Axos Bank

Snapshot

• Earn up to 1.25% APY on checking
• Earn up to 0.61% APY on savings
• No monthly fees on most accounts
• No ATM fees
• No overdraft fees
• No minimum balance requirements on most accounts

Editorial Review

Axos Bank is one of our highest rated banks for a few simple reasons. First, it pays some of the highest interest rates on savings, checking and money market accounts. (Rates on CDs are another matter. If you are looking for great CD rates, you won’t find them at Axos, as we note below). It also comes with virtually no fees. It offers a checking account that pays cash back and another one that offers early direct deposit.

In short, Axos Bank is one of the most full-service online only banks available today.

Pros & Cons

Pros

• Offers both personal and business accounts
• Very competitive interest rates on deposit accounts
• Virtually no fees
• Highly rated app for the iPhone and iPad.
• Excellent security features
• FDIC insured

Cons

• No physical bank branches
• Android app is not highly rated
• CD rates below average for online banks

Bank Accounts

Axos High Yield Savings

APY	0.61%
Min. Opening Deposit	$250
Min. Balance Required	$0
Monthly Fee	$0
Open an Account

The Axos Bank high-yield savings account offers one of the best rates available from any bank. In addition, it charges no monthly fees, requires a small opening balance, and has no minimum balance to earn the rate.

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Axos Rewards Checking

APY	1.25%
Min. Opening Deposit	$50
Min. Balance Required	$0
Monthly Fee	$0
Learn More

With Rewards Checking you can earn up to 1.25% APY. It’s one of the highest paying checking accounts available anywhere. In addition, earn a $100 bonus if you use the Promo Code “Lucky.”

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Essential Checking

Ideal for those who want a no-fee checking account, Axos Bank’s Essential Checking charges no monthly fees, no overdraft fees and provides unlimited domestic ATM fee reimbursements. There’s no minimum balance required and you can get direct deposit up to two days early.

• No monthly fees
• Unlimited ATM fee reimbursements
• Early direct deposit
• Referral bonus when you invite friends
• 100% mobile and online banking

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Cash Back Checking

With Cash Back Checking, you can earn up to 1% on all transactions that require a signature. There are no monthly maintenance fees and only a $50 requirement to open an account.

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Axos Money Market Account

APY	0.25%
Min. Opening Deposit	$50
Min. Balance Required	$0
Monthly Fee	$0
Learn More

Certificates of Deposit

1 Year CD APY	0.20%
Min. Opening Deposit	$1000
Learn More

To put it bluntly, Axos Bank offers terrible rates on CDs. You are better off checking out our list of the best CD rates if this is the type of account you are looking for.

Axos Business Interest Checking

APY	1.01%
Min. Opening Deposit	$100
Min. Balance Required	$0
Monthly Fee	$0
Learn More

Pay no monthly maintenance fee with an average daily balance of at least $5,000. Earn the top interest rate on balances up to $49,999. Get unlimited domestic ATM fee reimbursements. Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items). Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation).

Axos Basic Business Checking

Axos Bank also offers Basic Business Checking. While it doesn’t pay interest, there is no monthly maintenance fee, no minimum balance requirements, and no minimum deposit to open an account. The first 50 checks are free and Axos offers unlimited transactions and domestic ATM fee reimbursement.

Axos Business Checking Promotion

Get a $200 welcome bonus for businesses established after June 1, 2020 with promo code NEWBIZ200. Businesses established before that date can get a $100 bonus with promo code NEWAXOSBIZ.

Business Savings

APY	0.20%
Min. Opening Deposit	$1000
Learn More

The monthly fee is waived with a minimum daily balance of $2,500.

Mobile App

The Axos Bank mobile app enables customers to bank just about anywhere. The features include:

• Check your account balances
• Transfer funds between eligible accounts
• Pay bills
• View your account transaction history
• Deposit checks with Axos Bank’s Mobile Deposit Feature
• Contact the Customer Service Representative

The iPhone and iPad have received excellent ratings of 4.7 out of five stars. Its Android app, however, has not been as well received. Its current rating is 2.7 out of five stars. Most of the ratings for the Android app are either five star ratings or a one star. Many of the one star ratings relate to an inability to use the features of the app. It’s unclear if this is a temporary glitch or not. 

Who Axos Bank is best for

Axos Bank is ideal for those looking for checking, savings or money market accounts. They each offer high interest rates and low fees. It’s ideal for both personal and small business accounts. It can be used as an individual’s only bank or it can be used in conjunction with a brick and mortar bank.

Who would do better with a different bank

Those wanting just one bank with physical branches will need to look elsewhere. In addition, the interest rates on Axos Bank’s certificates of deposit are not as competitive as other online banks.

Axos Bank Alternatives

alternatives

How Axos Bank Stacks Up

Axos Bank vs. Ally Bank

I’ve had an account at Ally for years. The banks share a lot in common. Both Axos and Ally offer a full suite of bank accounts that could easily serve as your only bank. The both have low fees and competitive interest rates. There are, however, some important differences.

First, Axos generally pays higher rates on checking, savings and money market accounts. Ally pays higher rates on certificates of deposit. Second, Axos offers business accounts. Ally does not. Finally, Axos offers more account types (it has 5 checking account options alone).

For these reasons, Axos gets a higher rating from us than does Ally, but they are both good options.

Axos Bank vs. Chime

Unlike Axos, Chime is not a bank. It is an award-winning financial app and debit card. Chime partners with The Bancorp Bank and Stride Bank, N.A., Members FDIC so that deposits are FDIC insured. And it offers both a checking and optional savings account, along with an excellent mobile app. A Chime Checking Account is required to be eligible for a Savings Account. It also offers a competitive interest rate on savings. Finally, it offers one of the best secured credit cards for those looking to help build their credit.

In short, Chime is ideal for those mainly interested in a checking account paired with an excellent mobile app. Chime can help you budget your money, set up savings goals, and improve your credit. In contrast, Axos is more of a full-service banking option.

Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Credit Builder Visa® Credit Card is issued by Stride Bank, N.A. pursuant to a license from Visa U.S.A.

Axos Bank vs. Marcus

While Marcus is an FDIC-insured bank, its offerings are far more limited than Axos Bank. It offers a savings account and CDs, but not a checking account (although that should change later this year). It also offers loans, but no business accounts. It does pay a competitive interest rate, but again Axos pays a higher rate on savings.