axos bank review

Axos Bank In-depth Review

Founded in 2000 as a digital bank, Axos Bank has since grown into a full-fledged, tech-based financial services company. It serves individuals, businesses, and institutions.

A key benefit of this bank is that it incurs lower overhead costs compared to traditional banks. This results in more favorable rates, terms, and fees for their customers.

Axos Bank’s products include:

To help you decide if Axos Bank is right for you, here’s a closer look at what it has to offer customers.

Checking accounts

First up is the account most people use the most: checking.

All Axos Bank checking accounts come with mobile banking, free mobile deposit, online bill pay, and a no-hassle switch kit to help you switch from your current bank.

Axos Bank offers a comprehensive lineup of checking account types including:

Essential checking

A simple checking account with no fees, unlimited domestic ATM reimbursements, and no minimum monthly requirements.

Rewards checking

An account with low fees, a competitive annual percentage yield (APY), and unlimited ATM fee reimbursements. This account is recommended for frequent direct deposit or debit card users as the APY increases with these activities.

There are no minimum balance requirements, no fees for monthly maintenance, and no overdraft or insufficient funds fees.

Cashback checking

With this account, you can earn up to 1% cashback on all signature-based transactions. Pay no annual or maintenance fees and get unlimited ATM fee reimbursements.

First checking

This is a joint checking account with a modest APY designed for 13 to 17-year-olds. It has no maintenance or non-sufficient fund fees and offers up to $12.00 of domestic ATM fee reimbursements each month.

Golden checking

Lastly is an account for individuals who are 55 or older. It enables you to earn a modest APY on all balances. Plus, there are no maintenance fees or minimum balance requirements. Get up to $8.00 in domestic ATM fee reimbursements each month.

Compare Axos checking accounts against the competition.

Savings accounts

Axos offers a complete lineup of saving accounts that keep costs down while offering competitive APY. The bank’s savings account options include:

High-yield savings

Earn a competitive APY without monthly maintenance fees or minimum balance requirements. You can also get a free ATM card upon request.

Certificates of Deposit (CDs)

Axos Bank CDs are available with terms from three to 60 months. Earn more than a high-yield savings account. The minimum deposit amount requirement is $1,000, but there are no setup or maintenance fees.

IRA/Roth savings

Traditional and Roth IRAs are available for CDs and savings accounts. Both are FDIC-insured and have interest that compounds daily.

A CD requires a minimum initial deposit of $1,000 while the IRA savings requires $250.

High-yield money market

This account offers a competitive APY with no monthly maintenance fees and no minimum balance requirements.

It is FDIC-insured and offers check writing privileges and debit card transactions. However, the transactions are limited to six per month as per Regulation D.

Compare Axos Bank against other top savings accounts.

Loan products

The loan products offered by Axos Bank include mortgages, car loans, and personal loans. Here’s a closer look at each product.

Mortgages

Axos Bank offers loans for home purchases, home refinancing (with or without cash out), and borrowing against your home’s equity.

Its mortgage product line up is comprehensive, including:

  • Conforming loans.
  • Non-conforming loans.
  • FHA loans.
  • Portfolio loans.
  • VA loans.
  • Jumbo/super jumbo loans.
  • Home Ready loans.
  • Interest-only mortgages.
  • Home equity loans and lines of credit.
  • Mortgage program for Costco members.
  • Loans for investment properties with five or more units.

So how do you get a mortgage from Axos Bank? The first step is to get a quote. You can fill out the form on the company’s website.

If you like the quote, you can move forward to the full application. Here’s a look at the mortgage online application process.

1. Start a new application or resume one you’ve previously started.

2. Answer a few basic questions about what you need.

3. Agree to receive electronic disclosures.

4. Provide your financing details.

5. Enter your personal information.

6. Share details about your current residence.

7. Enter information about the property you want to finance.

8. Select the loan program that best fits your needs.

9. Provide your asset information.

10. Input your employment details and other sources of income.

11. Answer these questions about your personal history and background.

12. Provide details on your demographics (optional).

13. Add in any other details pertinent to your application and submit it.

Note: This application will result in a hard inquiry on your credit report.

