Axos Bank Review 2019

Axos Bank Logo


Nationwide bank customers have been transitioned to Axos Bank. Axos Bank, a federally chartered savings bank, offers a broad range of financial products. This includes checking, savings, money market accounts, CDs, mortgages, and personal loans.

ATM Fee Refunds
Rewards Checking


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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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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.

In November 2018, Axos Bank acquired approximately $2.4 billion in deposits from Nationwide Bank — which includes $0.7 billion in checking, savings and money market accounts and $1.7 billion in time deposit accounts. According to a November 2018 press release, Nationwide Bank had 80,000 deposit accounts. Axos has a few physical branches in San Diego, Las Vegas and Columbus, Ohio.

This bank is good for people looking for a solid online bank, with a wide network of no-fee ATMs. People looking for a full suite of loan products or the highest available rates should look elsewhere.


  • No monthly fee or minimum balance requirement for checking. No fee monthly fee on savings account with a minimum daily balance of $300.
  • 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.


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

Axos Bank Services

Savings Rating


Axos offers the Regular Savings account, which allows you to earn up to 13 times the national average APY. You’re able to get an ATM card upon request. The Regular Savings account requires a $300 minimum balance to avoid a $3 fee.


  • You can earn 13 times more than the national average for savings accounts with the Axos Regular Savings account.
  • Interest on the Regular Savings account is compounded daily.
  • There are no rate tiers on this account, so everyone gets the 1.30% APY regardless of balance.


  • While its APY is a lot better than the national average, many banks offer a higher APY.
  • There are savings accounts with higher APYs that don’t have a minimum balance requirement.
  • Since there are no rate tiers, you’re not rewarded with a higher APY for depositing more money in the account.

Savings accounts available from other banks

CDs Rating


Nationwide Bank offers CDs across all standard terms ranging from three months to five years. The minimum deposit is just $500, making the account accessible to consumers across the income spectrum. 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.


  • Interest is compounded daily.
  • Low minimum deposit to open a CD.


  • 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.

CDs available from other banks

2.10% APY
2.15% APY
2.15% APY
Checking Rating


Nationwide’s relationship with Axos Bank gives members access to Interest Checking accounts. There’s no minimum amount needed to open an account, no monthly service fee and Axos will reimburse ATM fees for account holders up to six times each month. Other checking options include the interest-bearing Premier Checking, which requires a $25 initial deposit, and Direct Checking. Direct Checking allows users to waive the $5 monthly maintenance fee with a direct deposit into the account.


  • Tiered-rates allow all balances to earn interest
  • No monthly fees
  • Free starter kit of checks (if ordered at account opening)


  • CashBack checking account requires a $1,500 minimum balance.
  • The Golden Checking only allows up to $8 of domestic ATM fees to be reimbursed per month.
  • The Second Chance Checking has a $6.95 monthly service fee -- even if you have a direct deposit.

Checking accounts available from other banks

MMAs Rating


The Money Market Plus account is the highest-yielding option. The account has a tiered APY, so you need to have at least $10,000 to earn more than seven times the national average APY. While this APY is a lot higher than some, there are money market accounts where you can earn an APY more than 100 basis points higher. The Money Market Plus also has check-writing privileges and interest is compounded daily.


  • On the money market account, you can the highest yield at Axos Bank.
  • The APY on this account is more than seven times the national average APY.
  • The Money Market Plus reimburses domestic ATM fees twice per month.
  • Interest on the money market account is compounded daily.
  • The money market account has check-writing privileges.


  • You need to have $10,000 in your money market account in order to get the highest APY. This is high compared with its competitors.
  • There are higher APY money market accounts available with lower minimum balance requirements.
  • Some banks reimburse more than two domestic ATM fees per month or reimburse either $15 worth of foreign ATM fees per month or an unlimited number.

MMAs available from other banks

Bank Experience Rating


While Axos Bank only owns 20 ATMs, the bank provides Essential Checking and Rewards Checking customers with quite a nice perk: unlimited ATM reimbursements in the U.S. 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. Axos Bank says it plans to add in budgeting features into its online banking platform in the second quarter of 2019.


  • It is possible to earn a higher APY on interest checking.

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