In your search for an online bank, Axos Bank may be one of the few on your shortlist. Should you open an account?
Well, they have top notch free checking, and they have solid business banking. They also pay high yields on their savings accounts.
Check out our full review of Axos Bank below.
- Full-service online bank
- Checking accounts that earn interest or pay cashback
- Fewer fees than most banks
Axos Bank Details
Axos Rewards Checking
Up To 1.25% APY
Unlimited Via Reimbursement
Who Is Axos Bank?
Axos Bank started life on July 4, 2000, as Bank of Internet USA, offering only basic checking services. The bank’s focus was on a superior online experience coupled with 24/7 access.
On October 1, 2018, the company changed to Axos Bank and began trading on the New York Stock Exchange under the ticker “AX.” Existing brands were absorbed into Axos Bank. These included Bank of Internet USA, BofI Federal Bank, including BofI Advisor, Bank X, NetBank, Apartment Bank, Annuitants Federal Bank, and Virtus Bank.
Axos Bank is still very focused on the “100% digital” experience, as evidenced by its lack of branches. No branches mean higher rates of return for customers through financial products. Axos Bank is also a full-service bank with financial products for individuals and businesses that span deposit accounts and loans.
What Do They Offer?
While Axos Bank offers products for individuals and businesses, we’ll focus on offerings for individuals.
Axos Checking Accounts
Axos Bank offers five different checking accounts with two of them focusing on age categories (13–17 years old and 55+ years old). These two accounts are also called Specialized Accounts.
- Essential Checking: This is no-fee checking, has no overdraft or non-sufficient funds fees, and has unlimited domestic ATM fee reimbursements. Check out Essentials Checking here >>
- Rewards Checking: This is for earning interest on your deposits. It has a 1.25% APY. The 1.25% rate is calculated by meeting qualifying criteria, such as having a monthly direct deposit of at least $1,500 and more . Check out Rewards Checking here >>
- CashBack Checking: You get 1.00% cash back when using your debit card and maintaining a $1,500 balance with this account. This has unlimited domestic ATM fee reimbursements and unlimited check writing. Check out Cashback Checking here >>
- Golden Checking (Age 55+): This has a 0.10% APY, free personal checks, and no monthly or minimum balance requirement. You also get up to $8.00/month in ATM fee reimbursements. Check out Golden Checking here >>
- First Checking (Ages 13 to 17): This has a 0.10% APY, no monthly fee, no non-sufficient fund fee, and up to $12/month in ATM fee reimbursements. This is managed as a joint checking account. Check out First Checking here >>
Axos Bank does have a mobile banking app that lets you deposit checks. Cash deposits are allowed as well at participating ATMs or at Green Dot Network® retailers. Note that depositing cash at a Green Dot Network® location my generate a third-party fee.
Axos Savings Products
Non-retirement savings products come in three flavors. See how they compare to the top savings accounts here.
- High-Yield Savings: Offers a solid 0.61% APY, no monthly fee, a free ATM card, and no minimum balance required. The minimum deposit is $250. Check out Axos High Yield Savings here >>
- High-Yield Money Market: Offers a strong 0.25% APY, limited check writing, no monthly fee, and no minimum balance. Check out Axos Money Market here >>
- Certificates of Deposit: These require a $1,000 deposit, you can earn up to a high APY, and there are 3- to 60-month terms.
You can also open or transfer an existing IRA into an Axos Bank IRA Savings or IRA CD. Both account types currently pay 0.20% APY. An IRA Savings requires a minimum deposit of $250 while an IRA CD requires a deposit of $1,000.
Axos Business Products
Axos also has great business checking and savings products as well. They are one of the few online banks that offer solid business products.
They offer the following business checking accounts:
- Basic Business Checking: A basic business checking account with no monthly maintenance fees, and no minimum to open. Check out Axos Business Checking here >>
- Business Interest Checking: Interest bearing checking account that requires a $5,000 daily average balance to avoid maintenance fees and earn interest. Check out Axos Business Interest checking here >>
See how their business checking products compare here: best online business checking accounts.
They also offer business savings accounts (which is very rare). They offer:
- Business Savings: A basic business savings account that pays a lower interest, but only requires an average daily balance of $2,500.
- Business Premium Savings: A higher interest business savings account, but requires $25,000.
- Business Money Market: A business money market with check writing privileges, decent interest, and requires a $5,000 average daily balance.
See how they compare to our list of the best business savings accounts.
Axos Bank recently acquired the robo-advisor WiseBanyan and rebranded them as Axos Invest. They are a free robo-advisor, which is a great deal.
Check out our full Axos Invest review here.
Are There Any Fees?
Axos Bank doesn't charge monthly fees on any of its checking or saving products. It also provides unlimited domestic ATM reimbursements.
