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Axos Bank: 2024 Banking Review

This online bank's checking and savings rates can't compete with other digital banks.

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Axos Bank

Axos Bank is based in San Diego and offers a full suite of personal and commercial digital banking services including checkingsavingscertificate of deposit and money market accounts. Originally founded in 2000 as Bank of Internet USA, this online-only bank changed its name to the more streamlined moniker in 2018.

While the rates on its deposit accounts can’t compete with other online banks, Axos scores points for the convenience of its online banking services, including its suite of digital money management tools, that digital-savvy savers will appreciate.

What we like

  • A full suite of digital tools that makes online banking convenient
  • Low minimum balance requirements to open deposit accounts
  • No monthly maintenance fees or overdraft charges
  • Unlimited ATM reimbursements for its checking accounts (except for its First Checking youth account, which charges up to $12 per month)
  • Unlimited foreign currency conversion fee reimbursements
  • Cash deposits accepted via ATM

What we don’t like

  • Low annual percentage yields on its deposit accounts
  • No physical branches

Who is Axos Bank suited for?

Axos is ideal for people who appreciate the convenience of online-only banking, especially mobile banking, with numerous banking options.

Axos Bank products


Axos has five checking account options: Essential, Rewards, Cashback, Golden Checking for people ages 55 and older and First Checking for minors ages 13 to 17.


Essential Checking offers early direct deposit where you can access your deposits by up to two days earlier from the scheduled deposit date. Rewards Checking is ideal for high account balances. You can earn up to 1.25% APY if you have direct deposits totaling at least $1,500 a month as well as daily balances of at least $2,500 in such Axos accounts as Invest Managed Portfolios and Invest Self Directed Trading accounts. The Cashback Checking account is suited for people who use their debit cards frequently.


None of Axos’ checking accounts charge monthly or overdraft fees. The three main accounts feature unlimited ATM fee reimbursements in the US. There’s also no monthly service fee.


All checking accounts, except Cashback Checking, earn a reasonable APY ranging from 0.10% to 2.35%. Cashback Checking account holders can earn up to 1% cash back on all purchases that require a signature.


Checking Account Features


Checking account APY Min balance Monthly fee Overdraft fee Foreign transaction fee
Essential Checking Up to 2.35% $250 None None None
Rewards Checking Up to 1.25% $50 None None None
Cashback Checking None $50 None None None
Golden Checking (ages 55 and older) 0.10% $250 None None None
First Checking (ages 13 to 17) 0.10% None None None None


APY rates as of Jan. 6, 2023.


  • The three main checking accounts provide a variety of banking options

  • Reasonable initial deposit requirements

  • No monthly, overdraft or foreign transaction fees

  • Essential and Rewards Checking have variable APYs based on account balance or other criteria such as enrolling in direct deposit

  • Cashback Checking pays up to 1% cash back on qualifying debit card purchases

  • Axos offers special accounts for youths ages 13 to 17 and seniors age 55 and older


  • APY earning structure for the Rewards Checking account requires multiple requirements to earn the highest rate of 1.25% APY

  • Essential Checking’s 2.35% APY applies only to account balances of $10,000 or more (only 0.20% APY if balance is less than $10,000)


Axos Bank’s High Yield Savings account offers a modest 0.61% APY. Unlike other online banks, an ATM card is only available upon request. There’s a minimum initial deposit of $250 required to open the High Yield Savings account, but there are no monthly maintenance fees or minimum balance requirements.


Savings Account Features


  • APY: 0.61%
  • Minimum balance to open: $250
  • Monthly maintenance fee: $0


  • Free ATM cards available upon request

  • No monthly maintenance fees or minimum balance required to maintain your account


  • Low maximum yields paid for savings balances compared with other high-yield savings accounts

  • Tiered APY structure maxes out at balances under $25,000. Balances over this amount earn less than the maximum APY paid. As of Jan. 6, 2023, balances between $25,000 and $99,999 earn 0.25% APY. Balances of $100,000 or more earn 0.15% APY.

  • Minimum balance of $250 to open an account is higher than other online banks


Axos Bank offers a standard CD with seven terms ranging from three months to five years. A $1,000 minimum deposit is required to open a CD.


CD Account Features


CD term APY
Three months 0.20%
Six months 0.20%
12 months 0.20%
24 months (two years) 0.20%
36 months (three years) 0.20%
48 months (four years) 0.20%
60 months (five years) 0.20%


Rates as of Jan. 6, 2023.


  • Offers a wide range of CD terms from three months to five years.

  • Reasonable minimum balance requirement of $1,000 for all CD accounts


  • CDs earn a flat 0.20% APY, well below other competing banks

  • A portion of the principal can be used to satisfy the early withdrawal fee if not enough interest has been earned at the time of withdrawal


Axos Bank’s High Yield Money Market requires a minimum $1,000 initial deposit. Higher APYs for money market accounts can be found at other online banks. The High Yield Money Market account also offers check writing privileges and permits six transactions per month before imposing excess transaction fees.


APY: 0.25%
Minimum balance: $1,000
Monthly maintenance fee: None
Overdraft fee: None
Excessive transactions fee: $10
Foreign transaction fee: None


  • Reasonable minimum balance requirement of $1,000 to open

  • Check writing privileges available with this account


Banking experience

Although Axos Bank doesn’t have physical branches, you can manage your accounts online or through its mobile app, link external accounts and conduct transactions with unlimited ATM fee reimbursements.

Overdraft fees

Axos Bank doesn’t charge overdraft fees for any of its bank accounts.

Customer service

Customer service is available 24/7 (except for Thanksgiving and Christmas), either through secured messages or automated chat via its website, or by phone at 844-999-2967.

Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
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