Axos Bank Review - Bitter to Richer (2024)

For those of you who don’t know, Axos is an online bank which offers stellar checking and savings accounts, but their CDs leave a lot to be desired. Before I continue, I would like to say that I am an affiliate of Axos (so I get paid if you click my links and open an account with them), but I only became one because I love what they offer – and as always I’ll give my full opinion (including both the good and the bad). Anyway, let’s get into the review!

What Are Their Checking And Savings Accounts Like – Why Are They So Good?

Well, for starters Axos does away with many of the fees you may be used to if your bank is a standard brick-and-mortar. In addition to that they offer a special rewards checking that earns a really amazing interest rate (at least for a checking account, of course). Their savings account also has a pretty competitive interest rate.

Their customer support, including a 24/7 phone and online messaging system, is one of the best I’ve seen in a bank too. Of course, since it is online you probably can’t walk into a physical branch for support (I THINK it may have 3 physical branches at the time this article was written), so if that is necessary for your banking needs it could be an issue. If I’m starting to lose you, and you need more information on checking and savings accounts in general, check out my article on them here.

Axos Rewards Checking

Their checking accounts are very nice – no monthly maintenance fees, no overdraft fees, plus no monthly balance requirements AND you get ATM fee reimbursem*nts. If you open up a rewards checking account, you can also get up to 1.25% APY on the cash in your account. The rewards account is a tiered system, which each tier adding more to your interest rate. In to earn the maximum interest rate (1.25% APY) you need to:

• Have monthly direct deposits of at least $1,000
• Use your debit card for at least 10 transactions (of at least $3 each)
• Use your debit card 5 more times (for a total of 15 transactions)

So, if you’re looking for a good checking account, sign up for Axos. If the rewards didn’t appeal to you, they also have a type of checking account that offers 1% cashback on your transactions. Now, I’ve mentioned how to use credit cards to your advantage before, but if you don’t like credit cards in general or just don’t have the discipline, that checking account gives you a way to still make use of a cashback rewards system.

Axos High Yield Savings

The high yield savings account is pretty straightforward, and highly competitive. During Covid and all the fallout that came with that, a lot of banks lowered their interest rates, but Axos Bank held steadfast for their customers (and that is honestly part of the reason I like them so much now). There are no minimum balance requirements or monthly fees, and it currently has an interest rate of .61%. The only downside is that once you have over $25,000 in the account, the interest rate will start to decrease (for the amount over $25,000). So, if that sounds good to you open up an account here.

Axos Bank CDs

So, this is the one aspect of Axos that I don’t think I’ll ever be able to recommend (unless it changes drastically). At the moment, its minimum requirements are rather high and it’s interest rates rather low – I believe they are about inline with some of the better brick-and-mortar banks, but it certainly doesn’t compete with other online banks. In short, use the checking and savings accounts, but open up a CD elsewhere if you feel the need to have one at all.

Pros & Cons

Pros

• You have options – Axos Bank has everything you’d expect, including checking, savings, and money market accounts as well as investment options, loans, and CDs.
• Limited monthly fees – almost none of the accounts offered by Axos have any monthly fees.
• High interest rates – most of their accounts offer very competitive interest rates, and Axos seems to have a history of changing them for the worse less often than other competitors.
• Good customer service – their customer service is fast and polite, albeit online.
• ATM fee reimbursem*nt – Axos gives domestic ATM fee reimbursem*nts on most of their accounts.

Cons

• Poor CD options – I wish it weren’t so, but there are many better CDs out there. Although, I’m not currently a big fan of CDs in general anyway.
• Limited physical branches – unfortunately you can’t just walk into a local Axos for support or to open up an account. For some, that is important (particularly for certain checking account needs), but it doesn’t have to be a deal breaker. Personally, I have multiple banks, including a brick-and-mortar checking account, precisely for that reason.

How Do I Open An Account?

Well, follow this link to their signup page and follow the steps . The process is pretty painless. It might be a good idea to have things like your address, social security number, and an ID handy if you don’t have it all memorized. At the moment Axos Bank is only for U.S. Citizens or Resident Aliens.

Business Accounts

When I started my first business, I used one of Axos Bank’s business checking accounts. It definitely met the needs of the business and I had a great experience with it. Naturally, since each business has drastically different requirements, it is hard for me to just give a blanket recommendation (whereas individuals have a lot more in common for personal banking). However, Axos is definitely a great option to consider, so if you’re starting a business (or already have one), check out the options they have.

Conclusion

Axos Bank is easily one of the best online banks, I recommend that most people at least look into the different accounts and features they provide. They have great flexibility, a large selection of nice features, and stellar interest rates (except for their CDs). If having no physical locations is a deal breaker, I recommend having one account with a brick-and-mortar (particularly if you need to do large cash withdrawals regularly), as well as one with an online bank that has great interest rates to house your emergency fund.

If you think I forgot something, or have something you want to contribute, feel free to add a comment! For more content like this, and a free budgeting template and financial goals worksheet, be sure tosign upfor the Bitter to Richer newsletter.