Axos Bank Review: Is It the Right Bank for You?

GOBankingRates Score

Our Take: Axos provides checking and savings accounts with no monthly maintenance fees, plus a wide network of no-fee ATMs — if you don’t mind working with an online-only bank.
  • Fees
  • Mobile App/Digital Experience
  • Opening Deposit Requirements
  • Ease of Use
How did we calculate this?


  • Free checking and savings accounts
  • Rewards of up to $2,000 per month when you have a CashBack Checking account
  • Minimal balance requirements
  • Free checks for the first order
  • Unlimited ATM fee reimbursement with Essential and Rewards checking accounts


  • No physical branches
  • Low-interest yields

About Axos Bank

Axos Bank began as Bank of Internet USA in 2000. The financial institution’s early goal was to provide customers with banking access 24/7. It took two years to develop Axos’ comprehensive online/mobile customer platform, known as Universal Banking, which launched in 2018. Account holders can manage their accounts and loans through the full-featured app.

Axos Bank’s sole office is in Las Vegas, and it expanded its financial services by partnering with H&R Block and providing mortgages to Costco members. Besides banking and loans, Axos offers business, commercial and industrial banking services. In addition, GOBankingRates named Axos Bank one of the Best Online Banks of 2021 in its annual Best Banks rankings.

Axos Bank Products

Axos provides customers of all financial tiers with a variety of quality bank accounts and loan products.

Axos Bank Review: Products
  • 6 checking account types including Private Client Checking for higher balances
  • Waived maintenance fees
  • Interest checking
  • Cash-back checking
  • High-yield savings
  • High-yield money market
  • $250 opening minimum
  • InsureGuard+ savings accounts provides multi-million dollar FDIC coverage
Money Market
  • No minimum balance requirements
  • No monthly maintenance fees
  • Currently earns 0.25% APY
Certificates of Deposit
  • Up to 0.20% APY
  • Terms of 3 to 60 months
  • $1,000 minimum
Personal Loans
  • Auto, debt consolidation and more
  • Personal loans of $5,000 to $35,000
  • Funds within two days of approval
Home Loans
  • No lender fees
  • Mortgages and refinancing
  • Home equity loans and lines of credit

Not sure which product may be best for you? Here’s a deep dive into the Axos Bank products highlighted above.

Axos Bank Checking Accounts

Axos Bank’s six different no-maintenance-fee checking accounts are each designed for a specific type of banking customer. Essential checking is the bank’s basic account. Rewards checking is a higher-yield-interest account. Golden and First checking accounts provide free banking for adults age 55 or older and teens ages 13 to 17, respectively.

Rewards and CashBack checking may be Axos Bank’s most unique accounts. You can earn up to a 1.00% annual percentage yield with a Rewards account and 1% back on any CashBack account transactions that require a signature, such as brick-and-mortar store purchases you sign for when you pay with your debit card. Individuals with $250,000 in cash qualify for Private Client Checking, which comes with a free Visa credit card and a variety of travel perks.


  • No monthly maintenance fees
  • ATM fee reimbursements
  • Open account with as little as $50
  • Early direct deposit


  • GOBankingRates ranked it one of the Best Checking Accounts of 2021.
  • APYs ranging from 0.20% to 1.25% on Rewards accounts and checking accounts for seniors or youth
  • 1% cash back on signature transactions with Rewards Checking
  • Solid online banking and mobile app


  • Cash deposits not available

Compare Axos Bank to other top checking accounts to determine if it’s the best choice for you.

Axos Bank Savings Account

Axos offers many of the same high-yield savings options you’d find from the best banks. Regardless of the balance you keep in your account, you can earn up to 0.61%. You can manage your accounts and run reports using the Axos website or mobile app.


  • $250 minimum opening deposit
  • No monthly maintenance fees
  • Free ATM card


  • GOBankingRates ranked it the Best Savings Account of 2021.
  • No fees or minimum balance requirements
  • Switch ATM card on or off from app
  • Multi-million-dollar FDIC coverage with InsureGuard+


  • APY could be better
  • No higher rates for higher balances

Axos Bank Money Market Account

The best money market accounts provide you with the flexibility of growing your savings while still paying occasional bills from the same account. Axos Bank’s money market will earn you 0.25% APY — nearly the same amount of interest as you get would from the savings account.


  • Check-writing and debit card transactions allowed
  • No monthly maintenance fees
  • No balance requirements



  • $1,000 minimum opening amount

Axos Bank CD Account

A certificate of deposit is a good way to save a set amount of money at a guaranteed interest rate. The rate typically depends on the money you’re willing to invest, and you’ll need to shop around to find the best CD rates. Axos Bank provides CDs with seven different term lengths and a minimum deposit of $1,000.


  • 0.20% APY on all terms and balances
  • Terms of three months to five years
  • Free interest transfers


  • No setup, maintenance or transfer fees
  • Seven terms, including a short, three-month period
  • Auto renewal with a 10-day grace period


  • Considerably lower rate than the high-yield or money market account

Banking Experience

Axos provides a generally pleasing banking experience. Some of the selling points include:

Customer Service

Axos Bank may not have branches and in-person tellers available, but you can still get help from a customer service representative by calling 844-999-2967. You can also reach out to Evo, Axos Bank’s virtual assistant, via chat.

