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.
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 has the somewhat rare offering of rewards checking. Because it’s an online bank, Axos’ customer service options are mostly remote — including a 24/7 phone line, online chat, secure online messaging and Twitter — but if that’s not a concern for 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
No monthly fees for checking or savings.
Domestic ATM fee reimbursements.
Excellent checking rates and rewards.
Cons
Only 2 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. It also has a healthy interest rate of 0.61%. You’ll need a $250 deposit to open this account.
» For more great APYs, here are our picks for online banks.
Best Checking Account for High Interest
at Axos Bank®, Member FDIC
5.0
NerdWallet ratingat Axos Bank®, Member FDIC
Monthly Fee
$0
APY
1.25%
With $0 minimum balance
You don't have to worry about your balance with Axos' Rewards Checking, and like the bank's other checking accounts, there are no monthly fees. Plus, Rewards Checking reimburses all fees charged by domestic ATM operators, and doesn't charge any ATM fees itself. (The same goes for CashBack and Essential Checking.)
Rewards Checking earns an annual percentage yield of up to 1.25%, but to get this rate, you need to receive $1,000 or more in monthly direct deposits and make 15 debit card transactions a month. (CashBack Checking gives you up to 1% cash back on debit card transactions that require your signature, depending on your balance.)
» Interested in other good checking options? Read NerdWallet’s best online checking accounts.

Axos Bank® CD
2.0
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 all APYs exceed the national average rates, you can find better CD yields for those terms at other online banks.
Axos CDs also have a $1,000 minimum opening deposit. Although this is in line with national banks, many online banks have lower minimums. Barclays, 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
4.0
NerdWallet ratingAxos Bank’s call center provides around-the-clock phone support. But unless you're near one of the bank’s two branches, you’ll have to handle your banking online, over the phone or via chat. And Axos uses a third-party service, Green Dot, to let customers add cash to their accounts at retailers such as 7-Eleven and CVS Pharmacy. It costs up to $4.95 per deposit. You can also make deposits at any of Axos Bank’s 91,000 in-network ATMs.
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 only occur 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. It also has a healthy interest rate of 0.61%. You’ll need a $250 deposit to open this account.
» For more great APYs, here are our picks for online banks.
Best Checking Account for High Interest
at Axos Bank®, Member FDIC
5.0
NerdWallet ratingat Axos Bank®, Member FDIC
Monthly Fee
$0
APY
1.25%
With $0 minimum balance
You don't have to worry about your balance with Axos' Rewards Checking, and like the bank's other checking accounts, there are no monthly fees. Plus, Rewards Checking reimburses all fees charged by domestic ATM operators, and doesn't charge any ATM fees itself. (The same goes for CashBack and Essential Checking.)
Rewards Checking earns an annual percentage yield of up to 1.25%, but to get this rate, you need to receive $1,000 or more in monthly direct deposits and make 15 debit card transactions a month. (CashBack Checking gives you up to 1% cash back on debit card transactions that require your signature, depending on your balance.)
» Interested in other good checking options? Read NerdWallet’s best online checking accounts.

Axos Bank® CD
2.0
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 all APYs exceed the national average rates, you can find better CD yields for those terms at other online banks.
Axos CDs also have a $1,000 minimum opening deposit. Although this is in line with national banks, many online banks have lower minimums. Barclays, for example, doesn't require a minimum balance to open a CD.
» To compare CDs, check out the strongest CD rates this month.
4.0
NerdWallet ratingAxos Bank’s call center provides around-the-clock phone support. But unless you're near one of the bank’s two branches, you’ll have to handle your banking online, over the phone or via chat. And Axos uses a third-party service, Green Dot, to let customers add cash to their accounts at retailers such as 7-Eleven and CVS Pharmacy. It costs up to $4.95 per deposit. You can also make deposits at any of Axos Bank’s 91,000 in-network ATMs.
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 only occur 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 | BonusN/A | BonusN/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.