Let’s face it: traditional banks have been a dying breed for some years now. Their returns are notoriously subpar, customer perks and services have dwindled, and the hassle of visiting an actual brick-and-mortar location is often just too much to ask amidst the frenzied pace of modern life.
Online banks are a logical alternative, and their popularity is sharply rising while the former’s declines.
There are several obvious advantages attached to online banking. On the side of the customer, it’s really about accessibility. With smart phones being as omniscient as they are, all of us can now access our financials at the blink of an eye, anywhere and anytime. This alleviates the entire hassle of driving to the bank, waiting in line, and interfacing with a teller.
For the bank itself, this means less overhead. Without the rents, fees, and need to provide payroll to staff at each and every location, online banks can concentrate on what really matters: you. This means better interest rates, and perhaps even better overall service.
Axos Bank is at the forefront of this digital revolution. Formerly known as Bank of Internet USA, Axos is a legit banking partner that strives to offer customers a low-cost alternative to traditional, stuffy banking magnates.
Axos bank is really ideal for those who want high-yield savings accounts. And who amongst us doesn’t want that? What’s more, Axos’ checking accounts are notorious for their lack of monthly fees and minimum account balances. They also offer CDs, though their rates are admittedly poor in comparison to some of their competitors.
What the best online banks do, including Axos, is provide a simple means of banking and saving money to any American, regardless the wallet size.
Notable Features of Axos Bank
- High Yield Savings Accounts: This feature is Axos Bank’s bread and butter, and not without good reason – a diligent savings plan with high return can solidify your entire future. There are no monthly fees or account balances associated with their savings accounts, and customers are free to withdraw their money without penalty. The interest rate on these kind of accounts is currently set at 0.61%, and require a $250 deposit to open. If you compare this rate with the American national average of 0.10%, it’s a real deal sealer.
- Rewards Checking Accounts: Axos Bank’s checking services are not too shabby either. Far from it, really. They require no monthly fees or minimum balances, and ATM charges are automatically reimbursed. The annual percentage yield is 1.25%, and though this sounds unbelievably high, there is a catch: customers must record at least $1000 per month in deposits, and make a minimum of 15 debit card transactions per month. This has the tendency to turn one into a rabid consumer, but if you feel you already meet the criteria, an Axos Rewards Checking Account has incredible potential value.
- Axos Bank Overdraft Fees: The great thing about Axos accounts is that they do not charge overdraft fees. Instead, if a customer is lacking the necessary funds for a purchase, the transaction is simply declined. This can be embarrassing, but hey, you will probably never see that cashier again, right?
Drawbacks of Axos Banking
Nothing is altogether perfect in this world, and neither is Axos Banking. While a powerful yet simple banking option, it has a few notable drawbacks that need to be highlighted for full transparency.
- Axos Bank CD: This is one of Axos’ glaring weaknesses. Though their APY rates do exceed those of most traditional banks, there are much better online options available for CD investing. If you do choose to go with Axos bank, look elsewhere when investing cash into CDs.
- Customer Support: It’s not that Axos’ customer service is inherently bad, only that it’s all online. This could be the major drawback of internet banking at large, as there are times in which a tête-à-tête is called for, especially when you need deep financial advice, or are considering taking out a substantial loan. That said, Axos Bank’s online support is accessible and by all accounts professional.
- Physical Branches: This is part and parcel with the “customer support” section, but the fact is Axos Bank only has two physical branches nationwide (US). Some of Axos’ competitors do offer a greater number of physical locations.
Axos Bank: What’s it Worth?
If you look around, reviews of Axos Bank resound with much positive praise and glowing endorsements. What makes the service a standout for a lot of customers is the considerable yield on both checking and savings accounts.
Putting extra money into a savings account each month, or bi-weekly, is one of the best ways to prepare for your future. Sure, robo-advisors and day trading have greater potential yields, but nothing is as safe as a legit, stalwart banking institution. Let Axos Bank hustle for you; start saving today for a brighter future. Axos bank can be everything a traditional bank is, and more.
