Axos Bank Overview

Axos is a digital bank that offers 5 checking accounts for different customer needs. These accounts have no monthly fees and boast relatively rare benefits, including ATM fee refunds, interest earnings, and cashback rewards. Each account is FDIC insured up to at least $250,000 per depositor. Although it has no physical branches, it has 90,000 ATMs and provides 24/7 customer service.

Pros and Cons

Axos Bank at a Glance

Suitable For?

Axos Bank checking accounts are ideal for digitally savvy people seeking low-to-no-fee banking. Its Essential Checking, Rewards Checking, and Cashback Spending accounts include zero monthly fees and unlimited domestic ATM fee reimbursements. The Essential Checking and Rewards Checking sweeten the deal further by not charging you any overdraft or account insufficient fees.

If you’re looking for an online bank that offers monetary rewards, Axos is a great option. With the Rewards Checking account, you can earn up to 3.30% APY on your balance if you meet certain requirements. Meanwhile, the Cashback Checking account offers up to 1.00% cash back on eligible signature-based debit card transactions.

Features/Highlights

Advantages over traditional banks

Axos checking accounts have no monthly service fees, unlike many traditional banks. What’s more, the Essential Checking, Rewards Checking, and Cashback Spending options offer unlimited domestic ATM fee reimbursements.

Axos further distinguishes itself by offering interest earnings on your account balances as well as cashback rewards on eligible purchases. Interest- and cashback-earning checking accounts are a rarity in the market.

Cutting-edge banking services

Axos Bank provides a wide range of cutting-edge banking services and features through its online and mobile platforms. You can view balances, move money between accounts, send funds to friends, and set up automatic bill payments. In addition, you can Axos check your credit score, manage your ATM cards and chat with a virtual assistant.

Traditional banking services

While Axos Bank operates exclusively online, it has many of the features found in traditional banks.

You can fund your account through ACH transfer, wire transfer, direct deposit, mobile check deposit, and mailed check. And unlike many of its digital peers, Axos allows cash deposits. It does this via the Green Dot network, which enables you to deposit cash at participating retailers such as 7-Eleven, CVS, Dollar General, Kroger, Walmart, Rite Aid, and Walgreens. Keep in mind, however, that many of these retailers charge a fee for this service.

As for withdrawal, your options are ACH transfers, wire transfers, bank checks, and ATM debit cards. Axos has a wide ATM network comprising more than 90,000 machines which can be found using the locator on its website.

Fund availability varies depending on the type, time, and day of deposit. Some deposit types, such as electronic direct deposits, offer same-day funds availability. According to Axos, all funds will generally be available no later than the 7th business day after the day you deposit them.

Besides checking accounts, Axos offers a range of other banking products, including savings accounts, certificates of deposit (CDs), mortgages, personal loans, car loans, and investment accounts.

Interest rates and fees

Axos checking accounts have no monthly maintenance fees and offer domestic ATM fee reimbursements.

The Rewards Checking option offers a 3.30% APY if you meet several requirements, such as maintaining a minimum balance in linked Axos investment accounts, receiving at least $1,500 in direct deposits monthly, and completing 10 debit card transactions per month. The Golden Checking account also offers interest earnings on your balance, but at a lower rate of 0.10% APY.

Meanwhile, the Cashback Checking account offers 1.00% cash back for signature-based debit card transactions. However, you must maintain a minimum daily balance of $1,500 to qualify. If your account falls below this threshold, your cashback earning rate will be 0.50%. There’s also a total cashback limit of $2,000 per month.

Customer service and online experience

Axos offers support on the phone via 888 502-2967. You can also get support by logging in to your online banking account and sending a secure message. Both services are available 24/7. Axos also has an AI-powered virtual assistant known as Evo that can provide answers to general inquiries.

Its website offers other useful support resources including FAQs, how-to videos, and articles and guides on various financial topics.

On Trustpilot, the bank has a rating of 1.9 out of 5 stars, with multiple complaints of poor customer service. However, the bank has responded to most of these complaints and pledged to address the highlighted issue.

Axos has been accredited by the Better Business Bureau (BBB) since 2011 and has an A+ rating on the platform, which signals a strong track record of addressing customer issues.

Signing up for an account on both its website and mobile app is fairly straightforward.

Mobile app

The Axos All-In-One Mobile mobile app lets you conveniently access and manage your accounts on the go. The app is available for both Android and iOS devices. The iOS version, in particular, enjoys a high user rating of 4.7 stars out of 5. Its Android counterpart has a rating of 3.2 stars out of 5.

Key features and services available through the Axos app include:

• Tracking your spending
• Transferring funds between your accounts
• Paying bills
• Depositing checks
• Checking your credit score

Security

All Axos checking accounts are FDIC insured, so if the bank goes under, your cash deposits are safe up to at least $250,0000.

The bank uses several tools to protect your personal and financial information, including Secure Sockets Layer (SSL) encryption, firewalls, and automatic account logouts for inactive sessions. It also offers mobile app users biometric authentication options such as facial recognition, fingerprints, and voiceprint ID.

Furthermore, Axos proactively monitors your account for suspicious activity and will notify you if anything suspicious is found. In case of fraud, just contact the company, and it will assign you a dedicated specialist to work with you until the matter is resolved.

The bank also has a comprehensive Privacy Statement on its website that you can read to understand how it collects, stores, and uses your personal information.

Application Process

Opening a checking account with Axos Bank is straightforward and can be completed entirely online. Here’s a step-by-step outline of the application process:

1. Go to the Axos website or download the mobile app from the App Store or Google Play.
2. Choose the checking account that best suits your needs from the options available.
3. Click “Open account” and then select whether you’re a new or existing customer, or a returning applicant.
4. Set up your profile by providing your personal information (including your name, email, and mobile number) and then creating a username and password.
5. Follow on-screen prompts to complete the application.

The process takes about 15 minutes.

To qualify for any of its 3 core accounts—i.e. Essential Checking, Rewards Checking, and Cashback Checking accounts, you must be:

• Be a U.S. citizen or permanent resident.
• Have a government-issued ID, state ID, or U.S. driver's license.
• Have a valid U.S. address.
• Hold a valid Social Security number.

Axos Summary

Axos Bank offers a compelling alternative to traditional banks. Its checking accounts stand out with unique features like zero monthly fees, domestic ATM fee refunds, interest earnings, and cashback rewards. You can easily access and manage your account through its user-friendly, secure digital and mobile platforms. As it’s an FDIC-insured bank, your deposits are safe up to at least $250,000. Finally, Axos offers round-the-clock customer service on the phone and via secure messaging.

Physical Address

San Diego, 4350 La Jolla Village Dr, United States

Disclaimer

Bank products and services are offered by Axos Bank®. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read Axos Bank’s FDIC Notice.