Axos Bank offers a great range of checking and savings accounts to meet all needs. There are five different checking accounts and three savings accounts available, and our guide will make understanding and comparing the products simple.
Axos Bank’s online banking services also include multiple types of business checking and savings accounts, which can be accessed through their mobile app or online.
Essential Checking is Axos Bank’s basic checking account. There are no fees or minimum deposits associated with the account, but no interest is paid on balances held. You can have unlimited domestic ATM fee reimbursements with an Essential Checking account.
Rewards checking offers a tiered interest rate that can earn you up to 3.30% APY. You get the same other benefits as an Essential Checking account, but you can also earn interest. You need a minimum $50 deposit to open a Rewards Checking account. To make the 3.30% APY, you need to meet the following criteria:
- Monthly direct deposits of above $1,500 earn you 0.4% APY
- Using your debit card at least 10 times a month (at least $3 per transaction) earns 0.3% APY
- Having an average daily balance of above $2,500 earns 0.2% APY
- Having a Self Directed Trading Account with an average balance above $2,500 earns 0.2% APY
- Using your Rewards Checking Account to make full payment on an Axos consumer loan earns 0.15% APY
The Cashback Checking accounts allow you to earn on your spending instead of earning interest. The Cashback Checking account gives you up to 1% cashback on spending from this account.
The First Checking Account is a joint account for children between 13 and 17. Your teen can be taught responsible money management while earning 0.25% APY. No fees are incurred with this account, and Axos reimburse up to $12 in ATM fees per month. Spending limits are also in place to ensure your teen doesn’t overspend.
Golden Checking is an account specifically for those aged 55 or older. You need $50 to open a Golden Checking account, and your money will earn 0.20% APY. There are no associated fees and no minimum balance requirements.
High Yield Savings
Axos Bank offers a High Yield Savings account where you can earn up to 0.61% APY. This rate applies to balances up to $25,000. Balances above this amount earn a lower APY, down to 0.15% for balances greater than $100,000. There are no minimum balance requirements or maintenance fees, but you will need a minimum deposit of $250 to open a High Yield Savings account.
High Yield Money Market
The High Yield Money Market account requires an initial deposit of $1,000. Once opened, the account has a 0.25% APY on all balances held. While higher APY money market accounts are available, Axos Bank stands out by charging no fees.
CDs allow customers to earn a fixed amount of interest over a specific period of time. CDs require a minimum deposit of $1,000 and will earn 0.20% APY. Axos Bank offers CDs between 3 months and 5 years, all of which offer an APY of 0.20%. There are penalties payable for early withdrawal from a CD. Its vital to note that other online banks offer more attractive CD rates than Axos Bank.
Basic Business Checking
Designed for small businesses with moderate account activity. No monthly maintenance fees and no minimum deposit is required to open an account. Does not pay interest on the account balance.
Business Interest Checking
Checking alternatives for growing businesses with cash reserves. No monthly maintenance fees when the business maintains an average daily balance of $5,000 or more. Competitive APY benefits businesses that are interested in growing their reserve funds.
Business Premium Savings
Designed for small businesses with moderate account activity. No monthly maintenance fees.
Designed for growing businesses with cash reserves. No monthly maintenance fee when an average daily balance of at least $2,500 is maintained.
Non-Profit Money Market
Designed for non-profit organizations or religious groups. Funds can grow quickly with cost-saving Treasury Management tools while maintaining check-writing privileges.
Opening an Account With Axos Bank
Having been impressed by Axos Bank’s credentials and reputation, we decided to open an Essential Checking account. Axos Bank’s website is very clear, and we headed to the Personal Banking section and selected Essential Checking. We got started by clicking the “Open an Account” button.
Axos then asked us if we wanted to add a High Yield Savings account, and given the high APY of 0.61%, we proceeded with this option.
We created our login details with Axos Bank and proceeded to update the forms with all of our personal data. This included name, address, SSN, address, phone, and email, which are all required to apply for an Axos Bank checking account.
We then got to choose what account type we wanted, which was an individual account. We then passed the verification protocols by uploading our photo ID and submitting a selfie to confirm our identity. Then we confirmed our address and SSN again for the security process. Axos Bank needs this information to comply with KYC security measures.
Once we’d submitted our personal data and proved our identification and address, we were ready to apply for an account. The account was accepted in minutes, and the next step was to fund the account, which we did following easy-to-understand, step-by-step guidance.
The process to open an Essential Checking account with Axos Bank was very quick and easy, and we would recommend it to people looking for a stress-free online experience.
- Available in all states