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Axos Bank Review 2024

Updated February 1, 2024
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
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CDs

Rating: 2.6 stars out of 5

Checking

Rating: 4.9 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 3.4 stars out of 5

About Bankrate Score

Overview

Axos Bank is good for consumers looking for an online bank with a free checking account and a wide network of no-fee ATMs.

Highlights

  • 24/7 Customer Service
  • ATM Fee Refunds
  • Reward Checking

Overall

Axos Bank is an online bank that offers a full range of deposit accounts. Its checking account stands out for its unlimited domestic ATM reimbursements and its lack of fees, yet its savings account earns rates that are lackluster. Check Axos Bank to see if they offer a bank account bonus before opening an account.

Pros

  • Checkmark Icon

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

  • Checkmark Icon

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

  • Checkmark Icon

    24/7 phone support is available.

  • Checkmark Icon

    Axos Bank customers have access to around 91,000 in-network ATMs.

Cons

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

  • It’s easy to find a higher rate on a savings account elsewhere.

  • Customers don’t have access to peer-to-peer payment tool Zelle.

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Do you have experience with Axos Bank? Let us know your thoughts.

Axos Bank banking products

5.0
/5
Rating: 5 stars out of 5
SCORE BREAKDOWN
APY offering:
4.86%
Rating: 5 stars out of 5
5/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Great
Rating: 5 stars out of 5
5/5
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FEATURES
Invest Rate Icon
0.61% – 4.86% APY
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Savings Icon
$0 minimum balance for APY
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$0 minimum deposit to open

Axos Bank savings overview

Axos’ High Yield Savings account has a tiered APY structure, with some of the rates being higher than the national average savings account rate. The portion of your balance under $25,000 earns the highest rate, while the amount over $100,000 earns the lowest.

A minimum of $250 is required to open the account, but there are no monthly maintenance fees. An ATM card is available upon request.

Pros

  • Checkmark Icon

    An ATM card is available.

  • Checkmark Icon

    The savings account doesn’t charge a monthly maintenance fee.

Cons

  • The APYs are significantly lower than what you can find elsewhere.

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

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Axos Bank
    APY
    APY
    Info Icon
    National average APY
    How do we get this data?
    Info Icon

Bank fees

Fee Charged?
Overdraft fee* None
Non-sufficient funds fee* $0
Monthly maintenance fee** None
Out-of-network ATM fee None
Excessive transaction fee $10

*for Essential Checking

**There may be some exceptions. For instance, the World Checking and World Savings accounts have a $30 monthly service fee if requirements to waive it aren’t met.

About Axos Bank

Axos Bank is a digital bank founded in 2000 and is based in San Diego. It is the banking subsidiary of Axos Financial Inc. and holds more than $20.8 billion in assets. Perks the bank provides include 24/7 phone support as well as a free checking account with unlimited domestic ATM fee reimbursement.

Bank experience

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

Customers can access their accounts through the Axos website or its mobile app to do things like pay bills, deposit checks and transfer funds, as well as check balances and account history. The bank’s mobile app is rated well on Google Play and on the Apple App Store.

Phone support is conveniently available on a 24/7 basis.

How Axos Bank compares to other banks

Compare different account types offered by Axos Bank. Annual percentage yields (APYs) shown were updated between Dec. 3, 2024 and Dec. 9, 2024.

Selected bank
Axos Bank savings account
Axos Bank Logo
Member FDIC
Bankrate score
Rating: 5 stars out of 5
5.0
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Most comparable
Vio Bank savings account
Vio Bank Logo
Member FDIC
Bankrate score
Rating: 3.3 stars out of 5
3.3
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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4.86% 1.10%
Minimum balance for APY
$0.00 $100.00
Estimated earnings
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$2,430 $550
Axos’ High Yield Savings account has a tiered APY structure, with some of the rates being higher than the national average savings account rate. The portion of your balance under $25,000 earns the highest rate, while the amount over $100,000 earns the lowest. A minimum of $250 is required to open the account, but there are no monthly maintenance fees. An ATM card is available upon request. Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account earns a very competitive yield, requires only $100 to open and doesn’t charge a monthly maintenance fee. The account doesn’t include check-writing privileges or a debit card.
  • An ATM card is available
  • The savings account doesn’t charge a monthly maintenance fee
  • The Vio Bank Cornerstone Money Market Savings Account earns a top-notch yield.
  • A minimum of only $100 is needed to open the account.
  • There’s no monthly service fee when you choose e-statements.
  • Vio Bank has phone customer service hours seven days a week.
    N/A
  • The APYs are significantly lower than what you can find elsewhere
  • The $250 minimum opening deposit requirement is slightly higher than the minimum amount at some other banks
  • Neither check-writing privileges nor a debit card are provided.
  • A $5 monthly maintenance fee is charged to those who opt for paper statements.
    N/A
APY offering:
4.86%
5/5
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Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Great
5/5
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APY offering:
1.10%
2/5
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Minimum balance for APY:
$100.00
4/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
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Access to funds:
Good
4/5
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Bankrate does not currently track additional product details for this bank.

Axos Bank vs. Ally Bank

As online-only banks, neither Axos nor Ally have branches you can visit. Moreover, both banks offer a full suite of deposit products, ranging from CDs to money market accounts. That’s where the similarities stop, though. 

Ally Bank generally offers much higher yields on its deposit products, including its CDs and its savings and money market accounts. And those high yields come without the hefty minimum deposit requirements you sometimes find at Axos Bank. That noted, Axos Bank offers unlimited ATM rebates, while Ally only reimburses up to $10 per month.

Axos Bank FAQs

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.