Is Axos Bank Legit for Everyday Banking and More

Axos Bank is a legitimate online bank that offers a range of financial services. It was founded in 2000 as BofI Federal Bank and has since grown to become one of the largest online banks in the US.

Axos Bank has a strong reputation for security, with robust measures in place to protect customers' accounts and personal data. Its website and mobile app are also highly rated for ease of use.

One of the key benefits of banking with Axos is its low fees. Axos Bank offers a range of fee-free accounts, including its popular High Yield Checking account, which has no monthly maintenance fees.

Axos Bank has an A+ rating from the Better Business Bureau, which is a great sign of transparency and honesty in how they handle business.

The bank is also FDIC-insured, protecting depositor's funds up to $250,000 per ownership category.

Axos Bank has measures in place to protect customers and keep their financial information secure, including SSL encryption, firewalls, and automatic time logouts.

They also routinely monitor accounts for unusual activity and contact customers quickly about suspicious transactions.

Axos Bank has a strong privacy policy and is protected by federal law.

According to WalletHub, Axos Bank has an average rating of 2.8 from nearly 400 reviews, but it's worth noting that online reviews can be biased and not always representative of the full picture.

The bank's rating on Trustpilot is lower, at 1.9 from about 140 reviews, with customers citing outdated platform and poor customer support as major issues.

However, some customers have praised Axos Bank's interest rates, simple-to-use website, and ease of depositing checks electronically.

Axos Bank's rating on WalletHub is 3.1/5 stars from 1,400+ reviews, but it's still lower than some other banks.

Despite some negative reviews, Axos Bank has no recent public controversies, which is a good sign of legitimacy.

Axos Bank has its pros and cons. Let's start with the good stuff. Axos Bank offers a checking account that earns interest and comes with a cash bonus, and its savings account comes with a debit card. It also has a high interest rate for savings balances with its Axos ONE Savings and Checking Bundle.

The bank's business checking account has no monthly fees, unlimited domestic ATM fee reimbursements, and a welcome bonus of up to $400. Additionally, it offers extended FDIC insurance up to $200M.

However, there are some downsides to consider. The bank's CD rates are relatively low compared to other online banks. You'll also need to meet a $250 minimum opening deposit for the savings account if you don't bundle your checking and savings.

Here are some key pros and cons to keep in mind:

Axos Bank is known for its minimal fees, making it a great option for those looking to avoid unnecessary charges. You can get overdraft protection without incurring a fee by linking your checking account to a savings account.

Overdraft fees are still common at many banks, but Axos offers a way to avoid them. Axos Bank is one of the best banks for avoiding overdraft fees, with many of its checking accounts specifying zero overdraft and non-sufficient funds fees.

You don't need to worry about monthly bank maintenance fees with most Axos Bank accounts. However, there are some exceptions, so be sure to check the fee schedule for the account you're interested in.

Axos Bank is also a great option for frequent travelers, as it offers unlimited domestic ATM fee reimbursements with its checking accounts. This is a unique perk that's not often offered by banks.

Business checking account holders can also enjoy unlimited domestic ATM fee reimbursements, even if Axos Bank doesn't have its own ATM network. This is a great benefit for businesses that need to make frequent ATM withdrawals.

Axos Bank stands out from its competitors by letting customers deposit cash without fees at MoneyPass and Allpoint ATMs. This is a convenient option for those who need to make cash deposits regularly.

Axos Bank offers a range of account features that make it a convenient and accessible option for customers. You can access your accounts online or through the mobile app, and deposit checks using mobile check deposit.

The bank's checking accounts don't require minimum balances or monthly fees, and you can even use your debit card to deposit money at registers with the Green Dot Reload @ the Register feature. Axos Bank compounds interest daily, crediting your account with interest earnings every day and allowing the next day's interest to be earned on a higher balance.

Here are some of the key features of Axos Bank's accounts:

Axos Bank's accounts also offer a range of benefits, including free incoming wires, two free outgoing wire transfers, and fee-free cash deposits via designated networks.

You can manage your Axos Bank accounts easily online or through their mobile app. Axos mobile banking offers a hub for managing personal bank accounts, business bank accounts, loans, and investment accounts.

The Axos mobile app has 4.7 out of 5 stars in the Apple store and 4.4 out of 5 stars in the Google Play store, indicating a high level of user satisfaction.

Axos online banking has many of the same features as the mobile app. You can use Axos online banking by signing in through the bank's website.

You can deposit checks into your Axos account on your smartphone through mobile check deposit, a feature available on both the mobile app and online banking.

Axos Bank compounds interest daily on its interest-earning bank accounts, which means you'll earn interest on your account every day. This is a more frequent compounding schedule than some other banks.

Axos Bank provides convenient access to your accounts through its mobile app, where you can view your balances, deposit checks, and pay your bills online securely.