Accessibility and Branch Availability

There are no branch locations available. The lack of physical offices may be a dealbreaker for some, especially if you regularly deposit cash. If that’s the case, you may want to shop around for another bank.

Mobile and Digital Experience

Axos Bank’s mobile app is designed to provide you with all the banking and finance features you can think of. Here are the most recent Axos Bank reviews of the mobile app:

  • Google Play: 3.4 out of 5 stars, 843 votes
  • Apple Store: 4.7 out of 5 stars, 1.3 thousand votes

Some of the top Axos Bank mobile app features are:

  • Customizable dashboard
  • Mobile app check deposits
  • Document access and downloads
  • Two-factor authentication for the utmost security

Convenience and Ease of Use

Online banking allows you to handle most of your bill payments and banking anytime day or night, including holidays. The Axos Bank app and website load quickly and are simple to navigate for a user-friendly experience.

How To Open an Account

Axos Bank claims you can open an account in 15 minutes. Before you get started, make sure you have the following information:

  • Government-issued photo ID
  • Social Security number
  • U.S. address (no P.O. boxes)

Key Information

Axos Bank Fees

The secret to Axos Bank’s popularity may be its no-fee structure for some of the most commonly used bank features. There are no monthly maintenance, check order, incoming wire transfer or ATM fees to worry about. Some fees to watch out for are:

  • Outgoing domestic wire transfers: $35
  • Outgoing international wire transfers: $45
  • Non-sufficient funds: $25 each, maximum $75 per day

Axos Bank vs. Competitors

Here’s how Axos Bank compares to other low-fee online banks:

Bank Fees Best Features
Axos Bank
  • Monthly Maintenance: $0
  • Overdraft: $25 (max $75 per day)
  • Wide variety of accounts
  • High-yield interest rates
Ally Bank
  • Monthly Maintenance: $0
  • Overdraft: $25 (max $25 per day)
  • No account minimums
  • User-friendly mobile app
  • Monthly Maintenance: $0
  • Overdraft: $0
  • No fees to worry about
  • Simple, basic mobile banking
  • Monthly Maintenance: $0
  • Overdraft: $0
  • Business accounts
  • Commercial lending

Axos Bank vs. Ally Bank

Axos and Ally are closely matched, with both having a low number of fees. Axos Bank has more account options than Ally. Ally is best when you’d like to open a bank account with no minimums.

Axos Bank vs. Chime

Chime goes neck-and-neck with Axos. Both banks have full-featured, user-friendly platforms and no-fee banking. Axos beats Chime on financial services — Axos’ selection is more comprehensive.

Axos Bank vs. Azlo

Comparing Azlo Bank to Axos is like comparing apples to oranges. Both banks have a no-fee structure for different purposes. Axos Bank primarily focuses its banking services on individuals, although commercial and business banking is also available. Azlo Bank solely provides businesses with banking products.

Final Take

Axos is a great online bank with enough account options for a wide variety of customers. Whether you’re just starting out with a basic checking account or you’d like to manage a larger balance, you’ll be able to grow with Axos.

Axos Bank makes online banking simple and manageable. In addition, many accounts are free, with no maintenance fees, overdraft charges or ATM transaction costs. Opening an account only takes 15 minutes and little to no money. Sign up for an Axos bank account today.

Editor’s Favorite

Having access to a free high-yield savings and checking account may be Axos Bank’s best feature. Your money will earn interest based on the balance of either account.


Although the basic idea behind a checking account can be simple to understand, there are still many common questions surrounding them, in part because there are so many different kinds. Here are the answers to some of the most frequently asked questions regarding checking accounts.
  • Is Axos Bank FDIC insured?
    • Axos Bank is insured by the FDIC. In addition, InsureGuard+ expands coverage into the millions of dollars.
  • Is Axos Bank prepaid?
    • No. Axos Bank is an online-only bank. You’ll have a checking and/or savings account you can access.
  • Does Axos Bank deposit early?
    • If you have trouble stretching your dollars through to the end of the month, you’ll be relieved to hear that Axos pays your direct deposits early. The bank claims you’ll receive your deposits up to two days early.
  • What time does Axos Bank deposit?
    • Deposits depend on when they were received. If they were made on a weekday before 3:00 PM Pacific Standard Time, they will post the same day. Otherwise, they will post the next business day, although Axos Bank doesn’t specify at what time. Mobile-deposit funds are available within five business days.
  • Does Axos Bank offer free money for signing up for an account?
    • Referring friends can earn you each $20 when your referral opens an account. A recent past Axos promotion paid a $50 bonus for opening an Essential Checking account, so it’s possible that other bonuses will be available in the future.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 2, 2020.

This content is not provided by Axos Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Axos Bank.

Is this your bank?

Stay Up to Date on the Latest From Your Bank

Keep a good thing going with top financial tips and advice from GOBankingRates.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

Thank You For Signing Up!

Get ready to receive top financial tips from the experts at GOBankingRates.

Take Advantage of our Best Offer(s)

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.