Updated June 14, 2019

Axos Bank Review

Read more about Axos Bank
This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

If the perfect checking account for you is one with no monthly fees while offering rewards, you may have found your match with Axos Bank.

© CreditDonkey

Formerly known as Bank of Internet, Axos Bank has set out to offer "Banking Evolved." They believe in providing customers with the technology and choices to help them meet their financial goals. They've been in business since 2000, but they've recently evolved their look and offerings to meet the needs of the average consumer.

Keep reading to see if Axos Bank will fit your banking needs.

Checking Accounts

  • CashBack Checking: With the CashBack Checking account, you won't pay a monthly maintenance fee, but you also won't earn interest. What you can earn is cashback on certain purchases. You'll need a minimum $1,500 average balance in order to earn the cashback, though.

    You may earn up to $2,000 cashback on signature-based transactions. If your average balance is below $1,500, you'll earn 0.5% cashback on eligible purchases.

    The cashback is in the form of a deposit in your CashBack Checking account. You'll also be eligible for reimbursement of domestic ATM charges.

  • Essential Checking: If you want a simple checking account without monthly fees, the Essential Checking is a good option. You won't earn interest on this account, but you won't pay overdraft fees or NSF fees. You are also eligible for reimbursement of ATM fees on unlimited ATM transactions within the US.

  • First Checking: This checking account is for teens ages 13 - 17 with an adult co-owner. Your teen can receive up to $12 in ATM fee reimbursement per month. They also won't pay a monthly maintenance fee.

    The account has withdrawal limits of $100 in cash and $500 in debit transactions. This account does earn interest.

  • Golden Checking: If you are 55 years old or older, you may open this interest-bearing checking account. You won't have to meet any monthly minimum balance requirements and you won't pay overdraft/NSF fees.

    You may receive up to $8 in ATM reimbursement for non-Axos Bank ATM transactions per month. You can also receive a free box of 50 checks twice a year.

  • Rewards Checking: This checking account rewards you with a higher APR for certain transactions. Meant for those who frequently use their ATM/debit card, you can earn a higher APR for setting up direct deposit with your employer (minimum $1,000) or using your debit card at least 10 times a month.

    If you use your debit card an additional five times per month (15 total), you'll get another bump on your APR. This account doesn't have a monthly maintenance fee.

Savings Accounts

  • High Yield Money Market: If you want the higher interest rate of a savings account with check writing privileges, the High Yield Money Market may help. If you write fewer than six checks per month, you can enjoy the higher APR with this account. There are no minimum balance requirements and the account does come with a debit card. The six-transaction limit does apply to transfers by debit card, among other transaction types.

  • High Yield Savings: This savings account offers a high-yield APR, but doesn't require a minimum balance. With no monthly maintenance fees and the ability to request a free debit card, it's a great place to put money aside for a rainy day.

  • Second Chance Savings: If you need a "second chance" at banking, this savings account may help. You'll need $50 to open the account. You will earn a low interest rate on your money and you can request a free debit card, if you need it. You also won't pay a monthly fee for this account.

Compare Savings Account Promotion

    CIT Bank

    CIT Savings Builder - Earn 0.45% APY

    Earn up to 0.45% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC


    Betterment Cash Reserve - Earn up to 0.40% APY

    • FDIC insurance covering up to $1,000,000 at program banks
    • Access cash in 1-2 business days
    • No minimum balance
    • No fees on balance
    • Unlimited withdrawals

    Chase Savings℠

    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 4,900 branches
    • Link this account to your Chase checking account for Overdraft Protection.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Open your account online now.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.


You can choose from terms ranging from 3 months to 60 months to help you reach your savings goal. Remember, you can't access your funds for the specified time of the CD. If you do, you'll pay an early withdrawal penalty fee.

You'll need $1,000 to open an Axos Bank CD and you'll have a 10-day grace period to decide what to do with the funds upon maturity.


You can open either a Roth IRA or traditional IRA at Axos Bank. You can choose between the IRA Savings and the IRA CD. For the IRA savings, you can start with just $250, but you'll need $1,000 to open an IRA CD.

Each account is FDIC insured and offers competitive APRs to help you grow your retirement savings.

Axos Bank 24/7 Customer Service:


You can also visit their FAQ section to find answers to the most commonly asked questions.

