Is Axos Bank Safe and Legit

Is Axos Bank safe and legit? Find out if Axos is a good bank and learn more about its pros, cons, and common complaints.

Axos Bank is known for its rewards checking and high-yield savings accounts. You can get rates higher than what you'd typically find at a traditional bank. Plus, there are no monthly fees to worry about.

But is Axos Bank a secure place to keep your money?

Below, find out if Axos really is a safe online bank and whether it's right for you.

How Does Axos Bank Keep You Safe?

Axos Bank is a legitimate online bank based in San Diego, California. As a full-service bank, it offers a variety of bank accounts, loans, and investment services.

Here are some of the features Axos Bank uses to protect your account:^[1]

• FDIC Insurance: Axos Bank is a member of the FDIC. Money in your bank account is protected up to $250,000.

• SSL Encryption: Data encryption scrambles your sensitive information and keeps your private data private.

• Firewalls: These scan for potential security risks and help to block any unauthorized access.

• Automatic Logouts: If you're inactive for a period of time, you'll be automatically signed out to protect against others using your account.

• Fraud Monitoring: Axos Bank monitors your account for fraudulent activity.

• 2-Factor Authentication: Multiple steps of identity verification help to keep your account secure.

• Anti-Virus and Malware Protection: Axos regularly updates their virus and malware protection software.

Axos Bank Products and Features

Axos offers a comprehensive range of products and services. Here's a closer look at what you can expect from each account type:

Checking Account

Member FDIC

Rewards Checking - Up to 3.30% APY

• Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
• Up to 3.30% APY
• Zero monthly maintenance fees
• Zero overdraft or NSF fees
• Zero minimum monthly balance reqs
• Unlimited domestic ATM fee reimbursements
• Online debit card management
• Simple, 3-step process for direct deposit
• Only $50 to open an account

Learn More

Expires 6/30/2024

Member FDIC

CashBack Checking - Earn up to 1.00% Cash Back

• Earn up to 1.00% cash back on signature-based purchases
• Unlimited domestic ATM fee reimbursement
• No monthly maintenance fee
• $50 minimum balance required to open account

Learn More

Member FDIC

Essential Checking

• Unlimited domestic ATM reimbursements
• No monthly maintenance fees
• No annual fee
• No overdraft or non-sufficient funds fee

Learn More

Member FDIC

First Checking - 0.10% APY

• Joint checking account for 13-17 year olds
• No fees
• Up to $12 domestic ATM fee reimbursements per month

Learn More

Member FDIC

Golden Checking - 0.10% APY

• Interest-bearing checking account for age 55+
• No fees
• Free personal checks

Learn More

Savings Accounts

Member FDIC

High Yield Savings - Up to 0.61% APY

• 0.61% APY on balance < $25,000
• 0.25% APY on balance $25K-$100K
• 0.15% APY on balance > $100K
• No monthly maintenance fees
• No minimum balance requirements
• $250 minimum opening deposit
• Free incoming wires
• Zero minimum balance requirement

Learn More

Member FDIC

High Yield Money Market - 0.25% APY

• 0.25% APY on all balance tiers
• No minimum balance requirements
• No fees to open or maintain account
• Free Visa debit card
• Free online bill pay, free limited checks, and free limited online check images
• FDIC Insured

Learn More

What Fees Does Axos Charge?

For the most part, Axos Bank has gotten rid of a lot of common banking fees. There are no overdraft fees and no minimum balance requirements. Plus, it also reimburses ATM fees.

Some fees you might encounter while using Axos include:^[2]

• Stop payment (online): $10
  
• Stop payment (with assistance): $35
  
• Outgoing domestic wire transfer: $35
  
• Outgoing international wire transfer: $45
  
• Debit card rush delivery: $50
  
• Returned deposited item: $10
  
• Paper statements: $5

Pros and Cons

Not sure if Axos is right for you? Review these pros and cons for the quick takeaway.

Pros

• Easily manage account on the go
  
• No monthly fees
  
• Domestic ATM fee reimbursements
  
• Few account fees
  
• Large range of products
  
• Generally offers competitive rates
  
• Options for teens and seniors

Cons

• Very few physical branches
  
• Not great for cash deposits
  
• Very low CD and money market rates

Online banks offer a lot of flexibility with mobile banking. But having no access to physical branches could be problematic to some people. If you're used to banking in person, it might be difficult to switch to an online-only bank.

Axos Bank offers competitive rates on its high-yield savings and checking accounts. The rates on its money market accounts and CDs, on the other hand, are pretty low. There are other banks out there with much higher CD rates.

Axos Bank Customer Complaints

The Axos Bank mobile app has good ratings. It has a score of 4.6 out of 5 on the Google Play Store and 4.7 out of 5 on the Apple App Store. Most customers seem to like the bank in general. Some customers, however, do have issues with the app being laggy.

Reviews on the Google Play Store are more negative than on the Apple App Store. Android users might encounter more bugs than iOS users would.

Axos Bank has a Trustpilot score of 1.8 out of 5, which is a "Poor" rating. To be fair, this rating is out of only 25 reviews, so the sample size is pretty small. But the low score could be a sign of poor customer service.

Overall, Axos Bank is safe to use. But there may be some problems with how quickly customer service resolves issues.

Bottom Line

Axos Bank is a trustworthy bank that uses a wide range of security features to protect your account and your sensitive data. It provides encryption, firewalls, and anti-virus software to make your web and mobile banking experience safer.

No bank can offer a 100% guarantee that nothing bad will ever happen to your account. But Axos Bank's many safety features are a great line of defense in keeping your account and your money safe.

References