Axos Financial institution is predicated in San Diego and presents a full suite of private and industrial digital banking providers together with checking, financial savings, certificates of deposit and cash market accounts. Initially based in 2000 as Financial institution of Web USA, this online-only financial institution modified its identify to the extra streamlined moniker in 2018. 

Whereas the charges on its deposit accounts cannot compete with different on-line banks, Axos scores factors for the comfort of its on-line banking providers, together with its suite of digital cash administration instruments, that digital-savvy savers will admire.

What we like

• A full suite of digital instruments that makes on-line banking handy
• Low minimal stability necessities to open deposit accounts
• No month-to-month upkeep charges or overdraft costs
• Limitless ATM reimbursements for its checking accounts (apart from its First Checking youth account, which costs as much as $12 per 30 days)
• Limitless international foreign money conversion charge reimbursements
• Money deposits accepted by way of ATM

What we do not like

• Low annual share yields on its deposit accounts
• No bodily branches

Who’s Axos Financial institution fitted to?

Axos is right for individuals who admire the comfort of online-only banking, particularly cell banking, with quite a few banking choices.

Checking account assessment

Axos has 5 checking account choices: Important, Rewards, Cashback, Golden Checking for folks ages 55 and older and First Checking for minors ages 13 to 17. 

Important Checking presents early direct deposit the place you possibly can entry your deposits by as much as two days earlier from the scheduled deposit date. Rewards Checking is right for prime account balances. You’ll be able to earn as much as 1.25% APY in case you have direct deposits totaling no less than $1,500 a month in addition to day by day balances of no less than $2,500 in such Axos accounts as Make investments Managed Portfolios and Make investments Self Directed Buying and selling accounts. The Cashback Checking account is fitted to individuals who use their debit playing cards incessantly. 

None of Axos’ checking accounts cost month-to-month or overdraft charges. The three fundamental accounts characteristic limitless ATM charge reimbursements within the US. There’s additionally no month-to-month service charge.

All checking accounts, besides Cashback Checking, earn an affordable APY starting from 0.10% to 2.35%. Cashback Checking account holders can earn as much as 1% money again on all purchases that require a signature.

APY charges as of Jan. 6, 2023.

What we like

• The three fundamental checking accounts present a wide range of banking choices
• Cheap preliminary deposit necessities 
• No month-to-month, overdraft or international transaction charges
• Important and Rewards Checking have variable APYs based mostly on account stability or different standards similar to enrolling in direct deposit
• Cashback Checking pays as much as 1% money again on qualifying debit card purchases
• Axos presents particular accounts for teens ages 13 to 17 and seniors age 55 and older

What we do not like

• APY incomes construction for the Rewards Checking account requires a number of necessities to earn the very best price of 1.25% APY
• Important Checking’s 2.35% APY applies solely to account balances of $10,000 or extra (solely 0.20% APY if stability is lower than $10,000)

Financial savings account assessment

Axos Financial institution’s Excessive Yield Financial savings account presents a modest 0.61% APY. Not like different on-line banks, an ATM card is simply obtainable upon request. There is a minimal preliminary deposit of $250 required to open the Excessive Yield Financial savings account, however there are not any month-to-month upkeep charges or minimal stability necessities.

Excessive Yield Financial savings account options

• APY: 0.61%
• Minimal stability to open: $250
• Month-to-month upkeep charge: $0

What we like

• Free ATM playing cards obtainable upon request
• No month-to-month upkeep charges or minimal stability required to keep up your account

What we do not like

• Low most yields paid for financial savings balances in contrast with different high-yield financial savings accounts
• Tiered APY construction maxes out at balances beneath $25,000. Balances over this quantity earn lower than the utmost APY paid. As of Jan. 6, 2023, balances between $25,000 and $99,999 earn 0.25% APY. Balances of $100,000 or extra earn 0.15% APY.
• Minimal stability of $250 to open an account is increased than different on-line banks

CD account assessment

Axos Financial institution presents an ordinary CD with seven phrases starting from three months to 5 years. A $1,000 minimal deposit is required to open a CD.

Charges as of Jan. 6, 2023.

What we like

• Provides a variety of CD phrases from three months to 5 years.
• Cheap minimal stability requirement of $1,000 for all CD accounts

What we do not like 

• CDs earn a flat 0.20% APY, properly under different competing banks
• A portion of the principal can be utilized to fulfill the early withdrawal charge if not sufficient curiosity has been earned on the time of withdrawal 

Cash market account assessment

Axos Financial institution’s Excessive Yield Cash Market requires a minimal $1,000 preliminary deposit. Greater APYs for cash market accounts might be discovered at different on-line banks. The Excessive Yield Cash Market account additionally presents verify writing privileges and permits six transactions per 30 days earlier than imposing extra transaction charges.

Cash market account options

APY: 0.25%
Minimal stability: $1,000
Month-to-month upkeep charge: None
Overdraft charge: None
Extreme transactions charge: $10
International transaction charge: None

What we like

• Cheap minimal stability requirement of $1,000 to open
• Verify writing privileges obtainable with this account 

What we do not like

• Low 0.25% APY in contrast with different high-yield cash market accounts

Banking expertise

Though Axos Financial institution does not have bodily branches, you possibly can handle your accounts on-line or by way of its cell app, hyperlink exterior accounts and conduct transactions with limitless ATM charge reimbursements.

Overdraft charges

Axos Financial institution does not cost overdraft charges for any of its financial institution accounts.

Customer support

Customer support is out there 24/7 (apart from Thanksgiving and Christmas), both by way of secured messages or automated chat by way of its web site, or by telephone at 844-999-2967.

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