Axos Bank affiliates include Axos Clearing LLC and Axos Invest, Inc.，Our holding company, Axos Financial, Inc., is publicly traded on the New York Stock Exchange under the symbol “AX” and is headquartered in Las Vegas, Nevada.
Overview of Axos
Axos Bank, headquartered in the United States, operates under the regulatory oversight of both FINRA and the SEC, ensuring compliance with financial laws and regulations. The bank offers a range of tradable securities, including stocks, ETFs, options, and mutual funds, catering to diverse investment needs. Their services encompass personal banking, business banking, and managed portfolios, providing comprehensive financial solutions. Margin trading is available, subject to approval, and managed portfolios offer personalized goal-setting options. Commissions for trades are competitive, with $0 fees for stocks and ETFs, while educational resources, such as articles and videos, are available to enhance financial literacy. The bank provides various account types, including individual taxable accounts, joint accounts, and IRAs. Customer service is comprehensive, offering support through secure messaging, dedicated phone lines, and 24/7 online assistance.
Regulatory Status
Axos is regulated by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC), ensuring compliance with securities laws and maintaining market integrity. Compliance with FINRA and SEC regulations is integral to Axos' commitment to operating ethically and responsibly within the financial industry.
Pros & Cons
Axos Bank offers various financial services catering to both individuals and businesses. While it provides innovative solutions, transparent fee structures, and comprehensive customer support, there are also some limitations to consider.
Overall, Axos Bank offers innovative financial solutions with transparent fee structures and comprehensive customer support. However, customers should be aware of the limited physical branch network and potential fees associated with certain transactions.
Services
Personal Banking:
Checking Accounts: Axos provides a variety of checking account options designed to suit different financial needs, including interest-bearing and rewards checking accounts.
Savings Accounts: From high-yield savings accounts to specialized savings products, Axos offers options to help individuals grow their savings effectively.
Certificates of Deposit (CDs): Clients can choose from a range of CDs with various terms and competitive interest rates, providing a secure way to save and earn interest over time.
Borrowing: Whether it's for a home, personal expenses, or a vehicle, Axos offers competitive mortgage rates, personal loans, and auto loans with flexible terms and personalized service.
Investment: Axos provides investment opportunities through managed portfolios managed by financial experts or self-directed trading platforms for those who prefer to manage their investments independently.
Client Relationship Summary: Axos prioritizes transparency by offering clients a detailed summary of their relationship, including information about services provided, fees, and potential conflicts of interest.
Business Banking:
Commercial Services: Axos offers a range of commercial banking solutions, including equipment finance, lender finance, and small balance commercial real estate lending, to support the growth and operations of businesses.
Treasury Management: With Axos' treasury management services, businesses can efficiently manage their cash flow, streamline payments, and optimize liquidity to enhance financial efficiency.
Business Checking Accounts: Axos provides basic and interest-bearing business checking accounts tailored to meet the unique needs of businesses, offering features such as unlimited transactions, online banking, and mobile deposit.
Business Savings: Businesses can choose from various savings options, including business savings accounts and money market accounts, to maximize returns on their excess funds while maintaining liquidity.
Business CDs: Axos offers fixed-term certificates of deposit for businesses seeking a secure way to save and earn competitive interest rates.
Industry-Specific Solutions: Axos caters to specific industries such as third-party payment processors, HOAs & Property Management, 1031 Exchange Qualified Intermediaries, Title & Escrow, Global Fiduciary Banking, Fiduciary Services, and Hedge Funds & Alternative Fund Banking Solutions, providing tailored financial solutions to meet the unique needs and challenges of each sector.
Axos Bank stands out for its commitment to providing innovative, reliable, and transparent financial solutions to empower individuals and businesses to achieve their financial goals effectively.
Tradable Securities
Axos offers a range of trading products designed to cater to the diverse needs of investors. Here's a breakdown of the trading products available:
Stocks:
ETFs (Exchange-Traded Funds):
Options:
Mutual Funds:
Axos' trading platform aims to provide investors with access to a variety of investment products at competitive pricing, empowering them to build diversified portfolios and achieve their financial objectives efficiently. Whether trading stocks, ETFs, options, or mutual funds, Axos prioritizes affordability and accessibility to make investing more accessible to all types of investors.
