Updated January 19, 2021

Axos Bank Review

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Axos Bank offers full-service banking completely online with no fees. Find out below whether they can replace your traditional bank account.

Axos Bank
High Yield Savings and Essential Checking - $100 Bonus

Overall Score








Money Market


Mobile App





5-point scale (the higher, the better)

Axos Bank, formerly known as Bank of Internet, has brought online banking to its users since 2000. They offer both personal and business banking products ranging from checking, savings, CDs, and more.

While it has fewer fees than traditional banks, there is a tradeoff to this fully digital bank: You won't be able to visit a physical branch for support.

Find out below if Axos Bank will work for your banking needs. Plus, see how they compare to other popular online banks.

Personal Checking Accounts

Axos Bank has plenty to choose from for personal checking. They currently offer five checking account options. Here's what you can expect from each:

Essential Checking
This is the simplest checking account option with no monthly fees. Essential Checking comes with unlimited ATM fee reimbursements, no overdraft fees, and no minimum monthly balance requirements.

Axos Bank
Member FDIC

Essential Checking

  • Unlimited domestic ATM reimbursements
  • No monthly maintenance fees
  • No annual fee
  • No overdraft or non-sufficient funds fee

Rewards Checking
This account offers three tiers of rewards totaling up to 1.25% APY. To get the highest tier, you'll need to set up monthly direct deposits of $1,000 or more and use your debit card 15 times per month ($3 min per transaction).

It has no monthly fees and comes with unlimited ATM fee reimbursements. While there's no monthly minimum balance requirement, Axos does require a minimum of $50 to open a Rewards Checking account.

Axos Bank
Member FDIC

Rewards Checking - Up to 1.25% APY

  • Up to 1.25% APY
  • No minimum balance requirements
  • No fees to open or maintain account
  • Overdraft Protection

CashBack Checking
Instead of earning interest on your balance, you can earn cash back when you shop. This account lets you earn up to 1.00% cash back on all transactions that need a signature, up to $2,000 per month. You'll need to keep at least a $1,500 balance. If you fall lower than $1,500, you'll earn 0.50% cash back instead.

Like the other accounts, there are no monthly fees and unlimited domestic ATM fee reimbursement. You'll also get unlimited check writing privileges.

Golden Checking
This account is for the 55 and older crowd. You can earn 0.20% APY on this checking account. It comes with 50 free personal checks every 6 months. You can also get domestic ATM fee reimbursements up to $8 per month.

There are no monthly fees, overdraft fees, or minimum balance requirements, though you need at least $50 to open a Golden Checking account.

First Checking
This checking account is an intro to money management for teens ages 13 - 17. This joint checking account earns 0.25% APY. It also offers up to $12 in domestic ATM fee reimbursement per month.

While there are no monthly fees with First Checking, there are transaction limits of $100 cash and $500 debit per day.

Personal Savings Accounts

Axos Bank offers higher rates than many traditional banks. You can choose from three savings accounts

High Yield Savings
The High Yield Savings account offers 0.61% APY with no monthly fees or monthly balance requirements. With interest compounded daily and a free ATM card upon request, it's a flexible account to park your rainy day fund. To open the account, you'll need a minimum balance of $250.

High Yield Money Market
If you prefer a savings account with check writing privileges and debit card transactions, check out Axos Bank's High Yield Money Market account. You can earn 0.25% APY and make up to six transactions per month.

There are no monthly fees or minimum monthly balance requirement, but you will need a $1,000 to open the account.

Certificates of Deposit (CDs)
Axos Bank offers CDs ranging from 3 months to 60 months. But, their rates are pretty low at 0.20% APY. 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. Once it matures, you'll have a 10-day grace period to decide what to do with the funds before it auto renews.

