Axos Bank Overview

Axos Bank’s ONE® is a checking and savings bundle account that charges no monthly maintenance fees and offers expanded FDIC insurance on deposits up to $265 million. While it doesn’t have minimum balance requirements, you’ll need to meet certain deposit and daily balance qualifications to earn the highest promotional annual percentage yield (APY).

Pros and Cons

Axos Bank at a Glance

Suitable For?

Axos Bank's ONE is ideal for individuals seeking a high-interest savings and checking bundle option with no monthly fees. While Axos doesn’t have minimum balance requirements, you may be able to take advantage of its highest APY – 4.66% at the time of writing – if you have direct deposits of at least $1,500 and an average daily balance on your checking account greater than $1,500 during the qualification period – from the 1st of the month through the 25th of the month.

As a digital-only bank, Axos may be a great fit for you if you’re comfortable with a full online and mobile banking experience. If, on the other hand, you’re partial to in-person banking, you may want to explore other options. Axos Bank doesn’t have physical branches.

Features/Highlights

Advantages over traditional banks

Axos Bank offers multiple advantages compared to many traditional banks, including no monthly maintenance fees, no overdraft fees, no minimum deposit required to open an account, and no minimum balances. If you meet certain qualifying criteria, you can earn a high-yield APY on your checking account that is 10X larger than the national average.

Additionally, Axos Bank offers expanded FDIC insurance on up to $265 million through its InsureGuard+ Savings feature.

Cutting-edge banking services

Axos offers a virtual financial assistant 24/7 that answers questions related to your accounts and a personal finance manager that can help you link external accounts and monitor your spending – all in one place. It also offers early direct deposits, online wire transfers and a ClickSWITCH tool that allows you to easily transfer direct deposit payments to your Axos account.

Traditional banking services

In addition to savings and checking accounts, Axos Bank offers certificates of deposit (CDs), money market accounts, mortgages, personal loans, and investment and retirement financial products. Customers also have access to an extensive network of over 95,000 ATMs at no cost.

Interest rates and fees

Axos Bank offers a high-yield APY that is 10X larger than the national average if you meet certain deposit and balance requirements.

Customer service and online experience

Axos Bank offers 24/7 customer support by phone and through its virtual financial assistant, Evo. It also offers answers to many questions related to its accounts and financial services through extensive FAQ and Help sections on its website.

Axos has a 2.0-star rating on Trustpilot. Some reviews report poor customer service and banking experiences.

Mobile app

The Axos Bank mobile app offers an all-in-one banking experience. You can open and manage accounts and access and move your funds via direct deposit, mobile deposit and money transfers. The app also features a personal finance manager that allows you to aggregate all your accounts, track your debt and spending, and monitor saving and investing trends.

The app is available for both iOS and Android. It has more than 14,000 ratings on the Apple store with a 4.7 average rating. On the Google Play store, it has nearly 6,800 reviews with a 4.5 average rating.

Security

Axos Bank uses SSL encryption, two-step and biometric authentication and regular account monitoring to detect potential fraud. The bank also offers expanded FDIC insurance on deposits of up to $265 million through its InsureGuard+ Savings feature.

Axos Bank has dedicated fraud specialists that can be contacted by phone 24/7.

Application Process

Opening an account with Axos Bank is a simple process that can be completed entirely online:

• Visit the website or download the mobile app: Select “High Yield Savings.”
• Click on "open an account": You can add a checking account at no cost.
• Provide information: Personal details, Social Security number, valid government-issued ID and contact information.
• Fund the account: There's no minimum balance required, but funding it will help you to start earning interest right away.
• Confirm all information is accurate: Then submit your application for approval.

If you order a debit card or checks on your account, these should arrive within 7-10 business days.

Axos Bank Summary

Axos Bank's ONE bundle account combines high-yield savings with checking at no cost to you – no maintenance fees and no ATM fees. While there’s no minimum balance requirement, you’ll need to have at least $1,500 in direct deposits and $1,500 in daily average balances on your account in order to earn the highest APY. Axos Bank offers expanded FDIC insurance on deposits and a digital-only experience, including a top-rated mobile app that allows you to manage all your accounts in one place.

Physical Address

Axos Bank Headquarters

4350 La Jolla Village Drive, Suite 140

San Diego, CA 92122

Disclaimer

AI was used in the generation of this content, along with human validation and proofreading. The content is not provided or endorsed by Axos Bank.