Axos Bank Review

I'm a Fintech, personal finance, investing, alternative investments, credit, small business, careers, loans, money mindset, retirement and debt writer.

Axos Bank is an online bank that offers rewards on checking, no ATM fees on domestic purchases, and high-yield savings accounts. They take pride in their high level of security and privacy.

Axos Bank logo

Our Partner

High Yield Checking Accounts


  • Earn interest on checking 
  • Full service online bank
  • Rewards & cash back checking
  • No monthly fees for checking
Overall Rating

High Yield Checking & Savings Accounts

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Read our Advertising Disclosure.

Pros & Cons


  • No minimum monthly balance requirements
  • Ability to earn interest for many accounts
  • No monthly or overdraft fees
  • Free debit cards


  • Requirements for the highest rates may be too many for some
  • Not all accounts offer free checks

Looking for an online bank for both your personal and business needs?  As you’re comparing your options, make sure to put Axos Bank on the list of online banks you check out. 

Previously called BofI Federal Bank, Axos Banks aims to help customers who want simplicity in their banking — easy access to their accounts online with no fees and occasional access to out-of-network ATMs.

Don’t think that just because Axos Bank is online-only that it doesn’t offer a wide variety of products. Far from it. There are four kinds of savings accounts (including a high yield savings account), a great checking account, CDs, money markets, IRAs, loans and mortgages. 

If you’re a business owner, Axos Bank also offers a few products for you as well.  In this review, we’ll go over their products, including some pros and cons and whether it’s the right choice for you.

Axos Bank icon

Quick Summary

Minimum Balance: $0

APY: 1.25%

Promotion: No current promo

About Axos Bank

Axos Bank, founded in 2000, is headquartered in San Diego, California.  The idea is that it wants to offer its customer “banking evolved” services — aka the online bank wants to offer plenty of conveniences within their bank accounts, products and services.

Since it’s an online-only bank, it can help you save money because of their lack of overhead costs.  You can choose from products like high-interest savings accounts that are well above the national average and no-fee checking accounts. 

Who is Axos Bank Best For?

Axos Bank is best for users who want to use an online-only bank and don’t care for in-person service.  That means it’s better if you’re already tech savvy and prefer to do your banking online. 

It’s also great for those who typically want to use one bank and Axos Bank offers a variety of banking products and services, including ones for retirees and teenagers.

Plus, if you’re not interested in paying fees (or struggle with things like insufficient fund fees), you’ll find that Axos Bank’s suite of products can be the perfect fit. 

Or business owners, the lack of fees plus the ability to handle commercial finances can be a major draw, especially if you’re looking for an interest-bearing savings account with relatively low minimums. 

Axos Bank Accounts & Products

Like mentioned above, Axos offers a wide range of financial products. Keep reading for more details, including rates. 

Checking Accounts

All of Axos Bank’s checking accounts don’t charge monthly maintenance fees.

Some of their products include:

  • First Checking - Geared towards students, this is an interest-free account (aka you don’t earn any interest) limits account holders $500 for debits, $100 on withdrawals, and $12 in total ATM reimbursements each month.
  • Essential Checking - This is also an interest-free account that offers unlimited domestic ATM fee reimbursement and no overdraft fees.
  • CashBack Checking - You can earn up to 1.00% annual percentage yield (APY) (as of March 2020) and requires at least $1,500 for cash back rewards.
  • Rewards Checking account - Earn up to 1.25% APY (as of March 2020) with unlimited ATM reimbursement and no overdrafts. Increase your chances of a higher APY by using direct deposit.  
  • Golden Checking - Meant for seniors, account holders will receive up to 50 free checks every six months, ability to earn 0.20% APY (as of March 2020) on all balances and up to $8 in ATM fee reimbursements monthly. 

Monthly Fee: $0

APY: 1.25%

With $0 minimum balance

Savings Accounts

Axos Bank offers two types of savings accounts, both of which earn you interest. 

  • Second Chance Savings - Earn up to 0.25% APY (as of March 2020) and no monthly fees. You’ll also get a free debit card but you could be charged a $25 overdraft fee and $1 ATM fee. Account holders need to open the account with a minimum of $50. 
  • High Yield Savings - Earn up to 1.30% APY (as of March 2020) and receive a free debit card. Minimum opening balance is $250 and you may need to pay ATM fees.

Money Market Accounts

Axos Bank’s High Yield Money Market Account offers a decent rate at 1.30% APY (as of March 2020) and you’ll need $1,000 to open a new account.

In addition to a free ATM card, you can also request free checks.  Keep in mind that you’re limited to withdrawals each month due to Federal Regulation D. 

Although there is no monthly maintenance fee, you could be charged $25 for an overdraft fee or returned checks.

IRA Accounts

Axos Bank offers IRA savings accounts and IRA CD accounts. Their savings accounts require a $250 opening deposit and you’ll need that amount in the account in order to earn 0.15% APY (as of March 2020).

You’ll earn 0.70% APY (as of March 2020) if you have at least $1,000 in the account. Plus interest is compounded daily. 

