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Axos Bank First Checking account review

This teen checking account earns 0.1% APY and offers ATM reimbursements.

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Our verdict

With the Axos Bank First Checking account teens won't find fees for overdrafts or to maintain the account every month. Plus they'll get access to over 55,000 ATMs and up to $12 in ATM reimbursements when they use an out-of-network ATM. Although it's not common for a kids' checking account to offer interest, this one earns APY. But it's not the strongest rate compared to the national average and other teen checking accounts.

Best for: Teens who need access to a wide network of free ATMs.

  • Earns APY
  • Up to $12 per month in ATM reimbursements
  • Converts to an adult account at age 18
  • No check-writing privileges
  • $50 minimum deposit


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$0 per month

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Axos Bank First Checking

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Who is Axos Bank First Checking best for?

The account is best for teens between the ages of 13 and 17 due to its age requirement. It’s also best if you want your teen to gain experience using a more traditional checking account with a wide network of ATMs or if you’re looking for an account that transitions them to an adult account once they turn 18.

Where Axos Bank First Checking account shines

Like most kids’ checking accounts, Axos Bank First Checking has no monthly fee and you have the ability to lock and unlock the debit card if it gets lost or stolen. Plus, if your teen accidentally overdrafts on their account, Axos won’t penalize them with an overdraft fee.

Despite being a digital account, some of its best features include extensive ATM access and ATM rebates. As a traditional checking account, your teen can also set up automated bills or payments for shared expenses.

Extensive ATM network, plus reimbursements

Axos Bank provides an extensive range of ATMs across the US via its own network as well as over 55,000 Allpoint ATMs that accept cash and check deposits, giving parents an in-person option for topping up their teen’s account. Plus, Axos reimburses up to $12 in out-of-network ATM fees, as long as the ATM is in the US.

Peer-to-peer payments

In cases where your teen needs to split the bill with a friend, they can do it directly from their checking account using the other person’s email address or phone number.

Referral rewards

Your teen can earn $20 for every friend they invite to sign up with Axos via a referral link in their banking dashboard. They’ll receive the reward only after their friend signs up and funds their account. There’s no limit to how many referral bonuses your teen can earn.

Where it falls short

Axos Bank First Checking comes with preset limits for spending, which can pose a problem if your teen wants to make a large purchase. They can’t withdraw more than $100 per day in cash or make more than $500 in point-of-sale (POS) purchases a day. These limits are significantly more restrictive than other kids checking accounts. For example, Alliant Credit Union Free Teen Checking boasts up to $500 in daily ATM cash withdrawals, $500 for debit card PIN-based purchases and $5,000 debit card signature-based purchases. And with Alliant, you’ll get transaction alerts to monitor your teen’s spending.

On the other hand, competitors like Chase First Banking give parents even greater customization by allowing them to set their own limits at the ATM and on purchases, including the transaction amount and spending category.

The other drawback is that your teen also won’t get any check-writing privileges, which you’d expect from a traditional checking account. You’ll have to go with a different teen account if you want them to learn how to write checks.

Axos First Checking account fees and access

Check out fees that you should know about for your kid’s account and how it compares to other kids’ accounts.

Type of feeFee detailsHow it compares
Monthly service$0Most teen checking accounts from a bank don’t come with a monthly fee.

However, kids’ prepaid cards like BusyKid charge $4–$5 per month.

Opening deposit$50Most kids’ bank accounts don’t require a minimum deposit.
ATMs$0 for any ATM, but ATM owner fees may apply

$12 in monthly ATM reimbursements

Typically, kids’ checking accounts from a bank offer free ATM access. Prepaid cards for kids either don’t offer ATMs or charge $1.50 per use, such as GoHenry.
Debit card fees$0 for replacement debit cardsMost kids’ checking accounts don’t charge for replacement debit cards. Prepaid card platforms allow 1–2 replacements before charging around $5 per card.
Foreign transaction fee1%Most banks charge 3%, so this is much lower.
Overdraft or nonsufficient funds$0Most kids’ checking or prepaid card accounts don’t charge for overdrafts, or they decline the transaction.
Wire transfers
  • $0 for US and international incoming wires
  • $35 for outgoing US wires
  • $45 for outgoing international wires
Most banks don’t charge for incoming wires and charge similar fees to Axos Bank for outgoing wires.
Other fees
  • $10 for account closure
  • $5 for paper statements
Other kids’ checking accounts like Alliant Credit Union’s Teen Checking charge a $10 account closure fee.

Many digital kids’ accounts don’t offer paper statements at all.

Compare Axos Bank First Checking with other kids checking accounts

Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Finder Rating: 4.5 / 5: ★★★★★
$0 per month
Earn $1 for every person that joins using your unique link or code. They'll also get $1
Step banking help teens and kids build their credit without overspending or paying interest. A Step account also gives kids the option to earn cashback rewards and start investing in crypto. Member FDIC.
Finder Rating: 4.6 / 5: ★★★★★

Finder Award
Free trial
From $4.99 per month
5.00% on balances of $0 to $5,000
2.00% on balances of $0 to $5,000
1.00% on balances of $0 to $5,000
Get the first 30 days for free.
Greenlight is the prepaid debit card for kids that parents manage from their phones with flexible parental controls. FDIC insured.
Finder Rating: 4.2 / 5: ★★★★★
$3.95 per month
Robust financial literacy platform. Parental control and notifications. Auto-fund and auto-allowance capability.
Current teen banking
Finder Rating: 4.8 / 5: ★★★★★
Current teen banking
$0 per month
Current’s Teen Banking card allows parents to track their teens’ chores, allowance, and spending.Requires parent to have a Current account. FDIC insured.
Axos Bank First Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank First Checking
$0 per month
Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees. FDIC insured.

What do I need to open an Axos Bank First Checking account

To apply for an Axos Bank First Checking account, you’ll need your ID and you and your child’s Social Security numbers. Your child also should be between the ages of 13 and 17 years old to be eligible.

Customer experience

Axos Bank holds an A+ rating from the Better Business Bureau. However, the company receives mostly complaints on review sites like Trustpilot. Many reviews come from customers speaking about Axos as a whole and not this specific account.

Happy customers report good experiences with customer service handling their loans or opening an account with them. Yet other customers say that Axos Bank’s customer service is unresponsive or unknowledgeable. A few people had difficulties with a rep freezing the account, probably due to suspected fraud.

Bear in mind that many people only leave reviews when they’ve had an overwhelmingly positive or negative experience. Your customer experience may be different depending on the rep that you work with.

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