Axos Bank
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Overview
Axos Bank is a full-service digital bank with banking and lending products. It serves as the consumer arm of finance company Axos Financial. When it opened as Bank of Internet USA on July 4th, 2000, it was one of the earliest digital banks.
Thanks to its long history in the digital banking sphere, Axos Bank is now known for offering great rates on bank products, especially savings accounts.
Read our full Axos Bank review to learn more.
- Industry-leading APYs on savings and checking
- Multiple types of checking accounts, each offering various perks
- Unlimited domestic ATM fee reimbursements
Axos Bank Account Types
| Account Type | Key Features |
| Rewards Checking
|
● Multiple APY tiers up to 1.00% APY (time of writing)
● No overdraft, NSF, or maintenance fees ● Only $50 to open an account |
| High Yield Savings | ● <$25K – 0.61% / $25K-$100K – 0.25% / >$100K – 0.15%
● Free ATM card upon request ● Several digital money management tools are available |
| First Checking | ● Available for ages 13-17
● 0.25% APY (time of writing) ● Daily transaction limits ($100 cash, $500 debit) to mitigate overspending |
| CashBack Checking | ● Earn up to 1.00% cashback on purchases made with checking
● Unlimited domestic ATM fee reimbursement ● No monthly maintenance fees |
| Golden Checking | ● 0.20% APY (time of writing)
● 50 free personal checks every six months ● No overdraft, NSF, or maintenance fees |
|
Essential checking
|
● Direct Deposit Express — get paid up to 2 days early
● No overdraft, NSF, or maintenance fees ● Unlimited domestic ATM fee reimbursement |
| High Yield Money Market | ● 0.25% APY (time of writing)
● No monthly maintenance fees ● Checks and debit cards available |
| Basic Business Checking | ● First set of 50 checks free
● Up to 200 free items (debits, credits, or deposited items) per month, $.30 per item thereafter ● Compatible with Quickbooks |
| Business Interest Checking | ● <$50K – 0.81% APY / $50K-$250K – 0.20% / >$250K – 0.10%
● Unlimited domestic ATM fee reimbursements ● Up to 60 items per month for Remote Deposit Anywhere |
| Business Savings | ● 0.20% APY
● Variable interest compounds daily ● No monthly maintenance fees with $2,500 minimum Average Daily Balance |
| Business Premium Savings | ● 0.20% APY
● No monthly maintenance fee ● No average daily balance requirement fee |
| Business Money Market | ● 0.20% APY
● $100 welcome bonus to new business owners ● Free image statements, online banking, and mobile banking with Remote Deposit Anywhere |
Rewards Checking
Axos’ Rewards Checking offers an amazing maximum 1.00% APY split into four tiers. Each tier is worth about 0.4166% APY. It provides the same fee-free status as Essential Checking, although you need a $50 opening deposit to open the Rewards Checking.
Once again, Axos reimburses all domestic ATM fees.
High Yield Online Savings
Axos’ High Yield Online Savings has one of the best APYs in the industry at 0.61% — not to mention your interest compounds daily. Plus, it offers a suite of digital money management tools, and you can request an ATM card for free.
All you need is $250 to open an account, but there are no ongoing maintenance fees or monthly minimum balance requirements.
Essential Checking
Axos’ basic checking account is the Essential Checking. There are no monthly maintenance, NSF, or overdraft fees, and no ongoing minimum balance is required.
Plus, Axos reimburses you for any domestic ATM fees, so there is no need to worry about accessing cash.
Essential Checking also offers Direct Deposit Express, enabling you to access your paycheck up to two days early. There are several Visa perks and bonuses available as well.
First Checking
The First Checking account is designed for teens, as it’s available for people aged 13-17. Teens earn a 0.25% APY on their money and never owe monthly maintenance, NSF, or overdraft fees. Axos reimburses up to $12 in ATM fees/statement cycle for this account.
First Checking also places daily transaction limits ($100 cash, $500 debit) to prevent teens from overspending and encourage good money habits.
