Axiom Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Axiom Bank’s checking account options

Axiom Checking

This is Axiom Bank’s basic-level checking account for people who don’t want anything fancy.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $6.95, unless you receive a direct deposit of at least $500 or make eight debit card purchases a month
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

If all you want is the ability to write checks and use online services, this is probably the best account for you. It carries one of the lowest fees for Axiom Bank’s checking accounts.

This account doesn’t earn any interest. To avoid a $6.95 monthly fee, you’ll need to receive at least one direct deposit of $500 or more or make eight debit card purchases a month. These debit card purchases have to post within the statement cycle. Because there can be a delay between when you purchase an item and when it posts to your account, it’s a good idea to not wait until the end of the month to make sure you’ve hit that target. ATM withdrawals don’t count toward this goal.

How to get Axiom Bank’s Axiom Checking account

Axiom Bank allows you to apply for this account in three ways: telephone, online or at a branch. You’ll need to provide Axiom Bank with your driver’s license, Social Security number, employment information and a routing number to fund the account. You’ll also need to be at least 18 to open this account.

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Opportunity Checking

This account is designed for people who aren’t yet approved for other (and better) checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12.95 if you don’t have direct deposit, or $8.95 if you do
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

If you’ve had some dings in your past when managing a checking account, chances are you won’t be approved for a standard checking account. That’s where this account comes in. It allows people who need to prove their checking account creditworthiness. Once you’re able to open a better account, though, we recommend doing so.

That’s because this account comes with a high monthly fee, between $8.95 and $12.95 a month depending on whether you have direct deposit set up. You can write checks for free, but if you want to use a debit card, you’ll have to pay a $12 annual fee. Unsurprisingly, this account also does not offer interest.

How to get Axiom Bank’s Opportunity Checking account

You’ll need to be at least 18 to open this account. Axiom Bank will ask you for a valid driver’s license, Social Security number and employment information. You can apply for this account online, by phone or at a branch.

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Senior Checking

This free account is for people 55 and older.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

Axiom Bank doesn’t offer many things for free, but this account is an exception. To qualify, you have to be 55 or older. There are no minimum balance, direct deposit or debit card transaction requirements with this account.

One of the downsides with this account is that it doesn’t earn any interest, but you do get three free orders of checks a year. Other than that, this account has access to the full suite of checking account features that Axiom Bank offers — online, mobile and telephone banking, bill pay and unlimited check-writing.

How to get Axiom Bank’s Senior Checking account

If you’re interested in opening a Senior Checking account, you can do so by visiting a branch, applying online or calling the bank. You may need to provide employment information, and you’ll be asked for your Social Security number and a valid driver’s license.

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Select Checking

If you want to earn interest on your checking account, this is your only option at Axiom Bank.
APYMinimum Balance to Earn APY
0.05%$1,000
0.10%$10,000
0.15%$25,000
  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $15, unless you keep at least $1,000 in the account or $5,000 in a Select Money Market account
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

If you’ve got the chops for this account, you can earn a small amount of interest. We recommend skipping this one unless you can keep at least $1,000 in the account at all times; otherwise, you’ll be hit with a $15 monthly fee. Besides, you need at least $1,000 to open the account anyway. You can also get the monthly fee waived if you have a Select Money Market account and keep at least $5,000 in it.

Besides the steep requirements, high monthly fee and small interest rate, there’s nothing special about this account. It doesn’t offer free checks, ATM refunds, premium rates on other accounts or anything else that many premium checking accounts at other banks offer.

How to get Axiom Bank’s Select Checking account

To apply, you’ll need to head online or to a branch. Or you can open an account over the phone. You’ll need to provide proof that you’re at least 18 with a valid driver’s license and Social Security number.

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AxiomGO

This app-based checking account doesn’t offer online banking, bill pay or the ability to write paper checks.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5.99, unless you receive a direct deposit of at least $500 or make eight debit card transactions a month
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: None

This unique checking account is run through a dedicated app that you can download through Google Play and the iPhone App Store. There are no overdraft fees with the account. The app also has a budgeting tool called My $ Manager.

It’s technically a digital account since it’s run through the AxiomGO app, although you can’t log into Axiom Bank’s online banking and use the bill pay features. You also can’t write checks with this account, meaning that your only means of making transactions is with a debit card, by transferring money through the app or by telephone banking. If you opt to use telephone banking, your first four phone calls of the month are free, but it’ll cost you $2.50 per phone call beyond that.

