Axos Bank is a federally chartered online bank. Like many online banks, Axos offers several unique benefits and saving opportunities. Axos banking doesn’t involve going to any physical branches. It also offers several great rewards. In this overview, we will be looking at the benefits Axos carries. Then, we will be looking at the unique aspects of Axos banking that you should keep in mind.
Axos Bank offers several account types. Each of them has its own costs and benefits. So, we will break down each section by account type.
Axos Banking Personal Banking Accounts
Checking Benefits
There are several Checking accounts offered through Axos. Also, there are no maintenance fees with any Axos Checking account. This is a strong benefit if you’re thinking of switching from a bank with maintenance fees or minimum balance fees.
The different Axos Checking accounts offer their own unique benefits.
Cashback Checking
Axos Bank’s Cashback Checking account offers a 1% cash-back reward on all purchases that require a signature. These kinds of rewards are typically only provided through credit cards. But Axos banking allows you to save one cent on the dollar for certain purchases.
Essential Checking
This simple checking account carries no fees or minimum balance requirements. It also allows for unlimited ATM reimbursements.
The Axos Essential Checking account is simple. It doesn’t offer as many rewards as other account types do. But it does offer a fee-free and simple Axos banking experience with no strings attached.
Golden Checking
Meant for retirees, this account offers a small 0.20% APY. It also includes free personal checks and carries no fees or balance requirements.
First Checking
This is a checking account meant to help parents teach children banking responsibility. There are no fees for maintaining it and it comes with transaction limits. It also offers a 0.25% APY so the account holder can learn the value of interest in small bites.
Rewards Checking
The Axos Rewards Checking account offers several digital tools. It also offers a 1.25% APY, allowing you to save more.
Second Chance Checking
This account was meant for individuals who used to rely on prepaid cards. The account comes with overdraft protection and a new Visa Debit card.
This is one of the only accounts that has a maintenance fee of $6.95 per month.
ATM Fee Reimbursement
This is one of the more important benefits of Axos banking. If you travel a lot, you often have to use ATMs that aren’t from your bank. This carries an extra fee in most cases. Axos banking is conducted online, meaning you’ll be faced with ATM fees often. Almost all Axos Checking accounts offer unlimited domestic ATM fee reimbursements. The only exceptions are:
- First Checking accounts (limited to $12 per month)
- Second Chance Checking accounts
- Golden Checking accounts
High-Yield Savings
Axos offers one high-yield savings account with more benefits than many other savings accounts. Among the strongest benefits of Axos banking, the High-Yield Savings account offers daily compounding interest at a 1.30% APY.
The High-Yield Savings account doesn’t carry any fees or balance requirements. It also gives you access to maintenance tools.
IRA Accounts
Lastly, Axos Bank offers traditional and Roth IRA accounts. These are low-risk investment accounts that allow you to save for retirement. These accounts do have deposit requirements, but they also offer daily compound interest.
Axos Banking For Business
Axos offers multiple banking services for business purposes. Their services include:
- Analyzed business checking
- Treasury management
- Certificate of Deposit Registry Service (CDARS)
- Escrow management
- Property management
Axos business banking options include:
Basic Business Checking
The basic business checking account has a minimum deposit of $1,000. But there are no fees or minimum balance requirements after that. It doesn’t build interest, but the lack of fees means it won’t cost you either.
Business Interest Checking
This account carries a $10 per month maintenance fee. You also need to maintain a $1,000 balance or face a $25 insufficient funds fee. If you have over $5,000 in the account, the maintenance fee is refunded to you. The benefit is the 0.80% APY that the account comes with. For large balances, the Axos Business Interest Checking account pays off.
Business Savings
This account offers a 0.80% APY. It comes with variable interest that’s compounded daily. If your balance is at least $2,500, there are no maintenance fees. There is a minimum $1,000 deposit requirement to open the account.
Business Premium Savings
The Axos Premium Savings account is like the business savings account, but with higher requirements and higher yields:
- Minimum opening deposit of $25,000
- No maintenance fees
- 1.05% APY
- Balances under $24,000 do not acquire interest
Business Money Market
The Axos Business Money Market account is meant for small business owners. It has a $5,000 average daily balance requirement but has a 0.80% APY.
Axos Banking: How Can I Get Started?
To get started with an Axos Bank account, you can call +1 888-502-2967. Or, you can just make an account online.
When you’re signing up, be prepared with:
- Your social security number
- A government-issued ID
- A US mailing address (not a PO box)
Signing up for Axos banking is fast and convenient. If you have this information ready, the process should be a breeze.
Axos Banking: Factors To Keep In Mind
Axos is a technology-driven bank. While it offers many benefits that older banks don’t, you won’t be able to walk into a branch to discuss your questions with an employee. They do offer customer support, but it’s limited to phone calls and online messaging.
Keep in mind that you will often be faced with ATM charges with Axos. That’s why they offer ATM fee reimbursement with most of their accounts. But it’s up to you to make sure the account you choose offers the ATM fee reimbursements you’ll need.
Axos banking is a rewarding experience if you can get used to the intricacies of online banking. They offer great benefits but lack some of the things that make non-online banking easier. You can always just open an account with them on top of whatever bank accounts you already have open. They don’t charge fees for many of their accounts, so it’s easy to give them a try.
