Axos Bank Review

Is Axos Bank a good bank?

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Axos bank

Previously Bank of Internet USA, Axos Bank is an online-only bank offering numerous financial products and services. With an emphasis on technology-driven banking, Axos Bank offers personal, business, and institutional banking solutions, and has $14.4 billion in assets.

  • Pros and Cons
  • Company Overview
Pros and Cons
  • No fees for checking or savings accounts

  • Domestic ATM fee reimbursements

  • User-friendly mobile app

  • No physical branches

  • Limited customer service

  • CD rates are below average for online banks

Company Overview
  • Official Website
  • Bank Product Offerings Checking accounts, savings accounts, money market account, certificates of Deposit (CDs)
  • Customer Service Personal banking customer service line can be reached 24/7 at 844-999-2967
  • Year Founded 2000

Who Is Axos Bank Best For?

Axos Bank is best for those who want access to a broad offering of financial products and services, and don't require a brick-and-mortar branch for in-person assistance. It's also a good option for people who:

  • Are tech-savvy
  • Want access a variety of checking accounts
  • Struggle with late fees or insufficient fund fees
  • Own a small business or handle commercial finances
  • Are looking for a good rewards checking account

What Does Axos Bank Offer?

Axos Banks offers the following types of accounts: 

Checking Accounts

Axos Bank offers five types of checking accounts:

Account Name Fee APY
Essential Checking None N/A
Rewards Checking None up to 1.00%
CashBack Checking None up to 1.00% cash back
First Checking None .10%
Golden Checking None .10%

Essential Checking

  • No monthly fees
  • No minimum balance requirements
  • Unlimited domestic ATM fee reimbursement
  • No overdraft or non-sufficient fund fees
  • Get your paycheck direct deposited two days early

Rewards Checking

The Rewards Checking account, which has a $50 minimum balance to open an account, provides the same benefits as the Essential Checking but offers a higher APY at 1.00%. Axos breaks its APR into the following tiers:

  • Receive at least $1,500 monthly in direct deposits for 0.4%
  • Use your Axos debit card for at least 10 transactions each month (minimum of $3 each) or sign up for Personal Finance Manager for 0.3%
  • Maintain an average daily balance of $2,500 or more in a Managed Portfolio Account for 0.1%
  • Maintain an average daily balance of $2,500 or more in a Self Directed Trading Account for 0.1%
  • Use your Rewards Checking Acount to make a full monthly payment on an Axos consumer loan for 0.1%

If you receive $1,500 through direct deposit and only use your Axos debit card to make 12 transactions, you'll earn 0.7% APY, not the full 1.00%.

CashBack Checking

The CashBack Checking rewards you for shopping with 1% cash back on all purchases that require a signature. It comes with unlimited check writing privileges and no monthly fees.

First Checking

If you have children age 13–17, the First Checking account is a good option for them. It allows your child to begin learning good money management skills while implementing restrictions to ensure they remain responsible. The features include:

  • 0.10% APY
  • Up to $12 monthly in domestic ATM fee reimbursements
  • Daily transaction limits ($100 cash, $500 debit)
  • No monthly or overdraft fees

Golden Checking

The Golden Checking account is designed for people age 55 or older. There's a $50 minimum balance to open the account, and a 0.10% APY on all balances.

Golden Checking Account APY Rates
Tier APY
$0–$9,999.99 0.10%
$10,000–$24,999.99 0.10%
$25,000–$49,999.99 0.10%
$50,000–$99,999.99 0.10%
$100,000 or more 0.10%

There are no monthly fees and up to an $8 monthly reimbursement on domestic ATM fees. All checking accounts give you access to Axos Bank's other digital tools, such as free mobile deposit, online bill pay, and mobile banking.

Savings Account

If you're looking to get the most bang for your buck, check out Axos Bank's High Yield Savings account. Offering a competitive APY, plus a plethora of other great features, this is one of their best offerings. Features include:

  • 0.61% APY
  • No monthly maintenance fees
  • No minimum balance requirements
  • Interest compounded daily
  • Access to various online money management tools
  • Free ATM card provided upon request 

Money Market Account

If you're looking for a way to save money and maximize your funds simultaneously, Axos Bank's High Yield Money Market account is a solid choice. Features include:

  • 0.25% APY
  • $1,000 minimum balance to open an account
  • No monthly minimum balance requirements
  • Check writing privileges
  • Debit card transactions
  • No monthly maintenance fees

Certificates of Deposit

Certificates of deposit help you reach your financial goals with high-interest yields and guaranteed returns. Axos Bank's certificates of deposit vary in terms from 3 to 60 months, and there's a $1,000 minimum deposit to open an account, which is higher than most banks. Other features include:

  • No setup or maintenance fees
  • Free electronic interest transfer
  • Auto-renewal of the CD with a 10-day grace period
  • FDIC insured

They APY varies by term length, but you can receive up to 0.20%.

Certificate of Deposit APY
Term APY Withdrawal Penalty
3 months 0.20% 1.5 months of interest
6 months 0.20% 3 months of interest
12 months 0.20% 6 months of interest
24 months 0.20% 12 months of interest
36 months 0.20% 18 months of interest
48 months 0.20% 24 months of interest

With a CD account, you will face an early withdrawal penalty if you withdraw any of the principal before the maturity date. The term of the CD is the specific period you agreed to leave your funds deposited, not the time remaining until its maturity date.

Other Financial Products From Axos Bank

Axos Bank also has the following offerings:

  • Mortgage loans
  • Mortgage refinance loans
  • Auto loans
  • Personal loans

Axos Bank Customer Service

There’s a rather lengthy list of customer service phone numbers on Axos Bank’s website, organized by product.

While the direct support contact numbers are great, they are also only active during business hours. If you call after hours, you’ll get a third-party company. 

How to Bank With Axos Bank

To open an account, visit Axos Bank's website or call 888-502-2967. You'll need to provide the following personal information:

  • A Social Security number
  • A valid form of ID (drivers license or state-issued ID)
  • A valid address in the U.S. (no P.O. boxes)

You must be at least 18 years of age and a U.S. citizen or resident alien to apply.

Final Verdict


Axos Bank offers a great variety of checking accounts with competitive APY rates. While there are no branches (except for Axos Bank’s headquarters in San Diego), there is 24/7 customer service. Axos Bank's limited fee structure and ATM reimbursements are better than most larger banks, and their mobile app is user-friendly.


There are no brick-and-mortar branches of Axos Bank, so that could be a drawback for those who require in-person assistance. Their CD rates also aren’t super competitive, which could deter some from using them. Credit unions generally offer better rates.