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Axos VS Connexus Credit Union

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Variety of accounts available
  • Competitive interest rates on accounts
  • Most accounts do not have monthly fees
  • Low opening required amounts

Cons:

  • Earning interest has set requirements
  • Tiered interest rates on accounts
  • Not all rate information listed
  • Interest rates may change without notice
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates
  • No monthly maintenance fees
  • ATM fee reimbursements
  • Variety of accounts available

Cons:

  • Must become a member
  • CDs have high opening required amounts
  • Tiered interest rates for money market
  • Requirements for checking interest rates
Axos Review

Axos Bank offers a good variety of bank accounts. They offer cash-back and interest-earning checking accounts. They offer a checking account for those over 55 and for teens. Axos offers money market and savings account, along with CDs. Their CD terms range from three to 60 months. Axos offers checking, savings, and money market accounts for businesses. They also offer lending options for personal accounts and business accounts.

The Axos Bank accounts offer competitive interest rates. The rates are slightly lower than other online accounts but still competitive. Axos Bank interest rates are much higher than typical bank rates. There is not a set account balance required to earn interest.

The Axos Bank accounts do not have monthly fees. The accounts do not have set balances that you must keep in your account to avoid fees. These accounts are free. The only accounts with a fee are the Second Chance and World checking accounts. That fee is $6.95 a month with a direct deposit for the Second Chance account. The World checking account fee is $30 if your balance falls below $150,000.

The minimum opening required amount for Axos accounts are low. Most of the Axos checking accounts require $50 to open. The World checking account requires $75,000 to open. The savings accounts require $50 to open. The High Yield savings and IRA savings accounts requires $250. The High Yield money market account and CDs both require $1,000 to open.

The Axos Rewards checking account has requirements to earn competitive interest rates. The more requirements you meet, the more interest you earn. To earn the most competitive rate, you must have a direct deposit into your account and make 15 debit card transactions each month.

Most Axos accounts have tiered interest rates. To earn the most competitive interest rates requires a high account balance. The highest tier requires more than $100,000 in the account. Some checking accounts will not earn interest if the balance is over $150,000.

Not all the rate information for Axos accounts is on the website. The disclosures say accounts have tiered interest rates. The Axos website does not list the rates for the different tiers. To find the specific rates for the tiers call customer service.

Interest rates for Axos accounts may change without notice. This applies to their checking, savings, and money market accounts. The rates are subject to change without giving the customer notice. The interest rates on CDs are also subject to change at the bank's discretion.

Read the full Axos review.

Connexus Credit Union Review

The interest rates for most Connexus accounts are competitive. Their CD and checking accounts offer rates competitive with other online accounts. These rates are much higher than typical brick and mortar bank rates. The Connexus saving accounts do not offer rates competitive with other online accounts.

The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HAS account has a fee and the business checking account if your balance falls below $200.

Two Connexus checking accounts offer ATM fee reimbursement. ATM transactions are free at any Connexus ATM. The Xtraordinary checking allows for six free ATM withdrawals from non-Connexus ATMs. The MyRewards allows four ATM withdrawals. If you exceed this amount, Connexus will reimburse you up to $25 in surcharges each month.

Connexus Credit Union offers a good variety of personal deposit accounts. They offer three checking accounts, money market account, and CDs. They offer a traditional savings account, one for youth, and a holiday savings account. Each of these accounts can open online.

To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members qualify. You can also become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you are approved or not.

The CD accounts through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. There are no fees for these CDs unless you withdraw the money before the CD reaches maturity.

The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below this amount still earn interest, just not the most competitive rate.

The Connexus checking accounts have set requirements to earn competitive rates. That includes eStatements, one direct deposit, and one online bill payment. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, you just do not earn the best rates.

Read the full Connexus Credit Union review.

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