Commissions and Fees
Axos Bank offers a transparent fee structure for its Self-Directed Trading platform, ensuring clients understand the costs associated with their trades and investments. Here's a breakdown of Axos Bank's commissions and fees:
Commission Fees:
Stocks: $0 per trade* (limited to stocks listed on an exchange in the United States; additional charges may apply for foreign exchange, over-the-counter stocks, and large block transactions)
ETFs: $0 per trade
Options: $1.00 per contract
Mutual Funds: $0 per trade for no-load mutual funds (with which Axos Invest LLC has a distribution agreement)
Other Fees:
Service Fees: Commissions, service fees, contract fees, regulatory fees, and exception fees may still apply. Clients are encouraged to review the detailed list of commissions and fees provided by Axos Bank for specific information.
Real-Time Data: Access to real-time market data may be subject to additional fees.
Extended Market Hours: Axos Elite members enjoy extended market hours until 7:00 p.m. ET.
Margin Trading: Margin trading is available, subject to approval, and clients should be aware of associated risks.
Margin Interest: Clients utilizing margin trading may incur interest charges on borrowed funds.
Advanced Trading Options: Axos Elite members have access to advanced trading options with lower fees.
Axos Elite Subscription: Clients can opt for an Axos Elite subscription, which provides enhanced account features and benefits for a monthly fee.
Note:
*$0 Stocks and ETF trades are limited to those listed on U.S. exchanges. Charges may apply for foreign exchange, over-the-counter stocks, and large block transactions requiring special handling.
Trades executed in multiple market lots on the same trading day are charged a single commission, while trades partially executed over multiple trading days are subject to commission charges for each trading day.
Axos Bank's transparent fee structure aims to empower clients with the knowledge needed to make informed investment decisions while providing access to a wide range of trading products at competitive rates. Clients should review Axos Bank's Schedule of Fees for comprehensive information on commissions and fees applicable to their trading activities.
Account Types
Axos offers a variety of account types to cater to different financial goals and needs. Here's a description of the account types available:
Individual Taxable Accounts:
Description: Individual taxable accounts are standard investment accounts suitable for general investing needs.
Features: Investors can contribute funds and invest in a wide range of assets, such as stocks, bonds, ETFs, and mutual funds, without the tax advantages of retirement accounts.
Joint Accounts:
Description: Joint accounts are designed for spouses, relatives, or friends who want to invest together.
Features: Multiple individuals can contribute funds to the account and jointly manage investments, providing shared access to investment returns and potential tax implications.
IRA (Individual Retirement Account):
Description: IRAs are retirement accounts that offer tax advantages for long-term savings.
Types:
Roth IRA: Contributions are made with after-tax dollars, potentially allowing tax-free withdrawals in retirement.
Traditional IRA: Contributions may be tax-deductible, with taxes deferred until withdrawals are made in retirement.
Rollover IRA: Typically used to roll over funds from a previous employer's retirement plan, such as a 401(k), without incurring taxes or penalties.
Axos' diverse range of account types provides individuals with the flexibility to invest for various purposes, whether it's for retirement savings, joint investing with a partner, or standard taxable investing. Each account type offers unique benefits and features to help investors achieve their financial goals effectively.
Managed Portfolios
Axos Invest Managed Portfolios provide a straightforward way for investors to grow their wealth and plan for the future. With low fees and easy setup, investors can start investing without hassle, regardless of their experience. These portfolios offer personalized goal-setting options, allowing investors to tailor their strategies to their financial goals and risk preferences.
One of the main benefits of Managed Portfolios is access to IRAs, providing tax advantages for retirement savings. These portfolios automatically adjust based on changes in investors' goals or financial situations, ensuring portfolios stay aligned with their needs. Managed Portfolios use a passive investing approach, focusing on long-term growth and minimizing costs. With transparent fees and comprehensive goal planning, investors can save for both short-term needs and long-term goals effectively.
In essence, Axos Invest Managed Portfolios offer a simple, cost-effective, and personalized solution for investors to build wealth and achieve their financial objectives with confidence.
Deposit & Withdrawal
Axos Bank offers convenient options for both depositing and withdrawing funds from your accounts:
Deposits:
Making Deposits: You can authorize Axos Bank to accept items for deposit made payable to you, including checks, wire transfers, and other forms of credit like direct deposits or automated clearinghouse entries.
Cash Deposits: While cash deposits are discouraged, if received, Axos Bank determines the amount conclusively. The bank is not liable for any lost cash deposits.
Mobile Deposits: Utilize Mobile Deposit from Axos Bank to deposit checks into your checking or savings account using your smartphone or mobile device from anywhere, anytime.
