Axos Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.6

Bankrate Score

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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 people 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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    4.9
  • CDs
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    3.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    Overall

    4.6

    Bankrate Score

    Axos Bank is celebrating its 20th anniversary. It has checking accounts, a savings account, a money market account and CDs.

    What we like

    • There isn’t a monthly fee or minimum balance requirement for the Essential Checking account.

    • The High Yield Savings account doesn’t have a maintenance fee.

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

    • Checking accounts include the ability to schedule automatic bill payments, and make peer-to-peer payments.

    What we don't

    • The APYs offered on savings and checking accounts are modest, at best.

    • 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.

    • Fee-free ATM withdrawals are capped at two to eight transactions, depending on account type. For unlimited, no-fee ATM access, premier membership is required.

    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 an option to consider — especially for those incurring overdraft fees at their current bank. The account has no overdraft fees and it also features unlimited ATM fee reimbursements in the U.S.

    The Essential Checking account helps you get your paycheck two days earlier.

    There’s no minimum amount needed to open an account and no monthly service fee.

    Axos Bank customers have access to Apple Pay.

    Other checking options include the interest-bearing Rewards Checking, which requires a $25 initial deposit, CashBack Checking and Golden Checking.

    The Rewards Checking earns an impressive APY. But you’ll need to earn it through direct deposit and debit card transactions.

    With the Rewards Checking, new funds are required and you’ll need to have direct deposits of $1,000 or more and use your Axos debit card at least 15 times per month to get the maximum APY. Each debit card transaction must be at least $3 to count toward this total.

    CashBack Checking allows users to earn up to $2,000 per month in cash back.

    Golden Checking is for those 55 or older. It comes with free checks, it doesn’t have a minimum balance requirement and Axos Bank will reimburse Golden Checking customers up to $8 per month for ATM fees incurred in the U.S.

    What we like

    • The Essential checking has no overdraft fees.

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

    • Tiered-rates allow all balances to earn a competitive yield.

    • No monthly fees.

    What we don't

    • CashBack checking account requires a $1,500 minimum balance to earn the maximum cash back.

    • The Golden Checking only allows up to $8 of domestic ATM fees to be reimbursed per month.

    Savings accounts

    4.9

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Axos offers the High Yield Savings account, which allows you to earn a competitive APY. You’re able to get an ATM card upon request. You won’t be able to get an ATM card at every online bank. So those looking for this feature might want to consider Axos Bank.

    You’ll need at least $250 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 everyone gets the APY regardless of balance.

    • An ATM card is available for the Axos High Yield Savings.

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

    What we don't

    • Since there are no rate tiers, you’re not rewarded with a higher APY for depositing more money in the account.

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

    Money market accounts

    4.9

    Bankrate Score

    The High Yield Money Market account is the highest-yielding option.

    The High Yield Money Market account has check-writing privileges.

    What we like

    • The APY on this account is competitive.

    • The Money Market Plus reimburses domestic ATM fees twice per month.

    • The money market account has check-writing privileges.

    • All balances with a High Yield Money Market account earn the same APY.

    What we don't

    • There may be higher APY money market accounts available.

    CD rates

    3.6

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    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.

    • Axos Bank offers CD terms that will work for most short and long-term financial goals.

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

    What we don't

    • Other online banks pay higher yields.

    • No special types of CDs are currently available.

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

    Bank experience

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

    The bank’s mobile app is highly rated on iOS. While nothing stands out in its mobile banking app, you can use the app to take care of basic tasks, such as check balances and view and activate cash back offers.

    The bank shines in customer service hours: you can reach customer service agents 24 hours a day, seven days a week. Christmas and Thanksgiving are the exceptions to this.

    About Axos Bank

    Axos Bank is a digital bank that was founded in 2000. It is the banking subsidiary of Axos Financial, Inc. It offers specific banking products to Nationwide customers on the Nationwide website. Axos Bank has its headquarters in San Diego.

    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 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. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has 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