Who Is Axos Bank and How Do They Compare

Axos Bank is a digital bank that offers a range of personal and business banking services. They are a subsidiary of BofI Holding, Inc. and have over $15 billion in assets.

Axos Bank is a relatively new player in the banking industry, with its roots dating back to 1999. They have a strong online presence and offer a mobile banking app that allows users to manage their accounts on the go.

Axos Bank offers a variety of checking and savings accounts, including a high-yield savings account with a competitive interest rate. Their accounts are FDIC-insured, providing an added layer of security for customers.

Axos Bank also offers a range of business banking services, including business checking and savings accounts, as well as loan options for businesses.

Axos Bank is an online bank that's been around since the fall of 2018, when it was rebranded from Bank of Internet USA. It's a game-changer for those who want to manage their finances without the hassle of physical branches.

Axos Bank is committed to keeping its focus on customers and their financial goals, which is made possible by its 24/7 access to accounts and multiple ways to reach a bank representative. This means you can bank on your own schedule, not just during business hours.

One of the standout features of Axos Bank is its lack of minimum balance requirements or monthly fees on checking or savings accounts. This is a huge perk for those who want to keep their finances simple and stress-free.

Here are some key features you can expect from Axos Bank:

Axos Bank offers a wide range of products and services to cater to different financial needs. The bank's growth from 2009 to 2014 was marked by significant expansion into various lending options, including single-family residential lending and commercial lending.

Axos Bank's product lineup includes a variety of accounts, such as Checking, Savings, High-Yield Savings, CDs, and Treasury Accounts. Here's a breakdown of their business services:

With Axos Bank, you can easily access your accounts online, mobile, or over the phone, providing flexibility and convenience.

The Traditional/Roth IRA Savings account from Axos Bank is designed to help you save for your retirement. It has a minimum deposit requirement of $250, which is lower than some other accounts.

You can access your account online and on mobile, making it easy to manage your savings. Axos Bank's Traditional/Roth IRA Savings account is also FDIC insured, which means your deposits are protected up to the maximum amount allowed by law.

With a balance of $1,000 or more, you'll earn a competitive interest rate of 0.20%. To reach this rate quickly, consider setting up automatic deposits to your account.

Here are the key features of Axos Bank's Traditional/Roth IRA Savings account:

Axos Bank offers a range of CDs, or certificates of deposit, with terms ranging from 3 to 60 months. Each term has solid rates, especially when compared to bigger banks, but you can still find higher rates at other online banks.

To open an Axos CD, you'll need a minimum deposit of $1,000, which is a bit higher than some other banks. This higher deposit means you'll have more money to grow throughout the term.

Here are the key features of Axos CDs:

After your CD reaches maturity, you have 10 days to make any changes or withdrawals, or it will automatically renew for the same term length.

Cash Back is a great way to earn rewards on your everyday purchases. Axos Bank offers a CashBack Checking Account that lets you earn cash back on signature-based transactions.

To earn cash back, you need to use your Axos Visa debit card for purchases. The amount of cash back you earn depends on your average daily collected balance.

If your balance falls below $1,500, you'll earn 0.50% cash back. That's a decent rate, but it's even better if you can maintain a balance over $1,500, which gets you 1.00% in cash back.

You're limited to $2,000 in cash back per month, so be mindful of your spending.

Axos Bank offers a range of loan products to suit different needs.

You can get a mortgage with Axos, which can be used for both purchases and refinances, and comes with no lender fee.

Personal loans from Axos are unsecured and can be used for debt consolidation, home improvements, major purchases, or any major expense. You can borrow between $7,000 and $50,000 with terms ranging from 3 to 6 years. Rates and payments are fixed for the life of the loan, and there are no prepayment penalties.

Auto loans are available for new purchases or to refinance your existing loan, and can be borrowed for between $10,000 and $100,000 with terms up to 96 months. The vehicle must have less than 125,000 miles and a value of at least $8,500.

Axos Bank's features and benefits make it an attractive option for customers. Axos Bank bank accounts are easily accessible both online and on mobile devices.

You can deposit checks into an account on your smartphone through mobile check deposit, and accounts don't require minimum balances or monthly fees. Axos accounts also offer a complimentary online bill pay service and the Green Dot Reload @ the Register feature.

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

Axos Bank compounds interest daily on its interest-earning bank accounts, allowing your account to grow even faster.

The Rewards program at Axos Bank is quite impressive, with multiple ways to earn interest on your checking and savings accounts. You can earn up to 3.30% APY on the Rewards Checking account, which is a great incentive to keep your money with the bank.

To earn the highest rate, you'll need to meet certain conditions, such as having a direct deposit of at least $1,500 per month, using your debit card for at least 10 transactions, or linking a Personal Finance Manager account. Each condition adds a little more to your interest rate, so you can mix and match to earn the highest rate possible.

