Checking accounts

Although Axos Bank offers several checking account products, the Rewards Checking is the one we will be highlighting in this review. The Rewards Checking account by Axos Bank comes with a handful of benefits typically not offered at most banks, especially on a checking account.

For starters, with your Rewards Checking account, you can earn up to APY on your balances. This is a higher rate than most savings accounts, which are known to earn more interest. Most banks will only give you a 0.01% APY on your checking account balances to give you some perspective.

In addition to the impressive interest, the Rewards Checking account also gives you unlimited domestic ATM fee reimbursements, which means you’ll never have to pay a fee to withdraw money from an out-of-network ATM.

Finally, the Rewards Checking by Axos Bank doesn’t charge any overdraft fees, monthly maintenance fees, and has no minimum monthly balance requirements other than a $50 minimum when you first open the account.

It’s worth mention that to get the APY, you’ll need to receive at least $1,000 in monthly direct deposits and use the Axos Visa Debit Card at least 15 times per month.

Other checking account products by Axos Bank

Axos Bank offers a variety of checking accounts, all with great benefits, including:

  • Essential Checking: No fees, get your paycheck up to two days early, unlimited ATM fee reimbursement
  • Rewards Checking: Up to APY, no fees, no non-sufficient fund fees, unlimited ATM fee reimbursement.
  • CashBack Checking: Up to 1.00% cash back on all transactions that require a signature, no fees, unlimited ATM fee reimbursement. 
  • Golden Checking (Age 55+): Free personal checks, no fees, 0.20% APY on all balances, no minimum balance requirements, up to $8.00 ATM reimbursement per month.
  • First Checking (Ages 13 – 17): 0.25% APY on balances, no fees, no non-sufficient fund fees, up to $12.00 ATM reimbursement per month.

Savings accounts

Axos Bank’s High Yield Savings account offers a healthy APY of on balances over . The interest you can earn in this account is significantly higher than the national average, which tends to stick around 0.06% APY.

The High Yield Savings account by Axos Bank also comes with a free ATM card upon request, no maintenance fees, and no monthly balance or deposit requirements. You can start earning  in interest as soon as you make the minimum deposit of .

Money market accounts

The High Yield Money Market account by Axos Bank lets you earn APY on your savings. You’ll also enjoy other benefits, including:

  • Check-writing privileges
  • Debit card transactions
  • No monthly maintenance fees
  • No minimum balance requirements

Like most money market accounts, you get the benefit of earning higher-than-average interest on your savings with the flexibility of a checking account. The Axos Bank High Yield Money Market account is no different.

You’ll need to deposit at least to open an account. This minimum deposit is considerably high, especially when compared to other banks. However, once the account is open, there are no more balance requirements and you can enjoy the healthy interest your money is going to earn.

Certificate of deposits (CDs)

Axos Bank has CD terms available from 3 to 60 months and requires a $1,000 minimum deposit to open an account.

Many banks have similar opening deposit requirements, with some as high as $5,000 and others as low as $0. For example, Ally Bank doesn’t have a minimum deposit requirement for opening a CD.

Currently, most of Axos Bank’s CDs will only pay a modest 0.20% APY. It’s easy to find better CDs at many competitor banks, with some offering up to 1.00% APY or more.

Banking experience


The Investor Post rating

Axos Bank provides a great banking experience. For starters, the bank has 24/7 customer service. You can contact an agent via phone or chat at any time or day.

The mobile app and website are both clean and easy to use. The app lets you bank on-the-go and is available on both the App Store and Google Play.

The biggest downside to Axos Bank is that they only have two physical branch locations because they are an internet bank. However, they make up for this by offering unlimited ATM fee reimbursement in the U.S.

Rating methodology

To give you the most trustworthy and accurate information, The Investor Post takes an objective and unbiased approach to the way we rate banks and credit unions. We first take a weighted average of several categories, including checking, savings, CDs, money market, and banking experience. We look at several other factors within each category, including rates and fees, branch and ATM access, technology, customer service, and account features or limits. We average these factors into a star rating between one star (poor) and five stars (excellent).

About the author

Joshua Mayo is the founder of The Investor Post, runs a self-branded YouTube channel, and is an avid investor and entrepreneur.