Axos Bank is a North American bank that offers some of the most competitive rates on CDs and money market accounts available in the country. They offer high quality customer service with no minimum balance requirement, free ATM withdrawals, as well as mortgage loans for people who qualify.
The “best cd rates” is the highest interest rate that Axos Bank offers. It’s a good deal for those who are looking to invest their money in the bank.
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Update May 2022: As CD rates rise throughout the country after the Federal Reserve’s latest rate increase on May 4, Axos Bank has issued a new 12-month CD with a 1.00 percent annual percentage return. The remainder of its terms have remained unchanged since 2020, at 0.20 percent APY.
Some of you may recall Axos Bank as “Bank of the Internet USA” in the late 1990s and early 2000s, depending on your age. The institution was one of the world’s first digital banks. On July 4, 1999, they officially opened their doors. The creators purposefully started on a national holiday (the Fourth of July) to instill in people the notion that, in the era of the internet, a bank might be open 24/7.
The bank became Axos Bank on October 1st, 2018, after a series of mergers, acquisitions, and re-financings throughout their brief existence. At the time, the corporation also switched from the tech-heavy NASDAQ to the NYSE.
Axos Bank now provides a diverse selection of digital loan (car, personal, mortgage) and savings (checking, savings, CD) solutions.
We’ll just look at their FDIC-insured certificates of deposit in this evaluation. Axos Bank now has seven regular term CDs available, ranging from three to five years. While their CD rates are still comparable with the national average, other online banks and nationally accessible credit unions offer better rates.
This article will teach you:
The FDIC insures Axos Bank CDs up to $250,000 per depositor or $500,000 for joint accounts. A $1,000 minimum deposit is required for all of their CDs.
According to FDIC statistics, the current national average on a 12 month CD is about 0.21 percent APY, while a 60 month CD produces around 0.39 percent APY.
How to Fund and Open an Axos Bank CD
In minutes, complete the online application!
Axos Bank allows you to open a certificate of deposit account in minutes. Go to the Axos Bank CD website to get started.
You may either click the yellow “Open an Account” button at the top of the page or scroll down the page until you find the deposit term you want and click “Open an Account” in the right hand column.
Here’s everything you’ll need to finish your application:
- Name in full
- Contact Information
- Number of Social Security
- State ID or US driver’s license (If you open the account via photo capture for quicker approval)
It is possible to fund the account with as little as $1,000. If you want to fund the account straight away once it’s been opened, you’ll need your routing number and bank account number from the institution or account where the money are coming from.
Axos Bank also accepts remote deposits. Customers may make deposits to their eligible Axos account from their home, workplace, or other distant location via remote deposit. Customers may use MyDeposit for personal purposes if the Bank grants them access to the service and they agree to the terms and conditions. By scanning the check, MyDeposit enables you to deposit one check at a time.
You may also use your mobile device to deposit checks. Download the Axos Bank app for Android or iOS to make this easier.
Interest is compounded daily and credited monthly on Axos Bank certificates of deposit.
Axos Bank also offers free electronic interest transfers for people who rely on interest as a source of income and want quick access to their cash.
Penalties for Early Withdrawal
Penalties for Early Withdrawal are only listed on the Axos Bank website in the context of IRA CDs. So if you are holding your Axos Bank certificate of deposit in an IRA, here’s what you can expect to pay if you make an early withdrawal from you CD:
Early Withdrawal Penalty from an IRA CD
- A 12-month or 18-month retirement CD will lose six months of interest, accrued or not.
- A 36-month retirement CD will lose eighteen months of interest, accrued or not.
If you are just holding an Axos Bank CD in a standard account, then here is what Axos Bank stipulates as it pertains to Penalties for Early Withdrawal:
You agreed to keep your cash on deposit for the specified period. Except as permitted in this Agreement, you may not remove all or part of a retirement CD. Axos may, at our discretion, enable you to withdraw all or part of your money outside of the Period of Grace. They will take interest first, then principal. They may charge you an early withdrawal penalty each time you make an early withdrawal of principal. If your account has not generated enough interest to satisfy the early withdrawal penalty, they will subtract any interest first and then collect the remaining penalty from your principle.
Period of Grace
As with most online CDs, Axos Bank has a 10 day Period of Grace in which you can add or withdraw funds from your deposit penalty free.
All of Axos Bank certificates of deposit automatically renew after their Period of Grace, so be sure and set yourself reminders for this period. Axos Bank will also send you a notification 30 days prior to maturity.
The “synchrony bank cd rates” is a rate offered by the “Axos Bank”. The “Axos Bank” is located in New York. They offer a variety of products, including savings accounts, checking accounts and CDs.
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