Once you submit your application, you can speak with a mortgage consultant on the phone. You’ll then submit items to verify the information on your application.

After that, you can monitor the progress of the application online or through the mobile app. Once completed, you can make your mortgage payments online.

Axos Bank makes the mortgage application and origination process easy as you can do everything online.

However, before jumping in with both feet, be sure to compare the loan that Axos offers you to at least two competitors. This way, you can ensure you’re getting the best overall value.

Review and compare top mortgage lenders.

Auto loans

Axos also offers auto loans to purchase or refinance a vehicle. You can fill out the quick online application to refinance your existing auto loan and will get an answer within 24 hours.

The main features of the auto refinance loan include:

  • Payoffs from $10,000 to $90,000.
  • Terms of 12, 24, 36, 48, 60, and 72 months.
  • Competitive annual percentage rates (APRs).
  • No limit on vehicle age when value and mileage requirements are met.
  • Up to 90 days until your first payment.
  • An interest rate discount for autopay.

Note: Axos finances new and used personal cars, SUVs, light trucks, and minivans. They must have less than 125,000 miles and have a value between $8,500 and $90,000. Certain brands and vehicles types are ineligible. Find out during the application process if your car is eligible.

Here’s what to expect from the auto loan refinance application process.

1. First, you’ll provide the requested loan details, who’s applying for the loan, your basic information, and your security questions/answers.

2. Next, provide more in-depth personal information and your employment details.

3. Then, insert the details about your existing vehicle and lender.

4. Lastly, agree to the consents and disclosures and submit the application.

That’s it. You’ll get an answer within 24 hours. If you’d like a loan to purchase a car, you’ll need to call the bank and apply over the phone.

Compare Axos Bank’s auto loan offer against other lenders here.

Personal loans

Lastly, Axos Bank offers unsecured personal loans with fixed monthly payments. Here are the details:

  • Loan amounts from $5,000 to $35,000.
  • Various terms available including 12, 24, 36, 48, and 60 months.
  • Loan funding within two days of accepting the loan offer.
  • Flexible terms.
  • Competitive interest rates.

The online application process makes it easy to find out if you qualify. Here is how it works:

1. Visit the website and enter the details about the loan you want.

2. Create an account.

3. Provide general information about yourself.

4. Input your address.

5. Provide your financial information.

6. Share the details about your assets.

7. Review and apply.

After this step, Axos will verify all of your information and will provide you with an answer. This application does not negatively impact your credit score.

As with the other loan types, be sure to compare the offer you get from Axos to at least two other lenders. Doing so will improve your chance of getting the best deal available to you.

Compare personal loan lenders side-by-side now.

Is Axos Bank right for you?

Axos Bank does have some clear benefits.

For one, it is completely online which provides the convenience factor. You never have to wait in line at a branch or drive all the way to the bank to get an answer. Simply go online or call when it fits into your schedule.

The online nature of Axos also cuts its costs which allows it to pass savings along to customers. You can see the savings reflected in the low fees, competitive APRs, and attractive APYs.

Axos also has a full lineup of financial products and services to help you in many areas of life, from daily spending to buying a home or car.

The downsides are few, but it’s worth noting that banks which operate 100% online aren’t for everyone.

Axos won’t be a good fit for those who prefer to have a brick-and-mortar establishment that they can visit for certain issues.

And although Axos offers competitive rates and terms, there’s no guarantee it offers the best rates you can get. Always shop around with at least three lenders before accepting an offer.

Axos Bank pros and cons

WEIGH THE RISKS AND BENEFITS

Here is a list of the benefits and the drawbacks to consider.

Pros
  • Wide range of products and services.
  • 100% online.
  • Convenient online applications.
  • Competitive rates, fees, and terms.
  • 18+ years in business.
Cons
  • No physical locations for those who prefer them.
  • May not always offer the best rates.

Learn more about Axos bank and read reviews from past customers here.