Axos Bank CashBack Checking review
Earn 1% cashback on signature purchases, but only if you maintain the required minimum balance.
finder.com’s rating: 4.5 / 5.0
★★★★★Axos Bank’s Cashback checking account offers up to 1% cash back on debit card purchases that require a signature. But you’re limited to a list of stores and need to keep a $1,500 minimum daily balance to earn the full amount.
$0 per month
Minimum deposit to open
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert reviewAxos Bank’s Cashback Checking is best for anyone who makes large purchases throughout the year. You’ll get 1% cashback on your purchases, no monthly fee and ATM reimbursements on domestic withdrawals.
But to earn the 1% cash back, you’ll need to maintain a $1,500 average daily balance. You also won’t earn cash back on certain purchases.
How do I open an Axos Bank CashBack Checking account?
Use the following steps to open a Cashback Checking account:
- Click Apply now.
- Click Open an account on the website.
- Select No thank you if you don’t want to add a savings account.
- Create an account login and click Start application.
- Photo capture your ID or enter your information manually. Click Save & continue.
- Enter funding details and click Save & continue.
- Review your details, read and accept the disclosures and submit the application.
You must meet the following requirements to open an account:
- At least 18 years old
- US resident or citizen
- $50 minimum deposit
Have the following information ready before you apply:
- Social Security number
- Valid residential address
- Driver’s license or state ID
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What are the benefits of an Axos Bank CashBack Checking account?
Enjoy mobile banking access, online bill pay and the following perks:
- No ATM fees. Enjoy free transactions at any Axos ATM and unlimited domestic ATM fee reimbursements.
- Cashback. If you maintain the proper balances, your signature-based transactions earn 1% cashback, up to $2,000 a month.
- No monthly fee. You won’t pay a monthly fee to maintain your account.
Axos Bank’s ATM network and fees
Axos has a network of 91,000 free ATMs across the country. Many of their accounts, including the Cashback checking account, come with unlimited ATM fee reimbursements on domestic ATMs.
Axos is a member of the Green Dot network, allowing you to deposit cash onto your debit card at retail locations for a fee.
What should I look out for?
Before you open an account, make sure you understand these potential drawbacks:
- Cashback balance requirement. Maintain a daily balance of $1,500 to earn 1% cashback on purchases. If your account falls below the minimum balance, you’ll only earn 0.5% cash back for the month.
- Taxable interest. The cash back you earn is considered taxable income, so you’ll receive a 1099-MISC form at the end of the year to file with your taxes.
- No bank branches. Axos is an online-only bank, so you won’t have the option to visit a branch for your banking needs.
- Store limits. You won’t earn cash back on purchases from grocery, discount and wholesale stores, financial institutions and the post office.
If you’re looking for a cashback rewards checking account with less requirements, you’ll want to keep looking. Consider our guide on the best rewards checking accounts to find one that’s best for you.
How do I deposit or withdraw my money?
Access your money in several ways:
- ATM. Use an ATM to make deposits or withdraw funds for free. Domestic out-of-network ATM fees are reimbursed.
- Checks. Write unlimited checks.
- Mobile deposit. Use your phone to deposit checks.
- Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for a domestic wire and $45 for international.
- ACH transfer. Transfer money between banks over the phone or online for free.
- Green Dot Network. Allows you to deposit cash through a networked retailer for a $4.95 fee.
What other checking options does Axos Bank offer?
In addition to Cashback Checking, Axos offers the following personal checking accounts:
- Axos Bank Essential Checking. A standard checking account with no monthly fees, early direct deposit access and unlimited ATM fee reimbursements.
- Axos Bank Rewards Checking. Earn 1.25% APY with no minimum balance requirement, no overdraft or maintenance fees and unlimited ATM fee reimbursements.
- Axos Bank First Checking. Teens aged 13 to 17 earn 0.25% APY with this joint account. Pay no monthly maintenance or overdraft fees and get $12 a month in ATM fee reimbursements.
- Axos Bank Golden Checking. For people aged 55 and older, this account offers 0.20% APY on all balances, free personal checks, no maintenance fees and no minimum balance requirements.
How do I contact Axos Bank customer service?
You can contact Axos Bank in three ways:
- Call 888-502-2967 24/7, excluding holidays.
- Send a secure message through your online account.
- Send mail to: Axos Bank, PO Box 509127, San Diego, CA 92150
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★★★★★ — Poor
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