Some users have reported that the app can be slow and glitchy, but overall, the app is intuitive and easy to navigate.

Here are some key features of the Axos mobile app:

Axos Bank is a fully online bank with no brick-and-mortar branches, but you can access around 91,000 ATM locations.

The Rewards Checking account from Axos Bank is a great option for those who want to earn interest on their balance without worrying about balance minimums or monthly fees. There are no balance minimums or monthly fees to worry about.

You can earn interest on this account via a condition-based system, with rates ranging from 0.40% to 0.99% APY, and up to 3.30% APY if you meet all the conditions.

Axos Bank will reimburse all domestic ATM fees for the Rewards Checking, Cashback Checking, and Essential Checking accounts, and up to $8 a month for Golden Checking account holders.

You can access your account on Axos' mobile apps and online banking website, and set up email and text alerts to stay on top of your finances.

Here are the key features of the Rewards Checking account:

The CashBack Checking Account from Axos Bank is another option that focuses on earning cash back on purchases instead of interest on your balance. You can earn cash back on signature-based transactions made with your Axos Visa debit card.

If your average daily collected balance falls below $1,500, you'll earn 0.50% cash back, but if you can maintain a balance over $1,500, you'll earn 1.00% in cash back. You are limited to $2,000 in cash back per month.

This account also includes free access to Green Dot Reload @ the Register, online bill pay, and mobile check deposit.

Depositing cash with Axos Bank is a breeze. You can deposit cash without paying any fees at MoneyPass and Allpoint ATMs.

Axos stands out from its competitors by letting customers deposit cash without fees at these designated interbank networks. This is a game-changer for businesses that need to make frequent cash deposits.

To take advantage of this feature, simply find a MoneyPass or Allpoint ATM near you and deposit your cash. You can then access your deposited funds quickly and easily through your Axos Bank account.

Here are some details to keep in mind:

With so many ATMs available, you're never far from a fee-free cash deposit option with Axos Bank.

Axos Bank's customer service is available 24/7 for personal banking, but loan service support is only available from 8 a.m. to 5 p.m. PT on weekdays.

You can reach a customer service representative by calling Axos or chatting online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.

Axos customer service hours vary depending on the product, so be sure to check the specifics if you have a loan-related question.

Axos ranked lower in overall customer satisfaction than the segment average for online-only checking providers in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study.

The company offers live phone support on business days between 6 AM and 6 PM Pacific Time, as well as email support and a library of informational videos on its YouTube channel.

Axos has been accredited by the Better Business Bureau since 2011 and has an A+ rating, despite a 1.07/5 star composite rating on the Better Business Bureau webpage.

Customer service seems to be a common complaint about Axos Bank, with limited support options and no extended support options contributing to a customer support rating of 3/5.

Axos Bank offers a range of financial products, including business banking options, personal loans, and more.

Their business banking products include business savings, money market accounts, CDs, SBA loans, and commercial lending, making it a one-stop-shop for small business needs.

Axos Bank personal loans are available nationwide to people with good or excellent credit, offering quick funding and competitive rates.

The personal loans have APRs ranging from 6.79% to 21.99%, loan sizes from $5,000 to $50,000, and payoff periods of 36-72 months.

Here are the key details about Axos Bank's personal loans:

Axos Bank's personal loans can be used to cover medical expenses, with funding ranging from $7,000 to $50,000 and an origination fee of 1% - 2%.

Axos Bank offers personal loans that can be used for various purposes, including covering medical expenses. These loans are available nationwide to people with good or excellent credit.

The loan amounts range from $5,000 to $50,000, which can be a significant help for those in need of financial assistance. With APRs ranging from 6.79% to 21.99%, it's essential to carefully review the terms before applying.

To qualify for an Axos Bank personal loan, you'll need a credit score of 720+ and be at least 18 years old, a U.S. citizen or permanent resident, and have a valid SSN.

The loan repayment periods are relatively long, ranging from 36 to 72 months, which can make monthly payments more manageable. However, be aware that an origination fee of up to 2% may be charged.

Here are the key details of Axos Bank personal loans at a glance:

Axos Bank has an A+ rating from the Better Business Bureau and an average user rating of 3.1 on WalletHub, indicating a relatively good reputation.

Axos Bank offers a range of interest-bearing accounts designed to help your money grow. One of the most popular options is the Business Savings account, which earns a 0.20% APY with a minimum opening deposit of $1,000.

With Axos Bank's interest-bearing accounts, you can earn interest on your deposits. The APY ranges from 0.10% to 4.01% depending on the account and your balance. For example, the Business Interest Checking account offers a 1.01% APY on balances less than $50,000.

