Axos Bank is a full-service online bank that offers true no-fee checking. They’ll even reimburse an unlimited number of ATM fees charged by other banks. In addition to checking, they also offer savings and money market accounts, certificates of deposit (CDs), and IRAs. Unlike many online banks, they also offer mortgage financing, personal loans, and auto loans plus business banking.

About Axos Bank

Axos Bank was founded in 1999 as the Bank of Internet USA. Based in San Diego, California, it is a subsidiary of Axos Financial. The bank has $11.8 billion in total assets and operates in California, Nevada, Utah, Kansas, and Ohio. However, it operates primarily online, having only three branches, located in San Diego, Las Vegas, and Columbus, Ohio.

In 2018, the bank acquired $3 billion in deposits and 40,000 customers from Nationwide Bank. The same year, it acquired the no-fee robo-advisor WiseBanyan. As a result, it now offers its robo-advisor service, Axos Invest (which we’ll cover briefly in this review).

Axos Bank operates as a full-service, online bank, but also provides small business banking and commercial banking and lending.

Available Accounts at Axos Bank

Axos Bank Personal Checking Accounts

Axos Bank offers five personal checking account options:

Essential Checking

This is the Axos Bank free checking account. The account offers the following features:

  • No minimum monthly balance requirement
  • No monthly maintenance fees
  • No overdraft or non-sufficient funds fees

The account also comes with Direct Deposit Express, which enables depositors to get paid up to two days early with direct deposit.

Rewards Checking

Rewards Checking pays interest, but earning that rate will require meeting these conditions:

  • Receive monthly direct deposits totaling $1,500 or more
  • Use your Axos Visa Debit Card for a total of 10 transactions per month (with min of $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking
  • Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account
  • Maintain an average daily balance of $2,500 per month in an Axos Self-Directed Trading Invest Account
  • Use your Rewards Checking account to make your full monthly Axos consumer loan payment

Rewards Checking comes with the following benefits/requirements:

  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance required
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit
  • Only $50 to open an account

Cash Back Checking

With Cash Back Checking, you can earn up to 1% cash back on all transactions made with signature-based purchases.

The account also offers the following features:

  • Unlimited check-writing privileges
  • Unlimited domestic ATM fee reimbursement
  • No monthly maintenance fees

You must maintain a minimum average daily collected balance of $1,500 to earn 1% cash back, otherwise, the cashback benefit will drop to 0.50%. However, you can earn up to $2,000 per month in cash back on the account.

NOTE: Purchases made in supermarkets, superstores, grocery stores, wholesale stores, discount stores, the United States Post Office, and financial or money transfer institutions are not eligible for the cashback benefit.

First Checking

This is the Axos Bank checking account designed specifically for teenagers. It’s a no-fee account that works as a joint checking account between you and your child.

It offers the following features and requirements:

  • For teenagers, ages 13 to 17 years old (18 in Alabama)
  • Earns 0.10% APY
  • No monthly maintenance fees, overdraft fees, or non-sufficient funds fees
  • Provides up to $12 in domestic ATM fee reimbursements each month

There are daily transaction limits of $100 in cash and $500 for the debit card.

Golden Checking

Designed for those 55 and older, Golden Checking is an interest-bearing, no-fee checking account.

It comes with the following features and requirements:

  • Pays 0.10% APY on all balances
  • There is no minimum monthly balance requirement
  • No overdraft or non-sufficient funds fees
  • You’ll also be reimbursed up to $8 in domestic ATM fees each month
  • You’ll get one free box of 50 checks every six months
  • A minimum of $50 is required to open the account

Axos Bank Deposit Products

Axos Bank offers high-yield deposit accounts, as well as a wide range of certificates of deposit (CDs).

Axos High Yield Savings Account

The account pays 0.61% APY on balances under $25,000. It comes with the following features and requirements:

  • No monthly maintenance fees
  • No minimal balance requirements
  • $250 minimum opening deposit
  • Free incoming Wires
  • Zero Minimum Balance Requirement

Axos High Yield Money Market

The High Yield Money Market is a no-fee money market account, currently paying 0.25% APY on all account balances. The account comes with the following features and requirements:

  • A $1,000 minimum is required to open an account, then no monthly minimum balance is required
  • Check writing privileges
  • Debit card access
  • No maintenance fees

Axos Certificates of Deposit (CDs)

Axos Bank offers a series of CDs with terms ranging from three months up to five years. Certificates require a minimum of just $1,000 to open. There are no setup fees or maintenance fees, and CDs automatically renew with a 10-day grace period. Interest on CDs is compounded daily.

