Axos Bank Review: A FullService Bank with Great Appeal


In your search for an online bank, Axos Bank may be one of the few on your shortlist. Should you open an account? Well, they have top notch free checking, and they have solid business banking. They also pay high yields on their savings accounts.See how they compare to the other top savings accounts or other business checking accounts.Check out our full review of Axos Bank below.

Axos Bank started life on July 4, 2000, as Bank of Internet USA, offering only basic checking services. The bank’s focus was on a superior online experience coupled with 24/7 access.On October 1, 2018, the company changed to Axos Bank and began trading on the New York Stock Exchange under the ticker “AX.” Existing brands were absorbed into Axos Bank. These included Bank of Internet USA, BofI Federal Bank, including BofI Advisor, Bank X, NetBank, Apartment Bank, Annuitants Federal Bank, and Virtus Bank.Axos Bank is still very focused on the “100% digital” experience, as evidenced by its lack of branches. No branches mean higher rates of return for customers through financial products. Axos Bank is also a full-service bank with financial products for individuals and businesses that span deposit accounts and loans.

While Axos Bank offers products for individuals and businesses, we’ll focus on offerings for individuals.Axos Bank offers five different checking accounts with two of them focusing on age categories (13–17 years old and 55+ years old). These two accounts are also called Specialized Accounts.Checking accounts do include overdraft protection. There is no annual fee for using overdraft protection. However, you’ll be charged an 18.00% APR from the date the overdraft transaction occurs. There is also a $25.00 late fee if the overdraft is paid 10 days after the due date.Axos Bank does have a mobile banking app that lets you deposit checks.Non-retirement savings products come in three flavors:You can also open or transfer an existing IRA into an Axos Bank IRA Savings or IRA CD. Rates on IRAs range from 0.15% to 0.70% APY. An IRA Savings requires a minimum deposit of $250 while an IRA CD requires a deposit of $1,000.Axos Bank customer service can be contacted through an 800 number on their website, through chat, or by email.

There are some fees depending on the situation. Some of the more common fees include:

Visit https://www.axosbank.com to open an account and click the “Open an Account” button. You’ll need the following to open an account:

Yes — Axos Bank is an FDIC member, which insures deposit accounts up to $250,000 for each customer. Additionally, they utilize bank-grade encryption, two-step authentication, anti-virus and malware protection, automatic logout, and account monitoring. Basically, everything you’d expect from an online bank.

Axos Bank recently acquired the robo-advisor WiseBanyan and rebranded them as Axos Invest. They are a free robo-advisor, which is a great deal.Check out our full Axos Invest review here.

Working with an online bank that has no branches or only a few that aren’t nearby is common practice nowadays. Online banks that are full-service are becoming more common. Eliminating or never offering branches allows online banks to increase returns on financial products for customers. That is what you get with Axos Bank.ATM reimbursements are another great feature of Axos Bank, allowing you to use ATMs across the country, rather than in one regional area. All of these features make Axos Bank appealing to a broad audience of customers.Open an Axos Bank account here >>

Written by Investors Wallets

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