Axos Bank Review

Axos Bank logo

Axos Bank

8.5 rating

Bottom Line

Competitive APYs on high yield savings accounts, minimal fees, and access to a wide range of financial products, are some compelling reasons to sign up with Axos Bank.


  • No fees
  • Competitive interest rates
  • Lots of checking account options
  • Huge ATM network


  • Limited physical locations
  • Low rates on CDs

Axos Bank logo

Learn More

at Axos Bank

Axos Bank is the consumer banking subsidiary of Axos Financial, which is an online financial institution headquartered in San Diego, California.

Formerly known as the Bank of Internet USA, Axos was founded in 1999 as one of the first exclusively digital banks in the world.

Today, Axos has three physical branches, holds over $10 billion in assets, and employs over 800 people.

In this post, you will learn about the most popular financial products, services, and features they offer.

Axos Checking

Axos has a pretty big selection when it comes to checking account options, which is pretty unique when it comes to online banks.

Account-holders have five different checking account options, each of which has perks and features that appeal to different age groups.

All accounts come with a free debit card, account alerts, online bill pay, and direct peer-to-peer payments.

Here is a look at the Axos checking account options you can choose from:

Essential Checking

The Essential Checking account is a no-fee checking account that comes with unlimited ATM reimbursements and no minimum balance requirements.

You’ll also get access to Direct Deposit Express, which gets your paycheck into your account up to two days early if your employer supports it.

Essential Checking has no monthly maintenance fee, and you won’t be charged a fee if you overdraft your account.

Rewards Checking

The most popular checking option is the Axos Rewards Checking account, which earns up to 3.30% annual percentage yield (APY).

There is a $50 minimum opening deposit required to open this account.

You’ll need to have direct deposits totaling $1,500 or more setup to receive the base 0.40% APY. With four additional qualifying actions, you can take advantage of the full APY.

Each action varies for the amount of interest rate boost (0.30% – 1.00% APY), so the true rate you get depends on how many of them you complete.

Here’s what you’ll have to do:

  • Make transactions of at least $3 with your debit card 10 times per month or sign up for Personal Finance Manager (PFM) “Account Aggregation” in Online Banking – earn a 0.30% boost
  • Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account – earn a 1.00% boost
  • Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account – earn a 1.00% boost
  • Use your Rewards Checking account to make your full monthly Axos Bank Mortgage, personal or auto loan payment – earn a 0.60% boost

Otherwise, Rewards Checking is the same as Essential Checking and comes with no monthly fee, unlimited ATM reimbursements, and no overdraft fees.

CashBack Checking

CashBack Checking focuses on cash back rewards instead of interest accrual.

For all purchases that require a signature, you’ll earn 1.00% back if you carry an average daily balance of $1,500 or more. Otherwise, you’ll earn 0.50%.

The account also comes with a free starter kit of physical checks and unlimited check writing privileges.

There’s no monthly fee, unlimited ATM reimbursements, and a $50 minimum opening deposit requirement.

Golden Checking

Golden Checking is an interest-bearing checking account for anyone who is 55 or older.

The interest rates are tiered, but you’ll currently earn 0.10% APY no matter what your account balance is.

Golden Checking has no monthly maintenance fees, no overdraft fees, and account holders can get up to $8 per month in ATM fee reimbursements.

First Checking

First Checking is an entry-level, fee-free, interest-bearing checking account for teens between the ages of 13 to 17. The APY currently sits at 0.10% for all deposits.

The account requires an adult co-owner and comes with a daily ATM withdrawal limit of $100. There is also a point of sale purchase limit of $500.

There’s no check writing available with First Checking, and you can get up $12 per month of ATM fee reimbursements.

Axos Savings Accounts

High Yield Savings Account

The Axos High Yield Savings Account (HYSA) is a simple online savings account with an impressive 0.61% APY for any account balance.

There’s a $250 minimum deposit to open an account, but there are no monthly service fees, and you can request a free ATM card if you need one.

High Yield Money Market

The Axos Money Market account is similar to its HYSA, with a 0.25% APY and no monthly fees.

The difference is that you’ll have some added flexibility — with a Money Market you’ll be able to write checks and make debit card transactions.

You’ll need at least $1,000 to open this account, but there are no minimum monthly balance requirements.