Reasons We Like Axos Bank

  • You can access your checking or savings account online. Since Axos Bank is an online bank, it makes sense that you'll manage your money online. Their website is user-friendly and not overwhelming at all. You can make sense of your accounts in a matter of minutes, making it easy to keep track of your finances.

  • You can utilize the mobile deposit feature. Since Axos is an online bank, depositing money can be a challenge. With mobile deposit, though, you can simply take a picture of your check and it deposits directly into your account, right from the comfort of your own home.

  • You can manage your finances on-the-go. If you download the Axos Bank app, you can see the same information you'd see on your PC. This makes it easy to check balances before shopping or to balance your checkbook while you sit and wait at the doctor's office or for your child while they are at practice.

  • You can find checking and savings accounts with no monthly service charges. If making sure you reach the minimum required balance each month to avoid the monthly service fee stresses you out, Axos Bank may help. Many of their accounts don't have a monthly service fee, which can alleviate the stress of having a checking or savings account.

  • If you have the CashBack, Essential, or Rewards Checking account, you get free ATM transactions anywhere in the United States. You don't have to worry about finding a specific "brand" ATM. Axos Bank will reimburse the fees charged by that third-party bank. If you have any other checking accounts, you may have access to a limited number of reimbursable ATM fees.

  • Several of the Axos Bank checking accounts don't charge overdraft fees. We all make mistakes now and again, but when we have to pay money for them, it can really sting. That's why it's nice that a few of the Axos Bank checking accounts don't charge overdraft fees. This doesn't make it okay to go over your account balance, but at least you can get back on your feet without paying excessive fees.

  • Axos Bank takes security seriously. Before you can log into your new bank account, you'll face two-factor authentication. This helps to keep hackers out of your account. They also use bank-level SSL encryption and automatic logout for those times that you get sidetracked and forget to log out of your account.

  • You can apply for a new account in a few minutes online. Since Axos Bank is an online bank, it makes sense that you can only apply online. They also allow you to apply for a few of their bank accounts via their mobile app. All you need is a valid ID and your Social Security number. The process takes approximately 15 minutes.

  • Axos Bank is FDIC insured. You don't have to worry about taking a risk with an online-only bank. The FDIC has your back should Axos Bank suddenly close their doors. Each account at Axos Bank is insured for up to $250,000.

  • Axos Bank will walk you through the process of switching banks. If you currently bank elsewhere, Axos Bank will provide you with the forms and steps to take to successfully switch banks without bouncing checks or missing bill payments.

Reasons You May Want to Look Elsewhere

  • You can't visit a physical branch. Axos Bank is an online bank. You manage your money online and even deposit your money electronically via online transfers, mobile deposits, or ATM withdrawals. If you aren't comfortable not being able to see a bank teller face-to-face, this may not be the right bank for you.

  • Unless you live in San Diego where Axos is headquartered, depositing cash can cost you money. You can only deposit cash via Reload @ the Register, which costs $4.95 per deposit. If you make several cash deposits per month, this can eat away at the no monthly service fee benefit.

  • Axos Bank's APRs are on the lower side for online banks. Typically, you choose an online bank for the higher APR. The lack of overhead allows banks to pass along the savings to its customers.

How It Compares

  • Ally: Ally Bank offers an online checking and savings account, along with a variety of CD and IRA options. They don't charge monthly service fees and you don't have to meet minimum monthly requirements. You do have to stick within the Ally ATM network to avoid ATM fees, though.

  • Capital One 360: Capital One 360 offers a couple of online checking account options as well as a multitude of savings account options. Capital One 360 also doesn't charge monthly service fees. They are known for their higher than average APR offerings, but you may want to watch for their "other fees," as they can add up.

You might also consider:

Bottom Line

Axos Bank can be a good option for those comfortable banking strictly online. If you have direct deposit set up with your employer and you mainly use a debit card, it can be a great choice. The lack of fees and multitude of options make Axos Bank a favorable choice for many.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

More from CreditDonkey:

Discover Bank Review

FirstBank Review

First Republic Bank Review


Leave a comment about Axos Bank Review?
Email (won't be published)

Radius Bank Review

Radius Bank offers high yield savings and checking accounts. So what's the catch? Read on to see if this online bank is worth it.

About CreditDonkey®
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Terms | Contact Us
© 2020 CreditDonkey