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Axos Bank CashBack Checking review

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Earn 1% cashback on signature purchases, but only if you maintain the required minimum balance.

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

Fee

N/A

APY

$50

Minimum deposit to open

Details

Fee$0 per month
Minimum deposit to open$50
ATMs91,000 free ATMs across the country
Nonsufficient funds fee$25

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

Axos 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:

  1. Click Apply now.
  2. Click Open an account on the website.
  3. Select No thank you if you don’t want to add a savings account.
  4. Create an account login and click Start application.
  5. Photo capture your ID or enter your information manually. Click Save & continue.
  6. Enter funding details and click Save & continue.
  7. Review your details, read and accept the disclosures and submit the application.

Eligibility

You must meet the following requirements to open an account:

  • At least 18 years old
  • US resident or citizen
  • $50 minimum deposit

Required information

Have the following information ready before you apply:

  • Social Security number
  • Valid residential address
  • Driver’s license or state ID

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.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
HSBC Premier Checking
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus, up to $600 (max. $100 per month) during first six months after account opening. Must open HSBC Premier checking account through offer page by September 30, 2020, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
$25
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$3
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus up to a $250 signup bonus when you meet deposit requirements
Axos Bank Essential Checking
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
Axos Bank Rewards Checking
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Aspiration Spend & Save Account
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
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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:

  • Essential checking. A standard checking account with no monthly fees, early direct deposit access and unlimited ATM fee reimbursements.
  • Rewards checking. Earn 1.25% APY with no minimum balance requirement, no overdraft or maintenance fees and unlimited ATM fee reimbursements.
  • 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.
  • 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:

  1. Call 888-502-2967 24/7, excluding holidays.
  2. Send a secure message through your online account.
  3. Send mail to: Axos Bank, PO Box 509127, San Diego, CA 92150

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