Axos Bank Review: Checking, Savings and CDs
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Overall bank rating
4.0
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
at Axos Bank®, Member FDIC
4.5
NerdWallet ratingat 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 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.
at Axos Bank®, Member FDIC
5.0
NerdWallet ratingat 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 1.00% 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 1.00% 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: 0.10% APY.
Maintain an average daily balance of $2,500 per month in an Axos self-directed trading investment account: 0.10% APY.
Make a monthly Axos consumer loan payment using Rewards Checking: 0.10% 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 NerdWallet’s best online checking accounts.
Axos Bank® CD
3.0
NerdWallet rating1-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 strongest CD rates this month.
Banking experience
4.5
NerdWallet ratingAxos 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.
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 ratingThe 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.
at Axos Bank®, Member FDIC
4.5
NerdWallet ratingat 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 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.
at Axos Bank®, Member FDIC
5.0
NerdWallet ratingat 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 1.00% 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 1.00% 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: 0.10% APY.
Maintain an average daily balance of $2,500 per month in an Axos self-directed trading investment account: 0.10% APY.
Make a monthly Axos consumer loan payment using Rewards Checking: 0.10% 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 NerdWallet’s best online checking accounts.
Axos Bank® CD
3.0
NerdWallet rating1-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 strongest CD rates this month.
4.5
NerdWallet ratingAxos 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.
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.
4.5
NerdWallet ratingThe 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.
How does Axos Bank® compare?
Member FDIC | Member FDIC | |
|---|---|---|
APY0.61% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance |
BonusN/A | Bonus$100 Requirements to qualify | Bonus$200 Requirements to qualify |
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.
How we rate banks, credit unions and other financial service providers
