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Business Insider's personal finance team compared Axos Bank to the best online banks, and it stood out as an industry leader. Its checking account is a superior option for avoiding domestic ATM fees and overdraft fees. The bank also has a variety of banking products and services, so it could be worth exploring if you primarily want to bank in one place.
Axos Bank is an online bank. It doesn't have physical locations, so it isn't the best option for anyone who values a traditional brick-and-mortar experience.
For banking, there are personal and business checking accounts, savings accounts, and CDs, as well as both a personal and business money market account, which you won't find at every bank. Your deposits are FDIC-insured for up to $250,000, or $500,000 for joint accounts.
Axos also offers home loans, personal loans, auto loans, and investment services.
The Better Business Bureau has given Axos an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Axos also doesn't have any recent public controversies.
At Axos Bank, you typically don't need to worry about monthly bank maintenance fees for most personal and business banking products. The standard checking and savings accounts do not charge any monthly service fees.
There are a few exceptions, though, so check the bank's fee schedule to make sure the account you're interested in doesn't have any fees. For example, Axos Bank Business Interest Checking and the Axos Bank Non-Profit Money Market Account charge monthly service fees when you do not meet certain minimum balance requirements.
Axos Bank is one of the best banks for avoiding overdraft fees. Many of its checking accounts specify that they have zero overdraft and non-sufficient funds fees.
You can get overdraft protection by linking your checking account to a savings account. When you overdraw from your checking balance, Axos will restore your balance by moving over money from your savings account. There is no fee for this service.
Overdraft fees are still common at many financial institutions, particularly brick-and-mortar banks. If your priority is to minimize checking account fees, Axos is a good option overall.
If you regularly travel throughout the U.S. and need to use ATMs, you may like Axos Bank. It's one of the best banks for avoiding ATM fees. You can get unlimited domestic ATM fee reimbursements with Axos checking accounts. This is a unique perk seldom offered by banks.
Axos mobile banking offers a hub for managing personal bank accounts, business bank accounts, loans, and investment accounts. The app includes standard features common among big bank mobile apps. For example, you can make mobile check deposits, check your credit score for free, set up a direct deposit, open new bank accounts, set balance alerts, add stocks to your brokerage account, and apply for a loan.
The Axos mobile app has 4.7 out of 5 stars in the Apple store, and 3.2 out of 5 stars in the Google Play store.
Axos online banking has many of the same features as the mobile app. To use Axos online banking, you have to sign in through the bank's website.
To speak to a customer service representative, you can call Axos. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.
Axos customer service hours vary depending on the product. For example, representatives are available 24/7 to answer questions about personal banking but loan service support is only available for 8 a.m. to 5 p.m. PT on weekdays.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Axos Bank ranked lower in overall customer satisfaction than the segment average for online-only checking providers. Other online-only institutions like Charles Schwab and Capital One ranked the highest in this study.
Is Axos Bank legit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Yes, Axos Bank is a legitimate financial institution. It is FDIC-insured. When a bank is federally insured, your insured deposits — up to $250,000 per person, per account category — are secure in a bank account even if a bank fails.
Who owns Axos Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Axos Financial, Inc. is the parent company of Axos Bank. The company was previously known as Bofl Holding, Inc prior to 2018.
What services does Axos Bank offer? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Axos Bank includes many services common among big national banks. You can apply for personal and business checking accounts, savings accounts, money market accounts, and CDs. The bank also offers loans and investment services.
What are the fees associated with Axos Bank accounts? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
There are minimal fees associated with Axos Bank accounts. You won't have to be concerned with monthly service fees, overdraft fees, or out-of-network ATM fees on any standard Axos personal or business checking and savings accounts. The premium bank accounts may have monthly service fees, though.
How can I contact Axos Bank customer service? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can contact Axos Bank customer service by phone. Personal banking support is available 24/7. If you have questions about other Axos Bank products, customer support hours may vary.
What are the pros and cons of banking with Axos Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The pros of banking with Axos Bank include top-tier business and personal checking accounts, and savings accounts with minimal bank fees. The cons of banking with Axos are that there are no physical locations and low CD rates compared to other banks.