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Axos Bank Review: Many Choices, Withdraw From ATMs for Cheap

Review Updated
Kailey Hagen
Cole Tretheway
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

Axos Bank

Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Axos Bank does its best to make managing your money flexible and easy. It does this by offering fee-free accounts and a variety of checking account options. Additionally, Axos provides domestic ATM fee reimbursements (so you're not tied to a single ATM network). It's also one of the few banks to offer a free ATM card for its savings account.

Pros
  • Variety of checking accounts
  • Domestic ATM fee reimbursements on all checking and savings accounts
  • No maintenance fees on any account
Cons
  • Low APYs on CDs and savings accounts
  • No branch locations
  • Unimpressive customer satisfaction ratings

Our Axos Bank ratings

We gave Axos Bank a 3.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

Axos Bank accounts The Ascent's star rating (out of 5)
Axos Bank 3.50
Axos Bank Rewards Checking 4.25
Axos Bank First Checking for Teens 4.25
Axos Basic Business Checking 4.00
Axos High-Yield Savings 2.50

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

Axos Bank offers competitive online savings accounts for adults and teens.

Axos High-Yield Savings

The Axos High-Yield Savings account's primary draw is usually its better-than-average APY. But these days, its rates aren't as high as many competitors we review. The account offers other perks worth a look, like zero monthly maintenance fees and an ATM card.

Rates as of Jun 28, 2024

Axos High-Yield Savings

Open Account for Axos High-Yield Savings
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Axos High-Yield Savings
APY
up to 0.61%
Min. To Earn APY
$0.01
  • ATM card upon request
  • No minimum balance requirements
  • Comprehensive mobile app
  • APY is not competitive with the best savings accounts
  • Higher balances get lower APYs

Axos High-Yield Savings gives you a better-than-average APY for balances up to $25,000. The account doesn't charge monthly maintenance fees or have a minimum balance requirement. It also comes with a free debit card for those who request it, so you can quickly withdraw funds directly from your savings account.

Read Full Review

Axos First Savings

The Axos Bank First Savings account gives teens an affordable way to save. The teen savings account reimburses $12 of ATM fees per month, but the APY is low.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum 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
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

With Axos Bank, you have the option to have the CD interest you've earned automatically transferred to another bank account if you prefer. You can also leave the money in your CD and earn interest on your interest. Unfortunately, its CD rates are low.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for Axos Bank CD
Axos Bank CD
MINIMUM DEPOSIT $1,000
6 Mo. APY 1 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
0.20% 0.20% 0.20% 0.20% 0.20% 0.20%

Compare CD rates

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Checking accounts

Axos Bank offers highly competitive checking accounts of all kinds -- more than many online competitors. These cater to different needs.

Axos Bank Rewards Checking

The Axos Bank Rewards Checking account has no monthly maintenance fee. It also includes unlimited domestic ATM fee reimbursements. On top of these benefits, it has a maximum APY that bests many savings account rates we've come across. How much you'll earn depends on how you use the account and the other Axos Bank accounts you hold.

Ratings Methodology
Rates as of Jun 28, 2024
Award Icon 2024 Award Winner

Axos Bank Rewards Checking

Open Account for Axos Bank Rewards Checking
Member FDIC.
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Axos Bank Rewards Checking
offer alert
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
APY
0.40% (up to 3.30%) Rate info Circle with letter I in it. 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 APY
Monthly direct deposits totaling at least $1,500
  • High checking account APY
  • Unlimited ATM fee reimbursements
  • No monthly maintenance, NSF, or overdraft fees
  • No monthly balance requirements
  • Cash back checking option
  • Must meet certain requirements to earn the highest interest tier
  • Low savings and CD APYs compared to competitors

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Rewards Checking disclosure:

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.

Read Full Review

Axos Bank Essential Checking

An affordable checking account with unlimited domestic ATM fee reimbursements. You get direct-deposited funds up to two days early. The account does not have minimum balance requirements. It comes with a Visa debit card, but checks are not included.

Axos Bank CashBack Checking

You can earn up to 1% cash back on signature-based debit card purchases. The trade-off: You don't earn interest on money that just sits in your checking account. The account also includes unlimited domestic ATM fee reimbursements and check-writing privileges.