Axos Certificates of Deposit (CDs)

Axos offers CDs with term lengths ranging from three months to sixty months.

Currently, CD rates are the same 0.20% APY no matter the size of your account balance on the length of your terms.

To open a CD, there’s a minimum initial deposit requirement of $1,000

Overall, the CD APY is not super appealing in comparison to the bank’s higher rate options.

Axos Self-Directed Investing

Axos recently jumped into the investing space with the launch of Axos Self-Directed Trading.

They have an easy-to-use app where you can make $0 commission-free trades on U.S. Stocks, ETFs and more than 10,000 mutual funds.

As an added bonus, if you bank with Axos, you’ll be able to see and manage your accounts all from one location. Talk about convenience!

Axos Bank Loans

Axos offers mortgage and refinance services, personal loans, and auto loans.

Like everything with Axos, you’ll apply for any loan online, and should be able to get an idea of your available rates within just a few minutes.

If you’re in the process of looking for a new home, Axos is currently offering a $0 lender fee on home loans.

Axos Bank Features

  • Online-Only Banking: Axos Bank’s core function is in online banking. Even though the bank has three physical branches — in San Diego, Las Vegas, and Columbus — most customers are online-only.
  • 91,000 Free ATMs: An account with Axos comes with access to 91,000 fee-free ATMs all over the country. Even if you can’t happen to find one of these nearby, most Axos bank accounts come with unlimited domestic ATM fee reimbursements.
  • Mobile App: Axos has a well-regarded mobile app in the App Store with a 4.7-star rating (out of 5). In the Google Play Store, the app comes in at so-so 3.3 stars (out of 5). With the Axos mobile app you can set up direct deposits from your employer, make mobile check deposits, transfer money, and pay bills online.

Axos Bank Fees

Axos fits the mold of a modern online bank by not charging much when it comes to fees.

None of its deposit accounts come with a monthly fee or charge for overdrafts. There are also no minimum balance requirements or ATM fees for most accounts.

Depending on your account and what you require in your banking relationship, you may run into some small fees.

But overall, you won’t find the everyday fees that most big national banks charge.

Getting Started

To sign up for an account with Axos, you just have to check out their website or mobile banking app.

Since the bank is (almost) entirely online, you won’t have the option to enroll in person, but online enrollment is quick and painless.

To sign up, you’ll need to be a U.S. citizen and come prepared with your social security number, driver’s license, or other state ID.

Once you’re enrolled, you’ll have access to all of Axos’ online banking tools.

Axos Bank Promotions

Here are some of the best Axos Bank promotions going on right now:

1. Self-Directed Trading - $250 bonus

Expires: March 31, 2023

Several of the large online and national banks are looking to round out their product offering and capitalize on consumers' fervent interest in self-directed stock buying.

To that end, Axos is ramping up their investment platform: Axos Self-Directed, which offers commission-free trades. This competes against banking competitors Chase, Charles Schwab, and the newest Citi® Self Invest, along with online brokerages like Robinhood.

Axos is offering a $250 welcome bonus for a limited time to new customers of their Self-Directed Trading or Managed Portfolio products. The minimum deposit amount is a little higher, but so is the bonus amount.

How to earn the bonus

The Self-Directed Trading sign up offer requires you to deposit and maintain a minimum balance in order to earn the $250 bonus. Full requirements to receive this bonus are:

  1. Open a new Axos Self-Directed Trading or Managed Portfolio account.
  2. Within 60 days, fund your account with at least $2,000.
  3. SDT accounts will also need to make a minimum of 2 trades of at least $25 to qualify.
  4. Maintain a balance of at least $2,000 for 90 days.
  5. Bonus will be deposited within 10 days following the 90-day waiting period.

read the full terms

2. Rewards Checking - $100 bonus

Expires: March 31, 2023

Through March Axos is offering to put up to an extra $100 in your pocket. This bonus is on par with other recent bonuses we've seen on this account!

To qualify for the bonus, you'll need to open a new Rewards Checking account and set up direct deposit of at least $1,500.

This cash bonus is in addition to the account's APY, which could see you earning up to 1.25% on your checking balance. Keep in mind that there are qualifying activities you need to do each month to earn the full rate, but it's definitely a competitive rate if you qualify.

