Axos Bank - Reviewed & Compared

Summary

Axos Bank, formerly known as Bank of Internet USA, is an online bank offering rewards checking with no initial deposit requirement, zero monthly maintenance fees and zero minimum monthly balance reqs. While lacking physical branches, it provides 24/7 customer service by phone, automated online chat, and secure online messaging.

Overview

Axos Bank operates as an online-only bank, focusing on fee reduction and unique offerings such as rewards checking. It prioritizes customer service through various online channels, compensating for the absence of in-person support.

What They Do Best

Axos Bank excels in providing fee-free checking accounts with unlimited domestic ATM fee reimbursements. Its Rewards Checking account offers an impressive annual percentage yield (APY) of up to 3.30%, contingent on meeting specific requirements.

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Any Negatives

While Axos Bank offers competitive checking accounts, its savings account and CD rates are comparatively lower. The bank lacks physical branches, which might be a drawback for those who prefer in-person services. Meeting specific requirements is necessary to earn the highest checking rate.

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Our Final Verdict: 9.1/10

Axos Bank is ideal for customers comfortable with online-only banking, seeking rewards checking without monthly maintenance fees, and willing to fulfill specific criteria for higher APY. The absence of branch access is mitigated by robust online customer support and unlimited domestic ATM fee reimbursements.

Best for: Customers who prioritize fee-free rewards checking, online customer service, and benefit from unlimited ATM fee reimbursements.

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