Axos Bank is an online bank that offers convenient and straightforward personal and business online banking. If you are looking at benefiting from high-interest accounts and paying no fees, and you want to manage your finances online using the latest technology that evolves depending on your needs, Axos Bank may be the bank for you.
Axos Bank offers personal banking such as checking and savings accounts, lending services like personal loans, investment through Axos Invest, and business and commercial banking solutions.
About Axos Bank
Axos Bank, formerly known as Bank of Internet USA, has been a leader in financial technology since 2000. With their digital approach, they wanted to offer personalized full-banking services capable of evolving with your financial needs and giving you access to your money at any time from anywhere.
Using the latest available technology, they also offer you digital security tools to protect your data. As an FDIC-insured bank, all your funds at Axos Bank are insured by the FDIC.
Axos Bank Personal Banking Services
Axos Bank offers banking, lending, and investing products and services for consumers looking to leverage digital technology and manage their banking products mainly online:
Checking Accounts
Axos Bank offers checking accounts with no fees and competitive rates; all managed through a highly rated, convenient mobile app:
- Essential Checking Account: This account is best if you are looking at managing direct deposits and taking advantage of online banking features and a mobile app. This account features early direct deposits, no maintenance or overdraft fees, and unlimited domestic ATM reimbursements.
- Axos ONE Checking Account (*) : If you can keep a high account balance in your checking account, this may be a better option, as you can earn interest on your money while enjoying no maintenance or overdraft fees and unlimited domestic ATM fee reimbursements.
- Cashback Checking Account: Earn cashback on your debit transactions for purchases when you sign up. So, if you use your debit card a lot, you get cashback as well as no monthly fees and unlimited domestic ATM fee reimbursements.
- First Checking Account: Earn interest for the money deposited in this account for children between 13 and 17 years old with no monthly fees, no overdraft fees, and some daily transaction limits.
- Golden Checking Account: This account is designed for people 55 years old and over to earn interest on their money, pay no fees, and get free personal checks.
Savings Accounts
Axos Bank offers very competitive rates on their savings accounts and a free ATM card to withdraw money from your savings account at any time.
- High-Yield Savings Account: There is no minimum balance requirement after the initial $250 deposit required to open this savings account, and you will pay no monthly maintenance fees to access industry-leading interest rates.
- First Savings: Introduce your teen to smarter saving skills. Earn a competitive APY on funds with zero monthly maintenance fees.
Money Market Accounts
The Axos Bank high-yield money market account offers checks and a free ATM card as two ways of withdrawing money from your account.
- High Yield Money Market: Pay zero monthly maintenance fees to access competitive rates after you deposit the $1,000 minimum deposit to open this money market account.
Certificate of Deposits (CDs)
Choose flexible terms between 3 and 60 months to access a higher return after the $1,000 minimum deposit.
Personal Loans
Axos Bank offers excellent personal loan rates and flexible terms between 3-6 years with fixed monthly payments and no collateral required. Get a personal loan between $7,000 and $50,000 to get funds deposited into your checking or savings account as early as two days after approval. You can use these funds for various reasons, such as funding a home improvement, consolidating your debt into one loan with lower monthly payments, or paying for an unexpected or significant expense.
Mortgages
Axos Bank offers mortgages to purchase a home or to refinance home loans. When you apply with them, you can take advantage of technology, manage the whole loan process online from start to finish, and get the support you need throughout the application and approval process.
Auto Loans
Refinance your auto loan with Axos Bank to lower your monthly payments and interest rate in an easy online process.
Axos Bank Business Banking Services
Axos Bank offers business banking accounts and services for small businesses, from checking accounts to merchant services, with access to tools that help you grow your business:
- Business Checking Account: Open a basic business checking account with zero monthly maintenance fees and no minimum balance requirements or minimum opening deposit. Enjoy your first 50 checks free and unlimited domestic ATM fee reimbursements.
- Business Interest Checking: Get more value out of the money on your business checking account by earning a competitive APY with only a $100 minimum deposit to open.
- Business Premium Savings: With a variable interest compounded daily, you can earn more as you save more with only a $1,000 minimum opening deposit—access free online and mobile banking and free image statements.
Axos Bank also offers full-service commercial banking and lending solutions for corporations, institutions, government, and real estate investors.
- Equipment Financing: Get the funds you need to purchase a new piece of equipment for your company. Financing ranges from $500,000 to $50 million. The loan’s monthly payments accommodate cash flow requirements, capital considerations, and financial goals.
