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Axos Bank

Best for Online Bankers

Axos Bank

0.61 APY

Interest Rates

S$0

Minimum Initial Deposit

No minimum average balance

Minimum Daily Average Balance

 

Basic Business Checking

Business Interest Checking

Business Savings

Business Premium Savings

Monthly fee$0$10$5$0
Minimum opening deposit$0$100$1000$25,000
APY0%1.01%0.20%0.20%
Transaction allowanceUnlimited100 free items/month and $0.50/ item after the limitSix transactions per monthSix transactions per month

Formerly Bank of Internet USA, Axos is ranked among the best online banks for business accounts. Axos is one of the most well-established fintech institutions in the United States. It offers different banking options, including Basic Business Checking, Business Savings, Business Interest Checking, and Business Premium Savings Accounts

Unlike its competition, Axos is an entirely virtual bank and does not depend on any other financial institution. Axos lacks a physical location and does not offer the higher APY; it is below what other online banks accounts offer.

All details

  • First Checking: Designed for kids from 13 to 17 years old. It is one of the best ways to introduce your kids to banking. It earns a 0.10% APY on all balances, features up to $12 in domestic ATM reimbursements every month, and does not have any monthly fees but a daily transaction limit of $100 on cash and $500 on debit.
  • Essential Checking: This is a no-frills, non-interest-bearing checking account with no monthly fees. It has unlimited domestic ATM reimbursement and no minimum deposit requirement.
  • Cashback Checking: Here, customers earn up to 1% cash back on all signature-based purchases. It also features a $0 monthly fee, unlimited domestic ATM reimbursements, and unlimited check-writing privileges.
  • Rewards Checking: Axos bank offers three tiers of interest and earns up to 1.25% APY. Balances above $50,000 do not earn interest; you only require $50 for the initial deposit. This account does not charge monthly maintenance fees; you will also receive an unlimited domestic ATM reimbursement.
  • Golden Checking: This account is designed for people 55 years and older. It is an interest-bearing account earning up to 0.10% APY on all balances. Golden checking also comes with free checks and requires an initial deposit to open accounts, and customers get up to an $8 domestic ATM reimbursement every month.
  • The Axos High Yield Savings Account: Axos bank savings account offers more than is offered in your average brick-and-mortar banks. It earns up to 0.61% in APY, making it one of the best online savings accounts. It required a $250 initial deposit with no minimum balance requirement past the initial amount. The savings account does not have a monthly maintenance fee; customers can also get a free ATM card, which is not common with savings accounts.
  • The Axos Bank High Yield Money Market Account: It requires an initial deposit of $1,000 and offers 0.25% on APY on balances. It also has free ATM or check-writing privileges and does not charge monthly maintenance fees.
  • CDs Account: The CD accounts range from three months to five years with 0.20% APY across the board. It requires a $1,000 initial deposit and does not offer any monthly fees. Axos CD accounts will automatically renew once they reach maturity. They provide a 10-day grace period where customers can take penalty-free actions like withdrawing, adding funds to the account, or closing the CD account.
  • UFB Direct Bank Accounts: You can choose between two bank accounts that fall under the Axos Bank name. They are UFB Rewards Savings Accounts and UFB Rewards Money Market account. Both versions offer a 2.21% on balances.

Axos bank is offering a $100 bonus with the Rewards checking account and a $200 bonus for the business checking or business saving. Axos also offers a 2.21% APY for the UFB Direct Rewards Money Market and Rewards Savings.

The Pros

  • Fewer Monthly Fees

Axos does not charge a monthly fee on the Axos savings and checking accounts. Rewards, Essential, First, and Golden checking accounts have no overdraft fees for non-sufficient funds.

  • Full-Service Banking

Axos is a full-service online bank with savings, checking, money market accounts, loans, CDs (Certificate of Deposit), and other investment options.

