Axos Bank Review: Checking, Savings and CDs

A free account with a so-so 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 middling 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. You can find much better rates at other online banks.

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 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 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: 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. Note that we didn’t rate the CashBack Checking account and did not factor it into our overall rating of the bank.

A 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.

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 automated chat.