Axos Bank is an online-only bank with no physical branches
Axos Bank is a federally chartered bank that operates entirely online. It has no brick-and-mortar locations. You open accounts, deposit money, withdraw cash, and manage your finances through their website or mobile app. The bank is FDIC-insured, meaning deposits up to $250,000 per account type are protected by federal insurance.
Axos was founded in 2000 and is based in Las Vegas, Nevada. It started as a mortgage lender and later expanded into retail banking. Today it offers checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). The bank also provides business accounts and investment services.
Because Axos has no branches, it keeps overhead costs lower than traditional banks. This typically means higher interest rates on savings products and lower or no monthly fees on checking accounts. However, you cannot walk into a location to deposit cash or speak to someone in person.
Key Takeaways
- Axos Bank operates only online with no physical branches, so all banking happens through their website or app.
- Your deposits are FDIC-insured up to $250,000 per account type, the same protection as traditional banks.
- Axos typically offers higher interest rates on savings accounts and money market accounts than many brick-and-mortar banks.
- You can deposit checks through mobile deposit, receive direct deposits, and withdraw cash at ATMs in the Allpoint network.
- Axos charges no monthly maintenance fees on most checking and savings accounts, though some account types have minimum balance requirements.
How to deposit and withdraw money at Axos
Axos does not have ATMs of its own, but you can withdraw cash at ATMs in the Allpoint network, which includes over 55,000 ATMs worldwide. Most drugstores, grocery stores, and convenience stores participate. Withdrawals at Allpoint ATMs are free; fees apply if you use an out-of-network ATM.
To deposit checks, use mobile deposit: photograph the front and back of the check through the Axos app, and the bank processes it electronically. Funds typically appear in your account within one to two business days. You can also receive direct deposits from your employer or government benefits directly into your Axos account.
If you need to deposit cash, you have two options. Some Axos customers use a linked account at another bank to transfer cash in, then move it to Axos. Alternatively, you can visit a participating retail location—Axos partners with certain stores to accept cash deposits, though availability varies by location. Call Axos or check their website to find a location near you.
Checking and savings account options
Axos offers several account types. The Axos Rewards Checking account earns interest on your balance and has no monthly fee. It requires a $1,500 minimum opening deposit and a $500 minimum daily balance to earn the advertised interest rate. If your balance falls below $500, you earn a lower rate.
The Axos Savings account has no monthly fee and no minimum balance requirement. Interest rates on savings accounts change based on market conditions and the Federal Reserve's actions. Axos typically offers rates higher than the national average for savings accounts, but rates vary month to month.
Axos also offers Money Market Accounts and Certificates of Deposit (CDs). Money market accounts combine features of checking and savings—you can write checks or use a debit card, but you earn interest. CDs lock your money for a set term (ranging from three months to five years) in exchange for a fixed interest rate. If you withdraw early, you pay a penalty.
Fees and minimum balance requirements
Axos charges no monthly maintenance fee on most checking and savings accounts. However, some accounts require a minimum opening deposit or minimum daily balance to earn the advertised interest rate. If your balance falls below the minimum, you earn a lower rate or no interest.
Out-of-network ATM withdrawals cost $2.50 per transaction. Overdraft fees, wire transfer fees, and other service fees vary by account type. Axos does not charge fees for common transactions like direct deposits, mobile deposits, or transfers between your own accounts.
If you close an account within 90 days of opening it, Axos may charge a $25 early closure fee. This discourages customers from opening accounts to collect promotional bonuses and then closing them immediately.
How Axos compares to traditional banks
The main trade-off with Axos is convenience versus interest rates. You cannot walk into a branch, deposit cash easily, or speak to someone face-to-face. But you typically earn higher interest on savings and pay lower or no monthly fees. If you rarely need to deposit cash and are comfortable managing your account online, Axos may save you money.
Traditional banks offer physical locations, in-person customer service, and easier cash deposits. They often charge monthly maintenance fees and offer lower interest rates on savings. If you need to deposit cash frequently or prefer in-person banking, a traditional bank may be a better fit.
Some people use both: a traditional bank for everyday cash deposits and branch access, and Axos for savings to earn a higher interest rate. You can link the accounts and transfer money between them.
Customer service and account security
Axos offers customer support by phone, email, and online chat. Phone support is available Monday through Friday during business hours. Response times for email and chat vary. There is no 24/7 phone support, which is a limitation if you need help outside business hours.
Axos uses standard online banking security: encryption, multi-factor authentication, and fraud monitoring. If unauthorized transactions appear on your account, you can report them through the app or by calling customer service. Axos typically investigates within 10 business days and reimburses you if fraud is confirmed.
Your deposits are protected by FDIC insurance up to $250,000 per account type per bank. This means if Axos fails, the federal government guarantees your money up to that limit. Money market accounts and savings accounts are separate categories, so you can have $250,000 in savings and $250,000 in a money market account, both fully insured.
Who Axos works well for
Axos is a good fit if you want higher interest rates on savings, do not mind banking online, and rarely need to deposit cash. It works well for people who receive direct deposits (like paychecks or benefits), pay bills online, and use ATMs for cash withdrawals.
Axos is less suitable if you deposit cash frequently, need in-person customer service, or prefer a local bank with branches. It may also not be ideal if you need 24/7 phone support or have complex banking needs that require speaking to a specialist.
Frequently Asked Questions
Is Axos Bank safe?
Yes. Axos is a federally chartered bank regulated by the Office of the Comptroller of the Currency (OCC). Your deposits are FDIC-insured up to $250,000 per account type. The bank uses encryption and fraud monitoring to protect your account.
Can I get a debit card with Axos?
Yes. Axos checking accounts come with a debit card. You can use it to withdraw cash at Allpoint ATMs or make purchases at merchants. Money market accounts also include a debit card, but savings accounts do not.
How long does it take to open an account?
You can open an Axos account online in about 10 minutes. The bank verifies your identity and runs a background check. Most accounts are approved and active the same day, though some may take up to one business day.
What happens if I need to deposit cash?
Axos does not accept cash deposits at branches because it has no branches. You can use a linked account at another bank to deposit cash, then transfer it to Axos. Some locations partner with Axos to accept cash deposits; check their website for participating stores near you.
Can I transfer money between Axos and other banks?
Yes. You can link Axos to external bank accounts and transfer money using ACH (Automated Clearing House). Transfers typically take one to three business days. You can also set up direct deposits from your employer or benefits provider.