Early withdrawal penalties. If you withdraw funds from a CD before maturity, the early withdrawal penalty will be as follows:

  • CD term of three through five months: 1.5 months loss of interest.
  • Six months through 11 months: three months loss of interest.
  • 12 months through 23 months: six months loss of interest.
  • 24 months through 35 months: 12 months loss of interest.
  • 36 months through 47 months: 18 months loss of interest.
  • 48 months or greater: 24 months loss of interest.

Learn More: Best CD Rates

Axos Bank Features

Online Banking: As a fully operational online bank, all banking services are available through Online Banking.

Related: Best Online Banks

Axos Bank Mobile App: Provides all the features of Axos Bank Online Banking. You can also make mobile deposits by remotely depositing checks directly from your mobile phone, just by snapping a photo of the check, both front and back, and then downloading it onto the banking app. The mobile app is available for download on Google Play for Android devices 5.0 and up and on the App Store for iOS devices, including iPhones and iPads.

Learn More: Best Mobile Banking Apps

Online Bill Pay: Manage and pay all your bills through the Axos Bank dashboard.

Digital Banking Tools: If your account offers this feature, you’ll enjoy the following benefits:

  • Free Mobile Deposit enabling you to deposit checks from your computer or mobile device at any time
  • Mobile Banking
  • Online Bill Pay
  • No-Hassle Switch Kit provides you with a step-by-step checklist to make it easy and stress-free when switching from another bank

Axos Premier: If you qualify, you’ll be eligible for a private program, offering first-class service and exclusive rewards. Those will include the following:

  • Direct access to a personal relationship manager to handle all your banking needs
  • 24/7 access to account concierge for after-hours emergencies
  • Domestic ATM fee reimbursements
  • Expedited service and personal guidance
  • Beneficiary reviews
  • No lender fees on home loans
  • Higher limits on transfers, ATM transactions, and point-of-sale transactions

To qualify for Axos Premier, you’ll need to meet one of the following two requirements:

  • Open a deposit account with a minimum opening deposit of $500,000, or
  • Get a mortgage and open a deposit account with a minimum opening deposit of $250,000

Customer support: Customer service is available by phone, live chat, or email. For personal banking, live support is available 24 hours a day, seven days a week, excluding Thanksgiving Day and Christmas Day. For most other banking services, including loans and small business banking, live customer support is available Monday through Friday, during regular business hours. However, the home loan division is available from 7:00 am to 8:00 pm Monday through Friday, and from 8:00 am to 2:00 pm on Saturdays, all times Pacific.

Account security: All Axos Bank accounts are FDIC-insured for up to $250,000 per depositor.

The bank also employs the following measures to ensure the security of your account:

  • Two-step authentication, where they send a security code to your registered mobile device to access your account
  • 128-bit Secure Socket Layer (SSL) encryption to ensure your data remains private and secure
  • Antivirus and malware protection
  • Automatic logout
  • Account monitoring for potential fraud
  • Usernames and passwords are not shared with third parties

Axos Invest

Axos Invest offers a no-fee robo-advisor investment service provided by Axos Bank. It provides fully automated investing at no cost to you.

You can use the service to create investment accounts, including traditional and Roth IRAs, as well as SEP IRAs. You can even roll over old employer-sponsored retirement plans, like 401(k) and 403(b) accounts.

A tailored portfolio will be created for you, based on your answers to a questionnaire. Your portfolio will be constructed of exchange-traded funds (ETFs) invested in various asset classes. There’s even a Custom Portfolio feature that will allow you to select from dozens of asset classes to design your portfolio. But once created, it will be fully managed by Axos Invest.

And not only are there no fees to maintain your account, but the minimum initial investment is just $500 for the Managed Portfolio.

Axos Bank Business Banking

Axos Bank offers no fewer than five business checking and deposit accounts. And if you’re looking for a longer-term business savings, they also offer certificates of deposit.

