Axos Bank Review 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Reviewed By

Updated on Sunday, August 1, 2021

Axos Bank

Axos Bank is an online-only bank headquartered in San Diego that launched in 2000. The Axos Bank product line includes checking and savings accounts, a money market account and CDs. The highlights of the bank are its low fees, with most accounts having no monthly charges or overdraft fees. Yields can vary — some accounts post high numbers, while others fall short. Although the bank offers other products, such as personal loans and mortgages, this review will focus only on the bank’s deposit accounts.

Axos Bank savings accounts 4 out of 5

Axos Bank offers a single savings account.

Axos Bank High Yield Savings
  • APY: 0.61% on balances up to $24,999.99; 0.25% on balances between $25,000 – $99,999.99; 0.15% on balances $100,000 and over
  • Minimum opening deposit: $250
  • Monthly fee: $0

The Axos Bank High Yield Savings account has some of the key features that most customers seek — no fees and a high APY. As an additional perk, this account also has no minimum maintenance deposit (though it does still require $250 to open).

As with all savings accounts, the High-Yield Savings account is restricted by the Federal Reserve’s Regulation D, which limits certain withdrawals to six per month. Excess transactions trigger a $10 fee per instance and may result in the account being converted to another type of account.

Like all Axos accounts, opening a High Yield Savings account can be easily done online.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC

Axos Bank High Yield Money Market
  • APY: 0.25% on all balances
  • Minimum opening deposit: $1,000
  • Monthly fee: $0

Axos Bank’s High Yield Money Market offers another savings option for those with higher account balances. You’ll need to deposit at least $1,000 to open the account, which is the highest minimum requirement among the bank’s checking and savings accounts. In exchange for this higher deposit requirement, you’ll gain access to check writing capabilities and your own debit card. However, you won’t earn as much as you would with the bank’s High Yield Savings account, which is currently paying more than double the rate on the High Yield Money Market account.

As with the bank’s High Yield Savings account, Federal Regulation D limits certain withdrawals in this account to six per month. An excess transaction fee of $10 applies to additional transactions; abuse of this privilege might lead to account conversion or closure.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC


If you’re looking for alternate options for your money, check out our best savings account roundup.

Axos Bank checking accounts 5 out of 5

There’s a wide range of checking accounts available at Axos Bank, including accounts for teens and seniors. The highlighted account is the Rewards Checking account.

Axos Bank Rewards Checking
  • APY: Up to 1.25% on balances up to $150,000; none on balances over $150,000
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Unlimited domestic ATM fee reimbursements

The Axos Bank Rewards Checking account offers a top-tier checking APY of 1.25% on balances up to $150,000, but you’ll have to jump through some hurdles if you want to snag that rate. Each of the following actions will earn you a cumulative APY of 0.42%, meaning you’ll need to complete all three to earn the full rate:

  • $1,000 or more in monthly direct deposits
  • 10 Axos Visa debit card transactions per month ($3 minimum per transaction)
  • An additional five (or more) Axos Visa debit card transactions per month ($3 minimum per transaction)

If you’re willing to have your paycheck or another monthly payout deposited into your Axos account and you make a lot of debit card transactions, this account could be a home run for you. If you can’t clear these hurdles, you’ll still have a checking account with no fees and unlimited domestic ATM reimbursements — it’s not a total loss, as those are some impressive benefits. Another huge benefit with this account is the lack of overdraft non-sufficient funds (NSF) fees.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC

Axos Bank Essential Checking
  • APY: None
  • Minimum opening deposit: $0
  • Monthly fee: $0
  • ATM access: Unlimited domestic ATM fee reimbursements

If you’re just looking for a simple checking account and don’t want to concern yourself with earning the highest yields, the Essential Checking account may be more your speed. There’s no interest available on this account, no matter what monthly activity you undertake, but it comes with many of the same other benefits as the Rewards Checking account. Specifically, you won’t have any minimum or ongoing deposit requirements, there’s no monthly fee and you’re still entitled to unlimited domestic ATM fee reimbursements and free-of-charge online and mobile banking. This account also has no overdraft fees.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC

Axos Bank Cashback Checking
  • APY: None
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Unlimited domestic ATM reimbursements

Cashback Checking is for customers who frequently use their debit cards. Though the account doesn’t have a traditional APY, those with balances below $1,500 earn 0.50% cash back on signature-based transaction purchases, while that rate jumps to 1.00% for those with an average daily balance of at least $1,500. Cash back is limited to $2,000 monthly.

