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Overall bank rating
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Pros and cons
Axos High Yield Savings Account Axos Bank Rewards Checking
- Receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
- Make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
- Keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.
- Keep at least a daily average of $2,500 in an Axos Self Directed Trading Invest Account monthly.
- Make a monthly Axos consumer loan payment with your Reward Checking account.
If you accomplish all goals in a month, you earn the maximum available APY.
If you aren’t necessarily looking for a high-interest checking account, then you can check out one of Axos’ several other checking accounts.
Axos Certificate of Deposit
Axos High Yield Money Market Account
One advantage of a money market account over a savings account is that the former usually makes it easier to access your savings. Axos offers a debit card with both its savings account and money market account, but the money market account also includes free paper checks.
How Axos Bank works
Axos Bank is an online bank that offers a high-yield savings account, money market account, CDs, and a variety of checking accounts.
To speak to a customer service representative, you can call Axos 24/7. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can’t answer your question.
There are fewer than 1,000 reviews of the mobile app in the Apple and Google Play stores. The existing reviews have resulted in 4.7 out of 5 stars in the Apple store, and 3.5 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Axos Bank trustworthiness and BBB rating
The Better Business Bureau has given Axos an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Not all banks have great BBB ratings. For example, Ally has a C because it has numerous customer complaints and hasn’t marked all of them as “closed.” More alarmingly, Wells Fargo used to have an F, possibly due to its history of predatory lending to racial minorities and creating fake bank accounts. (Wells Fargo isn’t rated by the BBB right now as there’s an ongoing investigation of the bank’s profile.)
But Axos doesn’t have any public scandals, and it’s closed a high percentage of its online customer complaints.
Make sure to also hear from friends and family to see if a bank will be a good fit. Online reviews can also be very helpful.
Axos Bank review vs. Discover review
Axos and Discover both have strong rewards checking accounts, but the accounts’ structures are different.
With Axos, you can earn interest on your checking balance. You won’t earn any interest on the
Your choice between Axos and Discover could also come down to whether you can afford the minimum deposits. Discover doesn’t require any money to open a savings or checking account, while Axos does. But Discover requires $2,500 to open a CD or money market account, and Axos only asks for $1,000.
Axos Bank review vs. LendingClub review
Banking with LendingClub can be a good way to get the best of both worlds with your checking account: interest and cash back. But if you care more about earning interest, then you might prefer Axos, which is currently offering a significantly higher interest rate. Axos also compounds interest daily, but LendingClub only compounds it monthly.
See Insider’s list of the best savings accounts »