How to earn the bonus

The Rewards Checking sign up offer requires you to set up direct deposits in order to earn the $100 bonus. Full requirements to receive this bonus are:

  1. Open a new Rewards Checking account with promo code RC100 and fund it within 60 days of account opening.
  2. During the first three (3) calendar months your account is open (including the month in which it was opened), have qualifying direct deposit(s) that total at least $1,500.00 each calendar month.
  3. Bonus will be deposited into your new checking account within 10 business days following the eligible statement cycle date.

read the full terms

3. Business Interest Checking - up to $200 bonus

Expires: March 31, 2023

Available nationwide with the ability to open online, Axos is offering a $200 welcome bonus when you open a new Business Interest Checking account and maintain a minimum balance. This is double their previous offer so now might be a good time to jump on it!

It's important to note that only new businesses (those incorporated after 06/01/2020) are eligible for $200 and must use promo code NEWBIZ200. If your business is older than that, you'll only be eligible for a $100 bonus and must use promocode NEWAXOSBIZ.

How to earn the bonus

The Business Interest Checking sign up offer requires you to deposit and maintain a minimum balance in order to earn the $200 bonus. Full requirements to receive this bonus are:

  1. Open a new Business Interest Checking account from Axos Bank using promo code NEWBIZ200 (or NEWAXOSBIZ for older companies).
  2. In the first two months after account opening, maintain an average daily balance of at least $2,500.
  3. Bonus will be deposited into your new account within 5 business days of your statement cycle date.

read the full terms


As an online bank, secure banking is at the center of everything that Axos does.

Your privileged information is protected with 128-bit secure socket layer (SSL) encryption. Robust firewalls and other technologies are also in place to prevent unauthorized intrusions.

Any account is closely monitored for fraud, and you’ll be alerted immediately of any suspicious activity.

Customer Service and Support

Aside from the obvious fact that you won’t be able to head into a bank and talk to someone when you need support, Axos has quite a few options for customer service.

The bank’s website is loaded with helpful FAQs and a virtual chat assistant.

When you need to talk to someone, Axos has a personal banking phone line available 24/7. If an issue isn’t as pressing, you can also send a secure message through the mobile app.

Pros & Cons


  • No fees
  • Competitive interest rates
  • Lots of checking account options
  • Huge ATM network


  • Extremely limited physical locations
  • Low rates on CDs
  • Limited introductory bonuses

Alternatives to Axos Bank

Axos is one of the leading online-only banks in the US. Some of it’s main competitors are other online-only banks, such as:

If the idea of an online bank doesn’t sound quite like what you’re looking for, you might be into a more traditional option.

You won’t see the same fee-free options and high-interest rates, but banks like Chase and Wells Fargo have physical locations all over the country.

Frequently Asked Questions

Is Axos a good bank?

Yes. In many ways, it’s a great bank. If you don’t feel the need to do your banking in person, then Axos is one of the best options out there. You’ll pay nothing in fees, get access to higher APYs, and enjoy convenient mobile banking no matter where you are.

Is Axos a real bank?

Yes, absolutely. This is one of the most common questions we see when it comes to online banks.

Online banks have the same FDIC insurance and account options as traditional banks. The only difference is that you do all of your banking on a screen.

What credit bureau does Axos use?

If you apply for a loan or anything that requires a credit pull, Axos reports these activities to all three major credit bureaus — Experian, Equifax, and TransUnion — as do all online banks.

Does Axos release funds early?

Yes. Axos’ Direct Deposit Express delivers your paycheck up to two days early. In other words, you can access your paycheck funds while your bank processes your employer’s payment.

Can you deposit cash with Axos?

No. As with most online banks, you won’t have the ability to deposit cash directly into your Axos account. If you work in a cash-based industry, your best bet is to set up an account with another bank that does accept cash deposits.

Once it’s in there, you should easily be able to transfer the funds over to your Axos account.

Is Axos Bank Right For You?

The bottom line is that Axos is one of the best online banks out there.

Competitive APYs on high yield savings accounts, minimal fees, and access to a wide range of financial products, are some compelling reasons to sign up.

Personal finance decisions like choosing a bank are heavily influenced by your expectations and values.

If you are the type of person that needs to deposit cash, or likes to talk in person with a representative, then an online bank might leave you feeling a little isolated.

Whether you’re old-school or a millennial, you’ll be in a good spot if you know what you want, and you can’t go wrong with Axos.