Axos Bank Review: Uncovering the Details
Updated: Apr 17
Axos Bank, founded in 2000 as the first digital-only bank, has been providing innovative banking solutions for over two decades. This Axos Bank review aims to examine the bank's features, including Axos Bank hours, rates, and their partnership with UFB Direct Bank.
Account Types Offered by Axos Bank
Axos Bank offers various account types to cater to different financial needs:
Checking Accounts: Axos Bank has several checking account options, each designed to cater to specific customer needs.
Rewards Checking: Earn rewards with no monthly fees or minimum balance requirements.
CashBack Checking: Earn cashback on all debit card purchases.
Essential Checking: A simple, no-frills account for everyday banking.
Savings Accounts: Axos Bank offers two types of high-yield savings accounts:
High Yield Savings: This account offers competitive interest rates and no monthly fees or minimum balance requirements.
UFB Direct High Yield Savings: In partnership with UFB Direct Bank, this account provides even higher interest rates, subject to certain balance thresholds.
Certificates of Deposit (CDs): Axos Bank offers a range of CDs with varying terms and competitive interest rates.
IRAs: Customers can choose from Traditional, Roth, and SEP IRAs to grow their retirement savings.
Axos Bank Hours: 24/7 Banking at Your Fingertips
Since Axos Bank is an online-only bank, customers can access their accounts and perform banking transactions 24/7. Axos Bank hours are not restricted to traditional banking hours, providing customers with the flexibility they need.
Axos Bank Rates: Competitive Interest Rates for Savings and CDs
Axos Bank is known for offering competitive interest rates on its savings accounts and CDs:
Savings Account Rates: Axos Bank's High Yield Savings account offers competitive rates, while the UFB Direct High Yield Savings account provides even higher rates for customers who maintain higher balances.
CD Rates: Axos Bank offers a range of CD terms, each with competitive interest rates. Customers can choose the term that best suits their financial goals.
Axos Bank: Pros and Cons
To provide a balanced Axos Bank review, let's consider the advantages and disadvantages of banking with Axos:
Competitive interest rates on savings accounts and CDs
No monthly fees on checking and savings accounts
24/7 access to online banking
Broad range of account types to cater to diverse financial needs
No physical branches, which may be a drawback for those who prefer in-person banking
Limited customer service options compared to traditional banks
Comparing Axos Bank to Other Online Banks
Axos Bank's features can be compared to those of other popular online banks, such as Chime, One Finance, Marcus by Goldman Sachs, Ally, and Discover Bank. Additionally, it's worth considering Fidelity Investments for investment accounts.
Conclusion: Is Axos Bank the Right Choice for You?
This Axos Bank review has highlighted the bank's competitive rates, 24/7 accessibility, and diverse account offerings. However, the lack of physical branches and limited customer service options may be a drawback for some customers.
Ultimately, whether Axos Bank is the right choice for you depends on your individual financial needs and preferences. If you value competitive rates, a variety of account types, and the convenience of online banking, Axos Bank may be a great fit. However, if you prefer in-person banking and more extensive customer service options, you may want to explore other alternatives.
Before making a decision, consider comparing Axos Bank's features and offerings with those of other online banks, such as Chime, One Finance, Marcus by Goldman Sachs, Ally, and Discover Bank. This comparison will help you make an informed choice that aligns with your financial goals.