Axos Bank Rewards Checking account review
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.
Minimum deposit to open
|APY||1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions 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 writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
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.
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.
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
How do I open an Axos Bank Rewards Checking account?
- Go to Axos Bank’s website and 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
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.
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.