This account may also not be the best option if you’re a frequent ATM user. That’s because you can only use the Allpoint ATM network. This network has 55,000-plus ATMs in it, but that’s a bit less than the 60,000-plus ATMs that normally come with an Axiom Bank checking account.

How to get Axiom Bank’s AxiomGO account

To get this account, you’ll need to download the AxiomGO app from your app store of choice. You can complete the application process through the app. You will need to provide a Social Security number, a driver’s license or other ID and the account numbers from any of your current bank accounts to transfer an opening deposit.

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How Axiom Bank’s checking accounts compare

If you’re interested in an interest-bearing checking account, bad news: Axiom Bank offers pretty low rates. These online checking accounts are offering much better rates — and with a lot fewer fees.

If you’re not interested in interest-bearing checking accounts and you don’t care much about the features as long as you can write checks and use a debit card, we’ve also got bad news for you. These accounts come with high monthly fees. While it is possible to get them waived, there’s still a possibility that you’ll end up paying the fee sooner or later since you need to meet certain requirements each month.

Axiom Bank’s savings account option

Regular Savings

Axiom Bank’s only savings account offers a pretty poor rate.
APYMinimum Balance to Earn APY
0.10%$0.01
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: 1 cent
  • Quarterly account maintenance fee: $6, unless you keep at least $25 in the account
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

Axiom Bank has a few options for saving your money: this savings account, a money market account or certificates of deposit. But this account is the easiest one to maintain if you don’t have a large balance.

If you can keep at least $25 in this account, you won’t owe the quarterly $6 maintenance fee. Unless you need to withdraw all the cash for some reason, that shouldn’t be a high bar to pass since you’ll need a $25 deposit to open the account.

Federal Regulation D rules limit how many withdrawals you can make from savings and money market accounts. Typically, you’re allowed up to six certain withdrawals a month. Withdrawals made by ATM, in person by mail or to pay an Axiom Bank loan do not count toward this limit. But Axiom Bank imposes its own withdrawal rules on the account as well. You can only make three withdrawals a month from this savings account. Each withdrawal after that will cost you $10.

How to get Axiom Bank’s Regular Savings account

You can apply for this account over the phone, online or by visiting a branch. You’ll need to provide Axiom Bank with a copy of your driver’s license so that you can prove you’re at least 18. You’ll also need to provide your Social Security number and employment information.

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How Axiom Bank’s savings account compares

Sadly, Axiom Bank doesn’t do any better with its savings account. The rate being offered on this account is way lower than the current high-yielding savings accounts. We also don’t like the withdrawal limitations that come with this account. Regulation D rules are already pretty restrictive, and Axiom Bank adds another layer by making it even more difficult to get your money out of the account in certain situations.

Plus, the account comes with a quarterly fee. When you save money with a bank, you’re essentially lending it money (that’s why it pays you interest), so there shouldn’t be a fee to save money with a bank. This policy is counterintuitive and is designed to weasel you for even more money.

Axiom Bank’s CD rates

CDs

Axiom Bank offers a few higher-yielding CDs for odd term lengths, but mostly these accounts don’t offer very good interest rates.
TermAPY
6 months0.25%
9 months2.00%
12 months0.55%
13 months2.55%
17 months2.25%
24 months0.65%
29 months2.50%
36 months0.70%
48 months
60 months0.90%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs of 18 months or less, you’ll pay six months worth of interest; for CDs longer than 18 months, you’ll pay 12 months worth of interest

CDs can be a good way to earn a higher interest rate if you won’t be needing that cash within the CD’s term length. Axiom Bank is offering premium rates on its 13-, 17-, and 29-month CDs. These are odd term lengths, but the bank also offers more standard terms ranging from six to 60 months.

You can withdraw the interest earned on your CD without paying an early withdrawal penalty. If you choose to do this, you may earn less than the stated APY for your CD, since that rate assumes that you leave the interest in your account to earn more interest.

When the CD matures, it will automatically roll over into another CD with the same term length. If you want to withdraw the money, add more money or change the CD’s term, you will have a 10-day grace period where you can do these things penalty-free.