The Rewards Checking account also has no minimum balance requirements or monthly fees, making it a low-maintenance option. And, as a bonus, Axos Bank will reimburse you for all domestic ATM fees.

Here's a breakdown of the interest rates you can earn with the Rewards Checking account:

Overall, the Rewards program at Axos Bank is designed to reward customers for their banking activities, making it a great option for those who want to earn interest on their accounts without breaking the bank.

Axos Bank accounts are easily accessible online and on mobile devices, making it convenient to manage your finances on the go. You can even deposit checks into your account using your smartphone through mobile check deposit.

The bank's checking accounts offer a few tools to make managing your money easier, including complimentary online bill pay and the Green Dot Reload @ the Register feature.

One of the standout features of Axos Bank accounts is the daily compounding of interest on interest-earning accounts. This means that your account will earn interest every day, allowing your balance to grow faster over time.

The Golden Checking account is specifically designed for customers aged 55 and older, and it offers a 0.10% APY on all balances. This account also comes with free personal checks and no monthly maintenance fees.

Here are some key features of the Golden Checking account:

The Golden Checking account also offers up to $8 in domestic ATM fee reimbursements per month, making it a convenient option for seniors who need to access their money on the go.

Opening an account with Axos Bank is a straightforward process that can be done online or through their mobile app. You'll need to provide your Social Security Number, a valid U.S. driver's license, and contact and personal information.

To access your money, you can use Axos' mobile apps for Android and Apple devices, or visit any ATM in the U.S. If you need to deposit cash, you can use the Green Dot Reload @ the Register feature with your Axos Visa debit card at a cash register.

Here are the basic requirements for opening an account:

Accessing your money with Axos Bank is a breeze. You can easily access your deposited funds online or through their Apple and Android mobile apps.

These mobile apps are the best way to go for deposits and transfers, making it convenient to manage your account on the go. You can also deposit checks with your smartphone as long as you have set up mobile check deposit.

If you need to deposit cash, you can use any ATM in the U.S. or take advantage of 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.

Opening an account with Axos Bank is a straightforward process. You can start by clicking the "Open an Account" button on their website for the specific account you want.

To begin, you'll need to provide your Social Security Number, a valid U.S. driver's license, and contact and personal information, including your physical address, email address, and phone numbers. This is a standard requirement for most online applications.

You'll also need to provide details on how you plan to fund your new account, whether it's a wire transfer or cash deposit.

If you're opening an account as a joint account, you'll need to provide all the above information for each account owner.

You can open an account online or by downloading the Axos mobile app. To get started, you'll need to provide the following information:

The application process can be completed online, but the steps may vary based on which product you're applying for. Businesses applying for an Axos account must present a copy of each owner's and authorized signer's driver's license.

Axos Bank's pricing and fees are a mixed bag. They claim to have no-fee checking accounts, but several fees exist, including a potential monthly fee.

Axos Bank's monthly fees range from $0 to $10, and there's also a monthly checking fee of $0 to $10. On the other hand, ATM fees are refunded for domestic use, and there's no overdraft fee.

Some fees that may come as a surprise include the $15 incoming domestic wire transfer fee and the $50 outgoing domestic wire transfer fee. Additionally, there's a 1% foreign transaction fee.

Here's a breakdown of Axos Bank's plans and their prices:

Overall, Axos Bank's fees aren't the worst we've seen, but some competitors have lower fees or don't charge them at all.

Axos Bank offers a standard variety of customer support options, including live phone support on business days between 6 AM and 6 PM Pacific Time.

Their customer support options include live phone support, email support, and a library of informational videos on their YouTube channel.

Axos Bank also maintains a presence on Twitter and has a relatively comprehensive FAQ section on their website. However, it would be helpful to have more information provided in this section.

The company's customer support rating is 3/5, which is based on the quality of customer support, the lack of extended support options, and the limited support options.

Here is a breakdown of Axos Bank's customer support options:

Despite having an A+ rating from the Better Business Bureau, Axos Bank has a 1.07/5 star composite rating on their webpage, suggesting that customer service is a common area of complaint.

Axos Bank is an FDIC member, which means your deposits are insured through the FDIC. This provides a significant layer of protection for your money.

The bank takes security seriously, with measures like SSL encryption, firewalls, fraud monitoring, and automatic time logouts to keep your financial information safe. Axos Bank also monitors accounts for unusual activity and contacts customers quickly about suspicious transactions.

You can rest assured that Axos Bank's strong privacy policy and federal law protect the information you provide to them. And, if you need to access your account documents, they are encrypted and stored in a secure message center.

Axos Bank is an FDIC member, which means all deposit accounts are insured through the FDIC.

