Axos Bank Review - Everything You Need to Know

An online-only bank with diverse account offerings and low to no fees

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Previously Bank of Internet USA, Axos Bank was founded in October 2018. It caters to those who want easy, online access to their accounts, hate paying fees, and hit up the occasional out-of-network ATM, since they offer unlimited domestic ATM fee reimbursements.

While it’s a solely online bank, Axos doesn’t scrimp on products offered. There are no less than six types of checking accounts offered, four types of savings accounts – including a high-yield savings account with a 1.30% APY – as well as CDs, IRAs, mortgages, personal loans, and auto loans. Axos Bank also offers some business and commercial banking products.

Who is Axos Bank For?

The newly-minted Axos Bank is best for those who are looking for an online-only bank and don't necessarily require a brick-and-mortar branch for in-person service. It's also a good option for people who:

  • Are tech-savvy and prefer to bank online
  • Want access a variety of checking accounts, including those for teens and retirees
  • Struggle with late fees or insufficient fund fees
  • Own a small business or handle commercial finances
  • Are looking for a good rewards checking account

Pros

  • No fees for checking or savings accounts

  • Unlimited domestic ATM reimbursements (for most accounts)

  • Can earn up to 1.25% APY with a Rewards Checking Account

Cons

  • No branches

  • For an internet-only bank, the website can be clunky

  • Customer service is limited

  • CD rates are middle-of-the-road

Types of Accounts

Axos Banks offers the following types of accounts: 

  • A wide variety of online checking accounts
  • Online savings accounts
  • Money market accounts
  • Traditional and Roth IRAs
  • CD options

Learn more about accounts offered at Axos Bank below. 

CashBack Checking

Axos Bank’s CashBack Checking rewards you for shopping. (Yes, really.) You’ll earn up to 1.0% cash back on all purchases that require a signature, as well as unlimited domestic ATM fee reimbursement, no monthly maintenance fees, and you can even write an unlimited amount of checks each month.

You’ll also get access to Axos Bank’s other digital tools, such as:

  • Free mobile deposit
  • Online bill pay
  • Mobile banking

Axos Bank’s No-Hassle Switch Kit makes it easy to switch to Axos from your last bank.

Essential Checking

Axos Bank’s Essential Checking is billed as the account for modern life, and its lack of fees and ease of use definitely reflect that. Account features include: 

  • Unlimited domestic ATM reimbursements
  • No overdraft or insufficient funds fees
  • No monthly maintenance fees
  • No minimum balance requirements

First Checking

Teach your child financial responsibility – and keep a watchful eye – with Axos Bank’s First checking account. For ages 13-17, this joint checking account has several great features including: 

  • A .25% APY
  • Up to $12 domestic ATM fee reimbursement each month
  • No monthly maintenance fees, overdraft fees, or insufficient funds fees
  • Daily transaction limits

Golden Checking

As the name implies, this Axos product is designed to serve you well into your "golden years." As long as you don’t mind an online-only bank, this account has several features conducive to retired life, including:

  • .20% APY on all balances
  • No fees
  • Free personal checks
  • No minimum monthly balance requirements
  • No overdraft or insufficient funds fees

Rewards Checking

Looking for something a bit more, well, rewarding? Then Axos Bank’s Rewards Checking may be for you. Enjoy lower fees, higher interest, and an assortment of digital money management tools with this banking product. Other features include: 

  • 1.25% APY
  • Unlimited domestic ATM reimbursements
  • No overdraft, insufficient funds, or account maintenance fees
  • No minimum balance requirement

Second Chance Checking

This account from Axos Bank offers a fresh new start to those who have relied on prepaid cards to manage their money. This account comes standard with:

  • A free Visa debit card
  • Overdraft protection option

However, it also requires a $50 minimum deposit and charges a $6.95 monthly maintenance fee with direct deposit, or $8.95 without.

Axos Bank also offers a Second Chance Savings account. Earn .25% APY, no fees, daily compounding interest, and a $50 minimum opening deposit.

With Axos Bank’s Second Chance Checking account, you’ll be charged either a $6.95 monthly service fee (with direct deposit) or an $8.95 monthly service fee without, so be sure to factor this into your budget.

While Axos Bank prides itself on minimal fees, if you lose your debit card, you’ll pay a $10 replacement fee.