How to get Axiom Bank’s CDs

To open one of these CDs, you’ll need to visit a branch. You can also open an account online or by phone. To qualify for an account, you’ll need to be at least 18 and have a valid driver’s license.

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Jumbo CD

We’re not sure why you’d choose to open these Jumbo CDs since they don’t offer anything special in return for a larger deposit.
TermAPY
6 months0.25%
9 months2.00%
12 months0.55%
13 months2.55%
17 months2.25%
24 months0.65%
29 months2.50%
36 months0.70%
48 months0.85%
60 months0.90%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs of 18 months or less, you’ll pay six months worth of interest; for CDs longer than 18 months, you’ll pay 12 months worth of interest

Usually, banks will reward larger deposit sizes with higher interest rates. The $100,000 minimum opening deposit required to open one of these Jumbo CDs isn’t chump change. But not with Axiom Bank. It offers the same interest rate on its Jumbo CDs as its regular CDs — and has all the same policies to boot.

You can withdraw interest at any point penalty-free with these accounts. You’ll also have a 10-day grace period to withdraw the money or make any other changes to the account after it automatically renews each time.

How to get Axiom Bank’s Jumbo CDs

If you’re still interested in opening a Jumbo CD, you can open an account at a branch, online or by phone as long as you’re at least 18. You’ll need to provide personal details including your Social Security number, driver’s license and employment information.

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How Axiom Bank’s CD rates compare

Most of Axiom Bank’s CDs offer pretty poor rates, especially when you compare them to the best CD rates out there. The bank does offer three odd term lengths — 13, 17, and 29 months — with higher rates. But, even then, you can still find higher rates at other banks.

The early withdrawal penalty policy is fairly straightforward with these CDs, which is nice. Often, banks will have a complicated penalty system. But at Axiom Bank, it’s limited to just two potential fees. If your CD is 18 months or less, you’ll pay six months worth of interest. If your CD’s term length is more than that, you’ll pay 12 months worth of interest. That’s pretty easy to figure out, in our opinion.

Axiom Bank’s money market account option

Select Money Market

This is the highest-yielding liquid bank account at Axiom Bank, but you’ll need a lot of money to get it.
APYMinimum Balance to Earn APY
0.05%$2,500
0.10%$10,000
0.20%$50,000
0.35%$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $20, unless you keep at least $5,000 in the account
  • ATM fee: $2 for each out-of-network ATM use
  • ATM fee refund: None
  • Overdraft fee: $34 for each item that overdraws your account by more than $5, up to four times a day. If you link another account for overdraft protection, you’ll only pay $5 a day to cover one overdraft transfer (regardless of the number of individual charges).

Like with Axiom Bank’s CDs, it’ll take a large deposit to get this money market account set up. You’ll need to deposit at least $1,000, although it’d be a better idea to wait until you have at least $5,000 saved up. Otherwise, you’ll have to pay a $20 monthly fee.

You can make up to six certain withdrawals a month with this money market account, due to federal Regulation D rules. Unlike with the Regular Savings account, Axiom Bank doesn’t further limit this to just three — you get the full option of up to six withdrawals a month. If you make any withdrawals past that, you’ll have to pay a $10 per-withdrawal fee. ATM withdrawals, withdrawals done in person or by mail or withdrawals made to pay an Axiom Bank loan don’t count toward these limits.

How to get Axiom Bank’s Select Money Market account

You can open a Select Money Market account by visiting a branch, calling the bank or opening an account online. You’ll need to be at least 18 and have a Social Security number and driver’s license to complete the application process.

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How Axiom Bank’s money market account compares

Axiom Bank doesn’t offer horrible rates, but again — it doesn’t offer the best rates either. For that, you’ll have to turn to these high-yield money market accounts. Most money market accounts have high balance requirements, and Axiom Bank’s money market account is no exception. Keeping $5,000 in the account is a tough feat for most people to pull off, especially low-income and new savers.

Our favorite part about the top high-yielding money market accounts is that, for many of them, you don’t need a huge deposit size. A few of those accounts don’t even have a minimum deposit size at all and still offer better rates than Axiom Bank. That’s why we recommend going with those accounts instead, especially if your priority is to earn the most interest possible.

