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Axos Bank Review: Our Expert Take on This Online Financial Institution
By Ben Carter
8.8
Consumers Best Score
Consumers Best Verdict: Axos Bank Highlights
Axos Bank is a full-service digital bank offering a broad spectrum of personal and business banking products, including high-yield checking and savings accounts, loans, and investment services. As an online-only institution, it focuses on providing competitive rates and robust digital tools for a modern banking experience.
For consumers comfortable with digital banking, Axos Bank presents a compelling option. Its strong lineup of accounts, often featuring attractive interest rates and low fees, combined with extensive online and mobile capabilities, makes it a solid choice. While the absence of physical branches could be a drawback for some, its technological convenience and cost-effectiveness are significant advantages.
In-Depth Look: Axos Bank Features & Considerations
Core Features & Consumer Benefits
Axos Bank distinguishes itself with several key features that cater to the needs of today's digitally-inclined consumers.
Competitive Interest Rates
Axos Bank frequently offers APYs on its checking and savings accounts that surpass those of many traditional brick-and-mortar banks, helping your money grow faster.
Low or No Fees
Many Axos accounts come with no monthly maintenance fees, no minimum balance requirements, and unlimited domestic ATM fee reimbursements, saving you money on common banking charges.
Wide Range of Products
Beyond basic checking and savings, Axos provides CDs, mortgages, personal loans, auto loans, and investment options through Axos Invest, offering a comprehensive financial hub.
Robust Digital Platform
Users benefit from a user-friendly online banking portal and a highly-rated mobile app, enabling easy account management, mobile check deposits, bill pay, and fund transfers anytime, anywhere.
FDIC Insurance
Deposits at Axos Bank are FDIC insured up to the maximum amount allowed by law ($250,000 per depositor, per ownership category), providing security and peace of mind.
Important Considerations & Potential Downsides
- No Physical Branches
As an online-only bank, Axos does not have physical locations. While ATM access is extensive, those who prefer face-to-face service will need to consider this.
- Requirements for Best Rates
Some high-yield accounts may require meeting specific criteria (like minimum direct deposit amounts or debit card usage) to earn the top-tier interest rates.
- Cash Deposits Can Be Tricky
Depositing cash can be less straightforward than with traditional banks, often requiring using partnered services or money orders.
- Customer Service Exclusively Digital/Phone
Support is available via phone, email, and secure messaging, but there's no option for in-person assistance, which might be a concern for complex issues.
