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Axos Review

Range of digital banking tools available

Reviews 161
Axos
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Axos
Axos
Poor
Reviews 161
Bestmoney Staff
Nov. 07, 2023
2 min read
BestMoney Staff
Axos Summary
Axos Bank is one of America’s oldest digital-only banks, having been founded in 2000 under the name Bank of Internet USA. It offers a strong selection of financial products and services, including checking and savings accounts, CDs, and various types of loans. It serves personal, small business, and institutional clients around the United States.

Pros

  • Zero opening deposit and cash deposits accepted
  • Zero minimum monthly balance requirements
  • Unlimited domestic ATM fee reimbursements

Cons

  • No interest on most basic checking account
  • Lacks rewards offered by some rival online banks

Axos at a glance

9.6
Editorial score

Fees?

Most products are fee-free
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
10.0

Customer service

24/7 service with multiple communication options, dedicated fraud team
10.0

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities
10.0

Mobile experience

Excellent mobile app with all mobile banking features enabled, including digital check deposits
10.0

Axos Axos Visit Axos

Advantages Over Regular Bank 

Here are some of the advantages Axos offers over regular banks:

  • 24/7 access to bank accounts and associated services, including evenings, weekends, and holidays
  • Open a new bank account in minutes, from the comfort of your computer or phone.
  • Round-the-clock customer support for all users, via website, secure messaging, or phone.

Cutting-Edge Banking Services 

Throughout almost 20 years in online banking, Axos Bank has had plenty of time to develop and refine its services in accordance with what its customers want. 

Axos Business Interest Checking highlights include:

  • Business owners get up to $400 welcome bonus!*
  • Zero opening deposit and cash deposits accepted
  • Two domestic wire reimbursements monthly
  • Unlimited domestic ATM fee reimbursements

    Enhanced Visa benefits and first 50 checks free

  • Earn 1.01% APY for Business Checking accounts

Traditional Banking Services 

Axos Bank has made a name for itself as one of the longest-running digital banks, but it by no means neglects traditional banking services. Axos Bank users get access to a range of bank accounts and financial services.

Here’s a breakdown:

  • 5 types of checking accounts, with varying features and requirements
  • 2 types of high-yield savings and money market accounts
  • Range of certificates of deposit, with terms ranging from 3 to 60 months
  • Access to global network of ATMs, with unlimited fee reimbursements for some accounts and limited reimbursements for others
  • Financial services for businesses, including: merchant services, business loans and financing, and a range of digital business banking tools

Interest Rates and Fees 

One of the best things about Axos Bank is the fees. There is a $10 monthly maintenance fee for the Business Interest Checking account, but it can be waived with a $5,000 minimum average daily balance.

Customer Service 

With Axos Bank, you don’t only get 24/7 online access. You also get 24/7 customer service via two methods: secure messaging (online or mobile) or phone. In addition, the Axos Bank website has an extensive support section with answers to lots of frequently asked questions. 

Mobile Apps

All Axos Bank customers get access to the free Axos mobile banking app, available for download on iOS and Android devices. Although not as comprehensive as Axos Bank’s online platform, the app does have some pretty useful features.

With the Axos mobile banking app, you can:

  • Check your account balances
  • Transfer funds between your Axos accounts
  • Pay bills
  • View your account transaction history
  • Contact a customer support rep using secure messaging

Security

One of the things we like about Axos Bank is that it’s transparent about security measures. According to Axos, its accounts come with the following layers of protection:

  • 2-step authentication, consisting of questions only you know the answer to or a security code to your mobile device
  • 128-bit SSL encryption to ensure your data remains private and secure
  • Regular updates to detect and prevent viruses and malware
  • Automatic logout when your session is inactive for more than a few minutes
  • Accounts are regularly monitored for potential fraud


Axos Axos Visit Axos

Conclusion 

Axos Bank does the basics very well, in fact better than most banks. While it lacks some of the rewards and add-ons found at other online banks, Axos is up there with the best banks when it comes to APYs and fees. If being able to open parallel checking and savings accounts with decent interest, no fees, and the convenience of 24/7 access from your computer or mobile device is your priority – then Axos Bank checks all the right boxes.

Disclaimer

* Open a business checking account by Dec. 31 and get up to $400 when you use promo code NEW400 on your application.


BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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Trustpilot reviews
See what some customers are saying about Axos
Poor • Reviews 161
on
Excellent
13%
Great
2%
Average
0%
Poor
2%
Bad
83%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Pa
Patricia
3 weeks ago
Good
I had a good experience with mark yosif from business banking
RR
Romano Richetta
2 months ago
Representative Joseline Lopez in business…
Representative Joseline Lopez in business banking quickly resolved our need and went the extra mile to help our company. Josie is great and a great asses to the bank.
De
Debra
2 months ago
I use Axos Bank as my business bank…
I use Axos Bank as my business bank because they do international wire transfers and their fees for banking are zero. There is no minimum balance, no extra charges, and no monthly fees. I do everything online and my sales channels are direct deposit to their business bank. It is straightforward. It works for me and they do what I need for business banking without balance minimums, no maximum deposits per month or withdraws, and wire fees are $50 international / $25 domestic. I can pay bills and move money around for free.
robert kinskey
2 months ago
Very Knowledgeable and willing to…
Very Knowledgeable and willing to handle account personally. Mr. Mark Yousif Relationship Manager , SBB in the Business Banking department , Thank You V/r: Bobby Ray Kinskey owner Kinskey Repair Consulting
Ed
Ed
2 months ago
Yasaman N
Yasaman N. is a professional and helped us set up our business accounts to align with our business structure. Thanks, Yasaman!
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