Who Is Axos Bank Best For?
Axos Bank is ideal if you’re:
- Comfortable doing all your banking online.
- Trying to avoid fees.
- After a high-interest checking account.
- Looking for a rewards debit card.
Our Review Methodology
Forbes Advisor scores banks and credit unions on a number of factors, including the following:
- Fees
- Interest rates
- ATM network
- Product mix
- Customer service
- Digital experience
We give separate ratings to the individual products offered by each financial institution, such as checking accounts, savings accounts, money market accounts and CDs. We assign banks a rating from one and five stars, with one star being the lowest rating and five stars being the highest.
To learn about our rating system and review methodology, check out our guide on How Forbes Advisor Reviews Banks.
Axos Bank Account Basics
Axos Bank offers a range of competitive banking products for individuals and businesses alike. Its digital-first approach makes it a great choice for those who prefer to manage their finances online.
Our small business checking accounts are also popular because the fee structure is quite a bit lower than branch-based banks, and the digital account opening process is much more convenient.
– Gregory Garrabrants, President and CEO of Axos Bank
Checking
Checking accounts abound with Axos Bank. There are currently five checking account options, some of which are among the best checking accounts out there.
- Axos Bank Essential Checking.
- Axos Bank Rewards Checking
- Axos Bank CashBack Checking
- Axos Bank Golden Checking
- Axos Bank First Checking
Here’s a quick overview of each account.
Essential Checking. This is a no-frills non-interest-bearing checking account with no monthly fees. Accounts come with unlimited domestic ATM reimbursements. Essential Checking has no minimum deposit requirements.
Rewards Checking. Rewards Checking offers tiers of interest, earning up to 3.30% APY total. Balances above $50,000 do not earn interest. The checking account only requires a $50 initial deposit and charges $0 monthly maintenance fees. Customers also receive unlimited domestic ATM reimbursements.
CashBack Checking. It’s rare to find a checking account that earns cash back, but that’s what you’ll find at Axos Bank. Customers earn up to 1% cash back on all signature-based purchases. CashBack Checking accounts also feature $0 monthly fees, unlimited domestic ATM reimbursements and unlimited check-writing privileges.
Golden Checking. Designed for individuals 55 years and older, Golden Checking is an interest-bearing account that earns 0.10% APY on all balances. It comes with free checks and only requires a $0 initial deposit to open an account. Customers also get up to $8 in domestic ATM reimbursements each month.
First Checking. As the name suggests, this checking account is designed for kids ages 13-17 years old to serve as an introduction to banking. This checking account earns 0.10% APY on all balances and features up to $12 in domestic ATM reimbursements each month. First Checking doesn’t have any monthly fees, but it does have daily transaction limits of $100 cash and $500 debit.
Savings
The Axos Bank High Yield Savings Account account offers higher rates than you find at many brick-and-mortar banks. This savings account currently earns 0.61% APY is reserved for balances under $25,000. Balances between $25,000 and $100,000 earn 0.25% APY. Balances of more than $100,000 earn 0.15% APY, which puts it among the best online savings accounts.
Opening an account requires a $250 deposit, but there are no balance requirements beyond that initial amount. There are no monthly maintenance fees either. Customers can even request a free ATM card, a rarity among savings accounts.
Money Market
The Axos Bank High Yield Money Market account requires an initial deposit of $1,000. The account offers 0.25% APY on all balances, which is below what the best money market accounts offer. It comes with check-writing privileges and a free ATM card. Plus, it doesn’t charge monthly maintenance fees.
CDs
While Axos Bank offers CDs, its rates don’t match up well against the best CD rates offered by other top online banks. CD terms range from three months to five years, with rates currently set at 0.20% APY across the board.
You’ll need $1,000 to open a CD account with Axos Bank. As with most CDs, there are no monthly fees.
Axos Bank Certificates of Deposit automatically renew when they reach maturity. There is a 10-day grace period in which customers can take other actions penalty-free, like closing your CD account, withdrawing or adding more funds or changing CD terms.
Customers who pull their funds out of a CD before maturity could see early withdrawal penalties up to 24 months’ worth of interest, depending on the CD term.
CD Rates
| TERM | APY |
|---|---|
|
3 Months
|
0.20%
|
|
6 Months
|
0.20%
|
|
12 Months
|
0.20%
|
|
24 Months
|
0.20%
|
|
36 Months
|
0.20%
|
|
48 Months
|
0.20%
|
|
60 Months
|
0.20%
|
UFB Direct Bank Accounts
It’s worth noting that there are two more bank accounts to consider, although they don’t technically fall under the Axos Bank name.
UFB Direct is a division of Axos Bank and offers the UFB Secure Savings and the UFB Secure Money Market. Both are now paying up to 5.25% APY on all balance tiers, which is competitive with the best high-yield savings accounts and the best money market accounts.
Other Accounts and Services
Axos Bank offers a host of other services outside of its personal bank account offerings:
- New mortgages
- Mortgage refinancing
- Home equity loans
- Home equity lines of credit (HELOCs)
- FHA loans
- VA loans
- Auto loans
- Personal loans
- Managed investment portfolios
- Business and commercial banking and lending solutions
Axos Bank is also well known for its small business banking products. It offers two business checking accounts with attractive features, but some customers complain about the bank’s security procedures and online interface.
