Axos Bank First Checking review

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.

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.

How do I deposit or withdraw my money?

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

What other checking options does Axos Bank offer?

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

Personal checking accounts

• Axos Bank Essential Checking. This basic checking account has no fees, unlimited ATM reimbursements and early direct deposit. But you won’t earn interest.
• Axos Bank Rewards Checking. Enjoy up to 1.25% APY, unlimited ATM reimbursements and no monthly fees with this free account.
• Axos Bank 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.
• Axos Bank Golden Checking. Seniors age 55 and up earn 0.1% APY on all balances and up to $8 in monthly ATM reimbursements. This account is free to open and maintain.
• Axos Bank High Yield Money Market account. This free account earns a competitive 0.25% APY and comes with checkwriting privileges. But you’ll need at least $1,000 to get started.

Business checking accounts

• Axos Bank 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.
• Axos Bank 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.
• Axos Bank Business Money Market. Maximize your savings with an account that earns 0.2% APY. Requires a $1,000 opening deposit and a $5,000 minimum daily balance to avoid the $10 monthly fee.

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.