Since it is a savings account, you can only withdraw up to a certain amount of times each month due to Federal Regulation D — you could be charged a fee or penalties from the IRS.

For the IRA CD accounts, you’ll need a minimum of $1,000 to open an account and a minimum of $1,000 to earn interest.

Your funds will remain in the IRA CD for the agreed upon term and early withdrawal penalties may apply.  Axos Bank allows you to choose between a Traditional or Roth IRA account.

CD Accounts

You can open a certificate of deposit (CD) account at Axos Bank if you’re interested in putting your money somewhere for the short term and where it can potentially earn up to 2.00% APY depending on the term you choose.

In fact, you can choose shorter terms like three months all the way up to 60 months. You’ll need at least $1,000 to open an account.

The good news is that there are no opening or maintenance fees.  However, you’ll need to pay an early withdrawal penalty if you take the cash out before your maturity date.

This amount will depend on how much you would have earned had you left the amount in the CD until maturity. 

For reference, here are the rates as of March 2022:

  • 3 months - 0.55%
  • 6 months - 0.75%
  • 12 months - 1.01%
  • 24 months - 1.20%
  • 36 months - 1.30%
  • 48 months - 1.40%
  • 60 months - 2.00%

Business Banking Accounts

Whether you’re a small business owner or a large corporation, Axos Bank most likely has a banking product suited to your needs.  This includes bank accounts all the way to commercial lending

Here’s what Axos Bank has to offer (all rates as of March 2020):

  • Basic Business Checking - No minimum opening deposit or monthly balance requirements, though it’s not an interest bearing checking account.
  • Business Interest Checking - Offers 0.8% APY and no monthly maintenance fees if you have at least $5,000 in the account.
  • Business Premium Savings - Offers 1.06% APY and no monthly maintenance fees if you have at least $25,000 in the account.
  • Business Savings - Offers .08% APY and no monthly maintenance fees if you have at least $2,500 in the account. You’ll need at least $1,000 to open an account.
  • Business Money Market -  Offers .08% APY and no monthly maintenance fees if you have at least $5,000 in the account. You’ll need at least $1,000 to open an account.
  • Business CDs  - Offers terms from 3 to 60 months
  • Certificate of Deposit Account Registry Service (CDARS) - Get access to FDIC coverage for up to $50 million in deposits.’

Other tools you can get with Axos Bank’s business accounts include merchant services, mobile banking, online banking, bill pay and treasury management.

If you’re looking for commercial banking products, you can find high-yield reserve accounts, all the way to analyzed business checking accounts.

Plus, Axos Bank will work with you to pick from a wide range of financial solutions tailored for you.  Plus, if you need some capital, Axos Bank offers small balance commercial real estate lending, to commercial lines of credit, financing equipment and more. 

What Axos Bank Lacks

Unfortunately, Axos doesn’t offer credits alongside their impressive banking products.  Though it’s not a big deal, it could have been convenient if you were able to bank and have a credit card with the same financial institution. 

However, there are plenty of great credit card companies where you can find a card and be able to pay your balances using Axos Bank’s bill pay feature.

Also, not necessarily a major flaw, but there aren’t other types of investing products other than IRA, CDs, and IRA savings accounts.

You’re better off looking at brokerage accounts if you want other solutions or products that offer a higher rate of return compared to what you’ll find at Axos. 

Customer Service

You can contact Axos Bank’s customer service via secure messaging or by calling their hotlines (depends on the type of banking product you have).

While you can get direct support 24/7, calling after hours means you’ll be talking with a third-party company instead. 

How to Open a Bank Account

To open an account, you’ll need to visit Axos Bank’s website or by calling their customer service hotline at 888-502-2967. 

For personal accounts, you’ll need to provide your full name, Social Security number, a valid U.S. address, proof of citizenship or that you’re a resident alien, a valid form of ID (such a state-issued ID). 

You also need to be at least 18 years old and not have a credit freeze with any of the major credit bureaus.  For business and commercial banking, you’ll probably need to provide the same information but there may also be additional documents.

This includes your business license and articles of incorporation. Axos Bank will guide you through to the types of paperwork needed in order to open the bank account of your choice.

Final Verdict

Axos Bank is a great choice for those looking for an online bank offering decent rates and fees.  As in, you’ll get perks like free checking and savings accounts, plus no monthly maintenance fees on most of their accounts.

Let’s not forget free debit cards, checks and domestic ATM reimbursements.  The downside is that their APYs are lower compared to other online banks.

And if you’re someone who wants the option of a brick and mortar location, you’re out of luck. Still, with some decent incentives, Axos Bank is at least worth a look. 

Axos Bank

A pioneer in digital banking, Axos Bank offers a comprehensive range of innovative financial products and services with the highest level of security.

Axos Bank icon

I'm a Fintech, personal finance, investing, alternative investments, credit, small business, careers, loans, money mindset, retirement and debt writer.

More Posts

You May Also Like

Emergency Fund Calculator


Emergency Fund Calculator

FreshBooks review


FreshBooks Review – Invoice & Accounting Software Reviewed

Compound Interest Calculator


Compound Interest Calculator

emergency fund


What is an Emergency Fund & How to Start One?