Suppose you are looking for a way to keep your savings safe and secure but don’t like traditional banks. In that case, there are some good, reliable digital/online banking options for you. Axos Bank is a pretty popular one that often gets mentioned in “top online bank” lists. If you’ve read an Axos Bank savings account review, then you might already be familiar with what it offers. If not, here is a quick rundown.
Axos offers a digital savings account, high-yield savings, IRA / Roth savings, high yield money market accounts, and Certificates of Deposits. As a result, you can generally expect decent APY%. Right now, it is at 0.61% for a high-yield savings account, although the 0.61% APY is the maximum. Whether or not you’ll qualify for the maximum APY percentage amount depends on how much you can meet a particular deposit requirement and keep up with the monthly contributions and maintenance.
The Certificate of Deposit account offering should also mention in an Axos Bank savings account review. While it has a lower APY %, it still offers the potential for higher returns in the long run. The FDIC backs it up to the maximum allowable limit. There is a $1,000 requirement for a CD account at Axos Bank.
For the high-yield savings, only a $250 minimum is required for opening an account. There are also no monthly maintenance fees to worry about or even any minimum balance requirements. This lack of minimum is a huge benefit for this bank. Many of its online competitors have unfair or unnecessary fees and account requirements that many consumers cannot meet.
Axos Bank Savings Account Review of Benefits
A few other benefits that we should list in an Axos Bank savings account review include:
- Free ATM (available upon request)
- Daily compounded interest
- A suite of cyber money management tools and resources
- Security features like account monitoring, SSL Encryption, automatic logout, malware protection, etc.
- Good customer service and tech support
Since this is an online bank, how does customer service work? Axos Bank has its “virtual bank teller” named Evo that is available 24/7. Evo is developed to provide answers to various questions customers may ask and offers helpful information. All you would have to do is log in and ask any questions.
Suppose you are interested in learning more after reading this Axos Bank savings account review. In that case, you can visit the website to get more details about the savings accounts, money market account, CD account, or any other type of online savings. You’ll be able to compare the offers and decide if any of these banking products/services are right for you.