Axiom Bank’s IRA account options

IRA CD

These IRA CDs offer the same rates as Axiom Bank’s regular CDs.
TermAPY
6 months0.25%
9 months0.75%
12 months0.55%
13 months2.55%
17 months2.25%
24 months0.25%
29 months2.50%
36 months0.70%
48 months0.85%
60 months0.90%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs of 18 months or less, you’ll pay six months worth of interest; for CDs longer than 18 months, you’ll pay 12 months worth of interest

As far as deposit accounts are concerned, CDs are great candidates for IRAs because long-term savings is the definition for retirement accounts. You put money into the account not expecting to have to take it out until you’re old and gray. That’s why Axiom Bank offers IRA CD accounts.

These IRA CDs are the same thing as the regular CDs. They carry the same penalties and rules. These IRA CDs will also roll over into another IRA CD at maturity, with a 10-day grace period in case you want to roll over the money into a new IRA account or withdraw the cash. (Warning: You may have to pay IRS penalties if you do this too early.)

The only difference is that these IRA CDs can be opened as either a traditional IRA or a Roth IRA, complete with the tax rules of each account.

How to get Axiom Bank’s IRA CDs

You can open an IRA CD at a branch, over the phone or online as long as you’re at least 18. You’ll be asked to provide your driver’s license and Social Security number.

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Jumbo IRA CD

Again, Axiom Bank’s Jumbo IRA CD requires a much larger deposit size but doesn’t reward you with higher interest rates.
TermAPY
6 months0.25%
9 months0.75%
12 months0.55%
13 months2.55%
17 months2.25%
24 months0.65%
29 months2.50%
36 months0.70%
48 months0.85%
60 months0.90%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For CDs of 18 months or less, you’ll pay six months worth of interest; for CDs longer than 18 months, you’ll pay 12 months worth of interest

Axiom Bank’s Jumbo IRA CDs are like all its other CDs. There’s not too much to say about them that hasn’t already been said. You can choose between a traditional IRA and a Roth IRA when opening your account. But, otherwise, these Jumbo IRA CDs work like Axiom Bank’s other CD products.

It’s a good idea to let your IRA CDs roll over and automatically renew each time they mature. That way, you won’t have to think about keeping your savings going. But if you choose to withdraw the money or roll it over into another IRA investment, you’ll pay a penalty to do so unless you do it during a 10-day grace period after each renewal.

How to get Axiom Bank’s Jumbo IRA CDs

You have three options for opening a Jumbo IRA CD: online, over the phone or at a branch. You’ll need to be at least 18 and have a valid driver’s license and Social Security number to apply for an account.

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on Axiom Bank’s secure website

Member FDIC

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How Axiom Bank’s IRA CD rates compare

Often, banks will reward you with higher interest rates on CDs under two scenarios: if you make a large deposit with a jumbo CD or if you open an IRA CD. Axiom Bank does neither. It offers the same interest rates on all its CDs, whether they’re regular CDs, IRA CDs, Jumbo CDs or Jumbo IRA CDs. That’s unfortunate.

Instead, you can find better interest rates on these IRA CDs from other banks and credit unions. It’s important to try to earn the highest interest rate possible (within reason) on each of your accounts. For retirement accounts, this is doubly true.

You’ve got a long time to save during which interest can compound. Since most people don’t save enough already, your interest rate will only help propel you further forward. Because Axiom Bank offers subpar interest rates on its IRA CDs, we recommend skipping them for a better-yielding account.

Overall review of Axiom Bank’s banking products

Honestly, none of Axiom Bank’s products sticks out. Some of the rates offered on its accounts are better than others (its special CD rates, for example), but none of them is what we would consider outstanding.

Putting the interest rate problem aside, almost all its other accounts come with high monthly fees. There are other fees that we haven’t even mentioned yet. First, there’s the $15 “inactivity/dormancy fee” if any of your account balances are less than $1,000 and you let your account go dormant. If you close any of your accounts within the first six months, you’ll pay a $25 “early account closure” fee (this doesn’t apply to CD accounts). If you give the bank a bad address and a statement gets returned to the bank, it’ll charge you $15.

To sum this story up: Axiom Bank charges high fees and offers low interest rates. Even though it may be convenient to stop by a branch if you frequent Walmarts in the central and northeastern Florida region, we believe that you can find a much better bank with which to work. That’s why we recommend passing on Axiom Bank.

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