Banking » Bank Review » Axos Bank Review: Competitive Rates, Great Experience
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Axos Bank Review: Competitive Rates, Great Experience

While Axos Bank operates as an online bank, it is full service and offers a variety of accounts to suit most private customers and small businesses

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

Axos Bank Review

Axos is one of the oldest online only banking services around. It has been operating since 2000 and it continues to grow offering more services for both individuals and businesses. The bank is based in San Diego, CA and is a subsidiary of Axos FInancial. While the bank does have three locations, it operates online for most customers.

The bank acquired Nationwide Bank in 2018, which grew Axos Bank by $3 billion in deposits and added 40,000 customers. The bank also acquired WiseBanyan, the no fee robo advisor, which can benefit Axos bank customers.

While Axos Bank operates as an online bank, it is full service and offers a variety of accounts to suit most private customers and small businesses. So, here we’ll delve into Axos Bank to help you determine if it offers accounts that meet your needs.

Axos_Financial logo

On Axos Secure Website

Account Types

– Savings Account
– Checking Account
– CDs
– Axos Invest

No Minimum Deposit



Bank Reputation - Customer Ratings, Financial Strength

  • A+ on BBB BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 3.5/5 on WalletHub ( +1100 reviews) –  overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power Research – We considered J.D. Power’s national banking satisfaction study 2020.

J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest bank in the country. It covers customer satisfaction, products,  fee structures, digital customer experience, transparency and more.

JD Power National Banking 2020

Here are the main products Axos offers for savers:

Savings Account

Axos_Financial logo

Initial Deposit

No minimum deposit

Minimum Balance




If you’re looking to grow your savings and start working towards your savings goals, Axos Bank has a number of options.

High Yield Savings Account: This is more than a basic savings account that you would find with other online banks. It not only offers a high yield of 0.61% APY, but has a number of other features. For example, you can request a free ATM card, but there are no monthly maintenance fees. Interest is compounded daily and there are no minimum balance requirements. Additionally, this account provides access to a variety of online money management tools.

CDs: Axos Bank also offers CDs (Certificates of Deposit) which vary in term from three to 60 months. You will need a $1,000 minimum deposit in order to open an account. This is higher than many other banks, but there are no maintenance or set up fees, free electronic interest transfers and auto renewal with a 10 day grace period. All CDs are FDIC insured and the APY varies by term length, but you can expect up to 0.20%.

Checking Account


Initial Deposit

No minimum deposit

Minimum Balance



Up to 1.00%

There are five types of checking accounts available with Axos Bank. These are:

  • Essential Checking: This account has no monthly fee or overdraft fees. There is no minimum balance requirement and you can enjoy unlimited domestic ATM fee reimbursements. Axos Bank can also allow you to receive direct deposit funds up to two days early.
  • Rewards Checking: The Reward Checking account has a $50 minimum balance and it offers all the benefits of Essential Checking, but there is a higher APY of Up to 1.00%. However, to receive the full rate, you need to use your Axos debit card for 10+ transactions a month and receive at least $1,000 a month by direct deposit.
  • CashBack Checking: This account offers 1% cash back on all shopping purchases requiring a signature. It has no monthly fees and offers unlimited check writing privileges.
  • First Checking: This is designed for children aged 13 to 17 to help them learn good money management skills. The account offers 0.10% APR with no monthly or overdraft fees. There are daily transaction limits and parents can also impose account restrictions.
  • Golden Checking: This account is open to people aged 55 plus. There is a $50 minimum balance, but you’ll earn 0.10% APR on any balances.

All checking accounts provide access to the Axos Bank digital tools including online bill pay, and free mobile banking.

Money Market Account


Initial Deposit

No minimum deposit

Minimum Balance




The Axos Bank Money Market account is a great option if you want to save money and maximize your funds. It offers a 0.25% APY with no monthly minimum balance requirements or monthly maintenance fees. There is a $1,000 minimum balance required to open an account, but it offers debit card transactions and check writing privileges.

Axos Bank Pros and Cons

As with any financial institution, there are both positives and potential negatives associated with Axos Bank. It is important to be aware of both sides before deciding if this is the right choice for you.