Axos Bank Golden Checking

This account doesn't charge a monthly fee or have minimum balance requirements. However, it only offers $8 in domestic ATM fee reimbursements per month. The account makes up for this with free personal checks and an APY that's quite good for a checking account.

Axos Bank First Checking

An affordable checking account for teens aged 13 to 17. It offers a modest APY and no maintenance, overdraft, or NSF fees. A big downside is the account limits your withdrawals.

Axos Basic Business Checking

The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
0.40% (up to 3.30%)
Rate info Circle with letter I in it. 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
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Money market accounts

Axos Bank offers a solid money market account for folks who want the perks of both checking and savings accounts rolled into one.

Axos Bank High Yield Money Market

This account also doesn't charge a monthly maintenance fee or have a minimum required balance. It offers an okay APY, as well as a debit card. Plus, with Axos Bank's mobile app, you'll have the ability to pay friends from your money market account directly from your phone.

Ratings Methodology
Rates as of Jun 28, 2024

Axos Bank High Yield Money Market

Member FDIC.
Monthly Fee
$0
Min. Balance
$0
APY
0.25%
Min. To Earn APY
$0.01
  • No maintenance fees
  • Debit card
  • Check writing
  • Peer-to-peer payments
  • Low APY

The Axos Bank High Yield Money Market account offers a debit card, check writing, and no maintenance fees. Unfortunately, the APY is much worse than competitors'.

Is Axos Bank FDIC insured?

Yes, Axos Bank is FDIC insured. That means your money is protected $250,000 per eligible account in the event something happens to Axos Bank.

Customer experience

Axos Bank has customer service reviews on par with large branch banks; in other words, not so great. But it does respond to most online complaints.

Customer reviews

Axos Bank has received poor customer satisfaction ratings, earning just a 1.9 from Trustpilot. But it also maintains an A+ rating with the Better Business Bureau, suggesting that it does its best to respond promptly to customer complaints.

  • Better Business Bureau rating: 1.07 / 5
  • Trustpilot rating: 1.9 / 5

Customer service

Axos Bank scores low on customer service. Recent Trustpilot reviews indicate that though customers like the banks' rates and low fees, customers are frustrated with poor over-the-phone help. One point of contention might be the automated phone service, which is currently a semi-competent chatbot that this particular reviewer found frustrating.

You can contact Axos Bank for personal banking needs 24/7 by calling 888-502-2967. A secured chatbot called Evo will answer your questions and manage your bank account for you. You can also send secure messages in the banking app.

Mobile app

Recent Google Play reviews indicate the app is workable but not top-tier. Complaints include lag and friction when logging on to the account.

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 3.6 out of 5 stars

Relationship benefits

Axos Bank doesn't offer relationship benefits. For other banks, these can include higher APYs for loyal customers. Sometimes, banks offer discounts on loans or other products to customers who have multiple accounts with the bank. Axos Bank relies on its already-high APYs and low fees to draw in customers.

Alternatives to Axos Bank

If Axos Bank isn't a good fit for you, here are a couple of other banks to consider.

CIT Bank

CIT Bank cannot match the variety of checking accounts Axos Bank offers. However, the CIT Savings Connect account has a super-competitive APY. CIT Bank uses this system to reward customers for keeping more money in their accounts. It also has a much wider variety of CDs with more competitive APYs. It's a better option if you're interested in investing in CDs. The bank's customer satisfaction ratings are also average. Again, this might not bother you if you plan to do most of your banking online.

Ally Bank

Ally Bank is one of the best-known online banks. It offers a good mix of products, including an interest-bearing checking account, a competitive savings account, and several types of CDs -- including some less common options like raise-your-rate CDs. It's also branched out into retirement accounts and self-directed trading accounts. It could be a better fit if you're interested in retirement saving or investing.

Is Axos Bank right for you?

Axos Bank is a good choice for you if:

  • You don't want to pay fees to maintain your bank accounts.
  • You don't like to be tied to a specific ATM network.
  • You want the opportunity to earn a competitive interest rate on your savings.
  • You like having quick, easy access to your funds in any account.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Yes, Axos Bank is an FDIC-insured bank with typical account types. It's an online-only bank.

  • UFB Direct is a division of Axos Bank.

  • Axos Bank is a safe place to put your money. All bank accounts are FDIC insured up to FDIC insurance limits.