- Commercial Real Estate: Axos Bank has special loans for various types of commercial real estate. You can find solutions for 2-4-unit properties, multifamily complexes, mobile home parks, retail properties, office properties, and industrial real estate.
- Commercial Lines of Credit: You need at least two years of business experience to qualify for an Axos Bank commercial line of credit. These credit lines have limits starting at $10 million. This financial product is ideal for short-term expenses; you only pay interest when you borrow against the credit line.
- Commercial Term Loans: You need at least two years of business experience to qualify for an Axos Bank commercial term loan. The minimum loan amount is $10 million and requires a personal guarantee from the business owner. Individuals can choose from 3-year, 5-year, and 7-year terms for their corporate debt. These fixed monthly payments make your monthly expenses more predictable.
- Lender Financing: Loan amounts range from $10 million to $100 million with 2-4 year terms and have floating rates.
Axos Bank Online Banking
You can access and manage all your banking using the online portal or the Axos Bank mobile app. Some of the things you can easily do through the Axos Bank mobile app:
- Deposit checks
- Pay bills through bill pay
- Transfer funds
- View account balances
- Access your transaction history
Aside from this, the mobile app has a virtual financial assistant called Evo, designed to help you answer questions about banking products and services directly on your mobile device.
Although Axos Bank is a fully online bank, you can withdraw cash at any of the in-network ATMs using your bank card for free. Axos Bank supports their customers mainly remotely through a 24/7 phone line, an online chat, a secure online messaging feature in the mobile app, and Twitter.
Axos Invest
Axos Invest LLC Member FINRA is an investor’s advisor service offered by Axos Invest. The managed portfolio services take the high fees out of investing to help you reach your financial goals. After you enroll, you can easily create an automated investment account in minutes, even if you have no previous investing experience.
Managed accounts are ideal for investors who want to take a hands-off approach. Using this account, you won’t have to worry about researching stocks and other investment opportunities. Instead of getting a cookie-cutter portfolio, you can personalize these accounts based on your risk tolerance and financial goals.
Investors can also create a self-directed trading account that gives them access to real-time research and market data. This account allows you to make no-commission trades on the assets that you want to trade. Investors can choose from various stocks, ETFs, mutual funds, and options.
The Main Benefits of Axos Bank
Axos Bank offers a business and retail banking experience that can benefit many people. These are the main perks of the online bank.
Competitive Rates
You can open up a bank account with a competitive savings rate and accumulate wealth over time. If you need to take out a loan, Axos Bank’s competitive rates on financial obligations can free up some space in your monthly budget.
Zero or Low Fees
Axos Bank doesn’t have many fees, and they use services like overdraft protection to minimize how many fees you incur. Axos Bank also offers unlimited domestic ATM fee reimbursements if you use a Rewards Checking, Cashback Checking, or Essential Checking account to deposit and withdraw cash.
Internet Banking Experience
Axos Bank lets you open a digital savings account and manage your personal finance activities online. You can access a wide range of financial services from your mobile device and conduct your banking while on the go. Axos Bank offers several resources that can help you achieve your financial goals.
How is Axos Bank Different from Other Online Banks?
Axos Bank has the standard features you would expect from any bank, such as checking and savings accounts. However, Axos Bank stands out with its investment resources and loan amounts. Businesses can borrow over $10 million from an Axos Bank business term loan or a commercial line of credit. Most online banks do not start their loans at $10 million or offer loans anywhere close to that size.
Axos Bank also gives investors the flexibility to invest on their own or have a professionally managed account based on their personal preferences. Most banks don’t offer both choices, and many online banks do not let their users invest. Axos Bank acts as an all-in-one business and retail banking solution for your financial activities.
What is Axos Bank Best For?
Axos Bank is best for consumers and small businesses who want to access key banking features in a timely manner. You don’t have to create multiple accounts at various companies to access everything you need. You can take out a loan, open a virtual debit card, manage credit card payments, and grow your mutual fund investments.
Axos Bank is a one-stop shop for many of its customers. If you want a simplified banking and investing experience, Axos Bank can be for you. Corporate customers can benefit from outsized loan amounts that are difficult to find at other online banks.
Is Axos Bank Worth It?
Axos Bank is a valuable mobile banking experience that can be worth it for many consumers. If you aren’t happy with your banking experience and feel like you need multiple apps to get what you want, Axos Bank can streamline your experience. The bank offers an array of financial services that can help you build wealth, access more capital, and achieve your financial goals. The bank also has low fees, reimburses some of your fees, and has safety features in place to minimize your total fees.
How to Get Started with Axos Bank
Visit Axos Bank’s website to open a personal or business account online and start enjoying all their benefits.