Make a Deposit: Through the Make a Deposit feature, you can securely make deposits 24/7 from the comfort of your home or anywhere with internet access.
ACH New Account Funding: ACH Funding is typically posted within 2-3 business days after opening a new account, upon final credit from the external bank.
Withdrawals:
Transfer Funds: You can easily transfer funds to another account, whether it's with Axos Bank or another financial institution, by logging in online, selecting your account, and choosing the Move Money option.
Wire Transfers: Initiate wire transfers through the online platform or app by selecting the account, choosing Move Money, and selecting Wire Transfers.
ATM Withdrawals: Axos Bank savings account holders can make ATM withdrawals using their debit or ATM card. Use the ATM Locator tool to find free ATM withdrawal locations near you.
Overall, Axos Bank provides a range of flexible and convenient options for both depositing and withdrawing funds, ensuring easy access to your money whenever you need it.
Customer Service
Axos Bank delivers comprehensive customer support through various channels to assist customers with their banking needs. You can easily reach out for help through online banking, where secure messages can be sent anytime. Additionally, there are dedicated phone numbers available for specific inquiries, like loan servicing or personal loans, ensuring you get tailored assistance when you need it.
The support hours are designed to accommodate different schedules, with personal banking assistance accessible 24/7, except on Thanksgiving Day and Christmas Day. For specialized services like home loans or small business banking, support is available during standard business hours, offering flexibility to address inquiries promptly.
Axos Bank prioritizes quality in customer support, with dedicated teams trained to provide timely and knowledgeable assistance. Whether you're seeking help with a loan application or have questions about your account, the customer service representatives are equipped to offer accurate information and resolve issues efficiently.
Overall, Axos Bank's customer support is structured to ensure customers receive the assistance they need, when they need it, enhancing the overall banking experience with personalized and reliable service.
Educational Resources
Axos Bank provides a comprehensive range of educational resources designed to empower customers with financial knowledge and insights. These resources are accessible through their Customer Support section, specifically under Personal Support. By visitinghttps://www.axosbank.com/Customer-Support/Personal-Support, customers can explore a variety of articles and videos covering various topics related to personal finance, banking services, and financial literacy.
The educational articles delve into important subjects such as budgeting, saving strategies, credit management, investing basics, and more. They aim to provide valuable information and practical tips to help individuals make informed financial decisions and achieve their financial goals.
In addition to articles, Axos Bank offers informative videos that complement the written content. These videos may cover topics ranging from how-tos on using banking features effectively to explanations of complex financial concepts in a user-friendly format.
Overall, Axos Bank's educational resources serve as a valuable tool for customers seeking to enhance their financial understanding and make the most out of their banking experience.
Conclusion
Axos Bank stands out for its comprehensive range of financial services tailored to individuals and businesses, emphasizing innovation, reliability, and transparency. From personal banking solutions like checking and savings accounts to business banking services such as commercial lending and treasury management, Axos offers a diverse array of options to meet various financial needs. Their commitment to customer service ensures personalized assistance, while their transparent fee structure and variety of account types cater to investors of all levels. Additionally, Axos prioritizes financial education through informative articles and videos, empowering customers to make informed decisions and achieve their financial goals effectively.
FAQs
Q: What types of accounts does Axos Bank offer？
A: Axos Bank provides a range of accounts, including checking, savings, CDs, and investment accounts.
Q: What are the fees for trading on Axos Bank's platform？
A: Axos Bank offers commission-free trades for stocks and ETFs, with competitive rates for options trading and no-load mutual funds.
Q: How can I deposit funds into my Axos Bank account？
A: You can deposit funds via checks, wire transfers, direct deposits, mobile deposits, or ACH transfers.
Q: What customer support options are available at Axos Bank？
A: Axos Bank offers comprehensive customer support through secure messaging, dedicated phone lines, and 24/7 online assistance.
Q: Does Axos Bank offer educational resources for customers？
A: Yes, Axos Bank provides articles and videos covering various financial topics, accessible through their Customer Support section.
Risk Warning
Engaging in online trading poses significant risks, including the potential loss of invested capital, and may not be suitable for all traders or investors. It is essential to thoroughly understand these risks before participating in any trading activities. Additionally, please note that the information provided in this review is subject to change due to updates in the company's services and policies. The creation date of this review is also important, as the information may have become outdated over time. Therefore, readers are strongly advised to verify the most up-to-date information directly with the company before making any investment decisions. The responsibility for acting on the information contained in this document lies solely with the reader.
United States
