• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Credit Card and banking reviews

AllCards.com

Credit Cards, Banking, and Cash Back

  • Best Credit Cards
    • Best Overall Credit Cards
    • Interest Free Credit Cards
    • Balance Transfer Credit Cards
    • Secured Credit Cards
    • Student Credit Cards
    • Metal Credit Cards
  • Cash Back Cards
    • Credit Card Signup Bonuses
    • Best Business Credit Card Signup Bonuses
    • Groceries
    • Streaming Services
  • Cards by FICO Score
    • 500 – 600
    • 600 – 650
    • 650 – 700
    • 700 to 750
  • Compare Cards
    • Ink Business Cash vs. Ink Business Unlimited
    • Chase Sapphire Preferred vs. The Amex Platinum Card
    • Citi® Double Cash vs. Discover It
    • Chase Sapphire Preferred vs. Blue Cash Preferred
    • Citi Double Cash vs. Citi Custom Cash
    • Ink Business Cash vs. Ink Business Premier
    • Capital One Venture vs. Capital One Quicksilver
    • Chase Freedom Unlimited vs. Chase Sapphire Preferred
    • Citi Custom Cash vs. Discover It
    • Citi Custom Cash vs. Blue Cash Everyday
  • Banking
    • Best Interest Rates
    • Savings Accounts
    • Money Market Accounts
    • Free Checking Accounts
    • High Yield Checking Accounts
    • Business Checking Accounts
    • Bank Accounts for Kids & Teens
    • Best Online Banks
    • Best Bank Bonuses
  • Bank CD Rates
    • No-Penalty CD Rates
    • 3-Month CD Rates
    • 6-Month CD Rates
    • 1-Year CD Rates
    • 18-Month CD Rates
    • 2-Year CD Rates
    • 3-Year CD Rates
    • 4-Year CD Rates
    • 5-Year CD Rates
  • Calculators
    • Emergency Fund Calculator
    • CD Interest Calculator
    • Savings Calculator
    • Credit Card Payoff Calculator
    • Debt Payoff Calculator
    • Loan Payment Calculator
You are here: Home / Banks / Axos Bank

Axos Bank

February 4, 2022 by Rob Berger

Axos Bank
Learn More
Our Rating
5.0/5.0

Account Types

  • Checking
  • Business Checking
  • Business Savings
  • CDs
  • Money Market Account
  • Savings

Key Features

  • Free ATMs
  • Early Direct Deposit
  • Low Fees

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

[bank_url] 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.

Axos Bank Review

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

APY0.61%
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.


Axos Rewards Checking

APY1.25%
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.”


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

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.

  • Earn up to 1.00%1 cash back on signature-based purchases
  • Unlimited domestic ATM fee reimbursement
  • No monthly maintenance fees
  • Unlimited check writing privileges
  • Minimum Balance Required to Open the Account: $50.00

Golden Checking

Axos Bank designed the Gold Checking account for those 55 years of age or older. There are no monthly fees, you get free checks and even earn interest on your checking balance.

  • No monthly fees
  • Up to $8 domestic ATM fee reimbursements per month
  • 0.10% APY on all balances
  • 100% mobile and online banking
  • For customers aged 55 and older

Axos Money Market Account

APY0.25%
Min. Opening Deposit$50
Min. Balance Required$0
Monthly Fee$0
Learn More

Certificates of Deposit

1 Year CD APY0.20%
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

APY1.01%
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

APY0.20%
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:

Axos Bank Mobile App

  • 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.

Axos Bank FAQs

Is Axos Bank legit?

Yes. Axos Bank was founded in 2000 as Bank of Internet. It is an FDIC insured bank with over $14 billion in assets.

Is Axos Bank FDIC insured?

Yes. Axos Bank is a FDIC member. Its FDIC certificate is 35546.

How is Axos Bank different from traditional banks?

As an online bank, it does not have physical branches. The cost savings allows it to offer higher interest rates on deposit accounts and lower fees.

Does Axos Bank require a minimum balance?

No, although a few accounts require certain balances to avoid fees or receive a higher interest rate.

Awards

[bank_url child='36730-review-rating'] earned our best in class award in the following categories:

  • Best Online Banks
  • Best Savings Accounts
  • Best Checking Accounts

About Rob Berger

Rob Berger is the founder of allCards.com. He's written about personal finance and investing since 2007 and is the author of the highly acclaimed book, Retire Before Mom and Dad. He is a former litigation attorney in the securities field and the Founding Editor of Forbes Advisor.

Primary Sidebar

Advertiser Disclosure

AllCards has partnered with CardRatings for our coverage of credit card products. AllCards and CardRatings may receive a commission from card issuers.

Featured High Yield Bank Accounts

12-month CD via SaveBetter
APY: 5.01%

27-month CD via SaveBetter
APY: 5.15%
12-month No Penalty CD via SaveBetter
APY: 4.60%

Preferred Savings
APY: 5.02%

 

Credit Cards by Category

  • Balance Transfer
  • 0% APR Cards
  • Cash Back
  • Travel
  • Miles
  • Business
  • Gas Rewards
  • Supermarket Credit Cards
  • Secured Credit Cards
  • Student Credit Cards
  • Prepaid Debit Cards

Credit Cards by Credit Score

  • 700 – 749
  • 650 – 700
  • 600 – 650
  • Under 600

Banking

  • Best Online Banks
  • Best Online Savings Accounts
  • Best CD Rates
  • Best Checking Accounts

Credit Cards by Issuer

  • American Express
  • Capital One
  • Chase
  • Citibank
  • U.S. Bank
  • Wells Fargo

Rate Disclosure

We work hard to make sure the information on this site is accurate. There is no guarantee, however, that it is. So please confirm rates, terms, and all other information directly with the bank, credit union, credit card issuer, or other financial institution before opening an account or otherwise making a financial decision.

About Allcards.com

Rob Berger founded allcards.com in 2008 to help consumers make data-driven decisions about credit cards and banking. A retired trial attorney, he’s written about credit cards, banking and personal finance since 2007, and is the author of Retire Before Mom and Dad.

  • Best Credit Cards of 2022
  • 0% Credit Cards
  • Best Cash Back Credit Cards
  • Best Travel Rewards Credit Cards
  • Credit Cards with Signup Bonuses
  • About
  • Contact
  • Privacy Policy
  • Terms of Use
  • RSS Feed

© 2022 A.R. Roberts LLC All Rights Reserved

Advertising Disclosure: allCards.com is an independent, advertising-supported blog offering financial product comparisons. We are compensated when users click links to or apply for sponsored financial products including, but not limited to, credit cards or bank/brokerage accounts. Credit card reviews and listings express the opinions of the author alone, and not those of any credit card issuer. The content has not been reviewed, approved or otherwise endorsed by the credit card advertisers. This compensation may impact how or where links appear on this site. This site does not include all available financial companies or offers.

Banking Content Disclosure: Content is not provided or commissioned by the bank advertiser(s). Opinions expressed here are author's alone, not those of the bank advertiser(s), and have not been reviewed, approved or otherwise endorsed by the bank advertiser(s). This site may be compensated through the bank advertiser(s) Affiliate Program(s).