This account includes the best features of Axos Bank’s other checking accounts, such as unlimited domestic ATM fee reimbursements and no monthly fees. There’s also unlimited free check writing privileges.

Axos Bank First Checking
  • APY: 0.10% on all balances
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Up to $12 domestic ATM fee reimbursements monthly

First Checking is an account for teenagers ages 13 to 17, though an adult must sign on as a co-owner of the account. As a youth account, there are additional restrictions attached to the First Checking account, but they’re limitations that adult cosigners might endorse. For example, there’s no check writing available with the First Checking account, and withdrawals are limited to $100 per day. Debit card transactions also carry a $500 limit. On the plus side, First Checking carries a number of benefits that might not normally be associated with a youth account, including a 0.10% APY, no monthly fees and no overdraft and NSF fees. Although not unlimited, the $12 monthly ATM fee reimbursement is also a welcome feature.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC

Axos Bank Golden Checking
  • APY: 0.10% on all balances
  • Minimum opening deposit: $50
  • Monthly fee: $0
  • ATM access: Up to $8 domestic ATM fee reimbursements monthly

Axos Bank’s Golden Checking account is a specialized checking account for customers age 55 and older. Overall, the account is a bit of a hybrid of Axos Bank’s other checking accounts: There’s no monthly fee with the Golden Checking account, and it earns a modest 0.10% APY. However, it requires a $50 minimum opening deposit, and ATM fee reimbursements are limited to $8 per month. Like most Axos banking accounts, this account also has no minimum monthly balance requirements or overdraft or NSF fees.

One added perk of the Golden Checking account is that account holders receive a pack of free checks twice per year, every six months.

As is standard with Axos Bank accounts, you can open the Golden Checking account online in about 15 minutes.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC


Our best checking account roundup will give you a good idea of how the Golden Checking account fares against competitors.

Axos Bank CDs 2 out of 5

The Axos Bank CD lineup isn’t particularly impressive.

TermAPYMinimum opening deposit to earn APY
1 year0.20%$1,000
3 years0.20%$1,000
5 years0.20%$1,000

Axos Bank has a straightforward CD lineup, with seven maturity options available ranging from three months to 60 months. At the current time, every single CD offered by Axos Bank pays the same 0.20% APY, with a $1,000 minimum; there are no jumbo or no-penalty CDs available.

Each CD account at Axos Bank is FDIC-insured and requires no setup or maintenance fees. CDs automatically renew, but there is a 10-day grace period available during which time an account owner can withdraw their funds penalty-free. Otherwise, early withdrawal penalties of between 1 1/2 months and 24 months of interest apply.

All terms of Axos Bank CDs can be opened online, just as with the bank’s other accounts.

SEE DETAILS Secured

on Axos Bank’s secure website

Member FDIC


For a look at best-in-class CDs, check out our best CD roundup.

Customer experience at Axos Bank

Axos Bank is an online institution — so although it does have corporate offices sprinkled about the country, it’s not intended for those who want a brick-and-mortar institution on every corner. However, most of the bank’s checking accounts offer unlimited ATM fee reimbursements, so the bank’s network is very accessible for those simply looking to make machine-based transactions.

Mobile deposit also helps make the bank accessible, as does the Axos Bank mobile app. The app allows you to perform essential account functions, ranging from checking balances and transferring funds to paying bills and contacting customer service. Axos Bank customer service can be reached 24/7 at 844-999-2967; the only days that customer service is closed are Thanksgiving Day and Christmas Day.