Established in 2000 as the Bank of Internet USA, Axos Bank was renamed to its current name in 2018. It’s an online bank with a comprehensive range of services, popular for offering considerably high yields on saving accounts.
Other services include investment portfolios, lending options, commercial banking, and business solutions. But how good are these services? In this Axos Bank Review, we’ll focus on these services and other features of the bank.
Overview of Banking Services
Axos Bank’s services can be divided into three tiers: personal, business, and partner. All these services are further divided into sub-services, such as mortgages, loans, personal accounts, business solutions, etc.
Personal accounts at Axos Bank fall under the umbrella of Checking accounts. Currently, there are five options in this regard. Apart from that, Axos Bank offers high-yield savings and mortgages for home refinancing and purchase.
The five types of Checking accounts at Axos Bank are discussed below:
- Essential Checking: The bank account is non-interest-bearing and has a simple functioning. You have to pay no monthly fees, and there’s no minimum deposit requirement. Plus, you get unlimited ATM reimbursements.
- Rewards Checking: The initial deposit for this account must be $50, but there are no monthly fees. Like the Essential Checking account, you get unlimited ATM reimbursements. Moreover, it comes with a three-tiered interest rate, allowing users to earn up to 1.25% APY.
- CashBack Checking: These account holders get a 1% cashback on every signature-based purchase they make. Plus, there are no monthly fees on this account either.
- Golden Checking: It’s a personal account for individuals over 55. Being an interest-bearing account, it lets you earn up to 0.20% APY on the account balance. The initial deposit is $50.
- First Checking: The account is for children aged 13 to 17 and serves as an introductory bank account for them. Although there are no monthly fees, there’s a daily transaction limit – $500 debit and $100 cash. The account holders also earn up to 0.25% APY on their account balance.
Apart from these accounts, Axos Bank also has a Savings Account, with up to 0.61% APY on the account balance. The rates are definitely higher than most standard banks.
The initial deposit for the Savings account is $250, and there are no monthly fees. Moreover, account holders get a free ATM card, which is a service hardly offered by other savings accounts.
Additionally, you can also purchase CDs from Axos Bank with high-interest yields, no market risk, flexible choice, and guaranteed returns. CDs earn up to 0.20% APY and come with free electronic transfers.
Moreover, you can choose between 3 to 60-month terms and only need $1000 for account opening. Like the Savings accounts, CDs also have no maintenance fees and are FDIC-insured.
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Axos Bank offers 30-year fixed mortgages at rates as low as 2.875% APR. Whether you want to purchase or refinance, the bank offers quotes on every mortgage.
Additionally, their mortgages have the following features:
- Low interest rates on mortgage
- Low down payment
- 3% annual cashback
- No lender free
- Quick load closings
Besides offering good rates, Axos Bank also makes it quick and simple for you to get a mortgage. All you have to do is fill your application online, and a consultant will get in touch with you.
After that, you have to submit the required documents and verify the information you have provided. Once your application has been submitted, you can track its progress every step of the way.
As for the payments, you can pay through Online Bill Pay or transfer in your Axos Bank online account. Here are some kind of loans you can get from the bank:
- Conforming Loans: These loans are catered to the individual’s needs and have the lowest interest rates. They are available for amounts of $548,250 or higher, depending on the case.
- Non-conforming Loans: These loans are designed for larger amounts, lower down payments, and properties that are not occupied by the owners. They’re suitable for complex situations where more personalization is required.
- FHA Loans: These loans offer low down payment options, flexible qualifications, and low closing costs. They’re suitable for purchasing homes and refinancing mortgages.
- Portfolio Loans: Offering customized options, these loans are suitable for people with complex financial problems and high loan amounts.
- VA Loans: These loans are available for veterans, military members, and a few other people. They come with zero down payment options, low interest rates, and competitive loan terms.
- Jumbo Loans: Such loans are perfect for people who want to buy homes or invest in properties, requiring large loan amounts.
Axos Bank offers investment opportunities as Invest Managed Portfolios. You can choose your investment plans by specifying your investment goal on their website. Simply fill in your age, annual income, and net worth to find suitable investment options.
As compared to traditional banks that charge a 1% annual fee, Axos Bank only charges a 0.24% investment fee. With the bank’s Portfolio Plus option, you can choose among more than 30 investment options and control each allocation.
You can also set long-term and short-term goals. The bank will help you devise an investment strategy to save money for a rainy day or retirement. Irrespective of your investment plans, the experts at the bank will be there to help and advise accordingly.
Like personal plans, Axos Bank also has many features for businesses, especially those that began after June 1, 2020.
Axos Bank’s commercial solutions allow you to get advice from industry experts. The bank has created custom services and products for the industry-specific needs of its clients.
You can benefit from an easy account opening process, competitive rates, and custom integrations.
Additionally, commercial solutions come with treasury management to optimize payment processing and mitigating the risk of fraud. To learn more about the bank’s services and get a comprehensive account analysis, individuals can schedule a call.
