Axos Bank Review | Rewards Checking and High-Yield Savings

Axos Bank Review - picture of man relaxing at beach in chair with laptop in lap

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This Axos Bank review summarizes the bank’s personal banking options, helping you decide if opening an account at Axos Bank is right for you. All rates, terms, and conditions are subject to change without notice. It is the sole responsibility of the reader to verify any information with the bank prior to taking action.

Axos Bank is a publicly traded, FDIC-insured, full-service online bank that offers high-yield saving accounts, money market accounts, checking accounts, CDs, and a variety of lending solutions. As an online bank with little overhead, Axos Bank offers competitive interest rates perfectly suited for people who want to maximize their savings.

Axos Bank’s High Yield Savings account offers an interest rate of up to 0.61% APY, while its High Yield Money Market account comes in at up to 0.25% APY. Even their Rewards Checking Account offers interest earning up to 1.25% APY if you meet certain conditions.

Here’s a more detailed look at Axos Bank’s offerings to determine if it’s a good fit for your banking needs.

Axos Bank at a GlanceAxos Logo

  • Formerly known as Bank of Internet USA
  • Online banking available throughout the U.S.
  • High Yield Savings — 0.61% APY
  • High Yield Money Market — 0.25% APY
  • Rewards Checking — Up to 1.25% APY
  • Mortgages, auto refinancing, and personal loans available

Earn 0.61% APY on Your Savings – Open a high-yield savings account with Axos Bank and earn 0.61% APY. There are no minimum balance requirements and no monthly maintenance fees so your money grows faster. Get started here.

Pros and Cons of Axos Bank

What We Like

  • Competitive interest rates on savings and money market accounts
  • No monthly maintenance fees
  • Free debit cards with savings and money market accounts
  • Money market account has check-writing privileges

What We Don’t Like

  • Average CD rates
  • No physical locations
  • Limited customer support

What Is Axos Bank?

Formerly known as Bank of Internet, USA, Axos Bank has operated as an online bank since July 4, 2000. In 2018, the company officially changed its name to Axos Bank and started trading on the New York Stock Exchange.

Axos Bank is an FDIC-insured online bank (FDIC #35546) operating throughout the United States. Because they are FDIC-insured, their bank accounts are insured for $250,000 per depositor, per ownership category.

We’ll focus primarily on the company’s personal banking options, including its high-yield savings and money market accounts, as well as its rewards checking option.

Axos Bank Review: Personal Banking Products

For an online bank, Axos Bank has a lot of account options and features, but it’s their personal banking products that most people will be interested in. We’ve reviewed them below.

High Yield Savings

The High Yield Savings account from Axos Bank offers competitive interest rates and a host of other perks that rivals other top savings accounts.

Technically, it has a tiered interest earning structure. However, all balances currently earn 0.61% APY. The account comes with no monthly maintenance fees and no minimum balance requirements. Opening a high-yield savings account takes a $250 deposit initial deposit.

Customers can request a complimentary ATM card to use with the account. Axos customers also have access to all of its digital account tools, such as online bill pay and mobile check deposits.

A high-yield savings account is the perfect spot to set aside money for savings goals, such as an emergency fund or vacation fund. Plus, the high-yield interest rate helps build up savings quicker than rates at a traditional bank.

High Yield Money Market Account

Axos Bank also offers one of the best money market accounts available right now. It earns interest on all balances, currently at 0.25% APY. Money market accounts often include the best features of savings and checking accounts, and what Axos Bank offers is no exception. Along with its competitive interest rate, it comes with check-writing privileges and debit card transactions.

There is a $1,000 minimum initial deposit to open a money market account, however there are no ongoing balance requirements or monthly maintenance fees to deal with. All of your earnings stay in your account to grow.

Money market accounts also get access to Axos Bank’s suite of digital tools, including mobile banking.

Like many money market accounts, you are limited in the number of monthly transactions you can make. With Axos, you’re allowed to make up to a standard six transfers or withdrawals during a statement cycle. So, while you wouldn’t want to use this as an account for your regular bill payments, using a money market account is perfect for setting aside savings to earn some interest.