– Brian O’Connor, Entrepreneur
Access on the Go
As an online bank, customers of Axos mainly access their accounts online or through its mobile app, which is rated 4.7 stars in the App Store and 3.8 stars in Google Play. The mobile app, available on both iOS and Android, offers features including:
- Mobile check deposits
- Mobile bill pay
- Funds transfers
- Account balances
- Transaction history
The mobile app is highly rated on the App Store and Google Play.
Most accounts also come with ATM cards. Customers have access to around 91,000 fee-free ATMs across the U.S. Many Axos Bank deposit accounts feature some form of ATM fee reimbursements for out-of-network ATM use.
Customers also have access to Evo, Axos Bank’s virtual banking assistant, through the mobile app or online account. Evo provides answers to common banking questions and can help you quickly manage your accounts.
Axos Bank Fees
None of Axos Bank’s deposit accounts have monthly fees or ATM fees, and most lack overdraft fees too. Most Axos checking accounts also include unlimited domestic reimbursements for fees charged by out-of-network ATMs.
Axos Bank charges fees for the following:
- $10 for excess transactions or withdrawals
- $35 for outgoing domestic wires
- $45 for outgoing international wires
- $25 for non-sufficient funds, up to $75 per day
- $10 for stop payment requests made online
You’ll also pay an early-withdrawal penalty on Axos Bank CDs if you take out money before your CD matures. This fee could cost you up to 24 months of interest, depending on your CD term length. This is a typical fee for CDs.
Axos Bank Alternatives
With a multitude of account options, Axos can meet most consumers’ banking needs. It doesn’t have any local branches for in-person services, but that’s becoming less of a necessity today.
The bank offers impressive checking options and an array of business bank accounts, but its savings rates are below competing online banks.
Axos vs. Ally
Ally Bank and Axos are both excellent online banks, offering industry-leading rates, expansive ATM networks, out-of-network ATM fee reimbursements and low fees. The right one for you depends on what type of account you need.
Ally only offers one checking account, while Axos gives you five to choose from, including a teen account, a senior account and two rewards accounts. If you want a top-tier checking account with extra features, Axos might be a better fit.
On the other hand, Ally’s Online Savings account is packed with features designed to help you automate your savings and reach your goals. You can split your savings account into different buckets, auto-save your spare change from debit card purchases and more. Ally might be the better pick if you want a savings account with more than just a competitive yield.
In terms of business accounts, Axos Bank is the obvious choice. Ally doesn’t offer any business bank accounts at this time, but both banks offer investing services. Read our Axos Invest review and Ally Invest review to learn more.
Axos vs. Chime
Chime has fewer products than Axos Bank, offering only a checking account, high-yield savings account and credit card. It has automated savings tools to help you improve your finances, and its savings rates far outpace those offered by Axos. But recent customer complaints have bubbled up with Chime regarding account access and funds.
Axos vs. SoFi
SoFi is primarily known for its investing and loan services, but it also offers a combined checking and savings account that earns interest, has few fees and lets you receive direct deposits up to two days early.
If you’re looking for loan discounts, an automated investing account, financial planning or career coaching, SoFi could be a good fit. However, Axos Bank is a full-service institution with more checking and savings options than you’ll find at SoFi.
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Is Axos Bank Worth It?
Compared to most online banks, Axos Bank has a plethora of account options. It’s worth considering if you’re looking for a specialized checking account that earns rewards or a savings account that includes an ATM card. It’s also a good choice for anyone hunting for a full-service online bank account with almost no fees. However, keep looking if you’re after the highest yields on savings or CD accounts.
Get A High-Yield Savings Account With No Maintenance Fees
On Axos Bank's Website
Frequently Asked Questions (FAQs)
Is Axos a real bank?
Yes, Axos Bank is a publicly traded online banking institution. Axos Bank accounts are insured by the FDIC up to $250,000 per depositor, per ownership category.
Does Axos Bank deposit early?
Essential Checking accounts from Axos Bank allow customers to receive paychecks up to two early via direct deposit express. Eligibility for early receipts depends on the payer’s support and funding of this feature.
What is the minimum balance for Axos Bank?
Axos has no minimum balance requirement for its Essential Checking, Rewards Checking, First Checking, High Yield Savings and High Yield Money Market accounts. Cashback Checking requires an opening balance of at least $50, then you must maintain a minimum balance of $1,500 to earn 1% cash back on purchases involving a signature. If you fall below the line, you’ll get 0.50% cash back on those transactions. You need a $250 minimum deposit to open a Golden Checking account, and you need at least $1,000 to open and maintain an Axos CD.
Is Axos Bank FDIC insured?
Yes, Axos Bank is FDIC insured (FDIC No. 35546). The federal government protects your money up to $250,000 per depositor, per ownership category, in the event of a bank failure.
Does Axos Bank have local branches?
No, Axos Bank is strictly an online bank. Customers have access to roughly 91,000 fee-free ATMs across the U.S.
How do I contact Axos Bank?
Axos Bank personal banking customers can reach support through its mobile app, by sending a secure message through their online accounts or calling Axos at 844-999-2967, 24 hours a day, seven days a week (excluding Thanksgiving Day and Christmas Day).