  • ATM Fee Reimbursements

Axos does not have its own ATM network; therefore, its customers get unlimited domestic ATM fee reimbursement with Cashback, Rewards, and Essential checking accounts. You can receive up to $8 reimbursement per month with the Golden checking Axos bank accounts.

The Cons

  • Low Savings Rates

Axos high-yield savings account is well above the national average but is below what most online banks offer.

  • No Physical Offices

Axos offers its service purely online. While the bank offers ATM reimbursement, it is not the best choice for a person looking for in-person help from a bank teller.

  • Average CD Rates

Axos CD rates are average when compared to its peers. The rates are well above the national average for short terms but below average for terms longer than 36 months.

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How Does Axos Bank Compare with Other Digital Banks in Singapore?

Bank Name

APY

Cash Deposit Fee

ATM Fee

Minimum Opening Deposit

Axos1.01%Fee free via MoneyPass and Allpoint networksUnlimited Domestic ATM fee reimbursements$100
NovoN/AIt does not accept cash depositsRefunds all ATM fees$50
Bluevine1.5%$4.95 per transaction via Green Dot retail locationsFree at MoneyPass locations: $2.50 for non-networkNone
Radius0.1% on balances over $5,000UnlimitedNo ATM fee$100
Capital One1.75%Unlimited cash depositsUp to $4.99 per withdrawal$250

How to Apply for Axos Bank?

To apply for any account with Axos, go to Axos bank’s official website and click on apply on the account type you prefer. Each account has its specific requirements, but the main requirements are:

Eligibility and requirement:

  • 13 years and above
  • Valid identification card
  • Singapore resident
  • Valid Singapore address
  • NRIC

Axos Bank – Our Verdict

Formerly known as Bank of Internet USA, Axos bank does not charge fees on most of its accounts. While it does not have any in-person customer service options, Axos offers an automated online chat, a 24/7 phone line, secure online messaging, and Twitter.

Axos is excellent for customers looking for high-yield checking and savings accounts and are comfortable with online customer services. You will also enjoy unlimited ATM fee reimbursement. Their CD rates are, however, low for an online bank account.

Final Thoughts

Axos is an excellent choice for any business that wishes to keep its finances digital. It offers a wide range of banking services and a perfect opportunity to manage your finances without visiting that bank in person. Using Robo advisors is one of the easiest ways for a newbie to start investing. Axos checking accounts provide a combination of interest-earning and flexible spending. It, however, doesn’t have the best APY among its peers, and it’s well above the national average.

Key Takeaways

  • Axos is purely an online banking service.
  • It offers unlimited reimbursement for ATM fees.
  • It provides a competitive rate on savings.

If you are looking for a loan to fund your goals, Loan Advisor got your back! Contact us now, and we will respond promptly with different quotes from top money lenders in Singapore that match your needs.

FAQs

Axos is among the best online banks in 2022. It charges no monthly fees and offers Cashback and Reward checking options while providing competitive interest rates on its savings accounts with an APY of up to 1.25%.

Yes. Axos Bank is FDOC insured, meaning your cash is safe with them. (FDIC no. 35546)

Yes. Axos’s High Yield Savings account offers higher rates than normal bans. Its savings account can earn up to 0.61% APY making Axos one of the best online savings accounts

Axos is the better option when it comes to your checking account. Ally, on the other hand, offers the best in savings accounts and CDs, especially if you want to start small. Axos requires a minimum deposit of $250 for a savings account and $1,000 for a CD account, while you can open an Ally account with $0.

Axos offers a variety of services outside its bank account offerings. They include:

  • VA loans
  • Auto loans
  • Personal loans
  • Managed investment portfolios
  • Business and commercial banking and lending solutions
  • New mortgages
  • Mortgage Refinancing
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • FHA loans

You can reach Axos personal banking customers through the mobile app and by sending a secure message through their online accounts. You can also call Axos via 844-999-2967, 24 hours a day, seven days a week apart from Thanksgiving Day and Christmas Day.

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