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The Axos Bank Rewards Checking Account has a maximum APY that bests some of the top savings accounts we've reviewed. But its tiered APY system means that not everyone will qualify for this high rate. That said, there's still plenty to love about this account. Read our full review to learn about all its perks.
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Axos Bank Rewards Checking
Matt Koppenheffer, General Manager for The Motley Fool Ascent
As a customer of Axos Bank for several years, I have had a positive overall experience with their checking account. Axos is especially convenient for mobile folks on the go as you don't have to worry about branches being near you or finding specific ATMs. The account is also easy to use from outside the US. If you aren't comfortable with digital banking and not having a brick and mortar storefront to go to, this is not the product for you.
Earn 0.40% (up to 3.30%) APY: The Axos Bank Rewards Checking Account's APY makes it one of the most lucrative checking accounts we've seen. Interest-bearing checking accounts are still relatively rare, and those that exist usually have APYs that fall far short of the rates of savings accounts. But with this account, you only earn interest on balances up to $50,000.
There's a tiered system that determines your APY. You must meet all the requirements for all tiers to get the highest potential APY. Keep in mind, though, that account holders won't receive any interest during the statement cycle if they're not meeting the base requirements.
|0.40% APY||Receive monthly direct deposits totaling $1,500 or more|
|Get an additional 0.30% APY||Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction)or sign up for Account Aggregation/Personal Finance Manager in Online Banking|
|Get an additional 1.00% APY||Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Account|
|Get an additional 1.00% APY||Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Account|
|Get an additional 0.60% APY||Use your Rewards Checking account to make your full monthly Axos consumer loan payment|
Limited-time welcome offer: New customers can use promo code AXOS300 and apply by Dec. 31 to earn up to a $300 bonus. Terms apply.
Unlimited domestic ATM fee reimbursements: Axos Bank doesn't have a network of fee-free ATMs, but this shouldn't concern you because it does offer unlimited domestic ATM fee reimbursements. Few banks do this, and it's a nice option if you don't want to worry about finding a fee-free ATM near you. Note that your ATM may still charge you a fee that could temporarily reduce your balance until Axos Bank reimburses you for it. You could also get slapped with ATM fees if you take your Axos Bank debit card abroad, so plan accordingly.
No minimum balance requirements: You need at least $50 to open your Axos Bank Rewards Checking Account, but after it's open, it doesn't matter how much you keep there. You're still eligible to earn interest on your purchases and you don't have to worry about monthly maintenance fees if your balance drops too low.
Unlimited free mobile deposits: Axos Bank doesn't charge you fees for mobile deposits or restrict how many mobile deposits you can make in a month. This is ideal for people who still get paid with physical checks and don't want to run to a branch location or incur extra fees for doing what's most convenient.
FDIC insured: Finally, Axos Bank accounts are covered by the same FDIC insurance as traditional bank accounts. This covers you for up to $250,000 per depositor, per institution, in the event of a bank failure.
APY qualification requirements: The Axos Bank Rewards Checking Account uses a tiered system where the highest APY is only available when meeting the deposits and transactions monthly requirements. The most restricting requirements are that accountholders must also have an Axos Invest Managed Portfolios account and a Axos Invest Self Directed Trading account, and an Axos bank loan. While the base tier is still high, the tiered structure is complex overall and most people won't receive the maximum APY.
|Fees||Monthly Maintenance||ATM Withdrawal||Overdraft||Stop Payment||Insufficient Funds|
|Axos Bank Rewards Checking Account||$0||$0 after Axos Bank reimbursement||$0||$10 if you make your request online, or $35 if you require assistance from an Axos Bank representative||$0 for items generating a negative balance of less than $25, otherwise $25 per item with a maximum $75 per day|
Axos Bank gives you several ways to access your funds. Here's a closer look at how to deposit and withdraw money from your Rewards Checking Account.
You can deposit money into your Axos Bank Rewards Checking Account in any of the following ways:
You'll need $50 to open your account, and Axos Bank will prompt you to fund your Rewards Checking Account in one of these ways when you sign up. Axos Bank does not charge fees for incoming wire transfers, but the bank you're transferring the money from may charge you an outgoing wire transfer fee if you're funding your account in this way. Use one of the other methods if you don't want to worry about running into extra costs.
You can withdraw money from your Axos Bank Rewards Checking account in any of these ways:
Note that with any method other than an ATM withdrawal, it could take a little while to receive your funds. Plan accordingly by withdrawing the money in advance to avoid running into problems.
We recommend comparing checking 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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Min. to earn: N/A
Earn 1% cash back on up to $3000 in debit card purchases each month (see details when you click 'Open Account')
0.50%Rate info You can earn the maximum savings 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
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0.40% (up to 3.30%)Rate info 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: Monthly direct deposits totaling at least $1,500
Use code AXOS300 and apply by December 31st, 2023 to earn a $300 bonus (see details when you click 'Open Account')
The Axos Bank Rewards Checking Account is a great option for those who deposit more than $1,500 to their account every month and use their debit cards frequently. Its APY bests most savings accounts, and even those who don't qualify for this rate can still earn an APY that's far above average. The account's unlimited ATM fee reimbursements also make it a good fit for those who don't want to go out of their way to get their cash for free.
The account's main drawback is that its tiered interest model disadvantages those with small balances and those who rarely use their debit cards. If either of these apply to you, there are better checking accounts out there that offer a high interest rate with fewer strings.
RELATED: How To Open a Checking Account
Our Banking Expert
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