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Axos VS Customers Bank

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: 5.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
No Rate Information
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Pros:

  • Competitive interest rates
  • Ascent Money Market Savings account
  • Variety of personal deposit accounts
  • Low opening required amounts

Cons:

  • High opening amount for savings account
  • Cannot open all accounts online
  • Tiered interest rates on accounts
  • Accounts have monthly fees
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.

Customers Bank Review

Most of the accounts with Customers Bank offer competitive interest rates. The accounts offer rates slightly lower than other online accounts. Customers Bank accounts interest rates are still higher than typical bank rates.

The Ascent Money Market Savings account earns rates competitive with other online accounts. This account is only available online. The interest rate for this account is competitive with other online accounts. The interest rate for this account is only guaranteed until the end of 2019.

There are a variety of personal deposit and business accounts available. They offer three personal checking accounts and one business checking account. They offer savings accounts for personal and business use. Customers Bank offers an online savings account. They offer CDs as well. Those terms range from 3-months to 60-months. CDs and the money market accounts are for personal deposit use only.

The personal deposit accounts with Customers Bank have low opening required amounts. Each of the three checking accounts and the savings accounts only require $10 to open. The money market requires $50 to open. Each of the CD terms require $500 to open.

The Ascent Money Market Savings account has a high opening required amount. This money market account requires $25,000 to open. You must keep that balance in the account to earn interest. This account does not come with an ATM card, debit card, or checks. You can access these funds through online banking.

Not all accounts at Customers Bank can be opened online. The Ascent Money Market Savings account can be opened online. The other accounts with Customers Bank may require a branch location to open. They have branch locations in eight states. Not all products are available at every location. Contact customer service to see which accounts are available.

Accounts at Customers Bank have tiered interest rates. To earn the most competitive rates requires high account balances. The Ascent Money Market Savings account requires $25,000 to earn interest. Other money market accounts require $250,001 to earn the competitive interest rate.

Some Customers Bank accounts have monthly fees. The checking account has a monthly fee of $29 if you do not meet the requirements. You must keep a $5,000 balance in Customers Bank accounts to waive the fee. The money market account has a $5 fee if you balance falls below $1,000. The retirement savings account has a $5 fee if your balance falls below $100.

Read the full Customers Bank review.

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