Basic Business Checking

Axos Basic Business Checking is designed for businesses with modest checking account needs. It offers the following features:

  • Up to $200 Bonus: Open a business checking account by 08/31/2023 and get up to $200 when you use promo code NEWSBC on your application and maintain a minimum average daily balance of $10,000. Terms apply.
  • ADP Payroll Services – Axos clients receive 1st 4 months free
  • Zero monthly maintenance fees
  • Unlimited Transactions
  • Unlimited domestic ATM fee reimbursements
  • $0 Minimum Opening Deposit requirement
  • 2 Free Domestic Wires, monthly
  • Cash Deposit capability via MoneyPass and AllPoint networks

The first 200 items in your account each month are free, and then you’ll be charged $.30 per item thereafter. Items include debits, credits, or deposits.

Business Interest Checking

Axos Business Interest Checking currently pays 1.01% APY on all balances under $50,000 with no monthly maintenance fees ($10 per month if you don’t meet the balance requirement). But you must maintain a minimum daily balance of $5,000 to get the benefit of both. It has the following features:

  • Earn 1.01% APY*
  • Up to $200 bonus: Open a business checking account by 08/31/2023 and get up to $200 when you use promo code NEWSBC on your application and maintain a minimum average daily balance of $10,000. Terms apply.
  • $100 minimum opening deposit
  • Pay no monthly maintenance fee with an average daily balance of at least $5,000
  • Unlimited domestic ATM fee reimbursements
  • Enhanced Visa Debit Card Perks
  • ADP Payroll Services – Axos clients receive 1st 4 months free
  • Cash Deposit capability via MoneyPass and AllPoint networks

Business Savings

Pays 0.20% APY on all balance levels and has the following features and requirements:

  • $1,000 minimum opening deposit
  • Free image statements
  • Free online and mobile banking with remote deposit
  • $5 per month maintenance fee is waived with a minimum average daily balance of $2,500

Business Premium Savings

This is a true interest-bearing, no-fee business checking account. However, the account does require a $25,000 minimum opening deposit, and to earn the 0.20% APY, you’ll need a minimum average daily balance of $24,000.

The account has the following features:

  • No monthly maintenance fee
  • No average daily balance requirement fee
  • Free online banking
  • Free image statements
  • Remote deposits

Business Money Market

This account pays 0.20% APY on all balance levels. But it does require a minimum opening deposit of $1,000, then a $5,000 minimum average daily balance.

Business CDs and CD Deposit Account Registry Service (CDARS)

Business CDs are offered in terms ranging from three months to five years and require a minimum investment of $1,000.

If your total deposits with Axos Bank exceed the $250,000 FDIC insurance limit, you can still invest in CDs and enjoy that protection. Using the CDARS service, you can receive FDIC insurance for up to $50 million.

Other Business Services

Axos Bank offers the following additional business services:

  • Third-party payment processors
  • Title and escrow services
  • Analyzed business checking
  • Merchant services
  • Treasury management
  • Commercial lines of credit
  • Commercial term loans
  • Equipment Financing
  • Factoring
  • Commercial real estate bridge and construction lending
  • Lender financing
  • Residential warehouse lending
  • Small business commercial real estate loans

Axos Bank Personal Loan Programs

Mortgage Financing

Axos Bank is a full-service mortgage lender. They offer conventional mortgages, FHA loans, VA loans, jumbo and super jumbo loans, nonconforming loans, and even investment properties with five or more units. The bank also offers home equity loans and lines of credit (HELOCs).

You can apply for a loan online and get either prequalified or pre-approved. The bank charges a single lender fee of $995, but it will be either waived or reduced under the following conditions:

  • You have an Axos Bank checking account during the loan application process and the new mortgage is $250,000 or more, or
  • If the new mortgage loan is less than $250,000, the fee will be reduced by $200 if you open a new checking account during the loan application process

Personal Loans

Axos Bank offers personal loans with fixed monthly payments and no collateral requirement. Personal loans are available under the following terms:

  • Loan amounts from $5,000 to $35,000
  • Funding within two days of acceptance of final loan offer
  • Terms of 12, 24, 36, 48 and 60 months
  • Funds are deposited directly into your checking or savings account
  • You can check preliminary offers without impacting your credit score
  • There are no prepayment penalties

Auto Loans

Axos Bank offers auto loans with terms of up to 84 months. Loans are available for as little as $10,000 or as much as $90,000. Auto loans have no prepayment penalty. Loans are available for both purchase and refinance, and loan decisions are made within 24 hours.

