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Axos Bank Review: Competitive APY, Convenient Access to Funds

Refreshed Review Updated Jan. 11, 2023
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Axos Bank is one of the most popular online banks out there today thanks to its diverse offerings and few fees. It offers ATM fee reimbursements, competitive APYs, and more. Read on for an in-depth look at all the perks Axos Bank has to offer.

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Axos Bank

Rating image, 3.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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3.50/5
Bottom Line

Axos Bank does its best to make managing your money flexible and easy, and its Rewards Checking product is a stand out option. It does this by offering fee-free accounts and a variety of checking account options. Additionally, Axos provides domestic ATM fee reimbursements (so you're not tied to a single ATM network). It's also one of the few banks to offer a free ATM card for its savings account.

Pros
  • Variety of checking accounts
  • Domestic ATM fee reimbursements on all checking and savings accounts
  • No maintenance fees on any account
Cons
  • Low APYs on CDs and savings accounts
  • No branch locations
  • Unimpressive customer satisfaction ratings

Axos Bank summary

Fees Maintenance: $0. Overdraft: $0. ATM: Reimbursed on all accounts.
Branches 3 (California, Nevada, Ohio)
ATMs 90,000+ nationwide
Security Standard encryption and fraud monitoring measures
App 4.7/5 stars on the Apple App store. 4.6/5 stars on the Google Play store
Customer service A+ rating with the Better Business Bureau
Relationship benefits None

Top savings account: Axos Bank High-Yield Savings account

APY: Up to 0.61%
Fees:
No monthly maintenance fees
Minimum to open:
$250

Read full review: Axos Bank High-Yield Savings Account Review
Compare savings accounts: Best Savings Accounts of 2023

The Axos Bank High-Yield Savings account's primary draw is usually its high APY, but these days, its rates aren't as high as many of the online bank accounts we review. But the account also stands out for its lack of monthly maintenance fees and for being one of the few savings accounts that offers an ATM card to interested customers.

Top checking account: Axos Bank Rewards Checking account

APY: Up to 1.25%
Fees:
Fees for insufficient funds and stop payment. No overdraft fees. No monthly maintenance fees. Unlimited ATM reimbursement.
Minimum to open: $50

Read full review: Axos Bank Rewards Checking Account Review
Compare checking accounts: Best Checking Accounts of 2023

The Axos Bank Rewards Checking account has no monthly maintenance fee. It also includes unlimited domestic ATM fee reimbursements. On top of these benefits, it has an APY that bests most savings account rates we've come across. How much you'll earn depends on how you use the account and the other Axos Bank accounts you hold.

Top CD: Axos Bank CD

Term: 3 months to 5 years
Minimum to open: $1,000

With Axos Bank, you have the option to have the CD interest you've earned automatically transferred to another bank account if you prefer. You can also leave the money in your CD and earn interest on your interest. This is uncommon: Not all banks give you a choice. Axos Bank is worth considering if you'd like to enjoy some of the benefits of your CD now, rather than waiting until the end of the term.

Its CD rates aren't particularly high, which might deter some people from opening a CD with Axos Bank. Check out our list of the best CD rates available if you'd like to find something a little more competitive.

Axos Bank fees

Accounts at Axos Bank are mostly fee-free, with some exceptions.

Axos Bank does not charge monthly maintenance fees on any account.

It offers ATM fee reimbursement with all accounts. However, these reimbursements are limited for certain accounts (like the Axos Bank Golden Checking account). Other accounts offer unlimited ATM reimbursements.

Many accounts also have no overdraft fees. But some still charge fees for "insufficient funds."

Axos Bank branches and ATMs

As an online bank, Axos Bank doesn't have many brick-and-mortar locations. As of this writing, it has exactly three: one each in California, Nevada, and Ohio. Instead of banking at a local branch, you'll probably bank online and through ATMs. This can be either a pro or a con depending on your personal preferences and comfort level with online banking.

Thankfully, all Axos Bank accounts feature reimbursements for ATM fees. And with Axos Bank, you can visit over 90,000 ATMs across the nation. If you're looking for a bank with plenty of convenient ATM locations, Axos may be the choice for you.

TIP

Online vs. Brick-and-Mortar Banking

Traditional, brick-and-mortar banks can be convenient if you like in-person banking. But they don't always have the best interest rates. Online banks, on the other hand, generally offer great rates -- but no in-person locations. If you're torn between in-person and online banking, you can learn more about the differences with our guide: Online vs. Brick and Mortar Bank: Which Is Better?

Axos Bank online banking and app

Since Axos Bank is mostly an online bank, its online and mobile features are especially important for customers.

Axos Bank's online platform isn't anything unusual. Bill pay, account management, transfers, and similar tasks can be completed entirely online. Its app also offers a standard set of features, like transaction history, mobile check deposit, and custom alerts.

The app is rated 4.7 out of 5 stars on the Apple App store and 4.6 out of 5 stars on the Google Play store.

