. Axos Bank is constantly running favorable specials. For example, now you can get $150 for registration.
-
Personal and business accounts. The bank offers several types of accounts that will be optimal in particular situations.
-
Beneficial savings. The 1.25% APY on savings accounts is one of the highest in the U.S. among online banks.
-
All loan types. Clients can take out loans for any purpose on individual conditions.
-
Automated investing. By investing money in managed portfolios, you get 100% passive income. Nothing else is required from you.
-
Self-directed trading. Axos Bank provides clients with current information on the markets for securities, ETFs, and other assets.
-
Insurance. The coverage for client deposits is up to $500,000 because this digital bank is a voluntary member of the FDIC.
-
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:
-
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.
-
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.
-
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.
-
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.
-
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.
-
Investor Checking is an all-inclusive savings account; the APY can be increased depending on the deposit; and limited ATM fee reimbursement.
-
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.
Banking features
Axos Bank delivers online banking services in compliance with modern standards. Clients can open checking, loan, savings, or investment accounts. Virtual and physical debit cards are issued for free. Cash can be withdrawn from most ATMs, but free withdrawals are only available within the partner network.
The key feature of internet banking is that accounts are managed with mobile apps, which provide access to all transactions. For instance, to take out a loan or invest in stocks, you only need to open an app and tap the screen a few times. Such an approach saves a lot of time, money, and energy compared to traditional banks, although many of them are also starting to provide such services online.
Its app’s basic features allow clients to automate their financial activities almost completely. They can set up automated payments and alerts for various event types. Even in the case of investing, Axos Bank offers you the opportunity to choose a ready-made securities portfolio and trust professionals instead of directly trading yourself.
Technical Support
The “Support” section of the Axos Bank website and app contains detailed answers to the most popular questions, as well as tickets (answers sent by email). Note the “Financial Articles & Tools” block placed in the same section. There you can find interesting and important articles that help to work with Axos more effectively by using all available features. This block also contains current information on investing in stocks.
Axos Bank has a multi-channel call center, which you can call using one of the seven numbers included in the “Contacts” section. Select a number according to your question specifics and that will help you find the answer quicker. A chat with client support specialists is available on the website and in the app. You can use the chat even if you are not a client of Axos. Remember that departments of the call center work during certain hours and are not available at weekends or on public holidays.
Social programs of Axos Bank
Some digital banks offer a wide range of social programs. For example, some help to take care of the environment and plant frees or focus on charity and send funds to poor countries. Axos Bank does not have such programs, but that should not impact your choice of an optimal online bank. Social programs can be nice bonuses, but not choice criteria. Axos Bank offers favorable terms of use, many account types, and moderate fees. The Traders Union recommends comparing neobanks by true benefits for clients.
How to open an account at Axos Bank
Go to the official website of Axos Bank. In the top right corner of the screen, click the “Sign In” button. In the dropdown menu, click “Account Login”. If you haven’t signed in from your computer before, the system will automatically determine it. You can choose “Login” to access your user account or “Register” if you don’t have a user account yet.
Enter your first and last names, date of birth, and social security number. Create a username and password that you will use to sign in to your user account from your computer or phone. When you fill in all the fields, click “Next”. Follow the on-screen instructions to provide the bank with additional information about yourself.
After you complete registration and verification, download the Axos Bank mobile app to your phone. For that, you can return to the home page of the website, scroll down to the description of the app, and click the “Get the app” button. Or go to the digital store that corresponds to your phone’s operating system, enter “Axos Bank” in the search bar, and select the app page.
After clicking “Get the app” on the website, go to the page where you will need to enter your phone number. After that, you will receive a text message with download links. Follow the link to the App Store or Play Market and download and install the software. Open it and sign in to your account using your registration data (username and password).
Disclaimer:
Your capital is at risk. Via Axos Bank's secure website. Your capital is at risk.
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FAQs
How does Axos Bank earn money?
The main income of Axos Bank is from commissions. You can learn the structure of commissions in detail on the bank's website.
How does Axos Bank protect its customers?
Axos Bank uses two-factor authentication, data encryption and other security methods.
Is it possible to check the statistics of expenses?
Axos Bank provides clients with extended statistics. You can study the detailed information about revenue receipts, expenses, split into different periods of time, etc.
Is it possible to make international payments through Axos Bank?
Yes. Axos Bank allows you to make payments between customers in different countries.
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