Axos Bank Review: Checking, Savings and CDs

Axos Bank is an online institution that offers rewards on checking, as well as ATM fee reimbursements and a solid APY on savings. However, its rates on CDs could be better.
Tony ArmstrongJul 27, 2021

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Overall bank rating

Axos Bank®

at Axos Bank®, Member FDIC

  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line: 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 want high-yield savings and checking accounts, are comfortable with online-only customer service and would benefit from unlimited ATM fee reimbursements.

Pros

  • Excellent checking rates and rewards.
  • No monthly fees for checking or savings.
  • Domestic ATM fee reimbursements.

Cons

  • No branches.
  • CD rates are low for an online bank.

Full review

Axos Bank® High Yield Savings

at Axos Bank®, Member FDIC

4.0

NerdWallet rating 

at Axos Bank®, Member FDIC

APY

0.61%

With $0 minimum balance

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 healthy interest rate of annual percentage yield for balances under $25,000. Balances between $25,000 and $99,999.99 earn APY, and balances over $100,000 earn APY.

» For more great APYs, here are our .

Best Checking Account for High Interest

Axos Bank® Rewards Checking

at Axos Bank®, Member FDIC

5.0

NerdWallet rating 

at Axos Bank®, Member FDIC

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

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. Rewards Checking earns an annual percentage yield of up to 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 APY:

Another option, the bank’s CashBack Checking, gives you up to 1% cash back (depending on your balance) on debit card transactions that require a signature.

» Interested in other good checking options? Read about .

Axos Bank® CD

Axos Bank® CD

2.0

NerdWallet rating 
1-year APY

0.20%

3-year APY

0.20%

5-year APY

0.20%

Minimum Deposit

$1,000

You can open Axos CDs with terms from three months to five years. And while most of its APYs exceed the national averages, you can find better CD yields at other online banks.

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.

» To compare CDs, check out the .

Banking experience

4.5

NerdWallet rating 

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 chat. 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.

Overdraft fees

4.5

NerdWallet rating 

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. These 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.

However, the CashBack account charges a $25 nonsufficient funds fee, with a limit of three charges per day.

Axos Bank® High Yield Savings

at Axos Bank®, Member FDIC

4.0

NerdWallet rating 

at Axos Bank®, Member FDIC

APY

0.61%

With $0 minimum balance

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 healthy interest rate of annual percentage yield for balances under $25,000. Balances between $25,000 and $99,999.99 earn APY, and balances over $100,000 earn APY.

» For more great APYs, here are our .

How does Axos Bank® compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.61%

With $0 minimum balance

APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING METHODOLOGY

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.