Axos Bank Review [2024]: Can It Help You Prepare For Tomorrow?

BANKING - BANK REVIEWS
Axos Bank, one of the oldest online banks, provides checking, savings, and investment accounts.
Updated May 13, 2024
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Axos Bank is one of the oldest online-only banks in business and offers personal and business banking options. While Axos offers some appealing features, like interest-bearing checking accounts, minimal account opening requirements, and no account maintenance fees, it also has drawbacks, like below-average interest rates on Certificates of Deposit (CDs) and only average rates on savings accounts.

Axos Bank can be a good fit for someone who wants an easy online-only banking experience, but it's essential to understand what you’re signing up for.

Check out this Axos Bank review to help you understand the pros and cons of working with this online-only bank.

Axos Bank Rewards Checking Benefits

  • Offer valid through July 31, 2024; Member FDIC
  • Zero monthly maintenance fees, overdraft or NSF fees, or minimum monthly balance requirements, and $0 annual fee
  • No initial deposit requirement and unlimited domestic ATM fee reimbursement
  • Earn up to 3.30% APY.1

In this Axos Bank review

Key takeaways

  • Axos Bank is online only and does not have any physical branches.
  • Axos Rewards checking accounts allow individuals to earn up to 3.30% APY1 if you meet the requirements, like having investment accounts with a minimum balance requirement.
  • Axos Bank savings accounts offer average APY rates, and CDs offer below-average rates.
  • Most accounts have no maintenance fees or minimum balance requirements.
  • Axos Bank offers domestic ATM fee reimbursement on most of its checking accounts.

Axos Bank overview

Pros
  • Interest-earning checking accounts
  • ATM fee reimbursement
  • 24/7 customer support
  • No monthly maintenance fees and minimal monthly minimum balance requirements
Cons
  • No physical branches
  • Below-average interest rates on CDs
  • It does not interface with Zelle

Axos Bank was founded in 2000 and is an FDIC-insured, technology-driven financial services company. It is headquartered in San Diego, California, and has nearly $22.6 billion in assets.

Axos has won multiple awards and provides business and personal financial accounts. Among its offerings are various personal checking and savings account options, money market accounts, and certificates of deposit (CDs). Axos also offers small business and commercial banking accounts, loans, and mortgages.

Axos Bank Rewards Checking account details

Annual percentage yield (APY) Up to 3.30% APY1 if you meet all of the requirements, including adding a loan payment and an investment account
Minimum deposit requirement No initial deposit requirement, no minimum balance requirements
Monthly maintenance fees $0
ATM access Unlimited domestic ATM fee reimbursement
FDIC insured Yes, up to $250,000 per depositor
Visit Axos Bank

With Axos Bank’s Rewards Checking, you’ll earn interest on account balances up to $50,000, while balances over $50,000 do not earn interest. There is no initial deposit requirement to open an account, and no monthly account minimums or maintenance fees are charged.

In addition, the Rewards Checking account offers unlimited domestic ATM reimbursement and does not charge overdraft or insufficient funds fees if you accidentally overdraw your account.

The maximum APY you can earn on an Axos Bank Rewards Checking account is 3.30%, but you’ll have to jump through some hoops to get that rate.

Axos offers APY based on a tired system, and customers need to meet all requirements to get the highest possible APY: 3.30%.

APY Rate How to earn
0.40%
  • You must set up a monthly direct deposit totaling $1,500 or more to receive this amount.
0.30%
  • Use the Axos Visa Debit Card at least ten times monthly for transactions over $3.
  • Alternatively, you can sign up for the Personal Finance Manager (PFM) account aggregation in the online banking portal.
1.00%
  • Maintain an average daily balance of $2,500 in an Axos Invest Managed Portfolio account.
1.00%
  • Maintain an average daily balance of $2,500 in an Axos Self-Directed Trading account.
0.60%
  • Use your Axos Rewards Checking account to make an Axos auto, personal, or mortgage loan payment.

While it is possible to get the 3.30% APY, you’ll have to open several accounts with Axos Bank to receive it.

Axos Bank High Yield Savings account details

Annual percentage yield (APY) Up to 0.61% (as of 07/01/24)
Minimum deposit requirement $250
Monthly maintenance fees $0
ATM access Yes, free ATM card upon request
FDIC insured Yes, up to $250,000
Visit Axos Bank

The Axos Bank High Yield savings account offers many features found at some of the best online banks, like no monthly maintenance fees, a low starting balance, and even a free ATM card specifically for the savings account, which is an uncommon feature.

