Axos Bank Rewards Checking account review
Earn up to 1% APY but only if you meet stringent requirements.
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. Plus, you can only earn the full 1.0% APY by opening other accounts with Axos.
$0 per month
Minimum deposit to open
|APY||1.00% on balances of $0 to $50,000 Interest-earning conditions apply|
|Fee||$0 per month|
|Minimum deposit to open||$50|
|ATMs||ATM fees reimbursed at any ATM nationwide|
|ATM transaction fee||$0|
|ATM fee rebates||Axos Bank will reimburse all domestic ATM fees you incur within one business day|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||1%|
|Nonsufficient funds fee||$0|
Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
The Axos Bank Rewards Checking account has no monthly fees and offers up to 1% APY. However, you must open multiple other Axos accounts to earn the maximum APY.
Axos revised this account’s APY structure in September 2021, making it much harder to earn the maximum amount of interest. Previously, you only needed to meet three requirements, but now you must meet five.
While a $50 deposit is required and customer support is limited, this checking account could be good for those who prefer online banking. But if you’re simply seeking a standalone checking account that doesn’t require you to jump through so many hoops to earn a decent interest rate, explore high-yield checking accounts with more relaxed requirements.
For instance, Quontic Bank High Interest Checking account earns 1.01% APY on balances up to $1 million as long as you make 10 qualifying purchases of $10 or more each month.
How do I open an Axos Bank Rewards Checking account?
- Click Apply now.
- From the Axos Bank‘s website, click Open an Account.
- Enter your full name, email address and mobile number. Create a username and password. Click Start Application.
- Enter your residential address, date of birth and Social Security number. Click Save & Continue.
- Verify your identity by providing Axos with your driver’s license or state ID number. Click Save & Continue.
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.
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
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
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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. You could earn up to 1% APY if you meet all of Axos’s requirements.
- 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.
The APY on this account is tiered, and you can only earn interest if you receive at least $1,500 per month in direct deposits. You’ll earn 0.4% APY if you meet the direct deposit requirement, but you could earn up to 1% APY by satisfying all of the following requirements.
|Receive at least $1,500 in direct deposits each month||0.4%|
|Sign up for Axos Personal Finance Manager (PFM) or make at least 10 debit card purchases of $3 or more each month||0.3%|
|Open an Axos Invest Managed Portfolios account and maintain an average daily balance of $2,500 or more||0.1%|
|Open an Axos Invest Self Directed Trading account and maintain an average daily balance of $2,500 or more||0.1%|
|Take out a consumer loan from Axos Bank and use your Rewards Checking account to make your full monthly payment||0.1%|
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.
- Requirements to earn max APY. To earn the maximum APY, you need to receive at least $1,500 in direct deposits each month, make at least 10 debit card purchases of $3 or more each month, maintain an average daily balance of $2,500 in an Axos Self-Directed Trading account and use the checking account to make monthly payments toward an Axos Bank consumer loan.
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.
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:
- Axos Bank Essential Checking. This no-frills checking account comes with no monthly fees and offers ATM fee reimbursements.
- Axos Bank CashBack Checking. Alongside no maintenance fees and unlimited check-writing privileges, you’ll earn up to 1% cash back on qualifying purchases.
- Axos Bank 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.
- Axos Bank 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.
Frequently asked questions
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★★★★★ — Poor
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