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Axos Bank products: Savings, Checking and CDs

Digital accounts for nearly everyone, but interest rates aren’t the highest available.

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Our verdict

Axos Bank blends online-only banking with a customized touch. Its suite of 17 banking products caters to everyone from teens to the everyday customer to businesses of all sizes.

Everyday customers can choose from free to rewards-earning accounts. Small businesses can choose accounts without monthly fees or that encourage high savings, while larger businesses get customized payment processing, reporting and account monitoring services.

But other digital banks offer higher interest rates, and you’ll need to meet Axos Bank’s requirements to open and maintain your account.

Best for: Those needing robust products from an established digital bank.

Pros

  • Variety of products designed for everyone
  • 91,000 ATMs, including deposit-taking ATMs
Cons

  • Most accounts offer lower-than-average interest rates
  • High opening deposits
  • Monthly fees or minimum balances for some products

Is Axos Bank right for you?

You’re bound to find an account that works for you with Axos Bank, and its sturdy 20 years in the industry make it one of the most experienced online banks. Whether you need a savings or business product, you get all your digital banking needs met in one place.

However, its CD rates aren’t competitive, and you’ll need to read up on how to qualify for each account and to avoid fees. Yet all of its accounts get the chance to use its enormous ATM network, making up for its lack of bank branches.

How Axos Bank stacks up

Most digital banks offer a light number of products and either cater to personal or business banking. It’s rare to find a digital bank with as many account choices that serve a diverse range of people and businesses.

Where it shines

Axos Bank stands out for its large product offering, designed for different customers with high or low assets.

The bank also offers 91,000 ATMs — one of the largest networks we’ve seen for a digital bank. Most of its accounts come with unlimited reimbursements for out-of-network domestic ATMs.

Where it falls short

One of the biggest drawbacks is that you won’t get the highest interest rates possible in the market. Most of Axos Bank‘s CDs and savings accounts offer interest rates around 0.2% or 0.25% APY.

These rates are much lower than the national average. To compare, other online banks offer high-yield savings accounts with rates between a 3% to 4% APY.

Also, while its personal banking options are free, you’ll find that its business accounts come with specific balance requirements you must meet to avoid its monthly fee. For example, Axos requires you to maintain a $2,500 or $5,000 balance to waive the monthly fee on some of its business accounts.

Lastly, Axos Bank‘s opening deposit and minimum balance requirements are higher than normal. You’ll need between $50 and $1,000 to open a personal bank account, and anywhere from $100 to $25,000 to open a business account. To compare, the average you’ll find elsewhere is between $25 to $100.

Axos Bank‘s personal banking products

Axos offers a selection of banking products for everyone from teens to seniors. See which account features fit your needs.

Axos checking accounts

Account nameBest forOpening depositMonthly feeAPYFeatures
Axos Bank First CheckingTeens needing spending limits and ATM access$50$00.1%
  • Up to $12 in US ATM reimbursements
  • $100 ATM withdrawal and $500 POS spending limits
  • Converts to adult account at age 18
Axos Bank Essential CheckingFree banking with fast direct deposits$0$0N/A
  • Direct deposits up to two days early
  • Unlimited US ATM reimbursements
  • No overdraft fee
Axos Bank Rewards CheckingGet rewarded for qualifying activities$0$0Up to 3.3% APYUnlimited US ATM reimbursements
Axos Bank CashBack CheckingCash back on signature-based purchases$0$0N/A
  • Up to 1% cash back on signature debit card purchases
  • Unlimited US ATM reimbursements
Axos Bank Golden CheckingCustomers age 55+ who need check-writing $250$00.1%
  • Two free sets of 40 checks per year
  • $8/mo. in ATM reimbursements
Axos Bank First Checking

This account works well for teens needing basic features like a debit card and ATM access. Axos Bank also sets spending limits of $100 for ATM withdrawals and $500 for point-of-sale purchases. That said, these limits are low and can’t be customized like other digital kids’ bank accounts.

Where it shines

  • Earns 0.1% APY
  • Up to $12 in US ATM reimbursements
  • Converts to adult account at age 18
Where it falls short

  • Low $100 ATM withdrawal limit
  • No checks
Axos Bank Essential Checking

This account is ideal if you’re looking for a basic bank account because it doesn’t charge many fees or require a minimum monthly balance. Plus, you get unlimited ATM reimbursements.

