Axos Bank, formerly known as Bank of Internet USA, offers a low-cost alternative to traditional banking. It is ideal for customers who specifically want to benefit from a high-yield savings account which makes it incredibly popular. The online-only customer service that is provided is a very small price to pay compared to the large lack of fees that are available for most account holders which you can check out in this Axos Bank review.
Axos Bank currently has over $10 billion in assets and is a very solid full-service bank. For customers who routinely pay in cash, there is an unlimited ATM fee reimbursement offer that is an incredible perk that many users find favourable. It was founded in the year 1999 by a man named Jerry Engler as the Bank of Internet USA, however, it was rebranded to Axos Bank in the year 2018. For a short time, it was also known as Bofl Federal Bank.
Now, in the current day, it is a full-service bank that has around 800 full-time employees which is very impressive. Many times, the reviews of Axos Bank have praised their high-yield savings accounts as well as their checking accounts simply because of the lack of monthly fees and minimum account balances. For Americans who are looking to pay no fees, Axos Bank is one of the best options you will find.
In this article, we will begin to talk about Axos Bank. If this review captures your interest, you can also check out this TradingView review. However, for now, let’s take a look at Axos Bank!
Axos Baking has several distinct and great advantages that other traditional downtown banks simply do not have. As well as no fees, they also offer a very strong checking rewards programs and mortgages at very competitive rates. Let’s take a look at the banking options available with Axos Bank.
Axos Bank CD
In particular, Axos Bank seems to fall down in the CD accounts area. Axos CDs offer terms ranging from around three months to five years. Although the APYs on CDs do exceed the rates offered by other banks, there are many far better options that are available with other online banks. This is the only real area that is a problem with Axos Bank.
If you are wanting to invest money in CDs, it is recommended that you look elsewhere. If you do decide to invest in CDs with Axos, you will need a deposit minimum of $1,000.
High-Yield Savings account
One of the most popular accounts offered by Axos Bank is most definitely their High-Yield Savings account. There are no monthly fees for savers and there are also no minimum balance requirements which may be the reason they are so popular. This means that customers are easily able to withdraw their maintenance without penalty.
The current interest rate on the Axos Bank High-Yield Savings account is 0.61% which may sound small, but it is actually one of the highest rates available right now. To open an account, you will need a minimum of $250.
Most checking accounts don’t charge overdrafts or non-sufficient funds fees. If a charge is more than the remaining balance, it will be declined. You don’t get an overdraft automatically with Axos Bank. The only exception to this is the CashBack account that will charge $25 as a non-sufficient fund fee. This is strictly limited to three charges per 24 hours.
The Rewards Checking account is certainly one of the best banking options for all Americans. Like other accounts with Axos Bank, there are no monthly fees or minimum account balances. All of the domestic ATM fees incurred will automatically be reimbursed so that you will no longer need to worry about paying to be able to access your money.
Customers must receive at least $1,000 per month in direct deposits and they will also have to make a minimum of 15 debit card transactions per month. If this sounds like you would meet the requirements, then a Rewards Checking account may be perfect for you!
The bottom line is that most Axos Bank reviews are full of nothing but praise for this great online bank and this review agrees with the fact that Axos Bank is seemingly perfect. With no fees, no minimum balance, and great bonuses available, it is hard to see why people wouldn’t pick Axos Bank for all of their needs. Their fresh approach to banking is lovely to see and it is nice to see change within the industry.
While their CD yields and terms are quite poor, this is certainly made up for with their other accounts and the majority of retail customers will be incredibly delighted with the impeccable service that is offered by Axos Bank. Check out Axos Bank and open your account today.