Axos Bank Review: Checking, Savings and CDs
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- Certificates of deposit
- Banking experience
- Overdraft fees
Overall institution rating
Axos Bank, formerly called Bank of Internet USA, is an online bank that does away with many fees and offers something that's somewhat rare: rewards checking. As an online-only bank, Axos doesn’t have in-person customer service options, though it does provide a 24/7 phone line, automated online chat, secure online messaging and Twitter. If in-person customer service isn’t important to you, consider giving Axos Bank a closer look.
Best for: Customers who can meet the many requirements to earn interest on the checking account, are comfortable with online-only customer service and would benefit from unlimited ATM fee reimbursements.
- Excellent checking rates and rewards.
- No monthly fees for checking or savings.
- Domestic ATM fee reimbursements.
- No branches.
- CD and savings rates are low for an online bank.
4.0/5 NerdWallet rating
A free account with a so-so APY. The High Yield Savings account charges no monthly fees and doesn't have a minimum balance requirement, though you’ll need a $250 deposit to open the account. It also has a middling 0.61% annual percentage yield for balances under $25,000. Balances between $25,000 and $99,999.99 earn 0.25% APY, and balances over $100,000 earn 0.15% APY. You can find much better rates at other online banks.
» For great APYs, here are our picks for the best high-yield online savings accounts.
5.0/5 NerdWallet rating
A free account with unlimited ATM fee reimbursements. You don't have to worry about keeping a minimum balance with Axos' Rewards Checking. As with the bank's other checking accounts, there are no monthly fees, and all fees charged by domestic ATM operators are reimbursed. Axos doesn't charge any ATM fees itself.
A high APY if you can meet the requirements. Rewards Checking earns an annual percentage yield of up to 3.30% on balances up to $50,000, if certain requirements are met.
When you receive $1,500 or more in monthly direct deposits, you earn 0.40% APY. If you complete that requirement, you can earn additional interest in the following ways, for a total of 3.30% APY:
Make 10 qualifying debit card purchases per month or sign up for the online Account Aggregation/Personal Finance Manager tool: 0.30% APY.
Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios investing account: 1% APY.
Maintain an average daily balance of $2,500 per month in an Axos self-directed trading investment account: 1% APY.
Make a monthly Axos consumer loan payment using Rewards Checking: 0.60% APY.
Alternatively, customers can earn cash back instead of interest with one of the bank’s other checking accounts. The CashBack Checking account gives you up to 1% cash back (depending on your balance) on debit card transactions that require a signature. Note that we didn’t rate the CashBack Checking account and did not factor it into our overall rating of the bank.
» Interested in other good checking options? See NerdWallet’s best online checking accounts.
1.5/5 NerdWallet rating
A wide range of CD term lengths. You can open Axos CDs with terms from three months to five years. But the bank’s rates are low; you can find better CD yields at other online banks.
A somewhat high minimum opening deposit. Axos CDs also have a $1,000 minimum opening deposit. Although this amount is in line with national banks, many online banks have lower minimums. Synchrony, for example, doesn't require a minimum balance to open a CD and offers better rates.
» To compare CDs, check out the strongest CD rates this month.
Convenient remote customer service options. Axos Bank’s call center provides around-the-clock phone support. Because Axos doesn’t have any branches, you’ll have to handle your banking online, over the phone or via automated chat.
Wide access for cash deposits but potential fees. Axos uses a third-party service, Green Dot, to let customers add cash to their accounts or reload debit cards at retailers such as 7-Eleven and CVS Pharmacy. It costs up to $4.95 per deposit. You can also make deposits at some of Axos Bank’s 91,000 in-network ATMs.
No overdraft fees. The Essential and Rewards checking accounts don't charge overdraft or nonsufficient funds fees. Transactions are simply declined unless you enroll in one of the bank’s overdraft programs.
Customers can opt into overdraft coverage. Axos' overdraft programs include the option to set up free automatic transfers from a savings account to your checking, which would occur only if your balance goes negative. There's also an overdraft line of credit.
But the bank’s other checking account, the CashBack account, charges a $25 nonsufficient funds fee, with a limit of three charges per day.
How does Axos Bank® compare?
Axos Bank® High Yield Savings
SoFi Checking and Savings
CIT Bank Platinum Savings
Citizens Online Savings Account
With $0 min. balance for APY
With $0 min. balance for APY
With $5,000 min. balance for APY
With $0.01 min. balance for APY
Earn up to $250 with direct deposit. Terms apply.
at CIT Bank
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.