Where it shines

  • Direct deposits up to two days early
  • $0 monthly service and overdraft fees
  • Unlimited US ATM fee reimbursements
Axos Bank Rewards Checking

This free account rewards you with a higher rate up to 3.3% APY when you complete different actions. For example, you earn a set amount of interest for every action you unlock below:

  • Earn 0.40% when you receive $1,500+ in direct deposits per month.
  • Earn 0.30% APY when you make 10 debit card purchases each month.
  • Earn 1.00% APY when you maintain $2,500 a month in an Axos Bank Managed Portfolio.
  • Earn 1.00% APY when you maintain $2,500 in an Axos Invest Self-Directed Trading account.
  • Earn 0.60% when you pay your Axos Bank loan from this account.
Where it shines

  • Up to 3.3% APY combined for qualifying activities
  • $0 monthly service and overdraft fees
  • Unlimited US ATM fee reimbursements
Where it falls short

  • Extensive requirements to qualify for the highest rate
  • $0 minimum opening deposit
Axos Bank CashBack Checking

Earn 1% cash back for every purchase you have to sign for, up to $2,000 in cash back per month. You must maintain a balance of $1,500 to earn the 1%. Otherwise, the reward is 0.5%. This account works best if you make signature-based transactions often, or if you’re looking for low-fee banking.

Where it shines

  • Up to 1% cash back for signature debit card purchases
  • $0 monthly service and overdraft fees
  • Unlimited US ATM fee reimbursements
Where it falls short

  • Most purchases aren’t signature-based
  • $1,500 minimum balance required to earn 1% cash back
  • $0 minimum opening deposit
Axos Bank Golden Checking

This basic account is designed for customers aged 55 and older, but it doesn’t offer as many benefits as Axos’ other checking accounts. You’ll earn 0.1% APY on your total balance, and get free checks and $8 in out-of-network ATM rebates per month. But other Axos Bank accounts offer higher interest rates, unlimited checks or unlimited ATM reimbursements.

Where it shines

  • $0 monthly service fee
  • Two free sets of 40 checks per year
Where it falls short

  • $250 minimum opening deposit
  • Limited ATM fee reimbursements compared to its other accounts

Axos savings accounts

Account nameBest forOpening depositAPYFeatures
Axos Bank High Yield SavingsHigh-yield savings with wide ATM network$250Up to 0.61% APYOptional ATM card
Axos Bank High Yield Money MarketAccess to savings with checks and debit card$1,0000.25% APY
  • Check-writing
  • Debit card
Axos Bank Certificates of DepositLocking away savings for three to 60 months$1,0000.2% APY no matter the term
  • Free electronic interest transfers
  • 10-day grace period
Axos Bank High Yield Savings

This account earns a decent 0.61% APY, and you don’t have to worry about a minimum monthly balance or service fee. You can also ask for an ATM card to access your savings directly. Most savings accounts don’t come with an ATM card, though you can find other high-yield accounts with APYs up to 4%.

Where it shines

  • $0 monthly maintenance fee
  • Free ATM card upon request
Potential drawbacks

  • $250 opening deposit
  • Interest isn’t the highest we’ve seen for a high-yield account
Axos Bank High Yield Money Market

Get the usual benefits of a money market account, like check-writing and a debit card to pull from your account directly. You also don’t have to worry about a monthly service fee or minimum balance, though you do need $1,000 to open the account. Its 0.25% APY is mediocre as you can find higher rates at other banks.

Where it shines

  • $0 monthly maintenance fee
  • No minimum balance requirement
Potential drawbacks

  • Interest rate lower than national average
  • Steep $1,000 opening deposit
Axos Bank Certificates of Deposit

Axos Bank’s CDs aren’t worth it if you want to earn a high interest rate. All of its CD terms earn 0.2% APY, which is three to six times less than the national average.

Where it shines

  • CD options from three to 60 months
  • Transfer interest to external account mid-cycle
Potential drawbacks

  • Interest rates are much lower than national average

Axos Bank business banking products

Each business account Axos offers varies a little to fit different needs. Some accounts offer no monthly maintenance fees or minimum balance, while others are interest-bearing accounts or need a hefty opening deposit. Check which accounts and features suit your business best.

Axos business checking accounts

Account nameBest forOpening depositMonthly feeAPYFeatures
Axos Bank Basic Business CheckingUnlimited electronic or ATM transactions$0$0N/A
  • Up to $400 signup bonus
  • Unlimited transaction, except mobile deposits
  • Unlimited US ATM reimbursements
  • 60 mobile deposits a month
  • Two domestic wire fee reimbursements a month
Axos Bank Business Interest CheckingHigh interest with deposit-taking ATMs$100$10 or $0 when you keep a minimum daily balance of $5,000Up to 1.01% APY
  • Up to $400 signup bonus
  • Unlimited US ATM reimbursements
  • 60 mobile deposits a month
Axos Bank Analyzed Business CheckingCustomized reporting and payment processing$100$15N/A
  • Customized reports
  • Multiple payment processing options, including Lockbox and online payment portals
  • Automatically sweeps extra funds from multiple accounts to one
Axos Bank Basic Business Checking account

This account works best if you need basic banking with flexible deposits. Make unlimited electronic transfers per month or deposit cash and checks via its ATMs. But mobile transactions are limited to 60 deposits a month.