Rewards Checking

Among Axos Bank’s checking options is an account that earns just as well, if not better, than many high-yield savings accounts.

Rewards Checking is an interest-bearing checking account that delivers five task-based tiers of interest, with the potential to earn up to a total of 1.25% APY when combined.

Here is how to earn the top rate:

  • Monthly direct deposits of at least $1,500 — 0.40% APY
  • 10 debit card transactions/month ($3 min per transaction) OR enroll in Account Aggregation/Personal Finance Manager — 0.30% APY
  • Maintain avg. daily balance of $2,500 in Axos Managed Portfolios Investment Account – 0.20% APY
  • Maintain avg. daily balance of $2,500 in Axos Self Directed Trading Investment Account – 0.20% APY
  • Use checking account to pay (in full) monthly Axos consumer loan payment — 0.15% APY

Obviously, meeting all of the requirements to earn the top rate isn’t easy. With that said, hitting the direct deposit and 10 debit card transactions a month, isn’t too difficult. Doing so means you’d earn a rate of 0.70% APY, which still makes this one of the best checking accounts on the market right now.

Earning interest isn’t the only perk included with this checking account. It also features unlimited domestic ATM fee reimbursements and no overdraft or non-sufficient fund fees. There’s also no monthly maintenance fees. You only need a $50 initial deposit to open a Rewards Checking account.

Axos Bank’s Rewards Checking makes it easy to handle everyday banking while building up your savings even more. It’s the perfect complement to a high-yield savings or money market account.

$100 Bonus: Get a $100 holiday bonus when you use the code “Holidays” to open your new Rewards Checking account. Click the button below to get started!

Other Axos Bank Checking Accounts

If you aren’t interested in a Rewards Checking account, Axos Bank has four other checking accounts, including one for seniors and a custodial account. Here’s a quick look at their other checking account products:

Golden Checking: A checking account geared toward customers age 55 and older, Axos Bank’s Golden Checking earns 0.10% APY on all balances. It also features up to $8 of domestic ATM fee reimbursements each month and free personal checks. Golden Checking requires an initial $50 deposit but has no ongoing balance requirements and no monthly fees.

CashBack Checking: Earn up to 1% cash back on signature-based purchases with this no-fee checking account. It also comes with unlimited ATM fee reimbursements. A $50 minimum deposit is required to open an account.

Essential Checking: This account has no fees. Plus, it provides unlimited domestic ATM fee reimbursements. There’s also no minimum deposit required to open an Essential Checking account. You can get access to early direct deposits from your employer, too.

First Checking: Axos Bank’s only custodial account, First Checking is for kids ages 13 to 17. Teach your children money management with this interest-bearing checking account that earns an impressive 0.10% APY. The account comes with up to $12 of domestic ATM fee reimbursements each month and no monthly, overdraft, or non-sufficient fund fees. A $50 minimum deposit is required to open a First Checking account.

Axos Bank Certificates of Deposit (CDs)

Axos Bank only has one CD option available — traditional term CDs.

CDs are an excellent way to build up savings, especially if you don’t need immediate access to your funds. Unfortunately, the rates on Axos Bank CDs are average at best. Terms are available from three to 60 months, with terms a year or longer only earning 0.20% APY.

Axos Bank CDs require a deposit of $1,000 to open and have no setup or maintenance fees. Interest on CDs is compounded daily. Like most CDs, you’ll end up paying a penalty based on your CD term if you withdraw funds from your account before it reaches maturity. Early withdrawal penalties range from a month and a half of interest to 24 months’ worth of interest, so be sure you don’t plan on accessing your money early.

While most other types of Axos Bank accounts are worth checking out, if you’re interested in CDs, you’ll find better rates and terms at other online banks.