The bank’s digital tools include:
- Online Banking: It’s available for free with all accounts.
- Merchant Services: They include security PCI compliance, POS terminals, and other features.
Axos Bank has a couple of helpful features for small businesses, especially if yours came into being after June 1, 2020. In that case, the bank will add $100 to your account as a bonus.
The Basic Business Checking account is designed for businesses with minimal account activity. Since there are no monthly fees and low initial deposit requirements, the account is suitable for small businesses.
On the other hand, the Business interest Checking account is suitable for growing businesses. It has no monthly fees as long as your daily balance is $5000 at least. Moreover, it comes with 0.81% APY on all balances.
The bank also offers a Business Premium Savings account with 0.50% APY and no monthly fees.
Meanwhile, the Business Savings account has the same features, except that you have to maintain a daily balance of $2500 to be exempt from monthly maintenance fees.
Some other features for small businesses include:
- Mobile Banking: You can manage your money on the go with Axos Bank’s mobile app. It allows you to deposit checks, automate bills, and check your account balance.
- Treasury Management: If your business gets high-volume transactions, you can get support to manage them. From mitigating the risk of fraud to optimizing payment processing, there are many options.
Commercial Lending Solutions
With Axos Bank’s personalized lending solutions, you can increase your earnings and expand your portfolio. The lending options include:
- Commercial Lines Of Credit: The lending group caters to businesses’ short-term needs.
- Small Balance Commercial Real Estate Lending: Axos Bank has robust digital tools and a versed staff to help businesses opting for this solution.
- Commercial Term Loans: These are suitable for moderate or large-scale businesses and start at $250,000.
- Residential Warehouse Lending: The loan program lets you meet your customers’ changing needs along with maximizing your profits.
Axos Bank also partners with certain individuals and service providers, such as real estate agents, to streamline the banking process for their customers. Here are some services they offer for their partners:
- Home Builder Group
- Correspondent and Wholesale Portfolio Lending
- Small Balance Commercial Real Estate
Apart from real estate agents, the bank also partners with financial advisors and dealer services.
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Why Choose Axos Bank?
Axos Bank has been named the best online bank by many reviewers, including NerdWallet. Here are some reasons to choose the bank for your personal or business needs.
With the online banking feature, you can automate your bills and benefit from other services. Since you can set the bill amounts and times from your account, it offers peace of mind since you’ll never miss a payment again.
Additionally, online banking offers online wire transfers and iOS shortcuts for depositing a check or paying bills. Moreover, the online banking portal also has Evo – the bank’s virtual financial assistant. It answers your banking questions 24/7.
Plus, you can benefit from peer-to-peer payments, paying your friends directly using your account. If you have their email address and phone number, you can pay them quickly and securely.
If you invite a friend to Axos Bank and they meet the banks’ welcome requirements, you’ll get a $20 bonus for your referral.
Online banking also allows remote deposits. You no longer have to go to the bank as remote check deposit functionality allows you to deposit money sitting at home.
Besides, if you’re taking or have taken a mortgage, you can use the online banking portal to manage everything. From applying for a mortgage to uploading documents and making payments, everything is possible online.
If you want to stay updated on your account activity, you can turn on account alerts. It will give you real-time updates on whatever is happening in your account. You can choose to get notified via push notifications, emails, or text.
Since it’s an online bank, Axos Bank emphasizes security to ensure safe banking. For that, the bank follows the following industry-leading practices:
- Electronic Documents: All online documents from the bank are encrypted. Plus, they are in the Secure Message Center, and only the account holder can access them.
- Fraud Alerts: If there’s any unusual activity in your account, the bank will alert you immediately.
- Biometric Authentication: You can also boost the security of your online transactions and account by incorporating biometric authentication, such as facial recognition, fingerprints, and voiceprints.
- Dispute Transaction: If you notice a transaction in your account that you haven’t made or don’t recognize, you can flag it. After that, the bank will assist you in solving the matter.
Debit Card Management
Axos Bank also makes debit card management a breeze since you can use the online banking portal to activate, reactivate, or deactivate your debit card. Whether you’re traveling or need a replacement for your debit card, there’s an option to do everything on the online channels.
Shortcomings of Axos Bank
Although Axos Bank has plenty of useful features for individuals and businesses alike, there are a few shortcomings that we must discuss in this Axos Bank review.
First off, the CD rates offered by Axos Bank are below average as compared to other online banks. Secondly, the bank has no physical branches. While this may not be a problem for most people, it can be a concern for those who’re used to the idea of conventional banking.
On the whole, Axos Bank lives up to expectations with a multitude of options, such as different accounts, savings, and investments. The bank offers something for almost everyone while keeping its savings high-yielding and digital services robust.
Sure enough, there are no physical branches, but nowadays, the need for in-person services is decreasing as people are more inclined towards using online channels for banking.
Considering this and the bank’s inherent features discussed above, we conclude our Axos Bank review by saying that it’s one of the best online full-service banks.