Axos Bank is an online-only bank known for offering low fees, competitive interest rates, and a full suite of digital banking services. Without physical branches, it focuses on providing a seamless mobile and online banking experience.
Whether you need a checking account with rewards, a high-yield savings option, or a money market account with flexible access, Axos has various products to fit different financial needs. This review covers its latest features, fees, and account options to help you decide if Axos Bank is the right choice for you.
Axos Bank Checking Accounts
Axos Bank offers several checking accounts with different features to fit a range of financial needs.
Axos ONE® Checking
Axos ONE® Checking is designed for customers who want a fully integrated banking experience. It works alongside Axos ONE® Savings, allowing customers to maximize their interest earnings while managing both accounts seamlessly.
This account offers up to 0.51% APY on checking balances and up to 4.86% APY on savings when paired with Axos ONE® Savings. There are no monthly maintenance fees, and customers can receive their paychecks up to two days early with direct deposit. The account also provides fee-free access to over 95,000 fee-free ATMs.
Essential Checking
Essential Checking is a simple, fee-free option for everyday banking. It has no monthly maintenance fees and no minimum balance requirements. Customers get unlimited domestic ATM fee reimbursements and can access their paychecks up to two days early through direct deposit. This account is ideal for those who want straightforward banking without unnecessary fees.
Rewards Checking
Rewards Checking allows customers to earn up to 3.30% APY on their balances through a tiered system. To qualify for the highest rate, account holders need to meet certain requirements, such as setting up direct deposits of at least $1,500 and making qualifying debit card transactions. This account has no monthly fees, no overdraft fees, and provides unlimited domestic ATM fee reimbursements.
CashBack Checking
CashBack Checking is a suitable option for those who prefer to earn rewards on their spending. Customers can get up to 1.00% cash back on signature-based debit card purchases when they maintain an average daily balance of $1,500. If the balance falls below that threshold, the cash back rate drops to 0.50%. This account has no monthly maintenance fees and includes unlimited domestic ATM fee reimbursements.
First Checking
First Checking is designed for teens aged 13-17, providing a way for young people to learn financial responsibility while giving parents oversight. The account earns 0.10% APY on all balances and has no monthly fees. It includes up to $12 in monthly domestic ATM fee reimbursements. Daily spending limits are set at $100 for cash withdrawals and $500 for debit card transactions, making it a practical choice for teens who are just starting to manage their own money.
Golden Checking
Golden Checking is made for customers 55 and older, offering a few extra perks tailored to their needs. The account earns 0.10% APY on all balances and has no monthly maintenance fees. Account holders receive up to $8 in monthly domestic ATM fee reimbursements and get free personal checks. This account is a good fit for retirees or seniors looking for a hassle-free banking experience.
Axos Bank Savings Accounts
Axos Bank provides several savings options to help customers grow their money efficiently.
High-Yield Savings Account
This account offers an APY of 0.61% on balances up to $24,999.99. Balances between $25,000 and $49,999.99 earn 0.25% APY, while balances of $50,000 or more earn 0.15% APY. There are no monthly maintenance fees or minimum balance requirements. Customers can also request a free ATM card for convenient access to funds.
For higher APYs, check out our best savings accounts.
High-Yield Money Market Account
The high-yield money market account offers 0.25% APY across all balance tiers. A $1,000 deposit is required to open the account, but there are no monthly maintenance fees. This account includes check-writing privileges and a free Visa® debit card, allowing for flexible access to funds while earning interest.
For higher APYs, check out our best money market accounts.
Certificates of Deposit (CDs)
Axos Bank offers CDs with terms ranging from 3 to 60 months, all with a fixed APY of 0.20%. A minimum deposit of $1,000 is required to open a CD. There are no setup or maintenance fees, and CDs automatically renew upon maturity.
Customers have a 10-day grace period to withdraw or add funds without penalty. Early withdrawals may result in penalties of up to 24 months’ worth of interest, depending on the term.
All Axos Bank savings accounts are FDIC-insured up to $250,000 per depositor, per ownership category. While Axos offers a solid selection of savings options, you can find higher interest rates on savings accounts, money market accounts, and CDs at online banks.
Additional Services from Axos Bank
Beyond personal banking, Axos Bank provides a range of financial services for individuals and businesses.
Home Loans and Refinancing
Axos offers mortgage solutions for homebuyers and homeowners looking to refinance. Options include conventional loans, jumbo loans, FHA and VA loans, and home equity lines of credit (HELOCs). Competitive rates and digital loan processing make it easy to apply and manage your mortgage online.