Unfortunately, the APY offered on the account is lower than what you can find at other online banks. Axos still beats the rates offered by more traditional banks, where you might find an APY of only 0.01%.

The interest you can earn on the Axos Banks Savings account is tiered based on your account balance. You’ll earn the complete 0.61% (as of 07/01/24) APY on your savings account balance up to $24,999, but after that, the rate drops to 0.25%. For balances over $100,000, you’ll only earn 0.15% APY.

Axos Bank Certificate of Deposit details

Annual percentage yield (APY) 0.20% (as of 06/26/24)
Minimum deposit requirement $1,000
Monthly maintenance fees $0
Terms offered 3 months to 60 months
FDIC insured Yes
Visit Axos Bank

Axos Bank offers CDs with terms ranging from a few months to five years. Unfortunately, the annual percentage yield, or APY, is well below the current national average on CDs.

You’ll need a minimum of $1,000 to open a CD account. You will likely pay an early withdrawal fee if you withdraw money from your CD before maturity. When your CD matures, it will automatically renew for the same term and at the current interest rate. You have a 10-day grace period from the maturity date to change the CD rate or term, withdraw funds, or deposit additional money.

Additional Axos Bank products

Axos Bank Essential Checking

The Essential Checking account does not earn interest like the Rewards Checking account. Its primary appeal is that it does not require a minimum balance to open or maintain the account and doesn’t charge monthly maintenance fees. All domestic ATM fees are reimbursable.

The Essential Checking account is also the only Axos account that offers early direct deposit, where customers can receive their qualifying direct deposits up to two days before they usually would.

Axos Bank Cashback Checking

The Cashback Checking account at Axos can help you earn up to 1% on signature-based purchases, up to $2,000 monthly. While you won't accumulate interest on the account or be able to access early direct deposit, the cashback option can be helpful for people who enjoy earning rewards but don’t want to use a credit card.

The Cashback Checking account also offers unlimited check writing, no monthly or annual fees, reimbursable domestic ATM fees, and only requires $50 to open an account.

Axos Bank Golden Checking

The Axos Golden Checking account is for people 55 and older and earns 0.10% (as of 06/26/24) APY on all balances. It has no monthly maintenance fees, offers a free debit card and standard personal check printing, and has no monthly minimum balance requirements. You’ll need $250 as an initial deposit and can be reimbursed up to $8 monthly for domestic ATM fees.

Axos Bank First Checking

Teens aged 13 to 17 (with an adult cosigner) can open their first checking account and earn 0.10% (as of 06/26/24) APY. Like other Axos Bank checking accounts, there are no minimum balance requirements or monthly maintenance fees, and up to $12 of ATM fees can be reimbursed monthly. The account has daily transaction limits of $100 cash or $500 debit and no non-sufficient funds or overdraft fees.

Axos Bank High Yield Money Market

The High Yield Money Market account requires an initial deposit of $1,000. The APY of 0.25% (as of 06/26/24) is well below what you’ll find at some of the best banks. The account doesn’t have maintenance fees or minimum balance requirements. An Axos Bank High Yield Money Market account includes check-writing privileges and a free debit card. However, you are limited to six monthly transactions, typical for money market accounts.

What we like about Axos Bank

  • Interest-earning checking accounts: Earning interest on a checking account is an uncommon benefit and something that even the best checking accounts don’t always offer. Although the interest rates vary and you have to jump through hoops to earn the maximum interest available, an Axos Rewards Checking account could be a good fit for some.
  • No account maintenance fees or minimum balance fees: Axos Bank doesn’t charge account maintenance fees for any accounts. The only exceptions are the World Checking and World Savings accounts, which charge maintenance fees if your account balance falls below a certain amount. Axos Bank also doesn’t charge minimum balance fees, making it an excellent option for people who might have a low balance while waiting for their next direct deposit.

What Axos Bank could improve

  • Low savings and CD interest rates: Axos Bank's rates on its savings and CD interest accounts are low compared to industry standards. With some research, most people can find a savings account or CD earning several times the rate Axos Bank offers. Although the variety of terms on CD accounts is an excellent option, you won't make as much as you would at some of Axos Bank’s competitors.
  • Does not support person-to-person payments via Zelle: Axos doesn’t support Zelle, the person-to-person payment platform many banks use. You can download the Zelle mobile app and create a workaround to use it with your Axos accounts, but it's extra work.

Who is Axos Bank best for?

Axos Bank is best for people who primarily bank from their checking accounts. The perks available on each checking account make it a good option for people who want to earn interest or cash back directly instead of transferring as much money as possible to a high-yield savings account or using a credit card for rewards.

