Axos Bank Review: Savings, Money Markets, and CDs

Axos Bank offers savings and money market accounts, along with CDs and other banking products. Learn more about online banking with Axos and how it compares to other banks.
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Written by Rebecca Lake
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Axos Bank is an online banking institution with a virtual reach across the United States.

Offering high-yield savings, money market accounts, certificates of deposit, and various checking options, Axos stands as a compelling choice for both short-term and long-term financial goals.

As an FDIC member bank, deposits are secured up to $250,000 per account type.

In this review, we’ll explore the pros and cons, account offerings, and operational aspects of Axos Bank to help you make an informed financial choice.

What Is Axos Bank?

Axos is an online bank founded in 2000 by Axos Financial. The bank’s headquarters are located in San Diego, California, and it has a handful of office locations in California, New York, and the Midwest. Customers can access Axos Bank nationwide through the company’s online and mobile banking options.

Axos Bank offers high-yield savings accounts, high-yield money market accounts, certificates of deposit, and checking accounts, including rewards checking accounts. The variety of accounts and banking services Axos offers could make it a good choice when saving for short-term or long-term financial goals.

As with regular savings accounts and other deposit accounts at traditional banks, Axos Bank is an FDIC member bank – so its deposits are covered up to the legal limit of $250,000 per depositor, per account type.

Which Banks Have the Best Savings Account Rates?

Finding the bank with the best savings account to meet your needs is as simple as checking out the comprehensive list below. Try it now and find your high-interest savings account.

Axos Bank Pros & Cons

If you’re trying to decide whether to open an account with Axos, it helps to put the pros and cons side by side.

Pros

  • Earn a competitive APY on high-yield savings accounts and money market accounts
  • Pay no overdraft fees for Axos Bank checking accounts
  • Easily access your money on the go with online and mobile banking
  • Pay no monthly maintenance fees
  • No minimum balance requirements to worry about
  • Get a free ATM card with a high-yield savings account
  • Enjoy check-writing and debit card privileges with checking accounts and money market accounts

Cons

  • Since this is an online bank, you don’t have branch banking access
  • The higher account-minimum-deposit requirements could put Axos out of reach for some savers
  • Axos Bank doesn’t offer credit cards
  • CD rates aren’t that great compared to what you might find at another online bank

Popular Axos Bank Accounts

Axos Bank offers several different account types. Here’s a brief look at what you can choose from if you decide to save money with Axos.

How Axos Bank Works

Choosing the right bank means taking a closer look at its features, benefits, products and services. Compared to other banks or credit unions, Axos offers some advantages.

Here are some of the most important things to know about how Axos Bank works.

Maintenance Fees

An advantage of choosing an online bank is that, quite often, they charge fewer fees than other banks or credit unions. That includes monthly maintenance fees, which can easily be anywhere from $5 to $10 for a regular savings account.

At Axos, you pay no monthly maintenance fees when you open a high-yield savings account or a high-yield money market account. Likewise, you pay no monthly maintenance fees when opening checking accounts with Axos Bank.

Account Minimums

At some banks, you may need to meet a minimum deposit requirement to open an account. This is more common at traditional banks or credit unions, but online banks can also have them.

There are minimum deposit requirements to open a savings account, money market account or CD account. You need at least $250 to open an Axos Bank High Yield Savings Account. The minimum deposit for CDs and money market accounts is $1,000.

But there is no minimum balance requirement for the high-yield savings account and money market account. So you won’t be penalized if your balance dips below the amount originally needed to open an account.

Can You Open Multiple Accounts?

Yes, you can have more than one bank account with Axos Bank. For example, you might open a rewards checking account and a high-yield savings account – or you may prefer to open a high-yield money market account and one or more CD accounts.

Opening more than one savings account or CD account can help keep funds separate if you have multiple goals you’re saving toward. Just keep in mind that you’d have to meet the minimum deposit requirements for each one.

Account Access and Customer Support

Axos Bank offers 24/7 account access through its online and mobile-banking applications.

If you need help with your account, customer service is available via a secure message through online banking. Or you can call Axos at 1-888-502-2967 24 hours a day, 7 days a week, excluding Thanksgiving Day and Christmas Day. Axos also offers virtual assistant chat help through Evo.

If you have checking accounts or money market accounts with Axos, you can access funds by writing checks, making purchases with your debit card or withdrawing cash at an ATM. A free ATM card is available upon request for the high-yield savings account.

Mobile and Online Banking Experience

With online and mobile banking, you can manage your Axos Bank accounts from virtually anywhere. With either one, you can:

  • Check your balances
  • Transfer funds between accounts
  • Schedule bill payments
  • Set up account alerts

You can also use the Axos mobile app to deposit checks to your accounts using remote deposit capture.

Axos Bank High Yield Savings Account

Opening a high yield savings account could make sense if you want to earn a great rate on money you’re setting aside for the short or long term.

Axos Bank offers competitive interest rates to savers, and its savings account is consistently well above the national average. This savings option has no minimum balance requirement or monthly maintenance fees, though you do need $250 to open an account.

Axos Bank Money Market Account

Money market accounts can help you save money while earning interest. And some, like the money market account offered by Axos Bank, come with additional benefits such as:

  • Check-writing privileges
  • Debit card access
  • No minimum balance requirement

You need $1,000 or more to open a high-yield money market account with Axos. In terms of interest rates, Axos rates as one of the best money market accounts overall for savers.

Axos Bank CD Rates

Certificates of deposit (CDs) are another way to save money that you may not need right away. At Axos, you can open CDs with terms ranging from three to 60 months. All CDs require a $1,000 minimum deposit and there are no set-up or maintenance fees.

Axos Bank Checking Accounts

In addition to savings accounts, money market accounts and CDs, Axos Bank offers five checking accounts to help you manage your money. Options include:

  • Essential Checking, for people who need a basic account
  • Rewards Checking, for people who want to earn interest on checking balances
  • CashBack Checking, which pays cashback on signature transactions
  • Golden Checking, for seniors aged 55 and up
  • First Checking, for kids aged 13 to 17

Axos checking accounts have no monthly maintenance fees, and they offer reimbursement of third-party ATM fees. Another key highlight is that Axos Bank doesn’t charge overdraft fees for its checking accounts.

Axos Bank Personal Loans

Taking out a personal loan is something you might consider if you need to borrow money for a planned or unplanned expense. Axos offers personal loans in amounts ranging from $5,000 to $35,000, with terms of 12 to 60 months.

There’s no collateral required to get a personal loan from Axos, and the bank charges no prepayment penalties if you pay your loan off early. Axos offers personal loans for debt consolidation, home repairs, and improvements, as well as other large expenses.

If you’re trying to decide whether to open an account with Axos, it helps to put the pros and cons side by side.

Locations – Branches & ATMs

Axos Bank locations are limited to the company headquarters in San Diego and the other office locations mentioned earlier, which is not unusual since this is an online bank. Customers can, however, access their money at more than 91,000 ATMs without paying Axos any ATM fees. Third-party ATM charges may apply, however.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.