Vehicles must have less than 125,000 miles and a minimum Kelly Blue Book retail value of $8,500. However, auto loans are not available for Saab, Oldsmobile, Suzuki, Isuzu, or Daewoo vehicles, or for commercial vehicles.

Interestingly, the bank does not permit the refinance of existing Axos Bank auto loans. Refinances are available only for auto loans held by other lenders.

Axos Bank Fees

Axos Bank does not charge monthly maintenance fees on many of its accounts. There are also no overdraft or non-sufficient funds fees. However, the bank reserves the right to not honor payment on a potentially overdrawn account. Customers do have the option to enroll in overdraft protection by linking accounts.

Other fees charged by the bank include:

  • Visa Debit Card foreign currency conversion rate: 1%
  • IRA closing or transfer fee: $35
  • Domestic wire fees: free for incoming and outgoing
  • International wire fees: free for incoming, $45 outgoing
  • Deposited checks returned: $10
  • Excess transaction or withdrawal fee: $10
  • Stop payment fee: $10 if requested online, $35 with live assistance

How to Open an Account with Axos

You can open an account with Axos Bank entirely online. But the specific application process will depend upon the type of account you are opening (deposit, loan, business banking).

You start the process by providing your full name, email address, and mobile phone number. You’ll then be asked to create a username and password.

To apply, you’ll need to provide the following:

  • You must be at least 18 years old
  • Your Social Security number
  • A valid form of ID, typically either a U.S.-issued drivers license or state ID
  • A valid U.S. address, not including a P.O. Box
  • You must be a U.S. citizen or resident alien

Axos Bank Pros and Cons

  • Full-service online bank — Axos Bank offers all banking products, including checking, savings, money market, CDs, and IRAs.
  • Many types of loans — Loan programs include mortgages, personal loans and auto loans.
  • Offers business banking services — Business banking is available for small businesses and the self-employed.
  • Earn up to $2,000 cash back on checking — Earn up to $2,000 cash back with the Cash Back checking account signature debit card purchases.
  • High Yield Savings — You can earn interest on your savings and the account has no monthly fees.

  • Interest checking calculation is complicated — Interest paid on Essential Checking requires meeting three conditions to get the full rate.
  • No credit cards offered — Axos bank does not offer credit cards, only debit cards.
  • Complicated to earn cash back rewards — Earning cashback on the CashBack checking account is a bit complicated. You must maintain a minimum average daily collected balance of $1,500 and common purchase categories, like grocery shopping, are not included.

Axos Bank FAQs

Does Axos Bank offer overdraft protection?

Yes, you can link either your savings account or money market to your checking account to provide overdraft protection. If overdraft protection isn’t provided, the bank has the option to refuse to cover a payment that will overdraw your account.

What ATM networks are included in the Axos Bank ATM network?

Axos Bank doesn’t have an ATM network, however fee reimbursement is offered on checking accounts for fees charged by other banks’ ATM networks. Some accounts offer unlimited fee reimbursement, while others reimburse on a limited basis.

Can I use my debit card outside the US?

Yes, a Visa Debit Card can be used anywhere a Visa card is accepted, which is pretty much everywhere, even internationally. There is a 1% fee for currency conversions in foreign currencies.

Should You Open an Account with Axos Bank?

Axos Bank doesn’t offer the highest interest rates available among online banks. However, the interest rates they pay are many times higher than what you’ll get at your local bank or credit union.

Some of their checking accounts also come with extra benefits. For example, the Cash Back checking account with cash back on signature purchases using your debit card. You can earn up to $2,000 cash back per month.

Another big advantage of Axos Bank is that it’s one of the few online banks that operate as a full-service bank. In addition to the usual deposit accounts, you can also use the bank for mortgage financing, personal loans and auto loans. And if you’re a business owner, you can take advantage of business banking services.

Axos Bank is designed for customers who are looking for the full range of banking services from an online bank, and not necessarily the highest interest rates available.


  • Kevin Mercadante

    Since 2009, Kevin Mercadante has been sharing his journey from a mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed slash worker accountant/blogger/freelance blog writer. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides Alt-retirement strategies for the vast majority who won't retire to the beach as millionaires. Kevin holds a Bachelor’s degree in Finance, and worked in accounting and the mortgage industry before becoming a writer.

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