Auto and Personal Loans
Axos provides financing for new and used vehicles, as well as personal loans for various expenses. Personal loans can be used for debt consolidation, home improvements, or other financial needs, with competitive rates and flexible terms.
Business and Commercial Banking
Axos supports small businesses and large enterprises with business checking and savings accounts, commercial lending solutions, and treasury management services. Business owners can also access SBA loans and equipment financing.
Investment and Wealth Management
Axos Invest offers automated portfolio management for hands-off investors. Customers can build customized investment portfolios with low fees and no advisory costs. Axos also provides private client banking for high-net-worth individuals, offering personalized financial planning and exclusive banking benefits.
Axos Bank Features
Axos Bank offers digital tools and services designed to make banking easy and accessible. Customers can manage their accounts entirely online or through the Axos mobile app, which is available for iOS and Android.
Mobile and Online Banking
Customers can check account balances, transfer funds, and pay bills through the Axos mobile app or online banking portal. Mobile check deposit allows users to deposit checks by taking a photo, eliminating the need to visit an ATM.
Bill Pay and Fund Transfers
Axos Bank’s bill pay feature makes it easy to schedule and manage payments directly from a checking or savings account. Customers can also transfer money between Axos accounts or send funds to external banks with ease.
Direct Deposit and Early Paycheck Access
With direct deposit, paychecks and other deposits are automatically credited to an account, removing the hassle of depositing paper checks. Select accounts, such as Essential Checking, allow customers to receive their paychecks up to two days early.
24/7 Customer Support
Axos Bank offers around-the-clock customer service by phone, except on Thanksgiving Day and Christmas Day. Customers can also send secure messages through their online banking account.
AI-Powered Banking Assistance
Evo, Axos Bank’s AI-powered virtual assistant, helps customers find account information, manage transactions, and get answers to common banking questions.
Axos Bank’s digital-first approach makes it easy to handle everyday banking needs without visiting a physical branch.
Axos Bank Fees
Axos Bank is known for its low-cost banking options, making it a strong choice for customers who want to avoid unnecessary fees. Most checking and savings accounts have no monthly maintenance fees and no minimum balance requirements, helping customers keep more of their money.
Customers also get access to over 90,000 fee-free ATMs nationwide, allowing for easy cash withdrawals without extra charges. Unlike many traditional banks, Axos does not charge overdraft fees on select accounts, providing even more cost-saving benefits.
Bottom Line
Axos Bank is a strong option for anyone looking for a fully online banking experience with low fees and competitive features. With checking and savings accounts that offer interest, cash back, and early paycheck access, it caters to a wide range of financial needs.
Customers benefit from fee-free ATM access, no monthly maintenance fees on most accounts, and a user-friendly digital banking platform. While its interest rates on savings and CDs may not be the highest compared to other online banks, Axos makes up for it with convenience, flexibility, and a commitment to fee-free banking.
For those who prefer managing their finances digitally and want a bank that won’t nickel-and-dime them with hidden fees, Axos Bank is worth considering.
Frequently Asked Questions
Is Axos a legit bank?
Yes, Axos Bank is a publicly traded online bank that is insured by the FDIC up to $250,000 per depositor, per ownership category.
What is the minimum deposit required for an Axos Bank account?
Axos Bank does not have a minimum balance requirement for its Essential Checking, Rewards Checking, First Checking, High Yield Savings, and High Yield Money Market accounts. However, the Cashback Checking account requires an opening deposit of $50 and a minimum balance of $1,500 to earn 1% cash back on signature purchases.
If the minimum balance is not met, customers will earn 0.50% cash back on these transactions. The Golden Checking account requires a $50 minimum deposit to open, and a $1,000 minimum deposit is needed to open and maintain an Axos CD.
Can I receive my paycheck early with Axos Bank?
Yes, with an Essential Checking account from Axos Bank, customers are eligible to receive their paychecks up to two days early through direct deposit express. The ability to receive early paychecks is dependent on the support and funding from the payer.
Does Axos Bank have physical branches?
No, Axos Bank is an online-only bank with access to approximately 91,000 fee-free ATMs across the U.S.
Does Axos Bank use Zelle?
Yes, Axos offers Zelle as a convenient way for customers to send and receive money quickly and securely using just an email address or U.S. mobile phone number.
Is Axos Bank FDIC insured?
Yes, Axos Bank is insured by the FDIC (FDIC No. 35546) and deposits are protected by the federal government up to $250,000 per depositor, per ownership category, in the event of a bank failure.
How can I reach Axos Bank customer support?
Personal banking customers of Axos Bank can contact support through the mobile app, send a secure message through their online account, or call 844-999-2967.
