Axos Bank Review 2020

Published February 2020 by Matthew Goldberg

AT A GLANCE
4.2
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Bankrate Score

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ATM fee refunds

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Rewards Checking

This bank is good for people looking for a solid online bank, with a wide network of no-fee ATMs. People looking for a full suite of loan products or the highest available rates should look elsewhere.

  • Checking
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    4.8
  • Savings
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    4.8
  • MMAs
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    4.2
  • CDs
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    2.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    BMO Harris Bank

    Member FDIC

    CD

    1.85 % APY

    2 yr

    Term

    $ 5,000

    Min. deposit

    Overall

    4.2

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    Bankrate Score

    Nationwide bank customers have been transitioned to Axos Bank. Axos Bank, a federally chartered savings bank, offers a broad range of financial products. This includes checking, savings, money market accounts, CDs, mortgages, and personal loans.

    This bank is good for people looking for a solid online bank, with a wide network of no-fee ATMs. People looking for a full suite of loan products or the highest available rates should look elsewhere.

    What we like

    • No monthly fee or minimum balance requirement for checking. No fee monthly fee on savings account with a minimum daily balance of $300.

    • Essential Checking and Rewards Checking customers get unlimited ATM reimbursements in the U.S.

    • Checking accounts include the ability to schedule automatic bill payments, and make peer-to-peer payments.

    What we don't

    • The APYs offered on savings and checking accounts are modest, at best.

    • Like many other online banks, there is no physical branch access.

    • Fee-free ATM withdrawals are capped at two to eight transactions, depending on account type. For unlimited, no-fee ATM access, premier membership is required.

    Checking accounts

    4.8

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.55 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Nationwide’s relationship with Axos Bank gives members access to Interest Checking accounts. There’s no minimum amount needed to open an account, no monthly service fee and Axos will reimburse ATM fees for account holders up to six times each month.

    Other checking options include the interest-bearing Rewards Checking, which requires a $25 initial deposit, and CashBack Checking. CashBack Checking allows users to earn up to $2,000 per month in cash back.

    What we like

    • Tiered-rates allow all balances to earn interest.

    • No monthly fees.

    • Free starter kit of checks (if ordered at account opening).

    What we don't

    • CashBack checking account requires a $1,500 minimum balance.

    • The Golden Checking only allows up to $8 of domestic ATM fees to be reimbursed per month.

    • The Second Chance Checking has a $6.95 monthly service fee — even if you have a direct deposit.

    Savings accounts

    4.8

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    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.70 % APY

    $ 0

    Min. balance for APY

    Axos offers the High Yield Savings account, which allows you to get a decent payout. While you can find higher APYs elsewhere, you will still earn a much higher yield than what many other banks offer. You’re able to get an ATM card upon request. There are no monthly maintenance fees or minimum balance requirements.

    What we like

    • You can earn a higher payout than the national average for savings accounts with the Axos Regular Savings account.

    • Interest on the High Yield Savings account is compounded daily.

    • There are no rate tiers on this account, so everyone gets the APY regardless of balance.

    What we don't

    • While its APY is a lot better than the national average, many banks offer a higher APY.

    • Since there are no rate tiers, you’re not rewarded with a higher APY for depositing more money in the account.

    Money market accounts

    4.2

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    Bankrate Score

    The High Yield Money Market account is the highest-yielding option. While this APY is a lot higher than some, there are money market accounts where you can earn a higher APY. The Money Market Plus also has check-writing privileges and interest is compounded daily.

    What we like

    • The APY on this account is higher than the national average APY.

    • The Money Market Plus reimburses domestic ATM fees twice per month.

    • Interest on the money market account is compounded daily.

    • The money market account has check-writing privileges.

    What we don't

    • You need to have $10,000 in your money market account in order to get the highest APY. This is high compared with its competitors.

    • There are higher APY money market accounts available.

    CD rates

    2.9

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    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.85 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Nationwide Bank offers CDs across all standard terms ranging from three months to five years. The minimum deposit is just $500, making the account accessible to consumers across the income spectrum.

    CDs automatically renew when they mature. Early withdrawal penalties vary depending on the length of the term. For example, with a 3-month or 6-month CD, the penalties for early exits are one and a half months of interest and three months of interest, respectively.

    What we like

    • Interest is compounded daily.

    • Low minimum deposit to open a CD.

    What we don't

    • Other online banks pay higher yields.

    • No special types of CDs are currently available.

    • Part of the principal may be used to cover an early withdrawal penalty if not enough interest has been earned.

    Bank experience

    While Axos Bank only owns 20 ATMs, the bank provides Essential Checking and Rewards Checking customers with quite a nice perk: unlimited ATM reimbursements in the U.S.

    While nothing stands out in its mobile banking app, you can use the app to take care of basic tasks, such as check balances and view and activate cash back offers.

    The bank shines in customer service hours: you can reach customer service agents 24 hours a day, seven days a week.

    About Axos Bank

    Axos Bank is a digital bank that was founded in 2000. It is the banking subsidiary of Axos Financial, Inc. It offers specific banking products to Nationwide customers on the Nationwide website. Axos Bank has its headquarters in San Diego.

     

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He graduated from Illinois State University with a bachelor's degree in mass communication and earned an MBA at William Paterson University. He began his writing career in 1998 at Sun Publications in Crystal Lake, Illinois. He was sports editor at The Daily Vidette, a sports reporter at The Journal Standard and a sports writer at The Quincy Herald-Whig. His work has also appeared in Sports Illustrated On Campus. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. He also has more than seven years of financial services experience, in both banking and insurance.