Axos Bank Review 2023
Updated December 14, 2023
Axos Bank is one of the longest-running digital banks in America. It’s been in business since the beginning of the century and provides full-service banking, including several loan types.
But what may distinguish Axos Bank from the competition most are its investment options. The bank offers both self-directed trading and a managed portfolio to accommodate a wide range of investors.
Featured product
Axos Rewards Checking
View OfferFeatured product
Axos Rewards Checking
APY*Up to 3.30%Min. deposit$0Monthly fee$0Special offerUse promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
Who is Axos Bank for?
If you’re looking for an online bank that pays some of the highest interest rates in the industry, you won’t find it at Axos Bank. Most of its accounts pay rates well below what the top online banks offer.
The one exception is Axos’ Rewards Checking account. This account currently pays an annual percentage yield (APY)* of up to Up to 3.30%, although it’s a tiered rate arrangement, meaning you must comply with five separate accounts/activities to earn the maximum rate. If that is not an issue, Axos Bank can be an excellent choice for your checking account.
RELATED: Best Checking Accounts
Otherwise, Axos may be a good choice if you also invest with the company and would like to bank with the same institution.
Axos Checking
Axos Bank offers seven different checking accounts, but the star of the lineup is Rewards Checking.
Rewards Checking Account
APY for high balances
Axos Rewards Checking
View OfferAPY for high balances
Axos Rewards Checking
APY*Up to 3.30%Min. deposit$0Monthly fee$0Special offerUse promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
Our take:
Rewards Checking has plenty of advantages, including one of the highest APYs available. However, there are a few too many hoops to jump through to earn the highest interest on the account.
RELATED: Best High Interest Checking Accounts
Pros & cons:
Pros:
- Earn Up to 3.30% APY*.
- No monthly maintenance, NSF, or overdraft fees.
- Only $50 to open, then no minimum balance requirement.
- Unlimited domestic ATM fee reimbursements.
Cons:
- Though the APY is attractive, you’ll need to maintain all five components of the rate structure each and every month to get the full benefit.
- The sign-up bonus is difficult to qualify for.
The Rewards Checking pays up to Up to 3.30% APY*. The return you get depends on how many of the following boxes you tick.
- Earn 0.40% by receiving monthly direct deposits of at least $1,500.
- Earn 0.30% by signing up for Personal Finance Manager or making at least 10 transactions per month using your Axos Visa debit card.
- Earn 1% by maintaining an average daily balance of at least $2,500 per month in an Axos Invest Managed Portfolios account.
- Earn 1% by maintaining an average daily balance of at least $2,500 per month in an Axos Invest Self-Directed Trading account.
- Earn 0.60% by using your Rewards Checking account to make full monthly payments on an Axos loan.
If you participate in all five steps, you’ll earn 3.30% APY.
There are $0 monthly fees and no overdraft or non-sufficient funds (NSF) fees. You can open an account with $50, but there is $0 minimum monthly balance requirement thereafter. The account also provides unlimited domestic ATM fee reimbursements.
Sign-up bonus: Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!. To qualify, the account must have at least $7,000 in direct deposits each calendar month for the first seven months your account is open and maintain a minimum average daily balance of $15,000 from September 2023 through March 2024.
RELATED: Best Checking Accounts
Axos Bank offers seven other checking accounts, which are summarized in the table below:
Essential Checking Account
General-purpose checking account
Essential Checking
General-purpose checking account
Essential Checking
Min. deposit$0APY*N/AMonthly feeNo monthly service, overdraft, or NSF feesOtherUnlimited domestic ATM fee reimbursements
Cashback Checking Account
Earn up to 1% cash back on signature transactions
Cashback Checking
Earn up to 1% cash back on signature transactions
Cashback Checking
Min. deposit$50APY*Earn up to 1% cash back on signature transactionsMonthly feeNo monthly service feeOtherUnlimited domestic ATM fee reimbursements
First Checking Account
General-purpose checking account
Essential Checking
View OfferGeneral-purpose checking account
Essential Checking
Min. deposit$50APY*0.10%Monthly fee$0Other
Golden Checking Account
Earn up to 1% cash back on signature transactions
Cashback Checking
Earn up to 1% cash back on signature transactions
Cashback Checking
Min. deposit$250APY*0.10% APYMonthly feeNo monthly maintenance feesOtherUp to $8 domestic ATM fee reimbursements per month
Basic Business Checking Account
Earn up to 1% cash back on signature transactions
Cashback Checking
View OfferEarn up to 1% cash back on signature transactions
Cashback Checking
Min. depositAPY*Monthly feeOther
World Checking Account
Earn up to 1% cash back on signature transactions
Cashback Checking
Earn up to 1% cash back on signature transactions
Cashback Checking
Min. deposit$75,000APY*N/AMonthly fee$30 monthly maintenance fee, which is waived with an average daily balance of $150,000 or moreOtherUnlimited U.S. ATM fee reimbursement; four ATM foreign currency conversion fee reimbursements per month; unlimited incoming international wire fee waivers
Axos Checking alternatives
| Axos Rewards Checking | Sofi Online Checking Account | |
|---|---|---|
| APY* | Up to 3.30% | 0.50% |
| Min. deposit | $0 | $0 |
| Monthly fee | $0 | $0 |
| View Offer | View Offer |
Axos Savings
High Yield Savings
Axos High Yield Savings
Axos High Yield Savings
APY*0.61%Min. deposit$250Min. balance to earn APY$0.01Monthly fee$0
Our take:
We don’t recommend Axos High Yield Savings accounts because other banks pay much higher returns.