Axos Bank takes numerous measures to protect customers and their financial information, including SSL encryption, firewalls, and fraud monitoring.

The bank also automatically logs customers out after a certain period of inactivity to prevent unauthorized access.

All bank documents are encrypted and stored in a secure message center.

Axos Bank routinely monitors accounts for unusual activity and contacts customers quickly about suspicious transactions.

Information provided to Axos Bank is protected by a strong privacy policy and by federal law.

Axos Bank's advertising transparency is a mixed bag. They earn a 2.2/5 rating in this area, and it's clear why.

The bank's website is not very forthcoming about the application process and eligibility requirements, leaving potential customers in the dark.

Axos Bank does promote a "no-fee checking account", but as our review reveals, there are indeed several hidden fees that you may be charged.

You'll need to click around and read the fine print to find some useful information about Axos Bank's products on its website.

On the other hand, the bank's social media profiles are active and updated with useful information for current and prospective account holders.

We're committed to transparency in our decision-making processes. This means being open about the reasons behind our actions, even if they're difficult to explain.

The complexity of some cases can make it challenging to provide clear explanations. However, we strive to be as transparent as possible, even in the face of uncertainty.

In cases where the felony is explainable, we'll do our best to provide a clear and concise explanation. This ensures that everyone involved understands the reasoning behind our decisions.

We value honesty and integrity in our interactions with the public. By being transparent, we build trust and foster a positive relationship with the community.

Axos Bank offers a range of benefits, but it's always a good idea to explore other options. Axos Bank's APY on savings is 3.80%, which is competitive with other banks.

If you're looking for a bank with a high APY on savings, Axos Bank is worth considering. However, it's essential to weigh this against other factors, such as cashback on checking.

Axos Bank doesn't offer cashback on checking, which may be a drawback for some customers. On the other hand, it does provide investing options, which could be beneficial for those looking to grow their money.

If you're interested in investing, Axos Bank is a viable option. However, if you're looking for a bank with cashback on checking, you may want to consider other alternatives.

Here's a comparison of Axos Bank with some of its competitors:

This comparison highlights the differences between Axos Bank and other banks in terms of APY on savings, cashback on checking, and investing options.

Axos Bank's lax underwriting standards expose it to major risk. This is particularly concerning given its focus on competitive metro regions like New York and California, which account for 66.5% of its real estate loans.

In these areas, borrowers have hundreds of options, including well-established banks like J.P Morgan and Citi. As a result, Axos has to stretch its underwriting criteria to compete, as a former loan originator revealed.

This approach can lead to questionable lending decisions, which may ultimately harm the bank's financial stability.

Credit scores can be misleading due to the lack of consideration for non-traditional payments, such as rent and utility bills.

This oversight can lead to inaccurate credit reports and scores, making it difficult for individuals to qualify for loans and credit.

The FICO credit scoring model, for example, only considers traditional payments, such as credit card bills and mortgages.

This narrow focus can result in a credit score that doesn't accurately reflect a person's creditworthiness.

The article section "Credit Scoring Models" highlights the limitations of the FICO model, which can lead to distorted credit metrics.

Some individuals may have a high credit utilization ratio due to a single large expense, such as a car payment, which can negatively impact their credit score.

This issue is further complicated by the fact that credit scoring models often don't account for changes in income or employment status.

A change in income or employment can significantly impact an individual's ability to make payments, but this information is not typically reflected in credit scores.

Axos lends in the most competitive metro regions of the country, including New York and California, which account for 66.5% of its real estate loans.

In these states, borrowers have hundreds of options competing for their business, including well-established banks like J.P Morgan and Citi.

A New York commercial real estate broker and former investment bank director estimates that there are around 250 lenders actively competing for deals in New York.

Axos claims to have "conservative" underwriting standards, but our research reveals the opposite: a former Axos loan originator says the company had to stretch its underwriting criteria to compete.

In the competitive New York market, Axos had to take on risk to even have a shot at deals.

Axos Bank is entirely online, which can be a drawback for those who prefer to have a nearby branch. This is because Axos doesn't have its own ATMs.

However, Axos does offer a rather extensive set of ATM fee reimbursements, which can help offset the lack of in-person banking options.

You can still find better interest rates at other online banks, which can be a concern for those looking to maximize their savings.

Online financial institutions are known for having more favorable rates than big banks, and Axos Bank's rates don't necessarily keep up with its online-only competitors.

Here are some online banks that offer competitive interest rates:

Axos Bank is a solid choice in the online bank scene, outperforming many other banks with its rates.

It's a great option if you don't mind banking mostly through your computer, mobile phone, tablet, or all three. The bank makes up for its lack of branches with nationwide ATM access.

Axos Bank keeps its minimum balance requirements low, making it a great option for those who want to avoid monthly fees.

Here are some key takeaways to consider: