Axos Business Credit Card

Is Axos Bank Legit or Scam? Let's Find Out

Hello Friends,

Have you been hearing about Axos Bank and wondering if it is a reliable financial institution to trust with your money? If so, you are in the right place. In this article, we will explore everything about Axos Bank, including its history, products and services, fees, and more. So, sit back, relax, and let’s get started.

What is Axos Bank?

Axos Bank is a digital bank based in San Diego, California. The bank was initially known as Bank of Internet USA and was founded in 1999. In 2018, it rebranded to Axos Bank to reflect its evolution into a full-service digital bank. Axos Bank provides personal and business banking services, including savings and checking accounts, loans, mortgages, and credit cards, among others.

Is Axos Bank FDIC-Insured?

Yes, Axos Bank is FDIC-insured, just like traditional brick-and-mortar banks. The FDIC insures up to $250,000 per depositor, per ownership category, and per bank. Therefore, if Axos Bank were to fail, your deposits would be protected up to the FDIC insurance limit.

Products and Services Offered by Axos Bank

Axos Bank offers a wide range of financial products and services to meet the needs of its customers. Here are some of the products and services you can find at Axos Bank:

1. Checking and Savings Accounts

Axos Business Credit Card

Axos Bank offers several checking and savings account options, including:

  • Rewards Checking: This account offers up to 1.25% APY on your balance and unlimited domestic ATM fee reimbursements. You can also earn cashback rewards on everyday purchases.
  • Essential Checking: This account has no monthly maintenance fees and no minimum balance requirements.
  • High Yield Savings: This account offers competitive interest rates and no monthly maintenance fees.

2. Loans and Mortgages

Axos Bank provides different types of loans and mortgages, such as:

  • Personal Loans: You can borrow up to $100,000 with fixed or variable interest rates and terms ranging from 12 to 60 months.
  • Home Loans and Mortgages: Axos Bank offers conventional, FHA, VA, and jumbo home loans and mortgages with competitive rates and flexible terms.
  • Auto Loans: You can finance a new or used vehicle with rates as low as 2.99% APR and terms up to 84 months.

3. Credit and Debit Cards

If you need a credit or debit card, Axos Bank has got you covered. Here are some of the credit and debit card options you can choose from:

  • Rewards Checking Visa Debit Card: This card offers 1% cashback on eligible signature-based purchases and unlimited domestic ATM fee reimbursements.
  • Cashback Rewards Visa Card: You can earn up to 1.5% cashback on eligible purchases with this card.
  • Travel Rewards Visa Card: This card offers 3x points on travel purchases and 1x points on other purchases.

Pros and Cons of Banking with Axos Bank

Like any financial institution, Axos Bank has its advantages and disadvantages. Here are some of the pros and cons of banking with Axos Bank:


  • Competitive interest rates and cashback rewards
  • No monthly maintenance fees on most accounts
  • Wide range of products and services
  • Digital banking with mobile apps and online tools
  • FDIC-insured deposits for up to $250,000 per depositor, per ownership category, and per bank


  • No physical branches or ATMs
  • Limited customer support availability
  • Some accounts require a minimum balance to avoid fees

How to Open an Account with Axos Bank

Opening an account with Axos Bank is easy and straightforward. Here are the steps you need to follow:

  1. Visit the Axos Bank website
  2. Select the account you want to open
  3. Fill out the online application form
  4. Provide your personal and financial information
  5. Verify your identity and funding source
  6. Review and confirm your application

Once your application is approved, you will receive an email with your account details and instructions on how to set up your online banking.

Axos Bank Customer Service

Axos Bank provides customer support via phone, email, and secure messages through its online banking platform. However, some customers have reported long wait times and limited availability of customer service representatives. Therefore, if you have an urgent issue or need immediate assistance, contacting Axos Bank may not be the best option.

Axos Bank Fees

Axos Bank charges fees for some of its products and services, such as overdraft fees, wire transfer fees, and foreign transaction fees, among others. However, the bank also offers ways to waive or reduce some of these fees. For instance, you can avoid monthly maintenance fees on most accounts by meeting certain balance requirements or completing specific transactions. Therefore, it is important to read and understand Axos Bank’s fee schedule before opening an account.

Axos Bank Reviews and Ratings

Axos Bank has mixed reviews and ratings from customers and rating agencies. For example, the bank has an A+ rating from the Better Business Bureau (BBB) but has a 2.5-star rating on Trustpilot based on over 650 reviews. Some customers praise Axos Bank for its competitive rates and easy-to-use online banking platform, while others criticize the bank for poor customer service and hidden fees.


In conclusion, Axos Bank is a legitimate financial institution that offers a wide range of digital banking products and services. The bank has competitive rates, no or low fees, and is FDIC-insured. However, it also has some disadvantages, such as limited customer support availability and no physical branches or ATMs. Therefore, whether Axos Bank is the best bank for you will depend on your financial needs and preferences. Thanks for reading, and see you in the next article!

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