All in all, if you're looking for problem-free no-frills online banking, Axos Bank could be a good fit.

Axos Bank customer service rating

Axos Bank has received poor customer satisfaction ratings, earning just a 1.7 from Trustpilot, and scoring the lowest in the J.D. Power 2021 U.S. Direct Banking Satisfaction Study. But it also maintains an A+ rating with the Better Business Bureau, suggesting that it does its best to respond promptly to customer complaints.

This is something to weigh when considering where to put your money, but most people choosing an online bank don't intend to interact with their bank often. Most transactions are online. If you need cash, you visit an ATM instead of a branch. If you don't think you'll need to reach out to Axos Bank often, its mixed customer reviews may not concern you.

Axos Bank relationship benefits

Axos Bank doesn't offer relationship benefits. For other banks, these can include higher APYs for loyal customers. Sometimes, banks offer discounts on loans or other products to customers who have multiple accounts with the bank. Axos Bank relies on its already-high APYs and low fees to draw in customers.

TIP

Relationship benefits at online banks

Relationship benefits are more common among brick-and-mortar banks. They're used to stay competitive with online banks, which often offer APY rates traditional banks can't match. So it's not surprising that Axos Bank doesn't offer relationship benefits. It shouldn't be considered a negative mark.

Alternatives to Axos Bank

If you don't think Axos Bank is a good fit for you, here are a couple of other banks to consider.

CIT Bank

CIT Bank cannot match the variety of checking accounts Axos Bank offers. However, the CIT Savings Connect account has a super-competitive APY. CIT Bank uses this system to reward customers for keeping more money in their accounts. It also has a much wider variety of CDs with more competitive APYs. It's a better option if you're interested in investing in CDs. The bank's customer satisfaction ratings are also average. Again, this might not bother you if you plan to do most of your banking online.

Ally Bank

Ally Bank is one of the best-known online banks. It offers a good mix of products, including an interest-bearing checking account, a competitive savings account, and several types of CDs -- including some less common options like raise-your-rate CDs. It's also branched out into retirement accounts and self-directed trading accounts. It could be a better fit if you're interested in retirement saving or investing.

Rates as of Feb. 3, 2023
Offer
 
 
 
Account
Rating
Rating image, 3.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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3.00/5
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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= Fair
= Poor
5.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.00/5
APY Up to 0.61% 3.30% 4.05%
Min. to earn APY $250 $0 $100
Next Steps

Other products by Axos Bank

In addition to the above checking and savings accounts, Axos Bank offers a variety of financial products. These include:

Axos Bank checking accounts

Axos Bank Essential Checking account

A fee-free checking account, with unlimited domestic ATM fee reimbursements. Plus, with this account, customers can receive direct-deposited funds up to two days early. The account does not have minimum balance requirements. It comes with a Visa debit card, but checks are not included.

Axos Bank CashBack Checking account

With this checking account, you can earn up to 1% cash back on signature-based debit card purchases. The trade-off: You don't earn interest on money that just sits in your checking account. The account also includes unlimited domestic ATM fee reimbursements and check-writing capabilities.

Axos Bank Golden Checking account

Designed for adults 55 and older, this account doesn't charge a monthly fee or have minimum balance requirements. However, it only offers $8 in domestic ATM fee reimbursements per month. The account makes up for this with free personal checks and an APY that, while not as high as the Axos Bank Rewards Checking account's APY, is still quite good for a checking account.

Axos Bank First Checking account

This account was built for children 13 to 17. It also offers a modest APY and no monthly maintenance fees. It only provides $12 in domestic ATM fee reimbursements per month, but younger account holders may not use ATMs often enough to notice. Note: There are daily transaction limits on cash and ATM withdrawals.

Axos Bank money market accounts

Axos Bank High Yield Money Market account

This account also doesn't charge a monthly maintenance fee or have a minimum required balance. It offers a decent APY, as well as a debit card. Plus, with Axos Bank's mobile app, you'll have the ability to pay friends from your money market account directly from your phone.

Axos Bank mortgages

Axos offers a variety of mortgages, from conventional to FHA, VA, jumbo, and more -- with both fixed and variable interest rates. It has low down payment options and accepts a wide range of credit scores, too.

Read more: Axos Bank Mortgage Review

Axos Bank personal loans

Whether you're consolidating debt, paying for unexpected home repairs, or planning a wedding, Axos probably has a loan to fit your circumstances. Axos Bank offers personal loans in both small and large amounts, with a healthy range of payoff timelines.

Is Axos Bank right for you?

Axos Bank is a good choice for you if:

  • You don't want to pay fees to maintain your bank accounts.
  • You don't like to be tied to a specific ATM network.
  • You want the opportunity to earn a competitive interest rate on your savings.
  • You like having quick, easy access to your funds in any account.

RELATED: How To Open a Checking Account

Our Banking Expert