Axos Bank Review

This online-only, full-service bank has almost no fees

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Axos Bank

Axos Bank

Axos Bank is one of the oldest online-only banks around. Formed in 2000, it continues to grow, offering full-service banking for individuals and businesses. This in-depth review of one of the online banking industry leaders will give you insight into the accounts and services available through Axos Bank and whether it’s the right bank for you.

  • Pros & Cons
  • Company Overview
Pros & Cons
  • Full-Service Banking

  • ATM Fee Reimbursements

  • Fewer Monthly Fees

  • No Physical Branches

  • Average CD Rates

  • Lower Savings Rates

Company Overview
  • Year Founded 2000
  • Official Website
  • Official Products Offered Savings, checking, CDs, MMA
  • Customer Service 24/7 Phone: 1-888-502-2967. Account access online or via app 24/7.

Pros Explained

  • Full-Service Banking: Axos Bank is a full-service online bank with checking, savings, and money market accounts, as well as certificates of deposit (CDs), loans, and investment options. 
  • ATM Fee Reimbursements: As it doesn’t have its own ATM network, Axos customers get unlimited domestic ATM fee reimbursements with Rewards, Cashback, and Essential checking accounts. Golden checking accounts receive up to $8 fee reimbursement per month.
  • Fewer Monthly Fees: There are no monthly fees with Axos savings and checking accounts. Only Essential, Rewards, First, and Golden checking accounts have no overdraft fees for non-sufficient funds.

Cons Explained

  • No Physical Branches: Axos Bank operates entirely online. Customers receive ATM fee reimbursement, but Axos is the wrong choice if you’re looking for in-person help from a bank teller. 
  • Average CD Rates: Axos Bank’s CD rates are average at best. Its rates are just above the national average for shorter terms but below the average for terms longer than 36 months. Axos CD rates are well below what you find with other online banks.  
  • Lower Savings Rates: While Axos Bank’s rate for its high-yield savings account is above the national average, it’s well below what other online banks offer.

Who Is Axos Bank Best for?

Axos Bank should appeal to consumers looking for a full-service online bank. It may be a good fit for customers who want to:

  • Earn interest or rewards with a checking account
  • Open a checking or savings account with no monthly maintenance fees 
  • Earn a competitive rate on savings
  • Do the majority of their banking online
  • Open an online checking account for a child
  • Get unlimited reimbursement for ATM fees

What Does Axos Bank Offer?

Despite being strictly an online bank, Axos Bank offers a host of bank account options and services. 

  • Savings Account
  • Checking Accounts
  • Money Market Account
  • CDs

Learn more about each type of account Axos Bank offers below.

Savings Account

Axos Bank’s High-Yield Savings earns considerably more interest than you’ll find at your local bank, but it’s still not as much as some of the best high-yield savings accounts. It requires an initial minimum deposit of $250 to open an account, but there are no monthly minimum balance requirements after that.

Other features of Axos’ savings account include:

  • A 0.61% annual percentage yield (APY) on balances below $25,000.
  • No monthly maintenance fees 
  • A free ATM card upon request

Axos Bank’s savings account allows six transactions per monthly billing statement, excluding withdrawals and transfers made by mail or ATM. 

Checking Accounts

Essential Checking is Axos Bank’s standard checking account. It doesn’t earn interest or rewards. It does offer perks such as Direct Deposit Express, which allows you to get paid up to two days early.

This checking account comes with unlimited domestic ATM fee reimbursements, and there are no monthly minimum balance requirements. With Axos Bank’s Essential Checking account, you will never pay: 

  • Overdraft fees
  • Non-sufficient funds fees
  • Monthly maintenance fees

Axos Bank’s Rewards Checking is a tiered interest rate account that earns up to 3.30% APY. It has no fees or minimum balance requirements, and it’s easy to open, with only a $50 minimum deposit required. It has three requirements to get to the highest APY:

  • Monthly direct deposits of $1,500 or more will earn 0.40%
  • Using your debit card for at least ten transactions of at least $3 per month or signing up for Personal Finance Manager will earn 0.3%
  • Having a Managed Portfolio Account with an average daily balance of $2,500 or more will earn 1.00%
  • Having a Self Directed Trading Account with an average daily balance of $2,500 or more will earn 1.00%
  • Using your Rewards Checking Account to make a full monthly payment on an Axos consumer loan will earn 0.60%

