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GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Our Take: Axiom Bank has been a Black-owned financial institution since its founding 50 years ago. It is a real bank that 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.
How did we calculate this?Axiom Bank is a community-based real 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.
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 provides you with a range of banking services, even if you have less-than-perfect credit. Here’s more.
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Axiom Bank provides unique banking products and a good variety based on your age and financial goals.
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.
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.
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.
You won’t want to miss out on a CD from Axiom Bank. It’s been named one of GOBankingRates’ Best CD Accounts. 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.
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 representatives are available by calling 1-800-584-0015. You can also email Axiom.
There are 17 Axiom Bank branches, most of which are located within Walmart Supercenters.
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:
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:
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.
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:
Customer Service Number: 1-800-584-0015
Routing Number: 263184815
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.
Here’s how Axiom Bank compares to other similar financial institutions.
| Bank | Best For |
|---|---|
| Axiom Bank | Customers who need a second chance |
| Ally | Online banking |
| Synchrony | Credit cards and banking all in one place |
| Discover | Free banking |
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.
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.
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.
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.
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.
