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Axos Bank Rewards Checking account review

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Axos Bank Rewards Checking
Finder score
On Axos Bank's secure site
$0 per month
Minimum deposit to open

Our verdict

Get unlimited ATM reimbursements and up to 3.3% APY when you meet stringent requirements.

Axos Bank Rewards Checking account offers unlimited ATM reimbursements and up to 3.3% APY, which is much higher than the national average for interest-bearing checking accounts. But to earn the highest rate, you must meet strict requirements, including a larger monetary investment into additional Axos Bank products. Although most rewards checking accounts require you to jump through some hoops, Axos' requirements are beyond extensive.

Best for: Consumers who want to invest heavily into Axos' suite of products.


  • Up to 3.3% APY
  • Unlimited ATM fee reimbursements


  • Onerous requirements for max APY

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Who is Axos’ Rewards Checking best for?

The Axos Bank Rewards Checking is best for consumers who are looking to invest in other Axos products beyond this checking account. This is because if you want to reach the full 3.3% APY, you’re required to set up direct deposits and sign up for Axos’ Personal Finance Manager, that includes a self directed trading account and a loan.

Axos Bank Rewards Checking fees and access

Type of feeFee detailsHow to avoid it
Monthly service$0
Opening deposit$0
  • Domestic: Yes
  • International: Yes
Unlimited reimbursements on domestic ATM fees
Debit card fees
  • Foreign transactions: 1% conversion fee
  • Card replacement: $0
  • Excess withdrawal fee: $10
Overdraft or nonsufficient funds
  • $25, $75 max per day
Sign up for Overdraft Protection by Linked Accounts. Requires linked savings account
Wire transfers
  • Incoming
    • Domestic: $0
    • International: $0
  • Outgoing
    • Domestic: $35
    • International: $45

Where Axos Rewards Checking shines

Similar to other online banks, Axos Bank is primarily managed online or through your mobile device, which lets you perform tasks like managing your bill or locking and unlocking your card right from the app. The main draw to Axos Bank Rewards Checking is its APY, which is 47 times higher than the national average. But its numerous requirements to earn the highest rate at 3.3% APY is also where it falls short.

The account also shines with its generous unlimited ATM fee reimbursements. Many banks don’t offer ATM reimbursements and those that do place a limit on the number of reimbursements you get.

Where it falls short

The Rewards Checking account has a few drawbacks that take a bite out of the value of the product. Chiefly, earning the max APY on Axos Bank Rewards Checking takes a lot of leg work and sizable amount of investment. While it’s common for rewards and interest-bearing checking accounts to come with requirements, Axos’s Rewards Checking expects customers to meet onerous requirements. You’ll need to open up both an Axos Managed Portfolio and Trading account, maintain an average daily balance of $2,500 or more, and take out a consumer loan from Axos Bank and repay it with your Rewards Checking account.

This is all a big ask for a total of 3.3% APY and there are likely some consumers out there who simply don’t have the extra funds laying around to meet these requirements. On top of that, the APY only applies to balances up to $50,000. Any balance beyond that doesn’t earn interest.

Interest-earning conditions

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 0.40% APY if you meet the direct deposit requirement, but you could earn up to 3.3% APY by satisfying all of the following requirements.

Receive at least $1,500 in direct deposits each month0.40%
Sign up for Axos Personal Finance Manager (PFM) or make at least 10 debit card purchases of $3 or more each month0.30%
Open an Axos Invest Managed Portfolios account and maintain an average daily balance of $2,500 or more0.99%
Open an Axos Invest Self Directed Trading account and maintain an average daily balance of $2,500 or more0.99%
Take out a consumer loan from Axos Bank and use your Rewards Checking account to make your full monthly payment0.60%

Compare Axos Bank Rewards Checking to similar accounts

We gathered a quick comparison of similar accounts to help you decide if Axos Bank Rewards Checking is right for you.

Axos Bank Rewards Checking logo

Axos Bank Rewards Checking


Finder rating 4.2 / 5

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Annual Percentage Yield (APY)

3.30% on balances of $0 to $50,000

Minimum deposit to open


SoFi Checking and Savings logo

SoFi Checking and Savings


Finder rating 4.5 / 5

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Annual Percentage Yield (APY)

4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+

Minimum deposit to open


Upgrade Rewards Checking Plus logo

Upgrade Rewards Checking Plus


Finder rating 4.3 / 5

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Annual Percentage Yield (APY)


Minimum deposit to open


How to open an Axos Bank Rewards Checking account

  1. Select Apply now.
  2. From the Axos Bank‘s website, click Open an Account.
  3. Enter your full name, email address and mobile number. Create a username and password. Click Start Application.
  4. Enter your residential address, date of birth and Social Security number. Click Save & Continue.
  5. Verify your identity by providing Axos with your driver’s license or state ID number. Click Save & Continue.
  6. 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 $0 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.

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.

Customer experience

There are no recent customer reviews on social media that reflect the most recent iteration of the Axos Bank Rewards Checking account. However, there are several complaints on reddit about Axos’ mobile app and online platform, arguing that both are dated in design and prone to hangups or other performance issues.

Axos Bank is accredited with the Better Business Bureau and earns an A+ rating. On Trustpilot the bank earns 1.3 out of 5 stars with several customers complaining of poor customer service.

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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