Axos Bank review 2024: Is it right for you?
Axos Bank offers checking, savings, and CD products, making it a solid choice for those prioritizing yield and a digital banking experience.
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David McMillin writes about credit cards, mortgages, banking, taxes and travel. From budgeting tips for individuals to funding strategies for aspiring business owners, his goal is simple: help readers figure out how to save more and stress less. In addition to writing, he is a musician, which means he has spent a lot of time worrying about money.
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Editor
Hanna Horvath is a CERTIFIED FINANCIAL PLANNER™ and Bankrate's senior editor of content partnerships.
Updated May 15, 2024, 12:38 PM EDT
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Axos Bank is an online bank that comes with competitive interest rates, no monthly maintenance fees, and no minimum balance requirements.
You'll also find the standard features that many other online banks offer, like 24/7 customer service and robust online and mobile banking tools
Axos really shines with its high-interest checking account, which offers rates up to 3.30% APY and a welcome bonus. Its other accounts are less intriguing.
We analyzed Axos’ most popular bank accounts, including its high-yield savings account, checking accounts, CDs, and money market account. Here’s what you need to know about Axos Bank and how to decide if it’s the right fit for your banking needs.
Key takeaway
Axos Bank offers checking accounts with competitive interest rates and minimal fees, but not much else. You may want to look elsewhere if you’re looking to earn competitive rates on high-yield accounts, money market accounts, or CDs.
Axos Bank
Pros
- High APY: Axos Bank offers up to 3.30% APY on its High Yield Savings account, making it one of the top contenders in the checking accountmarket.
- No minimum balance requirements: You can open and maintain an Axos checking account with any amount, without worrying about minimum balance fees.
- No monthly maintenance fees: Axos Bank doesn't charge any monthly fees for its accounts, allowing you to maximize your savings potential.
- Unlimited ATM reimbursement fees
- 24/7 customer support: Axos Bank offers round-the-clock customer service via phone and email, ensuring you can get help whenever you need it.
- Wide range of other financial products: Axos Bank offers a full suite of financial products, including checking accounts, CDs, and loan
Cons
- Low APY on its high-yield savings account, money market account, and CDs
- No physical branches: As an online-only bank, Axos Bank doesn't have any brick-and-mortar locations for in-person banking services or assistance.
- Axos Bank's CDs require a minimum initial deposit of $1,000
- Axos Bank's money market account requires a balance of $1,000 to earn interest
About Axos Bank
Axos Bank is an online bank that has been offering financial products and services since 2000. As one of the oldest and more established online banks, Axos Bank offers a wide range of banking options, including checking and savings accounts, certificates of deposit (CDs), and money market accounts, designed to help customers save, spend, and invest their money wisely.
Axos Bank accounts
Axos checking account
Axos offers three checking accounts: Essential Checking, Rewards Checking, and Cashback Checking. The combination of no fees and solid perks make these options some of the best free checking accounts on the market.
All accounts have a cash welcome bonus if you set up direct deposit and meet average daily balance requirements. Plus, there are no minimum balance requirements or monthly maintenance fees to worry about.
Axos checking accounts include online and mobile banking, bill pay, and a free debit card. Additionally, you also can deposit checks remotely using your phone.
Fees: No maintenance fees or overdraft fees, plus unlimited ATM reimbursement fees Perks: Early direct deposit Best for: Those seeking a basic checking account without any unnecessary complications. | |
Fees: No maintenance fees or overdraft fees, plus unlimited ATM reimbursement fees Perks: Early direct deposit Best for: Those who want to maximize interest on their checking funds and are willing to follow specific rules to do so | |
Fees: No maintenance fees or overdraft fees, plus unlimited ATM reimbursement fees Perks: Earn up to 1% cash back on debit card purchases (up to $2,000 monthly cash back). Must maintain an average daily balance of $1,500 (if your balance falls below that, you’ll earn 0.5% in cash back for the month) Best for: Earning cash back on your everyday purchases |
Axos Bank savings account
What to know:
- APY: 0.61%
- Minimum deposit: $250
- Monthly maintenance fees: None
Axos Bank offers a high-yield savings account with no monthly minimum balance requirements or fees. However, you’ll likely find a better savings account offering elsewhere.
This account only offers 0.61% APY — higher than the national average but much lower than what comparable online banks offer. There’s also a $250 minimum initial deposit, which may hinder those with lower savings.
As your balance grows, your APY will drop. Balances above $25,000 will earn 0.25% APY, and balances over $100,000 earn just 0.15%. Keep in mind there’s also an excessive transaction fee of $10.
Axos Bank money market account
What to know:
- APY: 0.25%
- Minimum opening deposit: $1,000
- Monthly maintenance fees: None
The Axos Bank high-yield money market account pays 0.25% APY on all balances, no matter how much you deposit. That’s below what you can find at other banks and credit unions. Plus, you’ll need to deposit at least $1,000 to open a money market account, making this account not very compelling.
Like other MMAs, this account comes with check-writing privileges and the ability to access your savings with a debit card. Like Axos’ high-yield savings account, there’s an excessive transaction fee of $10.
Axos Bank CDs
What to know:
- APY: 0.20%
- Terms: 3 months - 5 years
- Minimum deposit: $1,000
Axos Bank is not a good choice for CDs. For starters, you’ll only earn 0.20% on your money, regardless of the term. That’s much lower than the best CD rates. Plus, there’s a minimum deposit of $1,000 — most savers are better off putting their money elsewhere.
Early withdrawal penalties vary depending on the term length, and CDs automatically renew when they mature.
Axos Bank fees
One of the most appealing aspects of Axos Bank is its commitment to minimizing fees. Its Essential Checking account has no monthly maintenance fees, no minimum balance requirements, and no overdraft fees.
Other Axos accounts do come with minimum requirements and fees, depending on the account.
Axos also offers free ATM access at over 91,000 ATMs nationwide, and the bank will reimburse any fees charged by out-of-network ATMs, up to a certain limit.
Axos Bank online and digital experience
Axos Bank's website is user-friendly and easy to navigate, allowing customers to manage their accounts, pay bills, and transfer funds with just a few clicks.
Axos's mobile app enables users to deposit checks, send money, and monitor their accounts on the go. Axos Bank has solid ratings on its mobile app (4.7/5 on App Store and 3.9/5 on Google Play).
Axos's digital experience includes a range of valuable tools and resources designed to help customers make informed financial decisions. The bank's "Personal Financial Management" tool allows users to create budgets, track their spending, and set financial goals, while the "Axos Invest" platform offers a seamless way to invest in stocks, ETFs, and mutual funds.
Is Axos Bank right for you?
When deciding if Axos Bank is the right fit, consider your crucial banking priorities and needs.
Axos shines with its checking accounts — offering high interest rates to help maximize your funds. The Rewards Checking provides up to 3.30% APY and unlimited ATM fee reimbursements. This makes it a top pick for getting the most from your primary spending account.
However, Axos lacks standout options beyond checking. Their savings account, money market APY, and CD rates pale compared to competitors.
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Axos Bank specializes in fully-digital checking accounts with attractive yields and perks. The accessibility and fees are tough to beat. However, the broader product catalog caters more to convenience than maximum interest earnings.
The bottom line
Axos Bank’s all-digital experience can be good for tech-savvy customers, and some of the bank’s checking account options stand out from the crowd. However, if you’re looking to open a savings account or a CD, you’re likely better off shopping around for other options that pay more interest.
Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.