Where it shines

  • $0 monthly fee, minimum balance or opening deposit
  • Unlimited US ATM reimbursements
  • Connects to Quickbooks
Potential drawbacks

  • Mobile deposits limited to 60 a month
Axos Bank Business Interest Checking

This account works well if you expect to keep less than $50,000 on hand — you’ll earn 1.01% APY on balances under this amount. Higher balances earn 0.1% to 0.2% APY.

However, you only get 100 free transactions and 60 free mobile deposits per month. Above those limits, you’ll pay $0.50 per transaction. While these limits are common for business accounts, you’ll find other digital bank accounts with unlimited free transactions.

Where it shines

  • Earn up to 1.01% APY for amounts under $50k
  • Unlimited US ATM fee reimbursements
  • Connects to Quickbooks
Potential drawbacks

  • Interest rates drops steeply with $50,000+ balance
  • $5,000 minimum to waive $10 monthly fee
Axos Bank Analyzed Business Checking

This commercial account gives you the best of traditional banking like ACH and wire transfers, combined with services for payment processing, payroll and more. Use Axos Bank’s Lockbox to receive and process payments from customers or merchants, even remotely from your office.

You’ll also earn an Earnings Credit Rate (ECR) based on your balance, which offsets the account’s fees. Yet like most analyzed business accounts, there’s a long list of fees to watch for. Double-check the fees and chat with customer support about your company’s potential ECR to understand if this account is worth the cost.

Where it shines

  • Custom information reports and image statements
  • Nightly sweeps of accounts to concentrate cashflow into one
  • Get paid through Lockbox, payment portals, and more
  • Earnings Credit Rate (ECR) applied to your balance
Potential drawbacks

  • $100 minimum opening deposit
  • Fees charged for nearly every service, including wires and Lockbox

Axos business savings accounts

Account nameBest forOpening depositMonthly feeAPYFeatures
Axos Bank Business SavingsSmall businesses needing mobile deposits$1,000$5 or $0 if you maintain a balance of $2,500 or more0.2% APYMobile deposits
Axos Bank Business Premium SavingsGrowing businesses with a sizable initial deposit$25,000$0N/AMobile deposits
Axos Bank Business Money MarketSmall businesses needing check-writing$1,000$10 or $0 when you maintain a $5,000 balance or more0.2% APY
  • Mobile deposits
  • 20 free transactions a month, then $0.30 per transaction
Nonprofit Money MarketNonprofits needing customized tools$1,000$5 or $0 when you maintain a $2,500 balance or more0.2% APY
  • 25 free items a month processed
  • Mobile deposits
  • Access to Treasure Management tools like custom reporting
Axos Bank Business CDsLocking away business savings for 3 to 60 months$1,000$00.1% to 0.2% APY, depending on the term
  • Free interest transfers mid-cycle
  • 10-day grace period
Axos Bank Business Savings

Paired with Axos Bank business checking, this account works well for small businesses who need a spot to tuck away savings. But you won’t earn a competitive APY compared to other similar accounts, and you need at least $2,500 sitting in this account to bypass the monthly fee. In short, this choice is one of the most basic business savings accounts we’ve seen.

Where it shines

  • Offers mobile deposits
Potential drawbacks

  • $1,000 opening deposit
  • $2,500 minimum to waive $5 monthly fee
  • Low 0.2% APY
Axos Bank Business Premium Savings

This business savings account nixes the monthly fee and minimum balance requirement — though you need $25,000 on hand to open it. You won’t earn interest either unless you keep a minimum of $24,000 on hand.

However, this account’s interest rates are negligible compared to the industry average. This account works best if you’ve got the opening deposit and are looking to bypass monthly fees.

Where it shines

  • $0 monthly fee
  • Offers mobile deposits
Potential drawbacks

  • High $25,000 opening deposit
  • $24,000 minimum to earn interest
  • Low 0.2% APY
Axos Bank Business Money Market

Get access to your savings with check-writing privileges. This account lets you process up to 20 transactions for free until you’re hit with a fee of $0.30 per transaction. But you need a minimum balance of $5,000 or you’ll pay $10 a month to maintain the account. This account works best if you need direct access to your account, but won’t process many transactions.

Where it shines

  • Offers mobile deposits
Potential drawbacks

  • $1,000 opening deposit
  • $5,000 minimum balance requirement to waive $10 monthly fee
  • Low 0.2% APY
  • $0.30 transaction fee over 20 transactions a month
Nonprofit Money Market

Access tools like customized reporting, payment processing, Lockbox services and other financial management services. While you’ll earn interest on any balance, its interest rates are negligible compared to similar accounts on the market.

