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Axos Review

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BestMoney Staff
Bestmoney Staff
Jun. 18, 20214 min read

Axos Rewards Checking 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. All Axos personal accounts are offered free of monthly fees.

Pros

  • High APYs for checking accounts
  • No monthly fees on any checking or savings accounts
  • Dedicated accounts for seniors and teens
  • Assistance with switching from previous bank

Cons

  • No interest on most basic checking account
  • Lacks rewards offered by some rival online banks
  • Lack of support for mobile wallets
Axos Rewards Checkingat a glance
4.4

Editorial score

Fees?

No fees at all

5.0

Security

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

5.0

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team

4.0

Online experience

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

5.0

Mobile experience

Basic mobile app that may not be available on all devices

3.0

Axos Axos Visit Axos

Advantages Over Regular Bank 

Axos Bank, formerly Bank of Internet USA, was born on July 4, 2000. The bank’s founders purposely set the launch date for the Fourth of July because they wanted to demonstrate their independence from traditional banking. Almost 20 years on, and Axos is still a leader in online banking.

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.
  • None of those annoying fees the big brick-and-mortar banks charge, such as monthly maintenance and transfer fees.
  • 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 Bank highlights include:

  • Access to your paycheck two days early when you sign up with direct deposit.
  • Manage all your regular bills within one dashboard.
  • Step-by-step checklist on moving your old bank account over to your new Axos account.
  • Up to 1% cashback on all transactions that require a signature (with special CashBack Checking account only).
  • Joint checking accounts for 13-17 year olds and parents, with accompanying financial management tools.
  • Visa offers and perks.

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
  • Wide selection of loan products, including: personal loans, auto loans, and home loans
  • 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
  • Axos Premier, a private program for anyone who opens a deposit account with a minimum opening deposit of $500,000. Includes personal relationship manager, expedited services, and full high-transfer, ATM, and point-of-sale limits

Interest Rates and Fees 

One of the best things about Axos Bank is the fees – or lack thereof. Axos Bank doesn’t charge any maintenance fees. What’s more, most accounts come with the lure of no overdraft fees as well as ATM reimbursements ranging from unlimited for standard checking accounts to $8-12 worth of monthly reimbursements for age-restricted accounts.

Account typeAPYMin. balance
Essential Checking0%$0
Rewards CheckingUp to 1.25%Varies by tier
CashBack Checking0%$0
Golden Checking (Age 55+)0.10%$50
First Checking (Age 13-17)0.10%$0
High-Yield Savings0.15% - 0.61%
$0
High-Yield Money Market0.25%$0
CDs (3 to 60 months)0.55% to 2.25%$1,000

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.

BestMoney Staff
Written byBestmoney 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.

Axos Rewards Checking
Axos Rewards Checking
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  • author
    Doug Ludemann
    4 days ago
    Could not get through the application…

    Could not get through the application process before system errors induced a customer service request. Their service is obtuse and unhelpful. They have failed to earn my business.

    ...

  • author
    Stacey Jennings
    May 01, 2022
    $14,000 MISSING

    They took the money put my fathers account who had written checks to me - they then said the mobile deposit wasn’t accepted and to mail in physical checks … I did and then I got a message they were closing my account. No ability to speak to anyone. They kept saying “we can chose to end the banking relationship at any time” - they mailed the checks back to me but still have not credited it back to my fathers account. $14,000!!!!!! All they told me when I asked about it was “your money is safe”. 5 months later still no $14,000 Run as fast as you can from these clowns

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  • author
    Alexander Red
    Apr 22, 2022
    Terrible Customer Service

    Worst customer service ever! I will be changing banks ASAP. What other bank takes 5-7 business days to process a deposited check that is from another bank, one of the largest in the world? Mobile deposit takes longer? Okay, great, that's the only option to deposit a check. After going back and forth for a week via email I'm finally told I can request early release of funds and it can be processed within 24 hours. Why didn't anyone bother to tell me this when it would have made a difference? And no other bank ever has flat out refused to honor the name I actually use (which is part of my legal name) and put it on my debit card.

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  • author
    Stewart King
    Apr 21, 2022
    Terrible online bank

    Terrible online bank. Blocked my debit card without notifying me, every request or transaction requires you to submit a ‘secure message’ which takes days to be responded to, absolutely zero personal touch. Left listening to hold music for well over an hour. Will be closing out my account asap.

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  • author
    Nadav Boaz
    Mar 18, 2022
    Awful customer support.

    Awful customer support. They won't accept my US passport as identification.

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  • author
    Nicole K
    Feb 12, 2022
    High yeild savings

    Look. It's a mobile bank with no place to talk to bankers in person. It's a little annoying to not be able to deposit cash but that rarely ever happens to me. I've been with Axos for a little under a year with zero problems. All my information is processed correctly with easy-to-navigate online platforms. Also, their high yield savings is the reason I have an account with them.

