Axos Bank Review


Axos Bank is popular online bank that was founded in 2000 and is headquartered in San Diego, California. Axos Bank is known for its “banking evolved” services, and the digital bank offers several types of banking products and conveniences to customers.

From no-fee checking and savings accounts to interest rates that are above the national average, Axos Bank has a lot to offer. It’s ideal for customers who don’t mind online only banking. However, customers that prefer in-person banking might want to bank elsewhere.

Axos Bank

Min Savings Deposit Max Savings APY 1-Year CD Rate J.D. Power Survey Score Key Benefit
No minimum deposit required 1.30% 1.75% N/A High APYs

What we like about Axos Bank

Axos Bank has several benefits customers can take advantage of. These include free checking and savings accounts, no monthly maintenance fees and domestic ATM fee reimbursement. Axos Bank also gives customers convenient access to several types of banking features, like peer-to-peer payments, online bill payments and mobile deposits. Checking account interest rates are competitive, but interest rates on savings accounts are slightly lower when compared to other banks.

Axos Bank critiques

A concern that some customers might have with Axos’ online only banking is that it comes with a $4.95 fee to make make cash deposits. Additionally, customers will need to have a valid ID and Social Security number when they open their accounts and must share this information on their mobile device. Another concern customers might have is overdraft fees. If customers have a Cashback or Golden account, overdraft fees are $25, and fees can be charged up to three times daily. Lastly, the annual percentage yield (APY) isn’t terribly high when compared to the national average.

Axos Bank checking accounts

Axos Bank offers several different types of checking accounts. There are no monthly maintenance fees. Account types include:

  • CashBack Checking: This interest-free account requires a minimum of $1,500 for cash back rewards.
  • Essential Checking: This interest-free account has no overdraft fees and offers unlimited ATM fee reimbursement.
  • First Checking: This interest-free student account has a cap of $100 on withdrawals, $500 for debits and $12 total reimbursement for ATM withdrawals monthly.
  • Golden Checking: This interest-bearing account for seniors includes 50 free checks bi-annually and $8 total reimbursement for ATM withdrawals monthly.
  • Rewards Checking: This account includes a high APY that increases if direct deposit is added.
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Axos Bank savings accounts

Axos Bank offers two types of savings accounts. With the High Yield Savings account, the APY is higher than the national average. Customers can request a free debit card and the minimum opening balance is $250. Customers can incur ATM fees, but this amount varies.

The Second Chance savings account includes a high APY along with no monthly fee for this account. Another benefit is that debit cards are free. However, overdraft fees are $25 for this account and customers may incur a $1 fee for ATM usage. Account holders will need a $50 opening balance to open the account.

Axos Bank money market accounts

Axos Bank offers flexible money market accounts for its customers. A minimum deposit of $1,000 is required to open a new account. Customers can request checks for their account and they can receive a free ATM card. They are limited to a total of six checks monthly, but other transactions are allowed with their debit card.

One of the drawbacks of is that there is a $25 overdraft fee for any returned checks. While there’s no maintenance fee to pay each month, ATM reimbursements are also not offered. Additionally, the APY for this interest-bearing account is slightly lower than the national average.

Axos Bank CDs

Axos Bank provides customers with several types of certificate of deposit (CDs) options. These include smaller time frames — like three months — or the terms can extend up to 60 months. There’s no monthly maintenance fee when customers open a new CD. However, customers will incur an early withdrawal penalty if they remove their money before the maturity date.

CD APYs at Axos Bank exceed the national average but are just below other CD rates for online banks. Customers will need $1,000 to open a new CD, while other online banks may not have a minimum deposit for their CD accounts.

Axos Bank IRA accounts

Axos Bank does not offer IRA accounts at the moment, but it will have investment tools posted on its website in the future. Customers interested in IRA alternatives should explore the accounts offered by Merrill Edge. This bank has no minimum requirements on its accounts, and fees are only $6.95 per trade.

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TD Ameritrade and E*TRADE offer similar IRA account setups, with free trades and no account minimum required. Another broker to consider for an IRA account is Interactive Brokers, where there’s only a $0.01 fee per share and no minimum account balance.

Axos Bank credit cards

Axos Bank does not offer credit cards on its site. Customers that would like to explore credit card alternatives might want to check with TD Bank. TD Bank offers the TD Cash Credit Card. As a special offer, customers can earn up to $200 in cash back rewards when they spend up to $500 within the first three months. Another card to explore is the TD First Class Visa Signature Credit Card. Customers can earn up to a total of 25,000 bonus miles when they spend a total of $3,000 within their first six billing cycles.

Axos Bank investing

Axos Bank does not have an investing section at the moment. However, customers interested in online investing might want to explore Wells Fargo. Wells Fargo has nearly 19,000 available advisors. Additionally, its robo advisory service is ideal for customers who want access to self-directed investment options.

Customers can open accounts with a minimum of $10,000, which is more than the deposit amounts with other banks. Account holders with a $100,000 deposit can access full product features. Investment options include trades and IRAs if customers roll over their 401(k) savings into a traditional or Roth IRA.

The bottom line

Axos Bank is a popular online only bank that likes to pass savings onto customers. Perks include no monthly maintenance fees on most accounts and free checking and savings accounts. Customers will also benefit from free ATM cards and free checks. While its APYs are higher than the national average on some accounts, they’re slightly lower than other online banks. Customers that want face-to-face banking might not like Axos’s online only approach or the fees for making deposits. However, with free incentives like convenient mobile banking and a decent APY, Axos has several selling points to keep customers happy.