Editorial Review

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.

Tony ArmstrongJanuary 7, 2020

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Overall bank rating

Axos Bank™

at Axos Bank™,

Member, FDIC

  • Savings

    Savings

  • Checking

    Checking

  • CD rates

    CD rates

  • Banking experience

    Banking experience

  • Overdraft fees

    Overdraft fees

4.0

NerdWallet rating 

The bottom line: Axos Bank, formerly called Bank of Internet USA, is an online bank that does away with many fees and has the rare offering of rewards checking. Since it’s an online bank, Axos’ customer service options are all 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.

Pros

  • No monthly fees for checking or savings.

  • Domestic ATM fee reimbursements.

  • Excellent checking rates and rewards.

Cons

  • No branches.

  • CD rates mostly average for an online bank.

Full review

Axos Bank™ High Yield Savings

Axos Bank™ High Yield Savings

4.5

NerdWallet rating 
APY

1.30%

With $1 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 1.30%.

» For more great APYs, here are our picks for online banks.

Best Checking Account for High Interest

Axos Bank™ Rewards Checking

at Axos Bank™,

Member FDIC

5.0

NerdWallet rating 

at 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

Axos Bank™ CD

4.0

NerdWallet rating 
1-year APY

0.40%

3-year APY

0.40%

5-year APY

0.40%

Minimum Deposit

$1,000

You can open Axos CDs with terms from three months to five years. And while all APYs far 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

3.5

NerdWallet rating 

Axos Bank has a call center to provide around-the-clock phone support. But unless you're in San Diego and can visit the bank’s headquarters, you’ll have to handle your banking online or over the phone. And Axos uses a third-party service, Green Dot, which lets customers add cash to their accounts at retailers such as 7-Eleven and CVS Pharmacy. It costs up to $4.95 per deposit.

Overdraft fees

4.0

NerdWallet rating 

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. 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 and Golden accounts charge a $25 nonsufficient funds fee, with a limit of three charges per day.

Axos Bank™ High Yield Savings

Axos Bank™ High Yield Savings

4.5

NerdWallet rating 
APY

1.30%

With $1 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 1.30%.

» For more great APYs, here are our picks for online banks.

Best Checking Account for High Interest

Axos Bank™ Rewards Checking

at Axos Bank™,

Member FDIC

5.0

NerdWallet rating 

at 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

Axos Bank™ CD

4.0

NerdWallet rating 
1-year APY

0.40%

3-year APY

0.40%

5-year APY

0.40%

Minimum Deposit

$1,000

You can open Axos CDs with terms from three months to five years. And while all APYs far 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.

3.5

NerdWallet rating 

Axos Bank has a call center to provide around-the-clock phone support. But unless you're in San Diego and can visit the bank’s headquarters, you’ll have to handle your banking online or over the phone. And Axos uses a third-party service, Green Dot, which lets customers add cash to their accounts at retailers such as 7-Eleven and CVS Pharmacy. It costs up to $4.95 per deposit.

4.0

NerdWallet rating 

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. 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 and Golden accounts charge a $25 nonsufficient funds fee, with a limit of three charges per day.

How does Axos Bank™ compare?

APY

1.30%

With $0 minimum balance

APY

1.15%

With $0 minimum balance

Bonus

N/A

Bonus

$500

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.