High Yield Money Market

If you’re looking for a way to simultaneously save money and maximize your funds, then Axos Bank’s High Yield Money Market account is a solid choice. Features include:

  • 1.05% APY
  • FDIC-insured
  • Debit card transactions and check writing options
  • No monthly maintenance fees or minimum balance requirements

High Yield Savings

Looking to really get the most bank for your buck? Then check out Axos Bank’s High Yield Savings account. Offering a competitive APY, plus a plethora of other great features, this is one of the financial institution’s best offerings. Other features include: 

  • 1.30% APY
  • No monthly maintenance fees or minimum balance requirements
  • Interest compounded daily
  • Access to various online money management tools
  • ATM card provided upon request 

Other Account Types

Traditional IRA and Roth IRA

You know you need to start saving for retirement, but what are you actually doing about it? Axos Bank can help you get started with its traditional IRA and Roth IRA options. These low-risk investment accounts can help you get a jump on your savings to ensure your Golden Years are everything you’ve dreamed of.

Choose between a traditional IRA or IRA Certificate of Deposit. 

Compare rates below for the traditional IRA and IRA CD. 

If you decide to open a CD with Axos, keep in mind that is has a $1,000 minimum opening deposit, which a bit higher than some other banks.

Other Traditional Banking Accounts

Business Banking Options

Small business owner? Large company executive? Axos Bank has you covered. Choose from a selection of business banking products, from small business banking solutions to commercial banking and lending.

For small business banking products, visit AxosBank.com to apply. Products include: 

  • Basic Business Checking
  • Business Interest Checking (.8% APY)
  • Business Premium Savings (1.06% APY)
  • Business Savings (.8% APY)
  • Business Money Market (.8% APY)
  • Business CDs (3 months to 60 months)
  • Certificate of Deposit Account Registry Service (CDARS) 

Axos also offers other services to small business owners including online banking, merchant services, treasury management, and mobile banking. 

In terms of commercial banking products, they offer a range of options from analyzed business checking to treasury management to Certificate of Deposit Registry Service (CDARS) to high-yield reserve accounts. You can also take your pick of financial solutions, tailored by industry. So whether you’re a third-party payment processor, title and escrow or property management company or professional fiduciary, you’re covered with Axos.

Looking for a commercial loan? Axos covers everything from commercial lines of credit to small balance commercial real estate lending to equipment finance, and more. Learn more about Axos Bank’s financing options here. 

How to Bank with Axos

To open an account, visit AxosBank.com or call 888-502-2967. You’ll also need to provide the following personal information:

  • Social Security number
  • A valid form of ID (can be driver’s license or state-issued ID)
  • A valid address in the U.S. (no P.O. boxes)
  • Must be a U.S citizen or resident alien

You must be at least 18 years of age to open an account with Axos and you cannot have a credit freeze with any of the credit bureaus.

Customer Service

There’s a rather lengthy list of customer service phone numbers on Axos Bank’s website, organized by product. There’s also an option to fax your question, though that seems pretty antiquated these days.

While the direct support contact numbers are great, they are also only active during business hours. If you call after hours, you’ll get a third-party company. 

Axos Bank offers 24/7 customer service, but on weekends and after hours, you’ll get a third-party service.

About Axos Bank

Previously Bank of Internet USA, Axos Bank is an online-only bank offering various personal and business financial products, from checking accounts to high-yield savings accounts to money market accounts and IRAs.

With an emphasis on technology-driven banking (which makes sense, given the bank’s purely online footprint), Axos Bank offers both personal, business, and institutional banking solutions, with about $10 billion in assets. Axos Bank is FDIC-insured, which means customers get up to $250,000 in coverage per person.

The Bottom Line

Benefits

Axos Bank offers a great variety of checking accounts, and even some solid business banking solutions. APY rates are competitive, though CD rates are average. While there are no branches (except for Axos Bank’s headquarters in San Diego), there is 24/7 customer service.

Best for customers who prefer to do all their banking online and like to avoid paying fees, due to Axos’ limited fee structure and ATM reimbursement. Also good for teens just starting out with a checking account, retirees looking for a no-fee account, and anyone who loves a competitive rewards-based checking account. (Who doesn’t?)

Drawbacks

There are no brick-and-mortar branches of Axos Bank, so that could be a drawback for some. Customer service is limited (it's technically 24/7, but a third-party company will answer your call if you contact them outside of business hours), and CD rates aren’t super competitive.