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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.
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.
Up to 1% cash back on signature debit card purchases
Unlimited US ATM reimbursements
Axos Bank Golden Checking
Customers age 55+ who need check-writing
$250
$0
0.1%
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
$50 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
$50 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 name
Best for
Opening deposit
APY
Features
Axos Bank High Yield Savings
High-yield savings with wide ATM network
$250
Up to 0.61% APY
Optional ATM card
Axos Bank High Yield Money Market
Access to savings with checks and debit card
$1,000
0.25% APY
Check-writing
Debit card
Axos Bank Certificates of Deposit
Locking away savings for three to 60 months
$1,000
0.2% 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 name
Best for
Opening deposit
Monthly fee
APY
Features
Axos Bank Basic Business Checking
Unlimited electronic or ATM transactions
$0
$0
N/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 Checking
High interest with deposit-taking ATMs
$100
$10 or $0 when you keep a minimum daily balance of $5,000
Up to 1.01% APY
Up to $400 signup bonus
Unlimited US ATM reimbursements
60 mobile deposits a month
Axos Bank Analyzed Business Checking
Customized reporting and payment processing
$100
$15
N/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 name
Best for
Opening deposit
Monthly fee
APY
Features
Axos Bank Business Savings
Small businesses needing mobile deposits
$1,000
$5 or $0 if you maintain a balance of $2,500 or more
0.2% APY
Mobile deposits
Axos Bank Business Premium Savings
Growing businesses with a sizable initial deposit
$25,000
$0
N/A
Mobile deposits
Axos Bank Business Money Market
Small businesses needing check-writing
$1,000
$10 or $0 when you maintain a $5,000 balance or more
0.2% APY
Mobile deposits
20 free transactions a month, then $0.30 per transaction
Nonprofit Money Market
Nonprofits needing customized tools
$1,000
$5 or $0 when you maintain a $2,500 balance or more
0.2% APY
25 free items a month processed
Mobile deposits
Access to Treasure Management tools like custom reporting
Axos Bank Business CDs
Locking away business savings for 3 to 60 months
$1,000
$0
0.1% 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.
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.
Amy Stoltenberg manages 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.
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