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Axos Bank Review: Competitive APY, Convenient Access to Funds

Review Updated
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. APY = Annual Percentage Yield

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.

Offer image for

Axos Bank

Rating image, 3.50 out of 5 stars.
3.50/5 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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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

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Rates as of Apr 23, 2024

Axos High-Yield Savings

Open Account for Axos High-Yield Savings
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 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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Rating image, 2.50 out of 5 stars.
2.50/5 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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Open Account for Axos High-Yield Savings
APY
Up to 0.61%
Min. To Earn APY
$250
  • ATM card available
  • Minimum opening balance requirement
  • Low APY
  • Not all balances earn the highest APY

Axos High-Yield Savings packs in a good APY for balances up to $25,000. Importantly, the account also doesn't charge monthly maintenance fees or have a minimum balance requirement. It also comes with a free debit card for those who request it, so you can quickly withdraw funds directly from your savings account.

Read Full Review

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.

Read full review: Axos Bank High-Yield Savings Account Review
Compare savings accounts: Best Savings Accounts of 2024

Top checking account: Axos Bank Rewards Checking account

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Rates as of Apr 23, 2024
Award Icon 2024 Award Winner

Axos Bank Rewards Checking

Open Account for Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5 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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= Poor
Rating image, 4.25 out of 5 stars.
4.25/5 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
= Fair
= Poor
Open Account for Axos Bank Rewards Checking

offer alert

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
APY
0.40% (up to 3.30%) Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. To Earn APY
Monthly direct deposits totaling at least $1,500
  • High checking account APY
  • Unlimited ATM fee reimbursements
  • No monthly maintenance, NSF, or overdraft fees
  • No monthly balance requirements
  • Cash back checking option
  • ATM card for high-yield savings account
  • Must meet certain requirements to earn the highest interest tier
  • Higher savings and CD APYs available at other financial institutions
  • No physical branches

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

To be eligible to earn all or a portion of the cash incentive as part of the "AXOS300" $300 promotion, an Axos Bank Rewards Checking account that includes the promotional code "AXOS300" must be opened between November 1, 2023, at 12:00 am PST and June 30, 2024, at 11:59 pm PST. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year, and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the "AXOS300" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After meeting the initial requirements mentioned above, the amount of cash bonus earned will depend on meeting the additional requirements outlined below:

To earn up to a $300 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 30 days of account opening, and have qualifying direct deposits that total at least $5,000.00 each calendar month during the first seven (7) calendar months your account is open as well as maintain a minimum average daily balance of $7,000. The minimum balance must be achieved and maintained through the first seven (7) calendar months your account is open including the month in which your account was opened. A cash bonus of up to $300 can be earned in the following manner during the first seven (7) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. A maximum of six (6) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit and maintain a minimum average daily balance of $7,000 can be earned during the seven (7) statement cycles, and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the direct deposit requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus, and your Axos Bank Rewards Checking account must remain open for 210 days, or an early closure fee of up to $300 may apply, equal to the amount of the total bonus earned up to $300.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.

A statement cycle is defined as a period of time that starts on the first day of the calendar month and ends on the last day of the calendar month.

Read Full Review

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 a maximum APY that bests many 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.

Read full review: Axos Bank Rewards Checking Account Review
Compare checking accounts: Best Checking Accounts of 2024

Top CD: Axos Bank CD

Rates as of April 23, 2024

APY = Annual Percentage Yield

Offer image for Axos Bank CD
Axos Bank CD
MINIMUM DEPOSIT $1,000
6 Mo. APY 1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

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.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A
4.35%
Min. to earn: $0
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.

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 Business Checking account

The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.

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.

UFB Direct bank accounts

Although it goes by a different name, UFB Direct is a division of Axos Bank. UFB Direct offers two accounts:

UFB Secure Savings Account

The UFB Secure Savings Account is a high-yield savings account that boasts a high APY, no minimum deposit, and a nationwide fee-free ATM network.

UFB Secure Money Market Account

If you want to earn a high APY while still enjoying the ability to write checks and withdraw from ATMs, the UFB Secure Money Market Account may be worth checking out. It pairs some of the best features of a high-yield savings account with the perks of a checking account.

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.

Our Banking Expert

Kailey Hagen
By: Kailey Hagen

Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.