Best Checking Account of 2019: Axos Bank

Watch your money grow with a Axos Bank Rewards Checking account.

A checking account enables you to deposit and withdraw funds at your convenience, and in the case of the best high-yield checking accounts, it allows you to earn interest on your funds, too.

To help you decide where to open a checking account for the greatest convenience and perks, GOBankingRates conducted its annual Best Banks study and determined the Best Checking Account of 2019 by comparing checking accounts based on the following factors:

  • Minimum opening deposit
  • Monthly fee for service
  • Minimum balance required
  • APY
  • Non-sufficient fund fee

Axos Bank’s Rewards Checking account is the Best Checking Account of 2019 thanks to its lack of checking account fees and high APY.

Why Axos Bank’s Rewards Checking Is the Best Checking Account of 2019

Axos Bank’s Rewards Checking offers the highest APY of all the financial institutions included in GOBankingRates’ Best Banks study at the time the research was conducted. What’s more, the free checking account also has no overdraft or non-sufficient fund fees, no monthly maintenance fees and no minimum balance requirements.

“Our Rewards Checking is a really unique product because it allows you to use any ATM in the nation and be systematically reimbursed for any fees incurred,” said Elise Yung, senior vice president of consumer deposits at Axos Bank, which recently changed its name from Bank of Internet USA. “That’s the freedom of banking on your own terms. This product also rewards you with up to 1.25% APY if you set up direct deposit of at least $1,000 each month and use your debit card 15 times or more. It’s really the best of both worlds: the convenience of a checking account with added rewards.”

Related: 10 Best Savings Accounts of 2019

Axos Bank Rewards Checking Gives You Access to Premium Digital Banking Tools

Axos Bank is an online-only bank, and it provides its customers with all the tools needed to seamlessly manage their Rewards Checking account digitally. The digital banking tools that come standard with this best online checking account include:

  • Free mobile deposit using your computer or mobile device
  • Mobile banking with the Axos Bank mobile app
  • Online bill pay
  • No-hassle switch kit to help you switch from your current bank

“An online checking account allows you to bank anytime, anywhere, on your own terms,” Yung said. “You have the power to control your finances at your fingertips. There’s no dependency on a branch, which means more freedom for you. And with our dedicated team of associates, there’s always help available when you need it.”

Earn More Interest: 10 Best CD Accounts of 2019

Why Switch to an Online Checking Account With Axos Bank?

If you’re currently checking with a big national bank, you could be paying too much in fees and losing out on potential interest.

“I think the biggest misconception is the idea that banking with an online bank means you no longer have that physical, face-to-face relationship with your banker — but when you think about it, most of us bank online,” said Yung. “We check our balances on our computer, we deposit our checks on mobile apps. The fundamental difference that we want our customers and prospects to understand is that in the world of brick-and-mortar banks, you pay a fee to enjoy the service of your bank. In the world of online banks, we pay you for the pleasure of serving you.”

In addition to offering one of the best bank accounts to open, Axos offers a full range of financial products including savings accounts, CDs, IRAs, mortgages, personal loans and auto loans.

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Methodology: To compile its list of the top 100 banks, GOBankingRates surveyed the FDIC’s list of banks sorted by asset size, excluding non-active institutions, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 100 banks includes 72 brick-and-mortar banks and 28 online-only banks according to the GOBankingRates database. No asset threshold was consulted for online-only banks.

Criteria for ranking: To determine its Best Checking Accounts category ranking, GOBankingRates scored each bank’s basic, personal checking account from most to least favorable on the following factors: (1) minimum deposit to open the checking account, (2) monthly maintenance fee, (3) minimum balance to avoid a fee, (4) annual percentage yield and (5) nonsufficient funds fee. Monthly maintenance fee and APY were weighted more heavily than other ranking factors, and accounts were then ranked by overall score.

Data was compiled from and verified against the individual institutions’ websites between Sept. 21 and Oct. 22, 2018. To determine the Best Banks of 2019, GOBankingRates considered the banks’ rates at the time the research was conducted; however, rates that appear in the articles are accurate as of today. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert.