Axos Bank Review

Triston Martin

Feb 28, 2022

Axos Bank was established on the 4th of July, 2000, is known as Bank of Internet USA, providing only basic banking services. The bank's focus was providing a better online experience with 24-hour access. On the 1st of October, 2018, the business changed into Axos Bank and started trading at the New York Stock Exchange under the ticker "AX." The existing brands were taken over by Axos Bank. Axos Bank is focused on offering a "100% digital" experience, as evident by the lack of branches. The absence of branches means a greater rate of returns to customers using financial products. Axos Bank can also be described as a full-service institution that offers financial services for businesses and individuals, including loans and deposit accounts.

How Axos Bank Operates

Axos Bank operates as an online banking institution that provides high-yielding savings accounts, money market accounts, CDs, and a selection of checking and savings account options. For a chat with the customer service representative, you can contact Axos anytime, 24 hours a day. Chat online using the automated customer service representative, Evo, which will connect you with live agents when it's unable to respond to your inquiry.

Is Axos Bank A Reliable Institution?

The Better Business Bureau has given Axos an A+ grade in credibility. A good BBB rating indicates that the company is honest in the way it conducts business, uses authentic advertising, and is able to respond promptly to customer complaints. There aren't all banks with great BBB ratings. For instance, Ally has a C because it has a lot of complaints from customers but hasn't listed them all as "closed." Even more alarmingly, Wells Fargo used to be an F probably due to its history of lending predatory to minorities of color and the creation of false bank accounts.

· Savings account

The Axos Bank High-Yield Savings Account's main draw is its impressive APR. It's one of the highest we've seen, even compared to online savings accounts. The account stands out due to its absence of monthly maintenance fees, and it is among the only savings accounts that offer access to an ATM card to those interested.

There is the requirement of a minimum balance to open. Although it's not outrageous, it does seem a bit excessive when you look at the fact that many online banks don't have any minimum deposit requirements in any way. This requirement, however, is only to open the account. There are no consequences if your balance falls below this level in the future.

· CD Account

Axos Bank provides one kind of CD. The length of the term ranges in length from 3 months up to 5 years. All CDs require a minimum deposit of $1,000 for opening, which isn't unreasonable. However, some banks do not have minimum deposits for their CDs. You can choose to earn the interest transfer automatically to a different bank account if you'd prefer. You may also put money in your CD, money in your savings account, and earn interest on the interest. This isn't commonplace, as not all banks will give you the option. Axos Bank is a good option for those who want to reap some advantages of your CD today instead of waiting to see what happens at the close of the term. The rates for CDs aren't too expensive, which could make some people reluctant to open the CD through Axos Bank.

· Money market

Axos high yield Money Market Account has a high annual percentage and is an excellent choice for those with the funds to establish the account. The advantage of having a money market account over a savings one is that it typically allows you to gain access to your money. Axos provides the debit card that is available with its savings account and money market account. However, its money market account also comes with the option of free paper checks.

Axos Benefits of Having a Bank Relationship

Axos Bank does not offer relationship benefits. Other banks may include higher APYs to loyal customers. Some banks provide discounts on loans and other products for customers with several accounts with the bank. Axos Bank is able to rely on its high APYs and low fees to attract customers.

Benefits from relationships are more prevalent in brick-and-mortar banks. They're employed to compete against online banks, which typically offer APY rates that traditional banks cannot beat. Therefore, it's not surprising that Axos Bank does not offer relationship benefits. This shouldn't be taken as an issue.

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