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Axos Bank Rewards Checking account review

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Earn up to 1.25% with unlimited ATM fee reimbursements.

finder.com’s rating: 5.0 / 5.0

★★★★★

This interest-bearing checking account offers mobile banking and nationwide ATM access with no maintenance fees. But a $50 opening deposit is required and no in-person support is available.

$0

Monthly fee

1.25%

APY

$50

Minimum deposit to open

Details

APY1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
Monthly fee$0
Minimum deposit to open$50
ATMsATM fees reimbursed at any ATM nationwide
ATM transaction fee$0
ATM fee rebatesAxos Bank will reimburse all domestic ATM fees you incur within one business day
Out-of-network ATM fee$0
Foreign transaction fee1%
Overdraft fee$0
Nonsufficient funds fee$0

What are the benefits of a checking account with Axos Bank?

Digital provider Axos Bank offers an entirely online application process along with the following:

  • Tiered APY. For each condition you meet, you can earn a 0.42% APY — meet all three and you get the full 1.25%.
  • ATM fee reimbursements. Axos Bank will reimburse all domestic ATM fees you incur within one business day of the ATM transaction.
  • No fees. You won’t pay for overdrafts, insufficient funds or monthly fees to keep this account.

Axos Bank’s ATM network and fees

The Axos Bank Visa Debit card offers access to any ATM nationwide and offers unlimited fee reimbursement for any surcharges you might pay.

Interest-earning conditions

The potential 1.25% APY associated with this account doesn’t come standard — you receive a 0.42% APY for each of the three account conditions you meet, up to a maximum of 1.25% APY:

  • You receive at least $1,000 in direct deposits monthly.
  • You use your Axos Visa debit card for 10 transactions at a minimum of $3 per transaction monthly.
  • You make an additional 5 transactions at a minimum of $3 per transaction monthly.

What should I look out for?

The Axos Bank Rewards Checking account has plenty to offer, but be wary of the following drawbacks:

  • Opening deposit. An opening deposit of at least $50 is required to open this account.
  • Limited customer service. Axos is a digital bank, so customer service is limited to telephone and live chat inquiries.

Looking for an account with a higher APY or in-person support? Explore your checking options for an account that fits your finances and lifestyle.

Compare with other checking accounts

Name Product APY ATMs Fee
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.05%
More than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$19/month
(can be waived)
A full-service interest checking account that offers automatic rebates of ATM fees. Earn a $200 cash bonus when you add direct deposit.
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by January 17, 2020. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
5.09% on balances of $0 to $10,000
0.20% on balances of $10,000.01 to $25,000
0.10% on balances of $25,000.01 to
Over 30,000 ATMs and access to over 5,000 shared branches
$0
Earn a super high 3.09% APY on balances up to $10,000 if you receive eDocuments, make 12+ debit card purchases totaling $100+ and direct deposit $500+ each month. Earn 4.09% APY if you also spend $500+ on CCU's credit card, or 5.09% if you also spend $1,000+ on the credit card monthly.

Compare up to 4 providers

How do I open an Axos Bank Rewards Checking account?

  1. Go to Axos Bank’s website and click Open an Account.
  2. Enter your full name, email address and mobile number. Create a username and password. Click Start Application.
  3. Enter your residential address, date of birth and Social Security number. Click Save & Continue.
  4. Verify your identity by providing Axos with your driver’s license or state ID number. Click Save & Continue.
  5. Review your submitted account information along with Axos Bank’s Personal Deposit Account Agreement, Privacy Policy and Paperless Agreement. Click Accept & Submit.

Next, make an opening deposit of at least $50 by mobile check deposit, wire transfer, direct deposit or by mailing a check. You’ll receive your Axos Bank Visa debit card in the mail within five to seven business days.

Eligibility

To be eligible for the Axos Bank Rewards Checking account, you’ll need to meet the following criteria:

  • US citizen 18 or older
  • Social Security number
  • Have a US residential address.
  • Deposit at least $50

Required information

Have the following information ready before starting your application:

  • Name, date of birth and residential address
  • Contact information
  • Driver’s license or state ID
  • External bank account number and routing number of funding account

How do I deposit or withdraw my money?

This checking account offers four ways to access your funds:

  • Online. Transfer funds between your Axos checking account and an externally linked account.
  • Mobile. Deposit a check to your account with a computer or mobile device at any time.
  • ATM. The Axos Bank Visa debit card offers access to all nationwide ATMs.
  • Wire transfer. Complete a wire request form and upload the completed form to your Axos account to set up a wire transfer. Incoming transfers are free, while domestic transfers are subject to a $35 fee and international transfers cost $45.

What other checking options does Axos Bank offer?

In addition to its Reward Checking account, Axos Bank offers the following banking products:

  • Essential Checking. This no-frills checking account comes with no monthly fees and offers ATM fee reimbursements.
  • CashBack Checking. Alongside no maintenance fees and unlimited check-writing privileges, you’ll earn up to 1% cash back on qualifying purchases.
  • Golden Checking. For ages 55 and older, this account offers unlimited check-writing privileges, no monthly fees and up to $8 in domestic ATM fee reimbursements monthly.
  • First Checking. An account designed for children ages 13 to 17, this account comes with no monthly fees, up to 0.25% APY and up to $12 in domestic ATM fee reimbursements monthly.

Bottom line

The Axos Bank Rewards Checking account has no monthly fees and offers up to 1.25% APY. While a $50 deposit is required and customer support is limited, this checking account could be good for those who prefer online banking.

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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