Axos Bank offers a variety of home and other loans to fit customer needs. Loan options include:

  • Mortgages and refinancing
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • Loans for investment properties with five or more units
  • Personal loans from $5,000 to $50,000
  • Auto loans and refinancing

If you’re in the market for a new home or want to refinance your current home loan, take time to see what rates are available through Axos Bank. They have a wide range of mortgage options available for almost any situation.

In many cases, Axos Bank waives lender fees on home loans if you open or already own a checking account with the bank. They offer free rate quotes online which only take a few minutes to receive. And if you’re in the market for an auto loan or personal loan, Axos Bank offers some great options.

How to Use an Axos Bank Account

Wondering why you might want to open a savings account or money market account through Axos Bank? Here are a few ideas on how to use these accounts:

  • Short-Term Savings Goals: You’re more likely to hit your savings goals when you separate your savings from your everyday spending account. Whether you’re saving up for your next summer vacation, a new car, your child’s college education, or a home renovation, using a high-yield savings or money market account will accelerate your savings.
  • Emergency Fund: We love emergency funds. We’ve spent considerable time building ours up since it’s one of the biggest factors in becoming financially healthy. A good emergency fund has three to six months’ worth of expenses and helps protect you and your family when (not if) a financial emergency occurs. Your best bet is to keep your emergency fund separate from the rest of your money so that it’s there when you truly need it.
  • Savings Protection: For those with more than $250,000 in savings, using more than one bank ensures that a greater proportion of your money is insured by the FDIC. You can never be too safe with your money, especially your savings.

Benefits of Using Axos Bank

  • Competitive Rates: You can’t go wrong with a high-yield savings or money market account from Axos Bank. They both offer comparable rates to other top online banks.
  • No Fees: Online banking at Axos is almost entirely free. There are no monthly maintenance fees with any of its deposit accounts. Most checking accounts are free from overdraft and insufficient fund fees, too.
  • Multiple Checking Accounts: Axos customers have several checking account choices, including interest-bearing and cash back options. We love the First Checking options available to help teach teens money management.
  • Digital Tools: All Axos Bank accounts come with online and mobile banking access, so customers are connected wherever they go. Tools include mobile check deposits, online bill pay, and more.

Where Axos Bank Falls Short

While Axos Bank hits the mark with high-yield interest on its savings, money market, and even some of its checking accounts, its CD rates don’t compare. They only offer standard term CDs, while many other online banks offer flexible no-penalty CDs and much higher interest rates.

You can do well with most of your banking with Axos Bank, but you might want to look at another elsewhere for better CD options.

The Bottom Line: Is Axos Bank Right for You?

Online banking has become extremely popular, especially since online banks don’t have the overhead of traditional brick-and-mortar ones. Savings are typically passed on to customers in the form of fewer fees and better interest rates, which is the case with Axos Bank. If you’re okay with doing the majority of your banking online, Axos Bank is a great option to consider.

Even if you are just looking for a good place to keep funds for an emergency, vacation, or other financial goal, Axos Bank offers competitive rates to maximize your savings.

With competitive high-yield interest rates on the bank’s savings and checking accounts, it’s hard to argue against using Axos. Don’t forget about its checking accounts, either, which also offer interest and cash back earning potential in their own right. If you’re after competitive rates across the board, Axos Bank might be the choice for you.

Axos Bank Review Pin - picture of man relaxing at beach in chair with laptop in lap

Open an Axos Bank Account Here >>

Axos Bank Review Summary
  • Fees
  • Interest Rates
  • Products and Services
  • Tools and Apps
  • Ease of Use
  • Customer Service


Overall, Axos Bank is one of the best full-service online banks around. Its high-yield savings and money market accounts rank among the best in the business, and its Rewards Checking offers a stellar interest rate – although it now takes some effort to earn the entire top rate.

Axos Bank also offers online and mobile banking with no fees and relatively low opening deposit requirements. It even provides free ATM cards and ATM reimbursements on many of its accounts.

If you’re looking for a full-service bank that offers great rates or an online bank to pair with your current bank accounts, Axos Bank is definitely worth your consideration.

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