Axos Bank Review

Axos Bank is a digital bank that was founded in 2000. Headquartered in San Diego, it also has branches in Las Vegas and Columbus. Its asset base is comparatively small at about $10 billion, and it employs 800 people. As the banking subsidiary of Axos Financial, Axos Bank’s main selling point is its online banking products that are among the most sophisticated around and available to Americans nationwide.

Let’s dig into the details in order to help you understand everything Axos Bank offers.

Pros and Cons of Axos Bank



What Does Axos Bank Offer?

Axos Bank is exclusively online and, as such, it has digital banking down to a near science. Axos’ mobile app comes with helpful features such as account access, fund transfers, online bill payment, and mobile check deposits. The mobile app is available on iOS and Android devices. Axos Bank’s website features customer support options, including FAQs, calculators, helpful articles, and other tools. And, even though it is a digital bank, Axos accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per person just as they would be at larger brick-and-mortar banks.

Standard Banking Products

Even though it’s a digital bank, Axos still offers a full range of banking services, including checking, savings, and money market accounts. One caveat is that Axos Bank doesn’t have its own ATM network. So, customers use other bank’s ATMs to withdraw funds. However, Axos runs a domestic ATM fee reimbursement program that reimburses customers up to $8 a month to help cover the cost of fees for using other bank’s ATMs. Plus, certain accounts offer unlimited ATM fee reimbursements.

A benefit of Axos Bank is that, as an exclusive online lender, it doesn’t charge any monthly fees. Only a couple of Axos’ checking accounts have insufficient fund fees and overdraft fees. For the most part, Axos completely eliminates the fees levied by most U.S. banks. So, the lack of fees can leave a lot of money in clients’ pockets over the long term.

Axos Bank’s most popular savings account is called the “High-Yield Savings” account. It requires a minimum deposit of $250 to open an account, but after that, there are no monthly minimum balance requirements and no monthly maintenance fees. Customers also get a free ATM card with the savings account and the account allows six total transactions per monthly billing statement, excluding withdrawals and transfers made at an ATM.

In terms of checking accounts, Axos Bank’s most popular is the “Essential Checking” account. It provides a few perks such as “Direct Deposit Express,” which allows people to get paid up to two days early. And it also comes with unlimited domestic ATM fee reimbursements, and there are no monthly minimum balance requirements. There are also no overdraft fees, non-sufficient funds fees, or monthly maintenance fees. Axos Bank also offers a cashback rewards checking account that allows customers to earn up to 1% cashback on select purchases.

Certificates of Deposit

Axos Bank does offer Certificates of Deposit (CDs) to its clients, though the interest earned on Axos’ CDs is less than what you’ll find with some other online banks. Opening an Axos CD account requires a $1,000 minimum deposit. CD terms range from three months to five years, and Axos Bank’s CDs come with up to 0.40% interest, no set-up fees, no maintenance fees, an auto-renewal option, and free electronic interest transfers.

Also be aware though that, like most banks, Axos charges early withdrawal penalties to customers who withdraw funds from CDs before their maturity date. The penalties are based on the CDs term length.

Other Products

Beyond its personal banking solutions, Axos Bank has a wide range of other offerings that include the following:

Customer Service

Axos Bank takes customer service seriously. It provides access for its customers 24 hours a day, seven days a week. Personal banking support is available by phone, secure message, mobile app, and mail.

What To Expect on the Site

Since Axos Bank is one of the oldest online-only banks, it understands the ins and outs of exclusively doing banking online. As such, Axos Bank’s website is incredibly straightforward to use. Axos is committed to providing a convenient banking experience. So, between its website and mobile app, Axos makes it easy to access your bank accounts 24/7.

Another key point to note is that Axos Bank takes the security of its website and app incredibly seriously. As a result, you can count on the bank to employ 128-bit SSL encryption and two-factor authentication.


As mentioned, one of Axos Bank’s main selling points is that it doesn’t charge many of the traditional fees levied by other financial institutions. Aside from insufficient funds and overdraft fees on a few checking accounts, Axos Bank doesn’t charge fees on its accounts. It does, of course, charge interest on loans and mortgages. There are many advantages to using Axos Bank, though there are also a few drawbacks.

The Bottom Line

Axos Bank is a low-cost online alternative to traditional brick-and-mortar lenders. While customers need to accept the fact that they don’t have access to bank branches, the lack of fees might be more than enough to compensate price-conscious consumers. The ability to get a mortgage and personal loan with Axos Bank, as well as access to CDs and a variety of investment vehicles also makes this digital lender an attractive option.

Those interested in lowering the monthly fees they pay to a financial institution should consider Axos Bank. For this reason, it’s a good idea to check out Axos Bank as you compare top online banks.