Axos Review: Customer-Centered Digital Banking
Written by
Andrew Lisa
Edited by
Nupur Gambhir
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Flexible Accounts With Strong Digital Perks
Axos Bank is an online-only bank offering a broad lineup of checking, savings, and CD accounts, along with business banking options. Known for low fees, flexible account choices, and a robust digital platform, Axos appeals to customers who want convenience without giving up everyday features.
Axos is a familiar name in best-of digital banking roundups, and for good reason. Founded in 2000, the online bank has spent more than two decades building a reputation around low fees, competitive earning potential on everyday accounts, and a strong digital experience. Standout perks include a robust mobile app and unlimited ATM fee reimbursements, which can add real value for people who bank on the go.
Why Axos Excels as an Online Bank
Axos was one of the first online banks and has grown into one of the most trusted digital-first institutions. It offers full-service banking without branches, fast account opening, and a fee-friendly structure, along with everyday tools like mobile check deposit, bill pay, and budgeting features. Strong security protections and extra FDIC coverage add peace of mind, while low overhead allows Axos to offer some of the highest yields in the industry — including competitive rates on both savings and checking.
Why Axos Is a Good Option for Seniors
Despite having no physical branches, Axos Bank stands out as a strong option for older adults who want simple, low-cost digital banking. Its Golden Checking account is designed exclusively for customers ages 55 and up and focuses on keeping fees low while offering practical, easy-to-use features.
Account holders get no monthly maintenance fees, interest on all balances, free personal checks, and monthly ATM fee reimbursements. Everything is managed in one clean, intuitive app that includes bill pay, spending and savings insights, P2P payments, and free credit monitoring. Strong security tools and access to phone support help make the experience feel both modern and reassuring for seniors who want convenience without complexity.
Why Axos Is a Strong Fit for Students
Axos’ digital-first approach makes it a solid choice for students who want affordable, mobile-friendly banking without extra fees. Accounts come with low or no opening deposit requirements, no monthly maintenance fees, early direct deposit, and ATM fee reimbursements, along with simple budgeting tools to help manage spending. Axos also offers a dedicated teen checking account, making it easy for younger students to get started with banking in a safe, app-based environment.
Who Axos Bank Is Best For
With high yields, low fees, multiple account options, and a streamlined digital platform, Axos Bank appeals to a wide range of customers. It’s especially well suited for people who prefer online-only banking, families helping teens open their first accounts, seniors looking for simple, low-cost checking, and students who want mobile-friendly tools without monthly fees. Axos also works well for yield-focused savers and customers who like bundling checking and savings accounts to maximize value.
Axos Checking Accounts
Axos offers a trio of checking accounts to meet different user needs, aside from the senior and teen offerings.Â
- Axos ONE: This bundled account offers up to on savings deposits
- Essential Checking: Best for direct deposits, this account offers early access to paychecks and unlimited ATM fee reimbursement
- Rewards Checking: High-balance customers can use this account to earn up to 3.3% APY, despite a $0 minimum deposit requirement
Best For
Students
Seniors
No Fees
High APYs
Online Banking
Hassle-Free Checking Features
All three Axos checking accounts have no minimum opening requirements and zero monthly maintenance, overdraft, or non-sufficient funds fees. All come with helpful digital tools and everyday features that make managing your money simple, flexible, and stress-free.
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- No monthly or overdraft fees
- Competitive APYs on select accounts
- No minimum opening deposit
- ATM fee reimbursement available
Cons
- No physical branch access
- Top APYs require meeting conditions
- Rewards vary by account type
Quick Take
Axos’ lack of physical branches is its main drawback, but that’s typical for digital-first banks. We like Axos Checking because it offers no fees, multiple account options, competitive APYs, no minimum deposits, paper checks, and ATM fee reimbursements.
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Axos Savings Accounts
Axos also offers a variety of savings accounts with different features to meet different needs. According to the St. Louis Fed, the average savings rate is 0.39%, which makes Axos deposit accounts truly high-yield offerings.