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  • author
    M. Weeks
    Jan 25, 2022
    You used to be great

    You used to be great, everything went downhill after Axos Invest and Axos Bank combined(Feb. 2021) For about a year I tried to get an issue resolved with my brokerage account, transactions wouldnt complete, I still have pending transactions from a year ago, although my brokerage account is closed. I was advised to closed the account so I could open a new one. After closing the account, which it seems i can still make changes too...yeah doesnt make sense...I am now unable to open a new brokerage account I previously wrote a great review about how much I like banking with Axos Bank and Axos Invest as separate entities back in 2019, but I can't say that in the least. As many have mentioned customer service was abysmal as the misinformation received was concerning regarding my accounts. I thought I'd finally found a bank/brokerage that would suite all my needs, but this past year dealing with them, if someone actually responded was beyond ridiculous. There was one person if i was lucky my ticket got assigned too was Melissa. How is tech support still trying to resolve an issue over a year ago w/ the brokerage accounts is beyond me, but as of this writing 1/25/2022 12:59pm Eastern...I am still unable to open a new brokerage account. They apparently also dont seem to have a way to setup all new credentials.

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  • author
    Jordan V
    Jan 10, 2022
    Horrible bank

    Horrible bank, tried to use for business banking. They couldn't even send me statements for tax filing. Don't risk your time with these boneheads!

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  • author
    Jen Catz
    Jan 04, 2022
    Bait and switch

    Bait and switch. I immediately asked for my direct deposit to be sent here to make to 60 day bonus offer. My first deposit will be 3 days after the 60 day limit. I now scheduled some funds for the axos account so it isn't closed before the first direct deposit. But you can bet I will be spending new years days looking for a new bank.

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  • author
    Kaisia James
    Dec 31, 2021
    Horrible bank

    Horrible bank. Just left a review and it was deleted? Stat away from these money holding thieves. Release my funds and stop giving people reasons to call over and over and over wasting our precious time and not getting resolution. Provided better service and give better answers to why your are withholding our money.

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  • author
    Mike Salley
    Dec 14, 2021
    Mobile Banking at its Worst

    Terrible service. Online mobile deposit is useless. It never works. They hold your funds for days. Trust me. Stay away. You WILL eventually regret doing business with them.

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  • author
    Alex Williams
    Jul 05, 2021
    Guess They Forgot That I Applied For A Loan

    We were pre-qualified for a personal loan by this bank (through Lending Tree). Someone called to tell me that they could not process applications with two applicants (myself and my wife) but they could send through the application to their underwriters with my name only. That was almost a month ago and I have heard nothing since. We needed the loan within two weeks and that was what we indicated on the Lending Tree application. Fortunately for us, we didn't need them and I have learned to never ever do business with this bank again. We wound up using our own money for the purchase for which we wanted the loan. Crazy thing is, our credit record is excellent, cars are all paid for, house will be paid for in a few months, we pay all our bills, and income is good. Just hate I wasted my time with, what is in my personal opinion, a sorry excuse for a bank. NEVER AGAIN!!!!!!

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  • author
    kendra wells
    May 15, 2021
    HORRIBLE BANK AND BAD CUSTOMER SERVICE!

    I applied for a unsecured personal loan on 5-15-2021 online and received a missed called from the personal loan department. I called the number back he left on my voicemail and ask him what credit bureau did they do a hard pull from? He told me that they pulled all 3 credit bureaus which couldn’t be correct, because all lenders have a 1 main credit bureau they pull from. He told me that they do a soft pull through Experian and a hard pull from all 3 credit bureaus. I told him that is impossible, because all personal loan companies just have 1 credit bureau they pull from. He started raising his voice being rude, and became very combative. He told me that he never heard of a company pulling 1 credit bureau doing a hard pull, and started yelling in the phone. I told him that I didn’t like his attitude behind me just inquiring about my credit. He hung up the phone in my face, and when I called the number back it kept going to voicemail. Then I tried to log onto my account online, and all of a sudden NOW I AM LOCKED OUT OF MY ONLINE ACCT. He locked me out of my online account, and probably cancelled the loan application! Lol I have never in my life experienced such rude, and condensing employees at a company like this ever before! This is literally insane for a employee to have such horrible customer service, not be educated on giving a customer the correct information regarding their credit, and hanging up in my face in totally unacceptable. At first I didn’t even think this was a legitimate company, because I didn’t find any reviews online up until now. I wouldn’t dare want to do business with a company that treat customers in such a manner. Now I see what all of the reviews are saying are true about the customer service, and all of the issues with the online portal. So when a employee mistreats you, and talk crazy to you they will disable your online account making it difficult for you to log in. My online account was working just fine until THE PERSONAL LOAN DEPT hung up in my face. Now all of a sudden I have no access to my online account and I need to call customer service. STAY AWAY FROM THIS COMPANY AT ALL COST BECAUSE THEY ARE THE WORSE!