However, you still may encounter transaction fees depending on the situation. Some of the more common fees include:
- Debit or ATM card replacement: $5.00
- Bank verification letter: $35.00
- Account paper statement: $5.00
- Domestic outgoing wire: $35.00
- International outgoing wire: $45.00
- Item returned unpaid, per item: $10.00
- Excess transaction or withdrawal fee: $10.00
- Stop-payment request that is completed online: $10.00
- Stop-payment request that is completed with assistance: $35.00
All checking accounts (except for Essential Checking) do include overdraft protection and there is no annual fee for using overdraft protection. However, you’ll be charged an 18.00% APR from the date the overdraft transaction occurs. There is also a $25.00 late fee if the overdraft is paid 10 days after the due date.
How Does Axos Bank Compare?
Axos Bank has been named one of our three best online banks for 2023. We love the fact that it charges no monthly fees, it offers Rewards and CashBack checking options, and pay competitive interest rates on its savings products.
Axos Bank could also be a great choice for business owners or parents who want to open first bank accounts for their teens. Despite all these benefits, you'll still want to compare Axos with a few other banks to make sure that it's the best fit for your needs. Check out this quick table:
Up to 0.61%
60,000+ Free ATMs
Axos Bonus Offers
Right now, Axos is running a $100 welcome bonus for its Rewards Checking product.
To receive a $100 Bonus: An Axos Bank Rewards Checking application that includes the promotional code “RC100" must be submitted by March 31, 2023 to qualify.
You must open your new Rewards Checking account and have qualifying direct deposit(s) that total at least $1,500.00 within a single calendar month during the first three (3) calendar months your account is open, including the month in which your account was opened. Qualifying Direct Deposits are defined as deposits from an enrolled customer’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; Peer to Peer (P2P) transfers; merchant transactions; and bank ACH transfers not from employers) do not qualify.
How Do I Open An Account?
You can visit the Axos Bank website to get started. Simply click the “Open an Account” button. You’ll need the following to open an account:
- A Social Security number
- A valid form of ID, which can include a driver’s license or state ID
- A valid U.S. address that is not a PO Box
- U.S. citizenship or status as a resident alien
Axos Bank customer service can be contacted through an 800 number on their website, through chat, or by email.
Is My Money Safe?
Yes — Axos Bank is an FDIC member, which insures deposit accounts up to $250,000 for each customer. Additionally, they utilize bank-grade encryption, two-step authentication, anti-virus and malware protection, automatic logout, and account monitoring. Basically, everything you’d expect from an online bank.
How Do I Contact Axos Bank?
As an online-only bank, Axos doesn't operate any physical branches. This means you'll need to contact a representative by phone or live chat if you run into any problems with your account.
For personal banking customers, you can send a secure message to the Axos support team once you've logged into your account. Or you can call them at 844-999-2967. Support for personal accounts is available 24/7 (excluding Thanksgiving and Christmas).
Small business banking support, meanwhile, is available on weekdays from 6 AM to 6 PM. During those hours, customers with business or savings accounts can call 888-585-4970 to speak with someone regarding their questions or concerns.
Axos Bank has an A+ rating with the Better Business Bureau (BBB). But it also has a dismal 1.07/5 customer service rating with the bureau. And it's Trustpilot rating is nearly just as dismal at 1.8/5.
Is It Worth It?
Working with an online bank that has no branches or only a few that aren’t nearby is common practice nowadays. Online banks that are full-service are becoming more common. Eliminating or never offering branches allows online banks to increase returns on financial products for customers. That's what you get with Axos Bank.
ATM reimbursements are another great feature. This allows you to use ATMs across the country, rather than in one regional area. All of these features make Axos Bank appealing to a broad audience of customers.
Axos Bank FAQs
Let's answer a few of the most common questions that we hear about Axos Bank:
Is Axos Bank the same as Axis Bank?
No Axos Bank is a U.S. bank while Axis Bank is one of the largest private banks in India.
Is Axos a real bank?
Yes. While many fintech companies today use third parties to provide their banking services, Axos Bank is a chartered, member FDIC bank.
Is Axos Bank legit?
Yes, Axos Bank has a long track record that stretches back to July 2020 and it's balance sheet now total over $14 billion in assets.
Does Axos Bank offer any bonuses for new customers?
No, Axos Bank doesn't currently have any bonus offers available.
Axos Bank Features
Up to 0.61%
Mobile Check Deposits
Yes at participating ATMs and Green Dot Network® locations
Cash Deposit Fee
$0 at participating ATMs, but retailers may charge a fee of up to $4.95.
None (online-only bank)
91,000 in-network ATMs
Reimbursements For Out-Of-Network ATM Fees
Unlimited at domestic ATMs
Customer Service Number
Customer Service Hours
Mobile App Availability
iOS and Android
Web/Desktop Account Access
Axos Bank Review
Fees and Charges
Ease of Use
Tools and Resources
Products and Service
Axos Bank offers a variety of checking and savings products, including business checking accounts.
- Robust line-up of consumer and business banking products
- Savings and money market accounts are consistently near the top of the APY list
- Checking products that pay interest or earn cashback.
- Customer service concerns have been mentioned numerous times
- Online online bank, may be an issue if you need physical branches
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak