Axos Bank Review [2024]

Are you tired of dealing with unexpected banking fees, a subpar savings APY, and other common banking hassles? If so, then it may be time to investigate why online-only banks like Axos are becoming so popular.

Over the past few decades, many financial institutions have realized the benefits of cutting out brick-and-mortar branches. By existing primarily online, banks like Axos can offer customers benefits you’ll be hard-pressed to find at a traditional bank.

But is Axos Bank legit and what type of benefits does it offer? Join us for a thorough review of Axos, how it works, and everything you need to decide whether it’s the right choice for you.

Is Axos Bank Legit?

Is Axos Bank a bank at all or more of a money management platform? This is a common question among customers who are new to the world of online banking.

Rest assured that Axos bank is an actual full-service bank. Axos offers not only a series of checking and savings accounts but also a full suite of loans and investing options.

Axos was an early pioneer of the online banking trend and was first opened on July 4, 2000, under the name Bank of the Internet USA. Over the course of the next two decades, the bank developed partnerships with major companies such as Costco, H&R Block, and Nationwide.

Throughout the years, the bank continued to evolve, offering customers an impressive number of features. It was in October of 2018 that Bank of the Internet USA consolidated all its brands under the name Axos Bank.

What Services Does Axos Bank Offer?

One of the most impressive things about Axos Bank is the huge array of features it offers. Not only does Axos offer personal checking and savings accounts, but also a full range of loans and investing options.

Axos Personal Checking Accounts

Axos Bank offers several choices when it comes to personal checking accounts. Just make sure you read the fine print associated with each to help decide which is the right choice for you.

• Essential Checking

Axos Bank’s flagship checking account, Essential Checking, is a no-fee, no-minimum checking account with no overdraft fees. Enjoy unlimited ATM fee reimbursements and access to your paycheck up to 2 days earlier with direct deposit.

• Rewards Checking

If you plan to sign up for direct deposit or other Axos services like investing or Personal Finance Manager, then it may be worth checking out Rewards Checking. It offers the opportunity to earn up to a 1.25% APY when you take advantage of certain offers.

• CashBack Checking

If you’d rather earn cashback on purchases, then CashBack Checking may be the better choice for you. Earn up to 1% cashback on all signature-based transactions when you maintain a certain balance.

• First Checking

First Checking is an Axos checking account specifically designed for teens from ages 13 – 17. A joint checking account, it offers daily transaction limits with no maintenance or overdraft fees.

• Golden Checking

Designed for customers over 55, Golden checking is a fee-free checking account that offers a 0.10% balance APY.

Axos Savings Accounts

Axos Bank also offers two different varieties of savings accounts, each of which comes with its own benefits.

• Axos High Yield Savings

With a minimum opening balance of $250, the Axos High Yield Savings Account offers an APY of up to 0.61%. With no monthly minimums or maintenance fees, it’s a nice way to earn a competitive rate while you save.

• Axos High-Yield Money Market Account

If you prefer a savings account that also comes with debit and check writing privileges, then check out the Axos High-Yield Money Market account. The minimum opening balance is $1000, but there are no monthly minimums or fees to enjoy a 0.25% APY.

Axos Bank Loans

This is where you’ll really start to see what sets Axos apart. Plenty of other online banks now offer personal checking and savings accounts with similar (or even better) benefits than those offered by Axos.

But few stack up against Axos when it comes to such a comprehensive selection of loan options. Whether you’re looking to refinance or take out a whole new loan, Axos offers

Mortgage Loans

Personal Loans

Auto Loans

If you want to access all your finances and loans in one place, then Axos is among the best online banks for the job.

Axos Investing Options

Axos Bank even offers customers the chance to invest without having to open an outside brokerage account. Whether you’re a self-directed trader or want to invest in a managed portfolio, Axos has an option for you.

• Axos Managed Portfolios

Fortunately, there’s no need to be a market guru to start investing today. When you sign up for a managed investing account with Axos, you’ll simply specify your time horizon, risk tolerance, and return goals.

Axos will then suggest an automated investment strategy that’s best suited for your situation. With a competitive 0.24% yearly management fee, this is a great option for hands-off investors.

• Axos Self-Directed Trading Options

If you’re more of the hands-on type, then Axos offers several great self-directed investing options including:

• Individual Investing
• Joint Investing
• IRAs

Each of the above offers $0-commission trading for U.S. stocks and ETFs, $1/contract options, and $9.95/trade on no-load mutual funds. Check out the full self-directed trading fee list on the Axos website.