While it operates almost exclusively online, Axos Bank is a full service bank offering savings, checking and money market accounts, in addition to CDs, investment options and loans for both individuals and small businesses.

Since Axos does not have its own ATM network, customers receive unlimited domestic ATM fee reimbursements. The only restriction is on Golden checking accounts, which have a cap of $8 for fee reimbursements each month.

The CD rates from Axos Bank are at best average. The rates are just above the national average for short term, but a little below on terms over 12 months.

Axos checking and savings accounts attract no monthly fees. 

In fact, only the Golden Checking and CashBack accounts have overdraft or non sufficient fund fees. This makes Axos an inexpensive banking option for most users

Although Axos Bank has three locations, these are not for customer use, the bank operates entirely online. 

So, if you’re looking for a bank where you can get help from an in person teller, Axos is not the right option for you

Other Bank Features

In addition to the variety of accounts, Axos Bank has a number of other features including:

  • Mobile App: The Axos Bank app provides all the features of Axos online banking. You can make mobile deposits by photographing both sides of a check and downloading it to the app. The app is available for both Android and iOS devices.
  • Digital Banking Tools: The Axos Bank dashboard offers a variety of tools including online bill pay and a No Hassle Switch Kit that is a step by step checklist for a stress free process to switch from another bank.
  • Axos Premier: If you qualify, you may be invited to join the private Premier program. This offers exclusive rewards including 24/7 access to account concierge, direct access to a personal relationship manager, no lender fees for home loans, expedited service and higher limits for ATM and point of sale transactions and transfers.
  • Axos Invest: This is a no fee robo advisor service offering fully automated investing. You can use this to create investment accounts and tailored portfolios. There are no fees and no minimum balance requirements.
  • Customer Support: You can access customer support by live chat, email or phone. Personal banking live support is available 24/7 excluding Christmas Day and Thanksgiving. For most other banking services, support is available Monday to Friday during standard business hours.
  • Account Security: Axos Bank accounts are FDIC insured and there are a variety of account security protocols including automatic log out, account monitoring, antivirus protection, two step authentication and 128 bit SSL encryption.

Axos Bank FAQs

Is Axos Bank legit and safe?

Yes, Axos Bank is a legit financial institution that carries FDIC insurance. You can enjoy full service banking with the reassurance of a secure online platform, where you can manage all aspects of your accounts.

You can also enjoy the convenience of the Axos app which is available on Android and iOS.

Is Axos bank a real bank?

Axos is certainly a real bank. While it is a purely digital bank, it has been operating since 2000 and is a subsidiary of Axos Financial. So, you can enjoy full banking services as you would with a traditional bank. The difference is that since it does not need to cover the cost of branches, you can enjoy competitive rates.

Is Axos Bank a good bank overall?

Axos Bank is a good way to move your banking activities online. There are checking, saving and investing options with competitive rates and minimal fees.

While there are no physical locations, you can enjoy great customer support, making Axos Bank a great choice for most customers.

Which is better Axos Bank or Chime?

While Chime does offer no monthly maintenance fees, the main advantage of this platform is that you can pay friends using the mobile app. This makes it a less comprehensive banking service compared to Axos, where you can choose a variety of accounts with competitive rates.

So, unless you frequently need to send money to your friends, you are likely to find Axos Bank far more appealing for your day to day banking needs.

Is Axos Bank better than Ally bank?

Although Ally Bank does offer no account minimums and good interest rates, Axos offers a wider variety of products and access to a large no fee ATM network. Additionally, Axos Bank has a solid online presence, which makes it easier to access services.

Axos Bank also has extended banking hours and no foreign transaction fees and low requirements to waive the monthly fees. So, in most cases, Axos Bank will be a better option.

Bottom Line

Axos Bank is a great option for those who are looking for access to a wide variety of financial services and products, yet don’t require in person assistance. While this bank may not offer the highest interest rates among online banks, the rates are typically higher than what you can find at local banks.

Some of the Axos Bank checking accounts offer some fantastic benefits including cash back and fee free banking. It is also a full service bank, so you can access personal and auto loans, mortgage financing and other financial products.

So, if you’re fairly tech savvy and want access to a variety of accounts, Axos Bank is worthy of consideration.