Axos Bank Review 2022

Published January 2022 by Matthew Goldberg

AT A GLANCE
4.4

Bankrate Score

bank-logo
TOP OFFER
1.00 % APY
Checking account
$ 50
To open
$ 0
To avoid fees
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ATM fee refunds

High APYs

Rewards Checking

Axos Bank is good for consumers looking for a solid online bank with a wide network of no-fee ATMs.

  • Checking
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    4.7
  • Savings
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    4.9
  • MMAs
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    3.8
  • CDs
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    3.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    4.4

    Bankrate Score

    Axos Bank is an online bank that offers checking accounts, a savings account, a money market account and CDs.

    What we like

    • There is no monthly fee or minimum balance requirement for the Essential Checking account.

    • Essential Checking customers get unlimited ATM reimbursements in the U.S.

    • Axos Bank’s savings account pays a competitive rate.

    What we don't

    • You need at least $250 to earn interest with the High Yield Savings account.

    • Like many other online banks, there is no physical branch access.

    Checking accounts

    4.7

    Bankrate Score

    TODAY'S CHECKING RATES
    Axos Bank

    Member FDIC

    Checking account

    1.00 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    The Essential Checking account is worth considering for those looking for a low cost option. The account has no overdraft fees and it also features unlimited ATM fee reimbursements in the U.S. There’s also no minimum amount needed to open an account and no monthly service fee.

    The Essential Checking account provides access to direct-deposited funds up to two days early.

    Other checking options include the interest-bearing Rewards Checking, First Checking. CashBack Checking and Golden Checking.

    What we like

    • The Essential checking account charges no overdraft fees.

    • The Essential checking doesn’t charge a maintenance fee.

    • There are no monthly fees.

    What we don't

    • You won’t earn any interest with the Essential checking account.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Axos offers the High Yield Savings account, which pays a competitive APY. Unlike some other online banks, an ATM card is available upon request.

    At least $250 is needed to open the High Yield Savings account.

    There are no monthly maintenance fees or minimum balance requirements.

    What we like

    • There are no rate tiers on this account, so the APY is the same regardless of balance.

    • An ATM card is available.

    • The High Yield Savings doesn’t charge a monthly maintenance fee.

    What we don't

    • The $250 minimum opening deposit requirement is higher than the amount needed at some other banks.

    Money market accounts

    3.8

    Bankrate Score

    A deposit of at least $1,000 is required to open the High Yield Money Market account. Higher APYs can be found at some other online banks, but Axos pays above the average money market account. The High Yield Money Market account also has check-writing privileges.

    What we like

    • The APY on this account is better than average.

    • The money market account has check-writing privileges.

    What we don't

    • There are higher APY money market accounts available.

    • At least $1,000 is required to open an account.

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    0.70 % APY

    14mo

    Term

    $ 0

    Min. deposit

    Axos Bank offers seven terms of CDs across all standard terms ranging from three months to five years. You’ll need at least $1,000 to open one of these CDs.

    CDs automatically renew when they mature. Early withdrawal penalties vary depending on the length of the term. For example, with a 3-month or 6-month CD, the penalties for early exits are one and a half months of interest and three months of interest, respectively.

    What we like

    • Axos Bank offers CD terms ranging from three months to five years.

    • The $1,000 minimum deposit is lower than some other banks.

    What we don't

    • Other online banks pay higher yields

    • Part of the principal may be used to cover an early withdrawal penalty if not enough interest has been earned.

    Bank experience

    Axos Bank provides Essential Checking customers with quite a nice perk: unlimited ATM reimbursements in the U.S.

    The bank’s mobile app is rated well on iOS. While no single feature stands out in its mobile banking app, you can use it to take care of basic tasks, such as check balances and view and activate cash back offers.

    About Axos Bank

    Axos Bank is a digital bank that was founded in 2000 and is based in San Diego. It is the banking subsidiary of Axos Financial Inc.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth