Axiom Bank Review: Accessible and Inclusive Banking for Everyone

By Cynthia Bowman

January 25, 2021

GOBankingRates Score

4.8

Our Take: Axiom Bank has been a Black-owned financial institution since its founding 50 years ago. It aims to provide banking services to the most underserved communities by offering financial literacy programs and accounts for customers and small businesses who may have trouble opening accounts elsewhere. Axiom's range of banking services are comprehensive and include bank accounts, loans and CDs.

• Accessibility
  5.0
• Breadth of Products
  4.8
• Opening Deposit Requirements
  4.8
• Fees
  4.5

How did we calculate this?

About Axiom Bank

Axiom Bank is a community bank located in Central Florida. Founded back in 1963, it’s best known as one of the few surviving black-owned financial institutions. The small bank has 17 branches, most of which are located within Walmart Supercenters.

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Although Axiom’s branches are all Florida-based, the bank is nationally chartered and provides a wide range of financial services for individuals and businesses. Additionally, GOBankingRates has ranked it as one of the Best CD Accounts of 2021.

Axiom Bank Products

Axiom Bank provides you with a range of banking services, even if you have less-than-perfect credit. Here’s more.

Axiom Bank provides unique banking products and a good variety based on your age and financial goals.

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Axiom Bank Checking Accounts

All five checking accounts require $25 to open. Opportunity Checking may be Axiom’s most unique checking account — it’s designed to provide customers with a challenging banking past with a second chance at building a positive banking track record.

Except for senior checking, all accounts have monthly fees of $5.99-$15, although they can be waived by meeting some requirements. You may need to receive at least $500 each month in direct deposits, maintain a minimum daily balance of $1,000 or make at least eight debit card transactions per month.

Features

• Most branches are conveniently located in Walmart Supercenters.
• Earn 0.050% to 0.075% interest through the Select checking account.
• Unlimited check writing for all accounts except AxiomGo digital accounts.

Pros

• No ATM fees at over 55,000 locations.
• All accounts come with a low opening balance requirement of $25.
• Free check orders for Senior checking account holders.

Cons

• Opportunity Checking comes with the highest fee of $15 per month.
• The fee for Opportunity Checking can only be reduced to $8.95 and is not fully eliminated.

Axiom Bank Savings Account

Axiom Bank’s savings account is simple to open and understand. No monthly maintenance fees apply, but you’ll need to open an account with at least $25 and keep at least that much as the balance.

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Features

• Earn 0.05% APY on your accounts.
• New account holders qualify for a higher tier of 0.20% interest.

Pros

• Minimal opening balance requirements
• Free withdrawals possible at over 55,000 ATMs
• No monthly maintenance fees

Cons

• Limited to three withdrawals per month
• $10 fee per excess transactions is high

Axiom Bank Money Market Account

The best money market accounts are popular because they’re a hybrid of high-yield savings and checking. Axiom Bank will pay you between 0.05%-0.25% APY (depending on your balance) when you maintain a money market account, but you’ll need to keep a $1,000 balance to avoid the $20 monthly fee.

Features

• Unlike a savings account, comes with a debit card
• $1,000 minimum opening balance required
• Tiered interest rates based on your balance

Pros

• Earn between 0.05% and 0.25% APY (depending on your balance).
• Six transactions per month (double Axiom’s savings account conditions)
• Pay bills from your money market account.

Cons

• $10 fee for each transaction after the sixth.

Axiom Bank CD Accounts

You won’t want to miss out on a CD from Axiom Bank. It’s been named one of GOBankingRates’ Best CD Accounts of 2021. A CD will guarantee an interest rate for a period of time you choose. The best CD rates come when you deposit a higher balance longer. You’ll have the option of seven terms of 6, 12, 18, 24, 36, 48 or 60 months to earn more from your savings.

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Features

• Seven terms of six months to five years
• Rates of 0.15%-0.45% APY

Pros

• You may qualify for a loan, even if your credit is less than perfect when you use your CD to secure the loan.
• IRA and regular CDs earn the same rates.
• $500 minimum

Cons

• Early withdrawal penalties

Banking Experience

Central Floridians have their pick of branches, mostly located in select Walmarts, or by accessing online banking anytime. Those who bank outside of the Central Florida area can handle the bulk of their banking needs through the large network of free ATMs and the Axiom Bank mobile app.

Customer Service

Customer service representatives are available by calling 1-800-584-0015. You can also email Axiom.

Accessibility and Branch Availability

There are 17 Axiom Bank branches, most of which are located within Walmart Supercenters.

Mobile and Digital Experience

Axiom’s app is pretty straightforward. The bank uses encryption to ensure your valuable personal data remains safe. The app doesn’t provide cutting-edge features compared to some banks but offers enough functionality, including:

• Account balance inquiries
• Manage accounts
• View transactions
• Set up alerts
• Pay bills
• Transfer money and send funds to friends and family
• Locate bank branches and ATMs

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Axiom Bank’s mobile app ranks 2.2 on the App Store and 3.2 on Google Play, with most users complaining about flawed functionality after recent updates.

Where to download the app:

• Google Play
• App Store

Convenience and Ease of Use

You have options when you have questions or need help. Visit a local branch, use the online or mobile banking app, call for support, send an email or read up on a variety of personal finance topics at Axiom’s blog.

How To Open an Account

You can open an account by visiting a local branch. It may be the simplest way unless there isn’t a branch nearby. Regardless of the method you choose, you’ll need to meet these qualifications:

• Be a legal resident of the U.S.
• At least 18 years of age
• Have a valid government-issued photo ID, such as a driver’s license or passport
• Have a Social Security number or tax ID number

Key Information

Customer Service Number: 1-800-584-0015

Routing Number: 263184815

Axiom Bank Fees

Although most accounts come with minimal fees, there are some you need to look out for. Here’s what you need to know about Axiom’s fees.

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• Monthly Maintenance Fees: $5.99-$15 for checking accounts and $20 for money market accounts, although most can be waived.
• Returned Item Fee: $34
• Cashier’s Check Fee: $10
• Wire Transfer (Incoming): $10 domestic and $65 international
• Wire Transfer (Outgoing): $20 domestic
• NSF Fee: $34

Axiom Bank vs. Competitors

Here’s how Axiom Bank compares to other similar financial institutions.

Axiom Bank vs. Ally Bank

Ally Bank is one of the top online banks, thanks to its user-friendly website and mobile app. But Axiom offers branch access for people who prefer to do their banking in person.

Axiom Bank vs. Synchrony Bank

Unlike Synchrony, Axiom Bank doesn’t provide credit cards to customers at this time, limiting the bank to savings and loans. But if you’re looking for second-chance banking, Axiom provides this option while Synchrony does not.

Axiom Bank vs. Discover Bank

Discover Bank has free banking, but it’s an online-only bank. Axiom Bank does have some fees but customers can actually visit a physical branch to bank.

Final Take

Axiom Bank is your friendly neighborhood bank — if you live in Central Florida. But even if you don’t, you can open and manage your accounts online. The regional bank may be small, but it provides plenty of services the big banks offer, such as checking, savings, money market accounts, loans, CDs and mortgages.

Editor’s Favorite

If you’ve been denied an account at other banks because of issues with your credit score or activity, Axiom’s second-chance banking is a good alternative. You’ll be able to open an account and even borrow, based on the balance of your CD over credit score, giving you the chance to do things better the next time around. Get started today online or at a local branch.

Rates are subject to change. Information on accounts is accurate as of Jan. 10, 2021.

This content is not provided by Axiom Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Axiom Bank.

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About the Author

Cynthia Bowman

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.