Additionally, people who prefer to bank online can have a good experience with Axos Bank. It offers 24/7 customer support and an online chat feature called Evo to help you check a balance or transfer funds.

How to open an account with Axos Bank

Getting started with Axos Bank is straightforward, but having some information within reach can make the process much quicker.

You’ll need your driver’s license and phone to start an application for a checking or savings account. During the application process, Axos Bank will send you a secure link and ask you to take a selfie and send them a photo of your driver’s license so your identity can be verified.

If you are applying for a loan with Axos Bank, you’ll also need to provide your Social Security number and proof of income, in addition to your driver’s license and personal contact information.

To start, visit Axosbank.com and select the account you want to open.

1 Click the Get Started Button.
2 Select New or Existing Customer.
3 Provide your first and last name, email address, and phone number.
4 Create a username and password.
5 Select the type of account you want to open.
6 Receive a secure link to your phone number and supply a photo of your driver’s license and a selfie.
7 Complete the application and follow the directions to fund the account after approval.


Alternatives to Axos Bank

Although Axos Bank is a good choice for many people, especially those looking for no fees and low minimum balance requirements, you may need to look at other options if you want to earn the most interest possible on a savings account.

Ally

Ally Bank is another online-only banking option that offers an interest-earning checking account. Unlike Axos Bank, which has various options, Ally has one checking account, one savings account, and a few CD and money market account options.

Ally offers up to 4.20% (as of 06/26/24) APY on its savings account and has no monthly maintenance fees or minimum balance requirements. Additionally, the savings account can be divided into savings buckets to help you organize your money and provide boosters to help you maximize your savings.

Visit Ally

…or read our full Ally review.

Chime®

Chime is also online only, but it's not a bank.2 Instead, Chime is a financial company that partners with The Bancorp Bank, N.A., or Stride Bank, N.A., to offer financial products.

Chime has one checking account option with no monthly maintenance or service fees, though you may be charged a fee if you use an out-of-network ATM.3 If you qualify, Chime’s SpotMe® program offers fee-free overdraft up to $200 for eligible members.4

Chime’s savings account5 earns 2.00% (as of Oct. 25, 2023) Annual Percentage Yield,6 no monthly fees,7 and automatic savings features to help you increase your savings balance.

Visit Chime

…or read our full Chime review.

FAQ about Axos Bank

Is Axos a real bank?

Yes, Axos Bank is a real bank. It was founded in 2000 and has approximately $22.6 billion in assets. Axos Bank is an award-winning, online-only bank with no physical branches.

Who is Axos Bank owned by?

Axos Bank is owned by Axos Financial, based in San Diego, CA.

Does Axos Bank use Zelle?

No, Axos Bank does not currently integrate with Zelle, though you can download the Zelle app and create a workaround as long as the person you’re receiving or sending money to uses a bank that accepts Zelle.

What credit score do you need for Axos Bank?

To qualify for a personal loan with Axos Bank, you’ll need a credit score of at least 730. This is higher than other banks in the industry. For an auto loan, the minimum score is 500 with no open bankruptcies.

What is Axos minimum balance requirement?

Axos minimum balance requirement varies based on the account you want to open. The Essential Checking account has a $0 account minimum, while the High Yield Savings account requires a minimum opening balance of $250, and opening a CD will require $1,000.

Axos does not charge minimum balance fees once the initial balance has been added at account creation, except on its World Checking and World Savings accounts.

Axos Bank review: bottom line

Axos Bank is one of the oldest online-only banks. It provides multiple account options without account maintenance fees or minimum balance requirements. Although you may earn more interest elsewhere for your savings or CD accounts, Axos Bank is a solid choice for people looking to bank online.

Research banks before opening an account to help you find one that offers a good APY rate, reasonable fees, and good customer service reviews. Check out our list of the best banks to help you find an account that meets your needs.

Axos Bank Rewards Checking Benefits

  • Offer valid through July 31, 2024; Member FDIC
  • Zero monthly maintenance fees, overdraft or NSF fees, or minimum monthly balance requirements, and $0 annual fee
  • No initial deposit requirement and unlimited domestic ATM fee reimbursement
  • Earn up to 3.30% APY.1

Author Details

Kate Daugherty Kate Daugherty is a professional writer with a passion for providing others the head start they deserve on their financial journeys. Largely self-taught, Kate relied on books, blogs, and trial-and-error to learn how to budget and save for the future, all while working to pay back about $15,000 in student loans.