In the past month I have been doing a lot of comparison shopping for checking accounts. I’m looking for an account that will give me the best interest rate and the best features. My actual checking account is at a local bank, but that’s the only reason why I don’t like it. I like the concept of “checking”, but not the restrictions and fees. So I decided to look for an account that offers the best of both worlds. And the winner of the comparison is…well…there isn’t one.
When choosing a checking account, there are a lot of factors to take into account. Some notable factors are monthly fees, minimum balance requirements, interest rates, customer service quality, direct deposit options, ATM withdrawal options, paper statements, online access, mobile access, mobile banking, debit card rewards, debit card benefits, debit card fees, overdraft protection, overdraft fees, paper statements, direct deposit options, ATM withdrawal options, mobile access, direct deposit options, daily balance, minimum balance requirements, minimum balance fees, minimum monthly balance, minimum monthly fee, minimum monthly fee for minimum balance, paper statements, online access, mobile access, minimum monthly fee for minimum balance, overdraft protection, overdraft fees, paper statements, debit card rewards,
The Axos Bank First Checking Account Review – How it Compares. You may have already noticed that I’m putting my fresh money elsewhere for now. I’ve got my first checking account with Axos Bank.
axosbank.com is the source of this picture.
Before digital banks became as common as their brick-and-mortar counterparts, Axos Bank emerged in 2000 as an online-only organization. This financial services business has since grown to become one of the most well-known digital banks in the world, offering a complete range of products from investing to deposit accounts. Axos was named “One of America’s Best Banks” by Forbes in 2020.
The Axos Bank First Checking account, in particular, has been making waves in the personal financial industry as one of the few interest-bearing bank accounts for children. Furthermore, this product checks a lot of boxes for parents who wish to educate their children about money management. Let’s take a closer look at the details to see whether the Axos Bank Teen Checking account is a suitable match for you.
This article will teach you how to:
13–17-year-olds are the target audience (users up to 18 years old qualify in the state of Alabama).
Teens that wish to earn interest are a good fit.
A joint bank account is one that a parent or guardian and their kid share. Axos and their parents place limitations on what teen users may and cannot do with their accounts. This product is perfect for teenagers who want to save a little money.
This bank account may be a good fit for those who are new to money management as well as teenagers who have some experience managing their own cash.
Teens may earn money for themselves and enjoy relative spending freedom as account co-owners of an Axos First Checking account. When a youngster reaches 18 and no longer qualifies for a First Checking account, they may transfer their account to one of Axos’ four other free checking accounts. Rewards Checking, Essential Checking, CashBack Checking, and Golden Checking are some of the options.
To establish an account, a $50 minimum deposit is needed, but there are no minimum monthly balance restrictions.
Earnings: Interest payments are a way for teenagers to make money (although the current APY sits at just 0.10 percent ). They make more money if they save more.
Because this is not a chores-and-allowances platform, teenagers will not be able to earn additional money by doing tasks and marking them off for their parents to evaluate. Because this is a joint account shared by parent and kid, they will not get regular transfers into their account.
Direct deposits may be used by teenagers to put money into their accounts. Once an account has been established and the first deposit of $50 has been approved, cash deposits are allowed and may be made at participating ATMs throughout the nation. Green Dot merchants such as Walgreens, Walmart, and 7-Eleven also accept cash deposits. This may cost up to $4.95 per deposit, which is a price paid by merchants rather than Axos, and money could be accessible as soon as 10 minutes following a transaction.
Teens are not qualified to make money-making recommendations, but their parents are.
Spend: A free debit card is included with every Axos First Checking account. Teens may use their debit cards to make ATM withdrawals and are entitled for a monthly fee reimbursement of up to $12 in third-party domestic costs. They are only allowed to withdraw $100 in cash each day. Axos has a network of about 91,000 ATMs. Teens may use this ATM finder to locate in-network ATMs and will be reimbursed monthly if they use out-of-network ATMs.
Almost wherever Visa is accepted, even abroad, this debit card may be used (some merchants are restricted for minor safety). Transactions at the point of sale are restricted to $500 each day.
Teens are unable to write checks, but they may deposit checks using the software on their mobile device. They may also use the app to send money to other individuals through peer-to-peer transactions. There is no fee involved in doing so.
There are no overdraft fees, and there are no non-sufficient funds costs. Any transactions that might result in a negative balance on an account will be immediately declined by Axos at no cost to the user. Overdraft protection is not required for users.
Save: While this is an interest-earning checking account, the current APY isn’t very impressive. At the moment, all accounts receive 0.10 percent APY, regardless of balance. Higher balancing levels are often more lucrative than lower tiers, although Axos isn’t as competitive as it once was.
There is no minimum balance requirement to earn interest; accounts with a balance of 0 percent are eligible.
Savings features like parent-paid bonuses, parent- or bank-paid balance matching, and the option to set savings goals are not available with the Axos First Checking account. All of the money is stored in one location and cannot be transferred to other buckets for different spending or saving goals. Any money in a user’s account may be spent using their debit card and is eligible to earn interest.
Parents may put money into their primary Axos account via an ACH bank transfer, direct deposit, or credit or debit card transaction. Cash deposits are not allowed while funding an account, however they may be done thereafter via the Green Dot network of ATMs and shops.
Parents may activate account alerts to get real-time push notifications, emails, or text messages anytime their child uses their card to make a purchase or transfers money from their account to remain informed about when and where their children are spending money. Parents may also use their dashboard to turn cards on and off as required.