Axos Bank also offers CDs with flexible terms of three months to five years for a minimum opening deposit of $1,000. The rates range from 0.10% to 0.20% with interest compounded daily. CDs are FDIC insured up to $250,000 per depositor.

You can earn interest on your business deposits with Axos Bank's Business Savings account, which offers a 0.20% APY. Alternatively, you can opt for the Business Premium Savings account, which provides APY earnings of up to 4.01% and a bonus of up to $375 if you maintain at least a $75,000 average daily balance.

Here's a breakdown of the interest rates offered by Axos Bank's interest-bearing accounts:

Note that these rates are subject to change and may not be available for all account types. It's always a good idea to check the Axos Bank website for the most up-to-date information.

Axos Bank's account management features are designed to make your banking experience smooth and hassle-free. Axos Bank's business checking accounts allow you to make fee-free cash deposits at designated interbank networks.

You can also manage your account with a Visa debit card, which is included with your business checking account. This card provides a convenient way to make purchases and access your funds.

Axos Bank's business checking accounts also offer ATM fee reimbursements, which can help you save money on banking fees.

Setting up an Axos Bank business account is a straightforward process. It can take up to 7 business days to get an Axos Bank Business Interest checking account, with the bank reviewing applications between one and seven business days after submission.

The bank's business checking accounts have some great features, but let's focus on the setup time for now. You can expect a relatively quick turnaround, which is good news for businesses that need to get up and running quickly.

Here are some key facts about Axos Bank's account setup time:

Overall, Axos Bank's account setup process is designed to be efficient and hassle-free, allowing businesses to focus on what matters most – running their operations.

Axos Bank offers a range of accounts to suit different needs, including business and personal accounts. You can open an Axos Bank Business Interest checking account, which typically takes up to 7 business days to process.

To get started, you'll need to submit an application, which the bank will review in 1-7 business days. Once approved, you can enjoy features like ATM fee reimbursements and a Visa debit card.

Axos Bank's business checking accounts also come with a welcome bonus, interest option, and fee-free cash deposits at designated interbank networks. This makes it a convenient option for businesses with multiple transactions.

You can also consider the Axos Bank High Yield Money Market account, which requires a minimum deposit of $1,000 and earns a competitive 0.25% APY. This account offers flexibility with online, mobile, phone, and debit card access, and comes with FDIC insurance up to the maximum amount allowed by law.

The High Yield Money Market account also includes free bill pay abilities and free online check images, making it a solid choice for those who need to manage their finances on the go. However, be aware that you're limited to six outgoing transactions, including transfers and withdrawals.

If you're looking to save more money with an Axos Bank account, you can take advantage of its competitive interest rates and free accounts. With daily compounding interest, your earnings can grow faster than with many big bank competitors. Plus, you won't have to worry about paying or avoiding a monthly fee for any of its accounts.

Axos Bank also offers a Business Money Market account with a 0.20% APY, as well as a Non-Profit Money Market account with similar features. These accounts have specific requirements, such as a $1,000 opening deposit and a required balance to avoid a monthly service fee.

Here's a summary of the key features for each account:

You can withdraw money from your Axos business checking account using any ATM in the U.S. Axos reimburses all domestic ATM fees.

If you use a non-network ATM, Axos will still reimburse the fees you incur. This is a great feature to keep in mind when you're on the go.

You can access your deposited funds online or through Axos' Apple and Android mobile apps. These are the best ways to go for deposits and transfers, although you obviously cannot deposit cash.

Axos also offers the Green Dot Reload @ the Register feature, which allows you to deposit cash into your account with your Axos Visa debit card at a cash register. This can be super convenient if you need to deposit cash quickly.

If you're considering Axos Bank, you might wonder if there are better options out there. Let's take a closer look at some alternatives.

Axos Bank might not be the best choice if you deposit cash often, as Chase Bank offers 4,700 physical locations in 48 states.

If you need to send multiple outgoing domestic wires each month, Axos might not be the way to go, as Mercury offers cost-free wire transactions.

Axos Bank only offers one free debit card per business checking account, which might not be enough for larger businesses.

If you're looking for a bank that offers small business credit cards, Axos Bank doesn't have them, but you can consider Capital One.

Here are some other banks you might want to consider:

If you're interested in CDs, you can check out the rates at:

Axos Bank is a solid choice if you're looking for an online bank with decent rates that outperform many others. Its rates may not be the highest, but they're still better than some other banks.

The bank doesn't charge monthly fees, which is a huge plus. Its nearly nonexistent minimum balance requirements are also low, making it easy to get started.

Nationwide ATM access is available, so you won't have to worry about finding a branch to withdraw cash. Convenient deposit options are also available through your computer, mobile phone, or tablet.

If you're a small business owner, Axos Bank's Basic Business Checking account is a great option. It's fee-free with unlimited transactions, and you'll also get unlimited ATM fee reimbursements.