Pros & cons:
Pros:
- Only $250 to open an account, then no minimum balance requirement.
- No monthly maintenance fees.
- Provides a suite of digital money management tools.
Cons:
- The APY paid on the account is well below many competitors.
- The APY is even lower on balances of $25,000 or more.
Axos Bank’s High Yield Savings account currently pays 0.61% APY* on balances up to $24,999.99, 0.25% APY on balances between $25,000 and $99,999.99, and 0.15% APY on balances of $100,000 or more.
There is a $250 minimum opening deposit, then $0.01 minimum balance requirement. Axos charges $0 monthly maintenance fee on the account, and it comes with a free ATM card as well as a suite of digital money management tools.
RELATED: Best High Yield Savings Accounts
World Savings
Axos World Savings
Axos World Savings
APY*0.25%Min. deposit$75,000Min. balance to earn APY$0.01Monthly fee$30, waived with a minimum $150,000 average daily balance
Axos Bank offers this account as a premium savings account. It pays interest of 0.25% APY and waives the first outgoing international transfer fee. The minimum opening balance requirement is $0.01, and there is a monthly maintenance fee of $30, waived with a minimum $150,000 average daily balance.
InsureGuard+ Savings
Axos also offers an insured cash sweep program that expands FDIC insurance coverage for up to $175 million in deposits. This product is targeted at businesses, government entities, institutional investors, and others who handle a lot of cash.
Axos Savings alternatives
| Axos High Yield Savings | Sofi Savings | Discover Online Savings | |
|---|---|---|---|
| APY* | 0.61% | 4.60% | 4.35% |
| Min. deposit | $250 | $0 | $0 |
| Min. balance to earn APY | $0.01 | $0.01 | $0.01 |
| Monthly fee | $0 | $0 | $0 |
| View Offer | View Offer | View Offer |
Axos High Yield Money Market Account (MMA)
Axos High Yield Money Making Account
Axos High Yield Money Making Account
APY*0.25%Min. deposit$1,000Min. balance to earn APY$0.01Monthly fee$0
Our take:
Other banks pay much higher returns on similar accounts, and we therefore don’t recommend Axos Money Market Account.
Pros & cons:
Pros:
- No monthly maintenance fees.
- No minimum balance requirements.
Cons:
- The APY paid on the account is well below many competitors.
Axos Bank’s High Yield Money Market pays 0.25% on all balances with $0 monthly maintenance fees. The account comes with check-writing privileges and can be accessed with a debit card. A minimum of $1,000 is required to open an account, but there are $0.01 minimum balance requirements thereafter.
Axos MMA alternatives
| Axos High Yield Money Making Account | Quontic Money Market Account | |
|---|---|---|
| APY* | 0.25% | 5.00% |
| Min. deposit | $1,000 | $100 |
| Min. balance to earn APY | $0.01 | $0 |
| Monthly fee | $0 | $0 |
| View Offer | View Offer |
Axos Certificates of deposit (CDs)
Axos Certificates of Deposit
Axos Certificates of Deposit
APY*0.20%Min. deposit$1,000Monthly fee$0Terms3 months – 60 months
Our take:
The interest paid is well below what the competition offers, so we therefore don’t recommend Axos CD’s.
Pros & cons:
Pros:
- N/A.
Cons:
- Low interest paid on all balances and certificate terms.
Axos Bank offers CDs in terms, ranging from 3 months – 60 months. The current APY is 0.20% on all balances and terms. The minimum investment is $1,000, and there are $0 setup or maintenance fees.
