Nationwide by Axos Bank
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7/29 - Axos Down To 0.90% Nationwide Probably Next.
6/9 - HUGE Rate Cut By Nationwide By Axos Bank
6/2 - Nationwide By Axos Bank My Savings Drops From 1.61% To 1.51% APY
5/26 - Nationwide By Axos Bank Drops To 1.61%
5/23 - Still Offering 1.70% APY On The MY SAVINGS Account [Not Shown On The DA Savings List]
4/23 - Nationwide By Axos Bank Savings Rate 1.70% [Not on DA Savings List]
Update. Issue Has Been Resolved.
Updated 7/15/20. I was contacted by the bank this morning and my issue has been resolved. Thank you.
Be very cautious with opening an account with this bank. They participate in very shady business practices including those that may prevent you from receiving interest that had accumulated in your account. I accumulated almost $300 in interest during June, but because of a small technicality buried within their terms of agreement, I didn't receive any of it.
Good Luck Accessing Your Account And Making Deposits
This bank loses major points with me for three reasons: The first is being locked out of my account daily; the website failing to recognize my username/pw on a daily basis - requiring me to reset it only to have to call and go through a security check ovee the phone to verify my account. The second is having to go into a CVS and use their register to make any cash deposits. Why can't this company utilize atms for cash deposits like every other banking institution. Mobile deposits for checks are convenient, but sometimes scanned checks are rejected and there is a verification period and an addtional processing time which delays fund availability. Third: I phoned customer service to verify the max amount you could withdraw from an atm. I was asked what I needed the money for. Excuse me? It's my money I earned, and none of your business what I intend to use it for.
Avoid Banking Hell
Very shady bank. One week to acknowledge a request to close an account (following a complaint of no action). Apologetic email, yet no closure. Good luck trying to speak to a person. Email system is a failure as it is more like the bank's run-around/customer-avoidance/action-delaying tool. They will not automatically alert you when CDs are maturing beforehand, via email, as is standard in other banks. Instead, they will mail you a letter 14 days after maturity date-- 5 days after the grace period closes-- and CDs renewed at 0.2% (when regular savings accounts are over 3%). Is this their way to be sure you have to pay penalties? Never written a review, but this bank is so bad, I feel sparing others the pain of trying to get your money back in a timely manner in our digital age. This is week #2 and am still in limbo, getting same pre-canned responses, and wondering what is going on. More injurious: total fees to get your money back (closing accounts, etc.) adds to a little over 1% of the amount in the accounts. Their current APR for 5-year CDs is 0.2%. Seriously? Wish I had read these reviews before opening accounts.
Great Rate, Difficult Application.
Since I previously had a UFB (also Axos) account I had to register as an existing customer.
Unfortunately, it did not recognize my old UFB username/password, so I had to go to UFB to re-register on their new system, with all the emails, access codes, and associated security procedures.
Finally got into Nationwide/Axos with its associated access codes and procedures to fill out an application. I received no confirmation I had actually opened an account until two days later.
It was a long tedious process, then they dropped their rate the next day.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35546 |
| Year Established | 2000 |
| Employees | 1095 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.71% |
| Return on Equity - YTD | 16.8% |
| Annual Interest Income | $347.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $16.00B$12.75B |
| Loans | Q2 2022vs Q2 2021 | $14.08B$11.42B |
| Deposits | Q2 2022vs Q2 2021 | $14.08B$10.96B |
| Equity Capital | Q2 2022vs Q2 2021 | $1.63B$1.30B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $148.4MM$132.8MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $118.3MM$141.4MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$6.1MM |