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  • author
    Gerald Sykes
    May 12, 2021
    WARNING

    WARNING! DO NOT USE THIS BANK! Service is the worst ever and they will do anything to avoid return your money!!

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  • author
    Doug Schwind
    May 11, 2021
    Terrible bank

    Terrible bank. Don't put real money in. If you want to try, start with small amounts and have a backup bank to rely on when you realize how bad they are. 0 stars

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  • author
    Chris Fointno
    Apr 23, 2021
    Horrible experience

    Horrible experience. When you need their customer service you will be disappointed in their response. I have been the victim of fraud and disputing with them has been a nightmare. I would highly recommend any and everyone stay away from this bank.

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  • author
    Frank Boyer
    Apr 22, 2021
    Worst bank account EVER!!

    Worst bank account EVER!!! They will constantly freeze your debit card for "fraud alerts". Avoid this "bank" like the plague. I personally had my card frozen 3-5 times a week over the last 6 months for simple online purchases (adidas/paypal/etc) and gas station purchases (Just trying to pump gas WT F!). I already pulled all of my money out of Axos and went with my local credit union. It has been a month since the move, and I have not had any problems since with debit card transactions since. If you are OK calling Axos 3-5 times a week to verify your purchases go with them, if not, go somewhere else and do yourself a favor. I am personally not ok calling them multiple times a week to get permission to spend MY MONEY!

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  • author
    Adria D. Robinson
    Mar 29, 2021
    If I could this bank a negative 3,000

    If I could this bank a negative 3,000. I would. I setup an account with the, based on the review fro, Nerdwallet, what was I thinking!!! I pit a deposit in the account to purchase a phone with Apple. My debit card declined the very first time I used it! I called customer service and spoke with 3 different people. The 3rd person said that Apple does not accept their cards, so I made the order with Apple Pay. Later on in the day I went to make another purchase and my card declined again! I call them again and now I’m told my account is restricted. Now I’m pissed. Then he proceeds to tell me that I can’t speak with the dept that restricted the account and they will, contact me. They don’t haves time frame on how long my account will be in review! I asked to speak with a supervisor. They said I can’t talk to one. A supervisor will have to call me in a couple days! Unbelievable! As soon as my money is unrestricted I, going to move my money to another bank and close this account! DO NOT BANK HERE!

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  • author
    James Foster
    Mar 27, 2021
    Ruined a great UI and replaced it with slow clunky ui and rude/slow customer service and transaction times.

    I was a wise banyan user. After it was acquired by axos they ruined the great user interface, cancelled the app, merged it with their online banking which didn’t allow the functionality of the app, and quadrupled their transaction times. Their customer service was rude and annoyed to have to talk to me about what they messed up and took months to transfer, vs the normal 3-5 days.

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  • author
    Christa Speer
    Mar 13, 2021
    If I could give a negative star i would…

    If I could give a negative star i would this is hands down the worst banking experience I've every had and they have cost me several dollars due to there bs and unreasonable and unreliable banking I regret the day I opened a bank account with them

    ...

  • author
    Christopher Beaudoin
    Feb 09, 2021
    Starting off I am partial to online banks.

    Starting off I am partial to online banks and prefer them to brick and mortar. I was originally a customer of Simple Online Bank and while they had great customer service they were limited in what they offered. I found Axos and I very much like the different accounts they offered. I have been with them now for 6 months have been very happy with my experience with them. I will say the only complaint I do have is there check cashing, they tend to hold funds longer compared to other accounts I have had. I have had several friends switch to Axos and they all have been very happy.

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  • author
    Mike Gray
    Nov 05, 2020
    Extremely difficult to work with

    Extremely difficult to work with. They claim to be an "online bank" but everything requires you to call in, so I think that makes them a "phone-in bank". The person who helped when I called in was condescending and seemed to be actively trying to make my situation more difficult. Closed account, went to a real bank.

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  • author
    alexia smith
    Nov 02, 2020
    horrible…

    do not use this bank they are horrible people, will hold onto your funds without warning, and close your account when they feel like it with no explanation.

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  • author
    Krista Wright
    Aug 18, 2020
    If you like having access to your money stay away!

    Ok, first of all, I'd have to say that there is one shining gem in this company, the man who helped me sign up, Mr. McKenzie. He's awesome. However, ever since I got this bank account 8 months ago, I have NEVER been able to actually access it or use it without an issue! The debit card gets denied ALL THE TIME - Amazon, the CRM software I use, my business cell - denied, denied denied. Heaven forbid you travel internationally for work, you'll immediately get a Gladiator flag and get locked out of your account. Even when I warn them in advance - no dice. Think you can use a VPN? Think again! The site will say that it doesn't recognize the login and ask to CALL you - not even text! If you can't access your US phone, you're sh!t out of luck. Bottom line, if you plan to ever use the debit card or travel internationally for work, this bank is not for you.