- Axos ONE: Bundled with a APY checking account, deposits in this account yield up to with expanded FDIC insurance and up to two days early payday
- Summit Savings: Offers a still highly competitive on all balances in a simple, no-fee savings account
- First Savings: This free account offers a low interest rate and is aimed at teens and their parents
Best For
Students
Seniors
No Fees
High APYs
Online Banking
Savings Built Around You
Axos savings accounts offer industry-leading APYs, low opening requirements, and seamless digital access, giving you a straightforward way to grow your balance while keeping your money secure.Â
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- High interest rates compared with many competitors
- No monthly maintenance fees
- No minimum opening deposit required
- FDIC-insured funds
Cons
- No physical branches for in-person support
- Limited third-party ATM access
- Digital-only communication may not suit all users
- Variable rates can change with market conditions
Quick Take
Axos offers something-for-everyone savings options, with no maintenance fees or minimum balance and opening deposit requirements on all deposit accounts. Even lower-yielding accounts offer APYs near the market’s highest.Â
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Axos CD Accounts
Axos CD accounts offer the kind of predictability some savers like, with fixed rates and a wide range of term options. But when you look around at what other banks are paying right now, the rates feel hard to justify. Plenty of CDs still offer yields above 3%, and some are well north of 4%. By comparison, Axos’ flat across all terms doesn’t give you much reason to lock up your money for as long as five years.
Where Axos does come through is on simplicity and convenience. You get terms ranging from three months to five years, no exposure to market ups and downs, and full access to Axos’s digital tools and customer support.
Best For
Students
Seniors
No Fees
High APYs
Online Banking
Safe and Simple — With Trade-Offs
Axos CDs offer fixed terms, predictable returns, and low opening minimums, making it a straightforward option for savers who want FDIC-insured stability.
Fees
No monthly service fee
APY
Min Opening
$1,000
Pros
- Predictable, fixed interest rates you can count on
- A range of term lengths from short-to-long
- No exposure to market ups and downs
- Full suite of Axos digital banking tools and customer support included
Cons
- Rates are low compared with many competing CDs
- Not ideal for savers focused on maximizing yield
Quick Take
Despite an unremarkable yield, Axos CDs are available in more than a half-dozen terms, are fee-free, and are housed on the app with your other accounts. However, low-balance customers should note a $1,000 minimum opening requirement.
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Banking Experience
The Axos banking experience does not include branches, but this absence is offset by the following features.Â
- A highly rated app that earns 4.7 stars with more than 16,000 reviews on the Apple App Store and 4.5 stars with nearly 9,000 reviews on Google Play
- 24/7 virtual chat
- P2P services for sending and receiving money to and from friends
- Free account monitoring
- Available phone support
- Nationwide network of nearly 100,000 free ATMsÂ
How Axos Compares With Other Banks
Here’s how Axos stacks up against a trio of competitors.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
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Fees
No monthly service fee
$0
None
APY
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APY
to
N/A
Min Opening
Min Opening
Min Opening
$0
$0
$0
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MOST COMPARABLE
MOST COMPARABLE
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No monthly service fee
$0
None
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APY
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Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
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No monthly service fee
No monthly service fee
Early withdrawal penalty may apply
APY
APY
APY
Up to
Up to
Min Opening
Min Opening
Min Opening
$1,000
$0
$500
Axos vs. Ally
Ally is another well-rated, digital-first bank with a strong reputation among online customers. However, its lineup is more limited. Ally offers just one checking account and one savings account, while Axos provides multiple options in each category and also supports business banking. Where Ally does pull ahead is in its CD offerings, which tend to be more competitive than Axos’s, even though Axos offers more flexibility across everyday account types.
Axos vs. SoFi
SoFi is an online-only platform known for offering a wide range of financial products and services, more than most digital banks. That said, its savings rate includes a promotional boost that expires after six months. Once the promotion ends, the ongoing yield is still competitive, but less generous than Axos’s top savings option.
Axos vs. Capital One
Capital One has made a strong push into online banking, backed by polished digital tools and one of the better mobile apps in the space. Its savings account stands out for having no fees or minimum balance requirements, but its ongoing yield is generally lower than what Axos offers at the top end.
Final Take
Axos offers yields on both savings and checking accounts that are nearly unrivaled, and the digital-only bank has an impressive variety of accounts to suit different needs. Despite not having branches, Axos provides a full-service banking experience that is especially suitable for seniors, students, yield hounds and teens.Â
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 30, 2025.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
