Axos Bank Review: Fees, Rates and Features Explained

Axos Bank is an online only bank that opened in 2000 and now offers full service banking for individuals and businesses, including checking, savings, money market accounts, CDs, loans and investing, all without a single physical branch. This review breaks down its accounts, rates and fees so you can decide whether it fits your banking needs.

At a Glance

• Axos operates entirely online but reimburses ATM fees on most checking accounts, so branch access is not really the point.
• Its Rewards Checking account can pay up to 3.30% APY once you stack several qualifying activities.
• Savings and money market accounts both earn 0.25% APY, above the national average but behind many other online banks.
• CD rates sit at a flat 0.20% APY across every term, from three months to five years.
• Almost none of Axos's core accounts charge monthly maintenance, overdraft or non sufficient funds fees.

What Axos Bank Does Well

Axos bundles a surprising amount of banking into one online platform. Customers get checking, savings, money market accounts, CDs, loans and even automated investing, which puts it closer to a traditional full service bank than most digital only competitors. Because Axos has no ATM network of its own, it reimburses domestic ATM fees, an unlimited amount on Rewards, Cashback and Essential checking accounts, and up to $8 a month on Golden checking. Fees in general are light: there are no monthly charges on savings or checking accounts, and Essential, Rewards, First and Golden checking customers pay nothing for overdrafts or non sufficient funds.

Where Axos Falls Short

The absence of physical branches is the most obvious trade off. Axos reimburses you for outside ATM use, but anyone who wants to sit across from a teller or walk into a branch for a complex issue will need to look elsewhere. Its CD rates are only middling too: they beat the national average on shorter terms but trail once you get past 36 months, and they lag well behind what many other online banks pay across the board. High yield savings tells a similar story. Axos pays more than a typical brick and mortar bank, but its 0.25% APY sits notably below the rates offered by other digital banks competing for the same savings dollars.

Who Should Consider Axos Bank

Axos tends to suit people who want to handle most or all of their banking digitally and are comfortable trading a branch network for lower fees. It may be a good match if you want to earn interest or cash back through a checking account, avoid monthly maintenance charges, get a decent (if not top tier) return on savings, open an account for a teenager, or take advantage of unlimited ATM fee reimbursement.

Checking Account Options

Axos offers five distinct checking accounts, each built around a different priority.

Essential Checking is the plain vanilla option. It does not earn interest or rewards, but it includes Direct Deposit Express, which can get your paycheck up to two days early, unlimited domestic ATM fee reimbursement and no minimum balance requirement. It also carries no overdraft fees, no non sufficient funds fees and no monthly maintenance fee.

Rewards Checking is a tiered account that can reach 3.30% APY, though getting there means combining several behaviors: monthly direct deposits of $1,500 or more add 0.40%, at least ten debit card purchases of $3 or more (or enrolling in Axos's Personal Finance Manager) adds 0.30%, a Managed Portfolio Account averaging $2,500 or more adds 0.99%, a Self Directed Trading Account averaging $2,500 or more adds another 0.99%, and using the account to make a full monthly payment on an Axos consumer loan adds 0.60%. There are no fees or minimum balance requirements attached to this account.

Cashback Checking flips the model, paying up to 1% cash back on signature based purchases rather than interest. It also includes unlimited domestic ATM fee reimbursement, unlimited check writing and no monthly maintenance fee.

First Checking is aimed at teenagers between 13 and 17 and is structured as a joint account with a parent or guardian. It earns 0.10% APY, reimburses up to $12 in domestic ATM fees monthly, and skips overdraft, non sufficient funds and maintenance fees entirely.

Golden Checking is built for customers 55 and older. It requires only a $50 opening deposit, earns up to 0.10% APY, reimburses up to $8 in monthly ATM fees, includes free personal checks and charges no monthly maintenance fee.

Savings, Money Market and CD Rates Compared

Axos's High Yield Savings account needs $100 to open but has no ongoing minimum balance requirement. It pays 0.25% APY on balances under $50,000, charges no monthly fee, and includes a free ATM card on request. Like most savings accounts, it limits you to six transactions per statement cycle, not counting withdrawals or transfers made by mail or at an ATM.

The High Yield Money Market account pairs a flat 0.25% APY, regardless of balance, with checking style conveniences such as check writing and a debit card. It requires a $1,000 minimum deposit to open, has no ongoing minimum balance requirement, and carries no monthly maintenance fee. Mobile check deposit is available through the Axos app.

CDs require a $1,000 minimum deposit and range from three months to five years, but every term currently pays the same 0.20% APY. That is well below what many other online banks pay on CDs, though Axos does skip setup and maintenance fees, offers auto renewal, and provides free electronic interest transfers. Withdrawing money before maturity, other than earned interest, triggers an early withdrawal penalty tied to the term length.

Loans, Mortgages and Other Products

Beyond deposit accounts, Axos runs a fairly wide lending and investing business. It offers auto loans, personal loans, purchase mortgages, refinance mortgages, home equity loans and lines of credit, FHA loans and VA loans. On the investing side, it provides automated investing options, and it also serves businesses through commercial banking and lending products.

Customer Service and Account Access

Axos offers customer support around the clock through phone (1 888 502 2967), secure messaging inside the online account, mail and its mobile app. The app itself covers the basics well: account access, fund transfers, bill payment and mobile check deposit, and it runs on both iOS and Android. The website adds self service tools such as FAQs, calculators and educational articles. Deposits are FDIC insured up to $250,000 per person, the standard federal coverage limit.

Opening an Account

Applications happen entirely through the Axos website. You will need a valid driver's license or state ID, a Social Security number and a valid US mailing address (post office boxes are not accepted). Applicants must be US citizens or resident aliens at least 18 years old. For a First Checking account, the joint owner listed as parent or guardian must meet that same age requirement.

Does Axos Make Sense for Your Banking Needs

Axos gives customers a genuine way to move most of their banking online without piling on fees. The range of checking accounts stands out: some earn interest, one pays cash back, and others are tailored to teenagers or older adults, giving people real flexibility in how they bank day to day. Rewards Checking will not top the industry's APY charts, but between its tiered structure and the near total absence of fees, it can still be worth opening as part of a broader online banking setup. The catch is that Axos has no branches, and anyone chasing the strongest CD rates on the market will likely find better terms at other online banks.