Axos CDs alternatives
| Axos Certificates of Deposit | Bread Savings 12-Month CD | Barclays 12 Month CD | |
|---|---|---|---|
| APY* | 0.20% | 5.50% | 5.40% |
| Term | 3 months – 60 months | 12 months | 12 months |
| Min. deposit | $1,000 | $1,500 | $0 |
| Monthly fee | $0 | $0 | $0 |
| View Offer | View Offer | View Offer |
RELATED: Best CD Rates
Other Axos Bank products
Axos Bank offers the following additional products and accounts:
- Loans: Mortgages, personal loans, and auto loans.
- Investing: Managed portfolios, self-directed trading.
- Commercial: Loans, leasing programs, commercial real estate and construction financing, and treasury management.
- Small business: In addition to Basic Business Checking—mentioned above— savings, money market, CDs, payroll services, and loans.
Review of Axos Bank features
ATM network
Axos Bank is an online bank with no local branch network. But you can take advantage of 91,000 in-network ATMs located across the nation. There is no fee for using these ATMs.
Fees
Axos Bank imposes the following fees:
- Visa debit card foreign currency conversion rate: 1%.
- Paper statements: $5.
- Incoming domestic and international wire transfers: Free.
- Outgoing domestic wire transfers: $35.
- Outgoing international wire transfers: $45.
- Deposited checks returned unpaid: $10.
- Excess transaction or withdrawal fee: $10.
- Stop payments: $10 when requested online.
- Stop payments with assistance: $35.
Early withdrawal penalties on CDs:
- Terms of five months or less: one-and-a-half months’ interest.
- Six to 11 months: three months’ interest.
- 12 to 23 months: six months’ interest.
- 24 to 35 months: 12 months’ interest.
- 36 to 47 months: 18 months’ interest.
- 48 months or longer: 24 months’ interest.
Security
Axos Bank provides 128-bit secure socket layer (SSL) encryption to protect your personal information. The bank also employs anti-virus and malware protection across its systems and accounts are protected by two-step authentication, automatic logout, and regular account monitoring.
Deposits are protected by FDIC insurance for up to $250,000 per depositor.
Customer service
Customer service for personal banking can be reached by toll-free phone at (844) 999-2967. It’s available 24 hours a day, seven days per week, except Thanksgiving Day and Christmas Day.
You can also take advantage of the Axos Bank virtual financial assistant, Evo. Evo can be accessed via text message or on Axos’s website and mobile banking app and provides answers to most basic questions.
Technology
Axos Bank offers both online and mobile banking. Mobile banking is available on both Android and iOS devices. The mobile banking app offers all the functionality of online banking. That includes the ability to check balances, review transaction history, deposit checks, transfer funds, and pay bills.
Axos accounts come with the Personal Finance Manager feature, which syncs all your external accounts so you can view them in one place. It also automatically categorizes transactions and displaced spending patterns.
More about Axos Bank
Who owns Axos Bank?
Axos Bank is owned by Axos Financial, Inc., a publicly held company listed on the New York Stock Exchange under the ticker “AX”.
History and reputation
Axos Bank is based in San Diego, California, and was launched in 2000 as a digital bank providing services to customers nationwide. The bank has over $20 billion in assets.
The bank has a Better Business Bureau rating of A+ and has been accredited by the agency since 2011. Customer reviews are less encouraging. Trustpilot shows Axos with a rating of two stars out of five.
The mobile app has a rating of 4.4 stars out of five from Android users on Google Play, and 4.7 stars out of five from users on the App Store.
World presence
Axos Bank has just three physical locations. The bank’s headquarters is in San Diego and it has offices in Las Vegas, Nevada, and Grandview Heights, Ohio. However, bank customers can access more than 91,000 fee-free ATMs nationwide.
TIME STAMP: Only Axos Bank’s checking account offers competitive rates
After reviewing the various accounts and products available with Axos Bank, the best overall account offered is Rewards Checking. The APY is perhaps the highest in the industry for a checking account, at 3.30%. However, you’ll only get a good rate if you are prepared to comply with most or all of the five requirements needed to get the maximum rate.
The other accounts offered by Axos Bank, including savings, money market, and CDs, pay less–sometimes much less–interest than the competition. If you do open a Rewards Checking account, you may be best served by holding the largest share of your savings at a competing bank.
Frequently Asked Questions (FAQs)
How to close Axos Bank account?
To close an account held at Axos Bank, you must send a secure message through online banking, notifying the bank which account you wish to close. Once you do, a team member will begin working on your request.
Where is Axos Bank located?
The bank is headquartered in San Diego and also has offices in Las Vegas and Grandview Heights, Ohio.
Is Axos Bank FDIC insured?
Yes, each account holder is FDIC-insured for up to $250,000.