CashBack Checking
Some prefer to earn cash back on shopping instead of interest, and the CashBack Checking account does just that when you use your debit card or a check (up to 1.00% cashback). There are no monthly maintenance fees, and all domestic ATM usage is reimbursed.
Golden Checking
Golden Checking was built to be simple and serve those 55 and older. It offers a 0.20% APY on all balances, charges no maintenance/NSF/overdraft fees, and only requires $50 to open (with $0 in ongoing minimum balances).
This account reimburses up to $8 of ATM fees per statement cycle and offers 50 personal checks for free every six months.
High Yield Money Market
The High Yield Money Market almost matches the High Yield Online Savings with a 0.25% APY. You get checks and a debit card with this account, and there are no monthly maintenance fees or ongoing minimum balance requirements. You must make a $1,000 deposit to open this account.
Basic Business Checking
The Basic Business Checking offers 50 checks for free, a debit card, unlimited domestic ATM fee reimbursements, and up to 200 free items (debits, credits, or deposited items) per month, $.30 per item thereafter.
This account is also compatible with Quickbooks.
Business Interest Checking
Businesses can earn up to 0.81% APY with a Business Interest Checking Account, and all domestic ATM fees are reimbursed. You get up to 50 free items per month, with each item costing $0.50 per item thereafter.
Also, you get up to 60 items per month for Remote Deposit Anywhere.
This account requires $100 to open and a $5,000 average daily balance to waive the $10 maintenance fee.
Business Savings
Business Savings customers earn 0.20% APY on their deposits, with variable interest compounding daily. They also get free image statements and can access mobile and online banking from anywhere for free.
This account requires a $1,000 opening deposit and waives the maintenance fee if you maintain a $2,500 average daily balance.
Business Premium Savings
This account is almost the same as the Business Savings but requires a $25,000 opening deposit.
However, there are no monthly maintenance fees or average daily balance requirement fees.
Business Money Market
The Business Money Market account earns 0.50% APY. It requires a $1,000 opening deposit and a $5,000 average daily balance.
Axos Bank APYs
| Account type | APY |
| High Yield Savings Savings | <$25K – 0.61% / $25K-$100K – 0.25% / >$100K – 0.15% |
| High Yield Money Market | 0.25% |
| Business Savings | 0.20% |
| Business Premium Savings | 0.20% |
| Business Money Market | 0.20% |
| Personal CD | ● 1-year: 0.20%
● 3-year: 0.20% ● 5-year: 0.20% |
| Business CD | ● 1-year: 0.40%
● 3-year: 0.40% ● 5-year: 0.40% |
What is Axos Bank Best For?
Axos Bank is best for:
- Checking
- High interest
- High-yield savings
- Low fees
- Teen accounts
- Business banking
Overdraft Fees
Axos Bank charges no overdraft or NSF fees on most of its personal accounts — primarily its personal checking accounts. Business savings accounts may charge these fees.
Opening an Account at Axos
Opening an account at Axos is pretty easy and takes about 15 minutes, although time can vary depending on account type.
All you’ll need is relevant information (including business information if you’re opening a business account), then fill out their application. If the account you’re opening has an opening deposit requirement, you’ll provide your funding source as well.
Pros and Cons
| Pros | Cons |
| Earn up to 0.61% APY | Low CD rates |
| Save more with no monthly maintenance, overdraft, or NSF fees on most accounts | Only two branches |
| Cut service fees with unlimited ATM fee reimbursement | |
| Choose from a variety of accounts with plenty of perks |
Comparison to similar bank accounts
| Marcus by Goldman Sachs | Ally Bank |
| Link to review: N/A | Link to review |
| APY: 0.50% | APY: 0.50% |
| Minimum balance: None | Minimum balance: None |
| Benefits:
● High APY ● Same-day transfers up to $100,000 ● No monthly fees |
Benefits:
● High APY ● Savings buckets and other tools ● No monthly fees |
Bank products and services are offered by Axos Bank®. All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read our FDIC Notice. Axos Bank NMLS# 524995