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Axos Bank 2021 review

Benefits explained

  • Comprehensive banking services: Axos Bank is a full-service online bank with checking, savings and money market accounts, as well as certificates of deposit (CDs), loans and investment options.
  • Reimbursement of ATM fees: As it does not have its own ATM network, Axos customers benefit from unlimited national ATM fee refunds with Rewards, Cashback and Essential checking accounts. Golden chequing accounts receive up to $ 8 fee reimbursement per month.
  • Less monthly fees: There are no monthly fees with Axos savings and chequing accounts. Only Essential, Rewards, First, and Golden chequing accounts have insufficient fund charges or overdraft fees.

Disadvantages Explained

  • No physical branches: Axos Bank operates entirely online. Customers receive reimbursement for ATM fees, but Axos is not the right choice if you are looking for in-person help from a bank teller.
  • Average CD prices: Axos Bank’s CD rates are average at best. Its rates are just above the national average for shorter terms but below the average for terms over 36 months. Axos CD’s rates are well below what you find with other online banks.
  • Lower savings rates: While Axos Bank’s rate for its high yield savings account is higher than the national average, it is much lower than what other online banks offer.

Who is Axos bank for?

Axos Bank is expected to appeal to consumers looking for a full-service online bank. This may be suitable for customers who want:

  • Earn interest or rewards with a checking account
  • Open a current or savings account with no monthly account maintenance fees
  • Benefit from a competitive rate on savings
  • Do the majority of their banking online
  • Open a current account online for a child
  • Get unlimited reimbursement of ATM fees

What does Axos Bank offer?

Although strictly an online bank, Axos Bank offers a plethora of bank account options and services.

  • Savings account
  • Check accounts
  • Money market account
  • CD

Find out more about each type of account offered by Axos Bank below.

Savings account

Axos bank High yield savings earns considerably more interest than you’ll find at your local bank, but it’s still not as much as some of the best high yield savings accounts. It requires an initial minimum deposit of $ 250 to open an account, but there are no monthly minimum balance requirements after that.

Other features of the Axos savings account include:

Axos Bank’s savings account allows six transactions per monthly billing statement, excluding withdrawals and transfers made by mail or ATM.

Check accounts

Essential check is the standard Axos Bank current account. It does not earn interest or rewards. It offers benefits such as Express Direct Deposit, which allows you to be paid up to two days in advance.

This checking account comes with unlimited national ATM fee refunds and there are no minimum monthly balance requirements. With Axos Bank’s Essentiel chequing account, you will never pay:

  • Overdraft fees
  • Insufficient fund charges
  • Monthly maintenance fees

Axos bank Checking rewards is a laddered interest rate account that earns up to 1.00% APY. It has no fees or minimum balance requirements, and it’s easy to open, with only a minimum deposit of $ 50 required. There are three conditions for reaching the highest APY:

  • Monthly direct deposits of $ 1,500 or more will earn 0.4%
  • By using your debit card for at least 10 transactions of at least $ 3 per month, or by signing up to Personal Finance Manager, you will earn 0.3%
  • Having a managed portfolio account with an average daily balance of $ 2,500 or more will earn 0.1%
  • Having a self-directed trading account with an average daily balance of $ 2,500 or more will earn 0.1%
  • Using your Rewards checking account to make a fully monthly payment on an Axos consumer loan will earn you 0.1%

Typically, cash back rewards are for credit cards only, but Cash Back Verification Axos Bank is the exception. Customers earn up to 1% cash back on all signature-based purchases. Other features of CashBack Checking accounts include:

  • Unlimited reimbursement of domestic ATM fees
  • Unlimited check writing privileges
  • No monthly maintenance fees
  • Access to mobile banking services

Do you want to teach your kids responsible money management skills? You can do this with a First check Axos Bank account. This is a common bank account for children aged 13 to 17 that includes:

  • An APY of 0.25%
  • Up to $ 12 in domestic ATM fee reimbursement per month
  • No overdraft fees
  • No insufficient fund fees
  • No monthly maintenance fees

Gold check is designed for people aged 55 and over. With only an initial deposit of $ 50 required, this interest-bearing checking account has a lot to offer, including:

  • Up to 0.10% APY
  • Monthly reimbursement of domestic ATM fees of $ 8
  • Free personal checks
  • No monthly maintenance fees

Money market account

The High yield money market Axos Bank accounts combine high yield interest with the convenience of a checking account. An account comes with check writing privileges and a debit card. He earns 0.25% APY regardless of the balance amount.

There is a minimum balance of $ 1,000 required to open a money market account, but there are no monthly balance requirements after that. It also doesn’t have a monthly maintenance fee. High Yield Money Market Accounts have access to mobile banking services through the Axos mobile app, including mobile check deposits.


If you are looking to increase your savings, consider Axos Bank CDs. CDs allow customers to get predictable returns on their money over a long period of time. The interest earned on Axos CDs is much lower than what you will find at many other online banks. Opening an Axos CD account requires a minimum deposit of $ 1,000. The duration of the CD varies from three months to five years, depending on your needs. Axos Bank CDs are supplied with:

  • Up to 0.20% APY
  • No setup costs
  • No maintenance costs
  • An automatic renewal option
  • Free electronic interest transfers

Note: Like most banks, Axos Bank charges early withdrawal penalties to customers who withdraw funds, other than interest earned, before the CD matures. Penalties are based on the duration of the CD.

Here are the conditions and prices of Axos Bank CDs.

Conditions and prices of the Axos CD
terms Rates
Three months 0.20%
Six months 0.20%
One year 0.20%
Two years 0.20%
Three years 0.20%
Four years 0.20%
Five years 0.20%

Other financial products offered by Axos Bank

Beyond traditional banking solutions for individuals, Axos Bank offers a wide range of other offers:

  • Auto loans
  • Personal loans
  • Buy mortgages
  • Refinance Mortgages
  • Home equity loans and lines of credit
  • Federal Housing Authority (FHA) loans
  • Loans from the United States Department of Veterans Affairs (VA)
  • Automated placement options
  • Banking and credit solutions for businesses and businesses

Axos Bank customer service

Axos Bank takes customer service seriously, with 24/7 access for its customers. Personal banking support is available through:

  • Phone (1-888-502-2967)
  • Secure message (via an online account)
  • Mail
  • Mobile app

For added convenience, the Axos Bank mobile app is packed with useful features such as account access, fund transfers, online bill payment and mobile check deposits. The mobile app is available on iOS and Android. The Axos Bank website offers customer support options, including FAQs, calculators, helpful articles, and other tools. Axos Bank accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 per person.

How to bank with Axos Bank

You can open an Axos Bank account through its website. You will need the following personal information available when opening an account:

  • Valid driver’s license or state ID
  • Social Security number
  • Valid U.S. mailing address (no PO boxes)

Applicants must be a U.S. citizen or resident alien at least 18 years of age. For First Checking accounts, children must have a parent or guardian who is at least 18 years of age as a co-owner of the account.


Axos Bank offers a way to move most of your banking transactions online. There is a lot to like about this online banking, with options to verify, save, CD, invest, and more. Several checking account options offer customers the opportunity to earn interest or cash back rewards. Axos Bank’s Rewards Checking account doesn’t have the highest APY among online banks, but it’s enough to make opening an account worth it as part of a banking plan overall online, and there are almost no fees charged. Not having a physical location can be a drag for some customers, and those looking for competitive CD prices should look elsewhere.


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