Axos Bank offers high interest rates and a great rewards checking account.

Axos Bank offers high interest rates and a great rewards checking account.

Axos Bank: A Comprehensive Review

Are you looking for a bank that offers strong high-yield savings, checking, and money market accounts, with the added benefit of avoiding monthly service fees? Look no further than Axos Bank. While there may be online banks with higher interest rates, Axos provides a reliable and convenient banking experience. In this comprehensive review, we will explore the various accounts offered by Axos, their features, and how they compare to other online banks.

Overall Bank Rating

Axos Bank receives high marks for its diverse offerings and customer service. With a user-friendly interface and helpful automated representative, Evo, you can easily manage your finances. The mobile app also receives positive reviews, with an impressive 4.7 out of 5 stars in the Apple store and 3.5 out of 5 stars in the Google Play store.

Axos High Yield Savings Account

If you’re looking for a solid savings account, Axos High Yield Savings Account ticks all the boxes. With a minimum opening deposit of $250, it offers competitive interest rates. While other online banks may provide slightly higher rates, Axos stands out for its reliability and customer satisfaction.

Axos Bank Rewards Checking

Axos Bank Rewards Checking is a standout option if you want to earn a solid interest rate on your checking balance. Unlike many checking accounts, which offer minimal or no interest, Axos allows you to earn a relatively high rate. The account offers an exciting feature wherein you earn interest in stages. By accomplishing specific goals, such as receiving $1,500 in direct deposits or making 10 debit card transactions, you can unlock higher interest rates. If you meet all the goals within a month, you earn the maximum available Annual Percentage Yield (APY). Axos offers various other checking accounts for those seeking different features.

Axos CD

While Axos CD is not as strong as its other accounts, it still outperforms traditional brick-and-mortar banks. However, if you prefer online banking, you can find higher rates elsewhere. To open a CD with Axos, you’ll need a minimum deposit of $1,000, and early withdrawal penalties are relatively high, especially for longer terms. If you prioritize flexibility and higher interest rates, explore other online banking options.

Axos High Yield Money Market Account

The Axos High Yield Money Market Account is a strong option for those with a minimum deposit of $1,000. It offers a solid Annual Percentage Yield (APY) and provides easier access to your savings compared to a traditional savings account. Along with a debit card, the money market account includes free paper checks, making it convenient for managing your finances.

How Axos Bank Works

Axos Bank is an online bank that offers a range of accounts, including high-yield savings, money market, CDs, and various checking accounts. The bank offers 24/7 customer service, with the option of speaking to a representative or interacting with an automated representative, Evo. Your deposits with Axos Bank are FDIC insured for up to $250,000, ensuring the safety of your funds.

Axos Bank Trustworthiness and BBB Rating

With an A+ rating from the Better Business Bureau (BBB), Axos Bank demonstrates its commitment to transparency and customer satisfaction. Unlike some other banks with lower ratings due to customer complaints or scandals, Axos has managed to maintain a clean reputation. However, it’s always advisable to consider personal recommendations and read online reviews before making a final decision.

Axos Bank Review vs. Discover Review

When comparing Axos Bank to other online banking options like Discover, each bank has its strengths. Axos and Discover both offer robust rewards checking accounts, but with different structures. Axos allows you to earn interest on your checking balance, while Discover’s Cashback Debit Account offers cash back on purchases. The choice between the two depends on your personal preferences and spending habits. Axos has a lower minimum deposit requirement of $1,000 for CDs and money market accounts compared to Discover’s $2,500.

Axos Bank Review vs. LendingClub Review

If you can maintain a $2,500 balance, LendingClub’s Rewards Checking Account can be an appealing option, providing interest and cash back on unlimited purchases. However, if you prioritize earning interest and prefer higher rates, Axos Bank offers a more favorable option. Axos compounds interest daily, while LendingClub only compounds it monthly. Consider your preferences and financial goals when choosing between the two.

In conclusion, Axos Bank offers a range of accounts that cater to different financial needs. With its strong high-yield savings, checking, and money market accounts, Axos provides a reliable and user-friendly banking experience. While there may be online banks with higher interest rates, Axos stands out for its customer service and reputation. Consider your personal preferences, financial goals, and minimum deposit requirements when deciding on the best account for you.