Axos Bank sets transaction and withdrawal restrictions automatically, and parents cannot change them. Parents are also not allowed to control which merchants their children may shop at or impose extra spending restrictions.
Parents may also utilize Axos’ Bill Pay function to schedule payments from their primary account. Many parents use this as a chance to make their children accountable for expenditures like mobile phone bills and new clothing.
Parents may earn money by referring others. A user and their buddy will both earn $20 in their account for each friend they refer who qualifies to establish an Axos account (and finances it with at least $500 in direct deposit transfers). Friends must use a personal referral link to qualify for the bonus, and referrals may only be made to new users who have never had an Axos account before. The number of referrals a person may create is unlimited.
- Maintenance is free on a monthly basis.
- Overdraft fees are nothing.
- In the case of insufficient money, there will be no charge.
- For a low balance, there is no charge.
- Incoming wire transfers are free of charge.
- For the initial debit card and replacements, there is no charge.
- $5 for a hardcopy statement of account,
- For domestic ATM withdrawals, there is no charge.
- Conversion of one percent of a foreign currency
- Transfer fees are nothing.
This is the closest thing to a free account you’ll find. You can avoid costs completely if you don’t request paper statements (digital statements are free) and don’t make foreign transactions.
Axos has an advantage over its rivals in that it offers a genuinely free account. Most of the other bank accounts and debit cards we’ve looked at have hidden costs for things like transfers and insufficient money, but this isn’t the case with this one. Each month, Axos reimburses consumers up to $12 in out-of-network ATM costs.
Many of Axos’ rivals, of course, do not pay interest. Even if the APY is just 0.10 percent, the First Checking account earns an automatic point.
Axos also provides customer support 24 hours a day, seven days a week, which is something that not many institutions do.
Axos’ First Checking account users do not have access to numerous educational materials. At the absolute least, it would be fantastic if the app had a library of free postings. It’s disheartening to see that Axos isn’t doing anything to assist young users learn, especially when other accounts go so far as to encourage financial literacy tests.
This account may also provide additional savings options. Users should be able to set aside money for saving, set goals, and track their progress, just like many platforms do. The absence of such capabilities, particularly given that this program seems to promote saving by paying interest, is a major disappointment.
All users of this account are subject to low spending and transfer restrictions, which cannot be changed by parents. Users may only withdraw $100 each day, which is one of the lowest daily withdrawal restrictions we’ve seen. Access to cash might be far better.
Customers who are happy with their Axos banking experience say the app and platform are easy to use, and the customer care personnel are kind and competent.
Long wait times are a frequent topic among Axos customer complaints. This holds true for both waiting for customer service to reply to a question or settle an issue, as well as waiting for transfers and deposits to be processed. Some users have had to wait weeks for their account registration to be completed.
The app has a good reputation. The Axos Bank app has a 4.7-star rating in the App Store and a 4.4-star rating on Google Play. Despite the fact that this software is utilized by all Axos users and is not particularly intended for children and teenagers, it is simple to use.
For assistance with your First Checking account, call the Personal Banking line at (844) 999-2967. Customer support is accessible 24 hours a day, 7 days a week to answer your calls. You can also use the app to send a secure message.
Through member FDIC Axos Financial, all bank accounts with Axos Bank, including the checking account for teenagers, are federally insured by the FDIC up to $250,000 per depositor.
Biometric authentication, such as face recognition, fingerprints, and voiceprints, is available to Axos clients. User data is secured using SSL encryption and anti-virus software, and accounts are constantly checked for possible fraud.
Axos automatically restricts many merchant codes for security reasons, including 5813; 5921; 7273; 7297; 7995; 9223. These regulations apply to sellers of liquor and tobacco, as well as nightclubs and gambling businesses.
When you establish an Axos First Checking account, you’ll be asked whether you’d like to open a First Savings account as well. This program presently pays 0.25 percent annual percentage yield and has no minimum balance or monthly fees, however customers must be at least 18 years old to open. If you don’t wish to add this, go to the next stage, where you’ll be asked to give personal information and confirm your identity. After you’ve finished registration, you may add your adolescent as a joint account owner.
If your kid already has a checking account, or if you wish to close one and move the funds to this one, Axos provides a “No-Hassle Switch Kit” to make the process go more smoothly. You may utilize their forms to keep track of transfers that need to be made, reroute automated deposits, and set deadlines for things to happen.
Although the Axos First Checking account is a fantastic free checking account for teenagers, it isn’t without flaws. The fact that it pays interest is a big bonus. While a higher rate would be preferable, it is still beneficial in teaching your kid about interest and motivating them to save. Because instructional options are limited, this account is ideal for teenagers who don’t require a lot of assistance learning to handle their own money.
If you want a platform that will enable you to better monitor your child’s spending and/or provide more powerful savings options, look elsewhere.
When it comes to checking accounts, it seems like there are endless options to choose from. However, before you jump in and choose the first bank you see, it’s important to take a look at the account’s features, benefits, and fees to ensure you are receiving the best deal possible.. Read more about axos bank review reddit and let us know what you think.
Frequently Asked Questions
Is axos bank a good Bank?
Axos bank is a good bank.
Is axos savings account good?
Axos is a savings account that offers competitive interest rates.
What is the best Bank to open your first account?
The best bank to open your first account is Bank of America.
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