Axos Bank Review for 2024


Axos Bank is an online bank that offers a wide range of financial products and services, including checking and savings accounts, money market accounts, CDs, and more.

Axos Bank

In this review, we will take a closer look at the bank’s features and services, as well as its fees, interest rates, and customer support.

Axos Bank Checking Accounts

Axos Bank stands out with its diverse array of checking accounts. Whether you need a simple solution or one with extra perks, the bank has you covered.

  • Essential Checking: This account is ideal for those looking for a no-fuss option. No minimum balance or monthly maintenance fees, plus a free debit card and access to digital banking.
  • Rewards Checking: With tiered interest rates and the potential to earn up to 3.30% APY, the Rewards Checking account is perfect for those looking to grow their savings. However, interest is not earned on balances over $50,000, and there is a $50 initial deposit requirement. Domestic ATM fee reimbursements are also included, and there are no overdraft fees. Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus
  • CashBack Checking: Want to earn money as you spend? The CashBack Checking account offers up to 1% cash back on signature-based purchases. Plus, enjoy no monthly fees, unlimited domestic ATM reimbursements, and check writing.

Axos Bank also offers specialized checking accounts for specific needs.

  • First Checking: For teens aged 13-17, this checking account is a great way to start managing their finances. With a 0.10% APY on all balances, $12 in monthly domestic ATM reimbursements, and no monthly fees, young people can learn the importance of saving and managing money. There is also a daily transaction limit of $100 cash and $500 debit.
  • Golden Checking: Designed for individuals 55 years and older, the Golden Checking account offers a 0.10% APY on all balances, free checks, a low initial deposit requirement, and up to $8 in monthly domestic ATM reimbursements. This account is perfect for seniors looking for a simple, low-cost solution for their banking needs.

Axos Bank Savings Accounts

High-Yield Savings Account

The Axos Bank high-yield savings account offers the potential to earn 0.61% APY on balances under $25,000. As the account balance increases, the interest rate decreases. You earn 0.25% APY for balances between $25,000 and $100,000 and 0.15% APY for balances above $100,000.

Opening an account requires a $250 deposit, and there are no ongoing balance requirements or monthly maintenance fees. Customers can also request a free ATM card, which is not commonly available with savings accounts.

For higher APYs, check out our best savings accounts.

Money Market Account

The Axos Bank High Yield Money Market account offers check-writing privileges and a free ATM card. The account requires an initial deposit of $1,000 and offers an interest rate of 0.25% APY on all balances. This is much lower than most online banks. Additionally, there are no monthly fees, making it a cost-effective option for managing your funds.

For higher APYs, check out our best money market accounts.


CD rates are currently set at 0.20% APY across all terms, which range from three months to five years. To open a CD account with Axos Bank, you’ll need to deposit at least $1,000. However, there are no monthly fees associated with these accounts.

When a CD reaches maturity, it will automatically renew. Customers have a 10-day grace period during which they can close it, withdrawing funds, or adding more money, without penalty. However, if you withdraw funds from a CD before it matures, you may be subject to early withdrawal penalties of up to 24 months’ worth of interest, depending on the term of the CD.

All Axos Bank accounts are FDIC-insured up to $250,000 per depositor, per ownership category. However, overall, you can find much better rates for savings accounts, money market accounts, and CDs at other online banks.

Additional Services from Axos Bank

In addition to its personal bank account options, Axos Bank also offers a range of other financial services. These include:

  • New mortgages
  • Mortgage refinancing
  • Home equity loans and lines of credit
  • FHA and VA loans
  • Auto loans
  • Personal loans
  • Managed investment portfolios
  • Business and commercial banking and lending solutions


At Axos Bank, customers enjoy the benefits of low fees and a wide range of services. The bank has built a reputation for its affordable checking and savings accounts, which come with no monthly maintenance fees and no minimum balance requirements.

Convenient access to cash is also a top priority at Axos Bank. With a vast network of over 90,000 fee-free ATMs across the country, customers can withdraw cash with ease, regardless of where they are.


Axos Bank offers a variety of features to make banking more convenient for its customers. Some of the most notable features include:

  • Mobile banking: Customers can access their accounts and conduct transactions using the bank’s mobile app, which is available for both iOS and Android devices.
  • Bill pay: Online bill pay allows for seamless management of bills and payments directly from the customer’s account.
  • Direct deposit: Paychecks and other deposits can be automatically deposited into the customer’s account, eliminating the need for physical deposit slips.
  • Mobile check deposit: Customers can deposit checks into their accounts using the bank’s mobile app.
  • Fund Transfers: The online banking platform enables customers to easily transfer funds between their own bank accounts or to other financial institutions.
  • Account balances and transaction history: Customers can view account balances and transaction history online or through the mobile app.
  • Online banking: The bank’s online platform gives customers access to their accounts and the ability to conduct transactions at any time, from anywhere.

24/7 Customer Service

At Axos Bank, there are various methods for customers to get in touch with the bank. They are available to be called round-the-clock, every day of the week, except for Thanksgiving Day and Christmas Day. Moreover, customers can send secure messages via the bank’s online platform.

In addition to these options, customers have access to Evo – an AI-powered virtual financial assistant, who is ready to assist with any banking-related queries and help manage accounts with ease.

If you have any common questions regarding Axos Bank’s products and services, their FAQ section, how-to videos, and ATM locator are there to provide quick answers.

Bottom Line

In conclusion, Axos Bank shines as the ideal option for customers who want a digital banking experience with competitive interest rates, low fees, and an array of account options. Its exclusive online model allows for reduced overhead costs, thereby enabling these benefits to be passed on to customers.

Axos Bank delivers competitive rates, low fees, and convenient digital services making it the preferred choice for online banking.

Frequently Asked Questions

Is Axos a legit bank?

Yes, Axos Bank is a publicly traded online bank that is insured by the FDIC up to $250,000 per depositor, per ownership category.

What is the minimum deposit required for an Axos Bank account?

Axos Bank does not have a minimum balance requirement for its Essential Checking, Rewards Checking, First Checking, High Yield Savings, and High Yield Money Market accounts. However, the Cashback Checking account requires an opening deposit of $50 and a minimum balance of $1,500 to earn 1% cash back on signature purchases.

If the minimum balance is not met, customers will earn 0.50% cash back on these transactions. The Golden Checking account requires a $50 minimum deposit to open and a $1,000 minimum deposit is needed to open and maintain an Axos CD.

Can I receive my paycheck early with Axos Bank?

Yes, with an Essential Checking account from Axos Bank, customers are eligible to receive their paychecks up to two days early through direct deposit express. The ability to receive early paychecks is dependent on the support and funding from the payer.

Does Axos Bank have physical branches?

No, Axos Bank is an online-only bank with access to approximately 91,000 fee-free ATMs across the U.S.

Does Axos Bank use Zelle?

Yes, Axos offers Zelle as a convenient way for customers to send and receive money quickly and securely using just an email address or U.S. mobile phone number.

Is Axos Bank FDIC insured?

Yes, Axos Bank is insured by the FDIC (FDIC No. 35546) and deposits are protected by the federal government up to $250,000 per depositor, per ownership category, in the event of a bank failure.

How can I reach Axos Bank customer support?

Personal banking customers of Axos Bank can contact support through the mobile app, send a secure message through their online account, or call 844-999-2967.

Meet the author

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