Axos Bank Review: Checking, Savings and CDs
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- Checking
- Checking
- Savings
- Savings
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.3
Axos Bank, formerly called Bank of Internet USA, is an online bank that does away with many fees and offers accounts that are somewhat rare: rewards checking and a combination checking and savings account. As an online-only bank, Axos doesn’t have in-person customer service options, though it’s accessible through a 24/7 phone line, automated online chat, secure online messaging and social media. If in-person customer service isn’t important to you, consider giving Axos Bank a closer look.
Best for: Customers who want a rewards checking or a combination checking and savings account, can meet requirements to earn the highest APYs, are comfortable with online-only customer service and would benefit from access to a vast ATM network.
Pros
- No monthly fees.
- Large, free, nationwide ATM network.
- 24/7 customer service by phone.
- Overdraft buffer.
- Competitive rewards checking account.
Cons
- Low rates on CDs.
- No branch access.
- Requirements must be met to earn strong checking and savings rates.
Full review
Axos Bank
Checking
Checking
Member FDIC
5.0
/5 NerdWallet ratingNo fees. The ONE Checking account from Axos is part of the bank’s combined checking and savings bundle. It's a more straightforward offering compared to the bank’s rewards checking account. With ONE Checking, there is no monthly fee and no minimum balance requirement. There’s also no minimum deposit required to open an account.
Potentially challenging requirements to earn interest. To earn the 0.51% APY, you’ll need to meet a couple minimums each statement cycle: You must receive at least $1,500 total in direct deposits and your average daily account balance must be at least $1,500.
The Axos ONE account is the checking account factored into our overall rating of the bank.
» Check out another combination checking and savings account in our SoFi Review.
Checking
Checking
Member FDIC
4.9
/5 NerdWallet ratingA 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 activate the 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. And while we did rate the Rewards Checking account, it did not factor into our overall rating of the bank.
» Interested in other good checking options? See NerdWallet’s best online checking accounts.
Savings
Savings
Member FDIC
4.2
/5 NerdWallet ratingat Axos Bank®
A free account with a good APY. This savings account is part of the Axos ONE combination account. Like its checking counterpart, the ONE savings account doesn’t charge a monthly fee and doesn’t have a minimum opening deposit requirement.
Must meet checking account requirements to get the higher-tier APY. The ONE savings account’s higher-tier 4.86% APY is on par with the best savings accounts. But you’ll need to meet the same requirements necessary to earn interest with the checking account: Receive at least $1,500 total in direct deposits and maintain an average daily account balance of at least $1,500. Without meeting the requirements, your balance will earn 1.00% APY. That’s higher than what traditional big banks offer, but not competitive with the best savings accounts.
The Axos ONE account is the savings account factored into our overall rating of the bank.
» For more great APYs, see our picks for the best high-yield online savings accounts.
Savings
Savings
Member FDIC
3.9
/5 NerdWallet ratingA free account that earns a little interest. 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. You can find better rates at other online banks, but this APY is better than the national average rate of 0.43%.
Balances between $25,000 and $99,999.99 earn 0.25% APY, and balances over $100,000 earn 0.15% APY.
Certificates of deposit
CD
Member FDIC
1.4
/5 NerdWallet ratingA 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.
Customer experience
4.5
NerdWallet ratingConvenient 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.
Overdraft fees
4.8
NerdWallet ratingNo overdraft fees. The Essential, Rewards and ONE checking accounts don't charge nonsufficient funds or overdraft fees. The bank decides whether it will allow a transaction that would overdraw your account to go through. If it does let an overdraft happen, the overdraft amount must be paid back immediately.
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 CashBack account charges a $25 nonsufficient funds fee, with a limit of three charges per day.
How does Axos Bank® compare?
Current Product
Axos ONE® Savings Member FDIC | SoFi Checking and Savings Member FDIC | CIT Bank Platinum Savings Member FDIC |
---|---|---|
NerdWallet rating 4.2 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.86% With $0 min. balance for APY | APY 4.00% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus N/A | Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at Axos Bank® | Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
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.