You’ll also pay $0.30 per transaction after you’ve made 25 transactions. Transaction limits are common for business accounts, but this limit is lower than similar accounts.

Where it shines

  • Access to Treasury Management tools like customized reports
  • Offers mobile deposits
Potential drawbacks

  • $1,000 opening deposit
  • $2,500 minimum to waive $5 monthly fee
  • Low 0.2% APY
  • $0.30 per item processed over 25 transactions a month
Axos Bank Business CDs

Axos Bank’s Business CDs work best if you want to make your savings untouchable for a set time. However, its interest rates aren’t competitive in the market. Like many CDs, you’ll need $1,000 minimum to open one with Axos Bank.

Where it shines

  • Options ranging from three to 60 months
  • Transfer interest to another account mid-cycle
Potential drawbacks

  • Interest rates lower than national average
  • $1,000 opening deposit

Compare Axos Bank products

Toggle between the tabs to find a checking or savings account that fits your needs. Narrow down accounts by monthly fee, opening deposit and APY. Then, choose Compare to see up to four accounts side by side.

1 - 6 of 6
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
Axos Bank Rewards Checking
Finder Score: 4.2 / 5: ★★★★★
Bonus
Axos Bank Rewards Checking
$0 per month
$0
3.30% on balances of $0 to $50,000
Use promo code AXOS300 and apply by June 30th, 2024, to earn up to Up to $300 bonus, $50 each month you meet requirements: Make direct deposits of $5,000+ each month for the first 7 months and maintain an average balance of $7,000.
Axos Bank Essential Checking
Finder Score: 5 / 5: ★★★★★
Axos Bank Essential Checking
$0 per month
$0
N/A
Axos Bank First Checking
Finder Score: 3.5 / 5: ★★★★★
Axos Bank First Checking
$0 per month
$50
0.10%
Axos Bank Golden Checking
Finder Score: 5 / 5: ★★★★★
Axos Bank Golden Checking
$0 per month
$250
0.10% on balances of $0+
Axos Bank Business Interest Checking
Finder Score: 4.5 / 5: ★★★★★
Bonus
Axos Bank Business Interest Checking
$10 per month
(can be waived)
$100
1.01% on balances of $0 to $49,999.99
0.20% on balances of $50,000 to $249,999.99
0.10% on balances of $250,000 to $4,999,999.99
Open a business checking account by June 30 and get up to $400 when you use promo code NEW400 on your application and maintain a minimum average daily balance of $50,000.
Axos Bank CashBack Checking
Finder Score: 4.5 / 5: ★★★★★
Axos Bank CashBack Checking
$0 per month
$0
N/A
loading
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1 - 5 of 5
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Axos Bank High Yield Money Market account
Finder Score: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Money market

0.25%

Up to $250,000 individual
$0
$1,000
$1,002.50
Axos Bank High Yield Savings
Finder Score: 4 / 5: ★★★★★
Axos Bank High Yield Savings
Traditional savings

0.61%

0.25%

0.15%

Up to $250,000 individual
$0
$250
$1,006.10
Axos Bank Business Savings
Finder Score: 3.7 / 5: ★★★★★
Bonus
Axos Bank Business Savings
Traditional savings

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
Axos Bank Business Money Market
Finder Score: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
Money market

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
Axos Bank Business Premium Savings
Finder Score: 3 / 5: ★★★★★
Axos Bank Business Premium Savings
Savings

0.20%

$24,000
$25,000
$1,000
loading

Other products

  • Auto loans. Apply to purchase or refinance your car with terms up to 96 months, granting you the monthly payment you need.
  • Commercial loans. Get loans specialized for equipment, property equity, business lines of credit and more. Loans are tailored to your needs.
  • Self-directed and managed investing. Let Axos Bank develop your portfolio, or use the bank’s market research to make your own informed trades.
  • Personal loans. Pay down debt or pay for major expenses with loans from $5,000 to $50,000. Get no penalties for paying off the loan faster than expected.
  • Mortgages. Buy or refinance your home, get a loan for home improvements or borrow to invest in rental or unique properties. Axos offers custom loan options for complicated financial structures.

Customer service experience

Axos Bank is accredited with the Better Business Bureau (BBB) with an overall A+ rating for handling customer complaints. The bank doesn’t see many complaints for its size, signaling that most customers are happy with their accounts.

However, some customers have reported not getting professional service when difficulties arise, such as a locked bank account or missed loan payments. A few have even had trouble accessing their money or getting refunds or quick responses during critical times when they needed the money. Keep in mind that customers tend to leave reviews when they’ve had an overly positive or negative experience.

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Written by

Amy Stoltenberg

Amy Stoltenberg managed newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report. See full profile

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