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.
Feb 9, 2022

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Overall bank rating

Axos Bank®

at Axos Bank®, Member FDIC

  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

3.5

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.

Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from Axos’ overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.

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

Savings

Member FDIC

4.0

/5
 NerdWallet rating 
APY
0.61%
With $0 min. balance for APY
Learn more

at Axos Bank®

A free account with a strong 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 healthy interest rate of 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.

» For more great APYs, here are our picks for the best high-yield online savings accounts.

Axos Bank® Rewards Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.25%
With $0 min. balance for APY
Bonus
$100
Requirements to qualify
Learn more

at Axos Bank®

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 1.25% 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 1.25% 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: 0.20% APY.

  • Maintain an average daily balance of $2,500 per month in an Axos self-directed trading investment account: 0.20% APY.

  • Make a monthly Axos consumer loan payment using Rewards Checking: 0.15% APY.

Alternatively, customers can earn cash back on another account. 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 NerdWallet’s best online checking accounts.

Axos Bank® CD
Axos Bank® CD

CD

Member FDIC

2.0

/5
 NerdWallet rating 
1-year APY
0.20%
3-year APY
0.20%
5-year APY
0.20%
Minimum deposit
$1,000

A range of CD term lengths. You can open Axos CDs with terms from three months to five years. And while some of its APYs exceed the national averages, 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.

» To compare CDs, check out the strongest CD rates this month.

Banking experience

4.5

NerdWallet rating 

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 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.

Penalty for outsize CFPB complaints: NerdWallet deducted 0.5 star from Axos’ overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more information about this penalty, see our methodology page.

Overdraft fees

4.5

NerdWallet rating 

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.

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

Axos Bank® High Yield Savings

Savings

Member FDIC

4.0

/5
 NerdWallet rating 
APY
0.61%
With $0 min. balance for APY
Learn more

at Axos Bank®

A free account with a strong 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 healthy interest rate of 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.

» For more great APYs, here are our picks for the best high-yield online savings accounts.

How does Axos Bank® compare?

Current Product

NerdWallet rating 

4.0

/5
NerdWallet rating 

5.0

/5

APY

0.61%

With $0 min. balance for APY

APY

1.60%

With $0 min. balance for APY

Bonus

N/A

Bonus

$200

Requirements to qualify

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. How we rate banks, credit unions and other financial service providers.