Axos Bank First Checking review

Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees.’s rating: 3.5 / 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 has a relatively low 0.1% APY. However, it includes up to $12 in monthly ATM reimbursements and no ongoing fees.

$0 per month





Minimum deposit to open


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

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 like 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.

However, it has an uninspiring 0.1% APY, which equates to just $0.10 a year for every $100 kept in the account.

Aside from the measly APY, there aren’t many other 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. Select 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.


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 0.1% APY on their total account balance. That’s not a great rate, but it’s still more than other checking accounts offer.
  • 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.
  • Can convert to a regular checking account. Your teen’s Axos Bank First Checking account has the option to convert to a new checking account, including the free Axos Bank Essential Checking account, when they turn 18. At that point, you can remove yourself as a joint account owner.

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 kids checking accounts

Use this table to see how Axos Bank First Checking stacks up against other checking accounts for kids by comparing fees, interest and minimum deposits.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Finder Rating: 4.5 / 5: ★★★★★
You can withdraw money from our network of 30,000 ATMs for free.
Step banking accounts help teens and kids as young as age 6 to learn to manage money manage their money while building their credit scores. Earn $1 for every person that joins using your unique link or code. They'll also get $1.
Finder Rating: 4 / 5: ★★★★★
Copper is a digital checking account that teaches your teen healthy money habits through interactive quizzes and an intuitive mobile app. The teen also receives a free $5 when signing up and completing the savings goal.
Finder Rating: 4.2 / 5: ★★★★★
No access to ATMs
Jassby is a virtual debit card for kids, complete with chores and allowance tracking.
Axos Bank First Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank First Checking
Made for teens ages 13 to 17, this account earns 0.1% APY and has no monthly fees.
Nationwide First Checking
Nationwide First Checking
No access to ATMs

Compare up to 4 providers

How do I deposit or withdraw my money?

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


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


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

Does Axos Bank offer other kids checking accounts?

Yes. Nationwide has partnered with Axos Bank to offer Nationwide First Checking, which is a kids checking account provided and managed by Axos Bank. Since both accounts offer identical features and use the same Axos Bank ATM network, one isn’t better than the other.

How do I contact Axos Bank?

Get in touch with Axos Bank by:

  • Calling 888-502-2967 to speak with Axos Bank‘s customer service team at any time.
  • Starting a live chat on Axos’ website
  • Logging into your online banking portal to send a secure message.

Frequently asked questions

Does Axos Bank offer any savings accounts for teens?

Axos Bank only has one savings account — the Axos Bank High Yield Savings account. It’s not advertised as only for teens, but teens can open it as a joint account with a parent.

Kids’ debit card ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.

Read the full methodology of how we rate Kids’ debit card accounts.

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