Typically, cashback rewards are reserved for credit cards, but CashBack Checking from Axos Bank is the exception. Customers earn up to 1% cash back on all signature-based purchases. Other features of CashBack Checking accounts include: 

  • Unlimited domestic ATM fee reimbursement
  • Unlimited check writing privileges
  • No monthly maintenance fees
  • Mobile banking access

Do you want to teach your children responsible money management skills? You can do just that with a First Checking account from Axos Bank. It’s a joint bank account for children ages 13 to 17 that features: 

  • An 0.10% APY
  • Up to $12 domestic ATM fee reimbursement monthly
  • No overdraft fees
  • No non-sufficient funds fees
  • No monthly maintenance fees

Golden Checking is designed with individuals 55 years old and older in mind. With only a $50 initial deposit required, this interest-bearing checking account has a lot to offer, including:

  • Up to 0.10% APY
  • Monthly domestic ATM fee reimbursement of $8
  • Free personal checks
  • No monthly maintenance fees

Money Market Account

The High-Yield Money Market accounts from Axos Bank combine high-yield interest-earning with the conveniences of a checking account. An account comes with check writing privileges and a debit card. It earns 0.25% APY regardless of the balance amount. 

There is a $1,000 minimum balance required to open a money market account, but there are no monthly balance requirements after that. It doesn’t have monthly maintenance fees either. High-yield money market accounts have access to mobile banking through the Axos mobile app, including mobile check deposits.


If you’re looking to boost savings, consider CDs from Axos Bank. CDs allow customers to earn predictable returns on their money over an extended time. Interest earned on Axos’ CDs is much less than what you’ll find with many other online banks. Opening an Axos CD account does require a $1,000 minimum deposit. CD terms range from three months to five years, depending on your needs. Axos Bank CDs come with: 

  • Up to 0.20% APY
  • No setup fees
  • No maintenance fees
  • An auto-renewal option
  • Free electronic interest transfers

Notably, like most banks, Axos Bank charges early withdrawal penalties to customers who withdraw funds, other than earned interest, before CD maturity. Penalties are based on CD term lengths. 

Here are Axos Bank’s CD terms and rates.

Axos CD Terms and Rates
Terms Rates
Three Months 0.20%
Six Months 0.20%
One Year 0.20%
Two Years 0.20%
Three Years 0.20%
Four Years 0.20%
Five Years 0.20%

Other Financial Products Offered by Axos Bank

Beyond traditional personal banking solutions, Axos Bank has a wide range of other offerings:

  • Auto Loans
  • Personal Loans
  • Purchase Mortgages
  • Refinance Mortgages
  • Home Equity Loans and Lines of Credit
  • Federal Housing Authority (FHA) Loans
  • U.S. Department of Veterans Affairs (VA) Loans
  • Automated Investing Options
  • Business and Commercial Banking and Lending Solutions

Axos Bank Customer Service

Axos Bank takes customer service seriously, with access 24/7 for its customers. Personal banking support is available by:

  • Phone (1-888-502-2967)
  • Secure Message (through an online account) 
  • Mail
  • Mobile App

For convenience, the Axos Bank mobile app comes with helpful features such as account access, fund transfers, online bill payment, and mobile check deposits. The mobile app is available on iOS and Android. Axos Bank’s website features customer support options, including FAQs, calculators, helpful articles, and other tools. Axos Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per person.

How to Bank With Axos Bank

You can open an Axos Bank account through its website. You’ll need the following personal information available when opening an account:

  • Valid Drivers License or State ID
  • Social Security Number
  • Valid U.S. Mailing Address (no post office boxes)

Applicants must be U.S citizens or resident aliens at least 18 years of age. For First Checking accounts, children must have a parent or guardian who is at least 18 years old as a joint owner on the account.


Axos Bank provides a way to move most of your banking online. There’s a lot to like about this online bank, with options for checking, savings, CDs, investing, and more. Multiple checking account options give customers the flexibility to earn interest or cash back. Axos Bank’s Rewards Checking account doesn’t have the highest APY among online banks, but it’s enough to make opening an account worthwhile as part of an overall online banking plan, and there are almost no fees charged. Having no physical locations may be a turnoff for some customers, and those looking for competitive CD rates should turn elsewhere.


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  3. Axos Banking. "Axos Bank Direct Deposit Express."

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  5. Axos Bank. "CashBack Checking Account."

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