Compare Savings Account Promotion

CIT Bank
Member FDIC

CIT Bank Savings Connect - 0.50% APY

  • Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
  • Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
  • Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
    • Base Tier: (0.42% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
    • Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
    • APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
  • Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).
Discover Bank
Member FDIC

Online Savings Account - Earn 0.40% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Betterment Cash Reserve - Earn up to 0.30% 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

Retirement Savings

You can open either a Roth or traditional IRA savings or IRA CD at Axos Bank. You can open an IRA savings account 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
Customer support is available 24/7 at (844) 999-2967, excluding Thanksgiving Day and Christmas Day. You can also use the chat function on their website or visit their FAQ.

Other Axos Bank Products

To round out their personal bank products, Axos also offers mortgage services, personal loans, and auto loans.

If you're looking for banking products for your business, Axos Bank has that too. They offer a host of banking and lending services for business and commercial customers. Small business owners can especially benefit from their checking, savings, money market, and CD accounts.

There's even Axos Invest, a robo-advisor that takes the heavy lifting out of managing your portfolio.

Reasons We Like Axos Bank

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Easily manage your finances on the go. With the Axos Bank app, you can quickly access all your accounts. You can also make mobile check deposits, pay bills, and transfer funds all in the same place. Most accounts come with ATM cards too, so you can access your money throughout the U.S.

No monthly service charges. If bank fees have got you stressed, Axos Bank is a great alternative. Many of their accounts don't have a monthly service fee, overdraft fees, or minimum balance requirements.

Free ATM transactions anywhere in the United States. With the Essential, Rewards, or CashBack checking account, you get free, unlimited domestic ATM transactions. Axos Bank will reimburse the fees, no matter which ATM you use.

Reasons We Don't Like Axos Bank

Only 3 physical branches. If you prefer to bank in person at a brick-and-mortar location, you don't have many options with Axos Bank. They only have branches in San Diego, CA, Columbus, OH, and Las Vegas, NV.

For everyone else, your money is managed 100% electronically via online transfers, mobile deposits, or ATM withdrawals.

Not ideal for depositing cash. You can only deposit cash at an ATM that accepts cash deposits or via the Reload @ the Register program at retailers like 7-Eleven, CVS, Walmart, and more. Keep in mind that this costs $4.95 per deposit. If you need to make several cash deposits per month, this can really eat away at your funds.

Low CD rates for an online bank. Typically, online banks offer higher APYs. The lack of overhead allows banks to pass along the savings to its customers. While Axos has some of the highest rates available now for their savings accounts, their CD rates are quite low.

How It Compares

You're probably trying to narrow your search to just one online bank account. Here's how Axos Bank stacks up against these popular competitors:

Ally Bank
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.

More Accounts to Consider:

CIT Bank
Member FDIC

CIT Savings Builder - Earn 0.40% APY

Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

UFB Direct

UFB High Yield Savings - Earn up to 0.20% APY

  • Earn 0.20% APY on balances of $10,000 and above
  • Member FDIC

Frequently Asked Questions

Is Axos Bank FDIC insured?
Your money is safe with this online-only bank. Each account at Axos Bank is insured for up to $250,000 to protect your money in case the bank fails.

How do I open an account?
Sign up for an account at any time through their website. You can also 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 whole process takes about 15 minutes.

If you currently bank elsewhere, Axos will provide the forms and steps to take to successfully switch. No need to worry about bouncing checks or missing bill payments.

Is Axos Bank safe?
Axos Bank takes security seriously. Your information is kept safe with two-factor authentication, bank-level SSL encryption, automatic logout after a period of inactivity, and more.

Bottom Line

Online banks have really stepped up their game, and it shows it just how many services they offer. Axos Bank has a wide range of products that work well for personal and business customers.

As for whether it's worth it for you, figure out how important a physical branch is to you. For some, in-person support might be non-negotiable.

Most Axos Bank accounts let you use any ATM in the U.S. without fees. Between that and their mobile app, you can probably do everything you need with a bank. If you have direct deposit set up and mainly use a debit card, it can be a great choice. With the lack of monthly fees, Axos Bank is a solid choice for online banking.

Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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.

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