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  • author
    Nate
    Jul 09, 2020
    Last close to 4000 with this bank they…

    Last close to 4000 with this bank they rip me off horrible customer service very rude and uncooperative irresponsible they don’t see you as a human being but only as a $and I don’t care about you very rude. Zero customer service

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  • author
    Gary
    Jul 02, 2020
    BEWARE OF UFB DIRECT OF AXOS BANK!

    BEWARE OF UFB DIRECT (Online version of AXOS BANK)! If I could rate them with a negative 5 I would do it but one star will have to do. On 05/27 I opened a money market account because the bank touted the best money market rate in the country. Before making a deposit, I called a banker about the history of maintaining rates. She stated rate changes were infrequent so I decided to move ahead and wired my money. During June the money market rate dropped twice to nearly half the original rate, no longer competitive. On 06/29 I decided to move my money. I spent time researching before the transfer and learned the policy regarding the bank and lowering the amount in the account. “According to UFB Direct's Premium Money Market page, there is a $10 monthly maintenance fee if the daily average balance drops below $5k.” So this means that if my balance fell below $5k, they would charge me $10, that’s it. I called the bank to see if the rate could be improved considering my large deposit, Angela a customer service rep said she could do nothing about it. That made my decision for me so I planned to transfer my money to another bank with a higher interest rate. I asked for options to transfer my money. Angela transferred me to Derek from the wiring dept who said wiring was the best way. Neither Angela nor Derek mentioned moving my money before month end would affect my interest. It was the 29th, 2 days before the end of the month. I had a sizeable account and the interest accrued for the first 29 days was over $500. Using the online policy reference I had researched (i.e. the worst that could happen is they would deduct $10 from my account for going below the $5k minimum). I submitted the wire request. I got a call later in the morning of 6/29 from a male rep asking why I was moving my money, I explained the rate issue. He then approved the wire again with no mention about timing and how it might affect the interest accrued. On 07/01/20 I woke up to see if the interest was deposited but the accrued interest was zeroed out. I called the bank spoke with Mike who talked with his supervisor, who then told me it was a computer error that the interest would be added in 1 to 2 hours. After two hours, nothing got deposited so I got online with the bank and started a chat session with John C. who after speaking with his supervisor now said since I transferred out my money, the interest was defaulted, the exact opposite from Mike just two hours earlier. Also I had researched prior that there was only a fee for going below $5k. I did not close my account which is still open today. Obviously I would have left the money in my account for 2 days longer had anyone told me it needed to stay until month end (which was not mentioned in the policy I already mentioned). Before stopping my chat session, I asked John C. to have someone in management contact me. It has been two days and still no one has followed up. Bottom line, the bank representatives were unethical, misrepresenting bank policy. Not one of the many people I consulted with before the wire transfer provided any information about a need to keep the money in for the full month. I have business with many banks and I don't know of another bank that won't pay you interest due proportionately when you transfer the money to another bank. It is obvious they were manipulating the situation to avoid paying my interest. I have a very large network of business professionals and business owners in the U.S. whom represent more than 3 million businesses that I will be sharing this experience with. I will recommend that none of them bank with Axos or any of their divisions such as ufb Direct and to move their accounts if they are banking with Axos. A deceptive and completely unethical practice. I will pursue this until they return the earned interest. I have also submitted complaints to both the BBB better business bureau complaint and to the Consumer Finance Protection Bureau. No one has yet to contact me from the bank. PUT YOUR MONEY WITH ANOTHER BANK THAT IS TRUSTWORTHY, NOT AXOS BANK!

    ...

  • author
    JR
    Jun 24, 2019
    I signed up about a week and a half…

    I signed up about a week and a half ago. I had to take a photo of myself and my driver's license. It was a bit much but security is good, right? Today Axos closed my account. Why? Simply because I tried to add my new debit card to Google Pay. I understand this is their policy (which, of course I breezed through because I thought it was like every other bank I have had including USAA). But I feel it is a ridiculous policy. I was looking forward to banking with Axos but now I feel like a criminal. I feel that when it comes to security I should have choices on what and how much. I should have known it was going to go south when I couldn't activate my debit card online. I have never been treated like this before. I wouldn't recommend this bank to anyone I know.

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  • author
    shawn s
    Apr 11, 2019
    unacceptable experience

    unacceptable experience, took over three weeks for them to ask for all of the nessesary information all for them to tell me no.. with no real reason as to why... i have several people i work with who uses this bank in the same business... no communication for the bank..... pls dont wasre your time.

    ...

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