Advanced investors might also consider upgrading to Axos Elite. It offers real-time streaming data, margin trading, and access to analysis through TipRanks.

Is Axos Bank Insured by the FDIC?

Yes, all Axos Bank is FDIC insured (certificate number 35546). Unlike some neobanks, which offer FDIC insurance from partner banking institutions, Axos Bank itself is a member FDIC in its own right.

Axos also offers an option for advisors called InsureGuard+ Savings. The program allows advisors the ability to offer clients multimillion-dollar FDIC insurance through a single banking relationship.

How To Withdraw and Deposit Mconey to Axos Bank?

A bank account isn’t much good if you can’t figure out how to get money in and out of it! Luckily, Axos provides several easy options for making both deposits and withdrawals.

Deposits

There are several different ways to deposit money into your Axos personal account, including:

• Direct Deposit
• ACH bank transfers from other bank accounts
• Mobile Check Deposit
• Transfer money from PayPal, Venmo, or other online payment platforms

Withdrawals

When it comes to withdrawing money, you’ll also enjoy a variety of options, depending on what type of account you have. Checking and money market accounts will come with a debit card and/or checks that you can use to make secure payments anywhere.

Other options include:

• Transfer money between your accounts or to another bank using the “Move Money” option.
• Pay with your phone when you link your account to Apple Pay, Google Pay, or Samsung Pay
• Use over 91,000 free ATMs nationwide to make withdrawals. Most accounts come with fee reimbursement, but be sure to check to make sure your account doesn’t have a limit.
• In-app Peer-to-Peer payments

Can You Deposit Cash Into Axos Account?

Things admittedly get a bit trickier when it comes to cash. The easiest route is to find a nearby ATM that will accept deposits with the Axos ATM Locator.

Alternatively, you can deposit cash at any Green Dot location, but it will cost you up to $4.95 per transaction.

How Much Can I Deposit and Withdraw From Axos Bank?

Axos is unique in that it offers a wide range of different account types. That’s why it’s important to read over your account agreement to verify any transaction limits you should be aware of.

In general, however, Axos Bank’s deposits and withdrawal limits are fairly high. Daily deposits are capped at $10,000 per business day with a $50,000 rolling limit every 30 days.

As far as withdrawals, you’ll be able to get $510 daily with your ATM card or $1,010 daily with your debit card. Debit card purchases for accounts such as Rewards Checking have a $2,500 daily limit.

Does Axos Bank Use Zelle?

Not directly, but you can still use Zelle by linking your debit card to the Zelle app.

You may also want to read: Best Online Banks That Support Zelle [2024]

Does Axos Bank Have Fees?

No! Regardless of which Axos bank account you choose, you’ll enjoy a blissfully fee-free experience.

Does Axos Bank Let You Overdraft?

With Axos, you’ll never have to worry about overdraft fees or insufficient funds fees again.

Can I Open Axos Bank Account Online?

Absolutely! Just head over to the Axos website to read more about the different types of accounts offered. Select the one you’re interested in and you’ll be able to signup right from your own computer.

Does Axos Bank Require SSN?

Yes. The law requires that financial institutions collect certain information from customers. When signing up for an Axos account, you’ll need:

• Your SSN
• A valid U.S. Drivers License or ID
• A cell phone number
• A valid U.S. address (not a P.O. Box)
• Your email address

Does Axos Bank Do a Hard Credit Pull?

Axos does do a hard credit pull if you apply for a loan. This may affect your credit score, but only temporarily.

You can, however, get pre-qualified for some loans without a hard pull within minutes.

How Long Does It Take to Get Approved With Axos Bank?

It depends on what you’re trying to get approved for! A bank account takes about 15 minutes to set up and your new debit card should arrive within 7 – 10 business days.

Axos offers pre-qualification offers on all of their loans online and within minutes. Beyond that, approval times may vary based on the type and amount of loan you’re applying for.

Conclusion

Hopefully, this has given you a solid overview of Axos Bank and what it offers. Whether or not Axos is the right bank for you depends on what features you hope to enjoy.

The upside of Axos is that it offers a variety of options, from checking and savings accounts to investing and loans. If your main goal is to find a bank that lets you manage all your finances in one place, then Axos is definitely a solid option.

If you’re mainly looking for a checking or savings account, however, then we’d encourage you to explore other options as well. Axos is far from the only online bank that offers perks such as no fees, no overdrafts, and early paydays with direct deposit.

Additionally, the cashback and rewards options that Axos offers are far less straightforward than those of many competitors. Axos isn’t at all a bad choice, but with a little research, you may be able to find more generous rewards or APYs elsewhere.

The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.