Axos Bank First Checking review

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Made for teens ages 13 to 17, this account earns 0.25% APY and has no monthly fees.

finder.com’s rating: 5.0 / 5.0

★★★★★

Give your child the gift of their very first checking account with Axos Bank First Checking. This account is made for kids ages 13 to 17 and touts a competitive 0.25% APY, up to $12 in ATM reimbursements and no monthly fees.

$0 per month

Fee

0.25%

APY

$50

Minimum deposit to open

Details

APY0.25%
Fee$0 per month
Minimum deposit to open$50
ATM fee rebatesUp to $12 domestic ATM fee reimbursements per month
Overdraft fee$0
Nonsufficient funds fee$0
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Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

There’s a lot to love about the Axos Bank First Checking account. It has no monthly fees or overdrafts, so your child won’t get penalized if they make a mistake while learning to manage their money.

It also has a competitive 0.25% APY. While this rate isn’t enough to grow a substantial nest egg — they’ll earn $0.25 a year for every $100 they keep in the account — it’s enough to reward them for keeping a balance.

This account doesn’t have many downsides. But the biggest one is that your teen won’t be able to write checks or deposit cash. They’ll also need at least $50 to get started.

How do I open an Axos Bank First Checking account?

Open an Axos Bank First Checking account for your child using these steps:

  1. Click Apply now.
  2. From the official Axos Bank website, click Personal from the navigation menu.
  3. Click Checking, then scroll down until you see First Checking.
  4. Click Open an Account.
  5. Click New Customer.
  6. Create your account and click Start Application.
  7. Fill out the parent or guardian application using your name, occupation, social security number, address and driver’s license number. Click Save & Continue.
  8. Fill out the child’s application using their name, Social Security number and address.
  9. Follow the prompts to review and submit your application.

Eligibility

Parents and guardians must meet these requirements to be eligible for an account:

  • At least 18 years old
  • Social Security number
  • US residential address
  • Government-issued photo ID

Your child must meet these requirements:

  • Between the age of 13 and 17
  • Social Security number

Required information

Have this information ready when opening your Axos Bank First Checking account:

  • Your Social Security number
  • Your teen’s Social Security number
  • Employment information
  • Government-issued photo ID number
  • Residential address

What are the benefits of the Axos Bank First Checking account?

Axos Bank First Checking is a joint account between a parent and a child. It has standard banking features for kids, such as a free debit card and parental monitoring, as well as these perks:
  • Earns interest. Your teen earns a competitive 0.25% APY on their total account balance.
  • ATM reimbursements. Axos Bank reimburses up to $12 in out-of-network ATM fees each month, giving your teen the flexibility to withdraw cash when they need it.
  • Minimal fees. This account has no monthly fees, no overdraft fees and no minimum balance fees once you make the $50 opening deposit.

What should I look out for?

Axos Bank First Checking has these drawbacks:
  • No check-writing privileges. Your teen can’t write checks, but they can deposit them in the mobile app.
  • No cash deposits. As with other online banks, this one doesn’t accept cash deposits.
  • No in-person help. Axos Bank is entirely online, which means you’ll need to be comfortable getting help over the phone or email.
  • Cash limits. There’s a daily limit of $100 for cash withdrawals and $500 for spending, which could be a pro or con depending on your teen’s needs.

Looking for an account with different features? Check out these top-rated teen checking accounts.

Axos Bank’s ATM network and fees

Axos Bank isn’t a part of any ATM network. Instead, your teen can use their debit card to withdraw money from any ATM. They’ll get reimbursed for up to $12 in fees charged by the ATM operator. Axos Bank doesn’t charge any ATM fees on its end.

Compare Axos Bank First Checking with other checking accounts

Use this table to see how Axos Bank First Checking stacks up against other checking accounts.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, 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.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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How do I deposit or withdraw my money?

There are several ways to access funds in your Axos Bank First Checking account:

Deposit

  • Direct deposit
  • Mobile check deposit
  • Peer-to-peer payment
  • Transfer from another Axos Bank account
  • Transfer from an external account

Withdrawals

  • Cashback at a retailer
  • ATM withdrawal
  • Peer-to-peer payment
  • Transfer to another Axos Bank account
  • Transfer to an external account

What other checking options does Axos Bank offer?

Axos has a wide range of checking accounts for individuals and businesses:

Personal checking accounts

  • Essential Checking. This basic checking account has no fees, unlimited ATM reimbursements and early direct deposit. But you won’t earn interest.
  • Rewards Checking. Enjoy up to 1.25% APY, unlimited ATM reimbursements and no monthly fees with this free account.
  • CashBack Checking. Earn up to 1% cash back on all signature-based transactions when you keep at least $1,500 in your account. Plus, get unlimited ATM reimbursements and no maintenance fees.
  • Golden Checking. Seniors age 55 and up earn 0.2% APY on all balances and up to $8 in monthly ATM reimbursements. This account is free to open and maintain.
  • Second Chance Checking. If you have a negative banking history, get back on track with this account. It has an unavoidable $8.95 monthly fee, but it’s reduced to $6.95 with direct deposits.
  • High Yield Money Market. This free account earns a competitive 0.9% APY and comes with checkwriting privileges. But you’ll need at least $1,000 to get started.

Business checking accounts

  • Basic Business Checking. Small businesses can open this checking account and enjoy no monthly fees and up to 200 free transactions a month. You’ll need at least $100 in direct deposits to get started and you’ll pay $0.30 for additional transactions.
  • Business Interest Checking. Earns an APY of up to 0.81% and comes with 50 free transactions each month. You’ll pay $0.50 for each additional transaction, along with a $10 monthly fee if your balance dips below $5,000.
  • Analyzed Business Checking. This account doesn’t earn interest, but it does offer a range of Treasury Management Service. Requires a $100 opening deposit and has an unavoidable $15 monthly fee.
  • Business Money Market. Maximize your savings with an account that earns 0.5% APY. Requires a $1,000 opening deposit and a $5,000 minimum daily balance to avoid the $10 monthly fee.

Frequently asked questions

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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