Loading
Tap on the profile icon to edit
your financial details.
Advertiser Disclosure

Axos Bank Review

Your Details Done
by Updated
Axos Bank

Axos Bank (known formerly as Bank of Internet USA) offers a great online bank option for customers who don’t mind banking without physical branches. You have access to a variety of bank accounts from a simple checking account to an IRA CD. Each account is free since Axos does not charge a monthly fee.

Online banks typically offer the highest interest rates in the banking industry, and Axos is no exception. Of course, you’ll occasionally need to meet certain conditions or minimum balances to earn at the highest percentages. You can still find some better rates at other online bank competitors, however.

Products Offered

Product Key Details
Savings Accounts
  • Competitive interest rate
  • No minimum deposit or monthly fee
Certificates of Deposit (CDs)
  • Seven term options from three to 60 months
  • $1,000 minimum deposit
Money Market Accounts (MMAs)
  • ATM card and check-writing abilities
  • Competitive interest rate
IRAs
  • Roth and traditional options
Checking Accounts
  • Six account options, three are interest-earning, one earns cash back and two are non-interest-earning
  • No fees

Axos Bank Interest Rate Comparison

Axos Bank Overview

Axos Bank used to be called Bank of Internet USA, until it was rebranded as Axos in the fall of 2018. Entirely online, Axos Bank uses its branchless banking model to provide some of the best savings rates to its customers. It brands itself as a bank that will maintain its focus on its customers and their financial goals. This is certainly made easier by its 24/7 access to your accounts and many ways to access a bank representative, despite its web-based nature.

Axos Bank Account Features

Axos Bank bank accounts are easily accessible both online and on mobile devices. You can even deposit checks into an account on your smartphone through mobile check deposit. Axos accounts don’t require minimum balances or monthly fees, making accounts more accessible to customers and easier to maintain.

The bank’s checking accounts also offer a couple tools to make managing your money even easier. The complimentary online bill pay service allows you to take care of your bills all in one place. The Green Dot® Reload @ the Register feature allows you to use your Axos Visa debit card at registers to deposit money into an Axos account.

Axos Bank compounds interest daily on its interest-earning bank accounts. What this means is that Axos will credit your account with its interest earnings every day, which allows the following day’s interest to be earned based on a higher balance. This allows your account to grow even faster than if it were to compound monthly, for example.

Axos Bank High Yield Savings

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile and over the phone
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates 1.30% APY

The Axos Bank High Yield Savings account is the bank’s approach to a simple, but high-interest savings account. You won’t have to worry about meeting any minimum amounts or paying a monthly fee with this account. That way you can really take advantage of the account’s competitive APY.

You can easily access your High Yield Savings account online and on mobile. This allows you to check your balances, deposit checks from your phone, make transfers and more.

Axos Bank CDs (Certificates of Deposit)

Key Features Details
Minimum Deposit $1,000
Access to Your Account Online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly fee, but you’ll face a penalty for early withdrawal
Current Terms and Rates
  • 3-month: 0.55% APY
  • 6-month: 0.75% APY
  • 12-month: 1.00% APY
  • 24-month: 1.20% APY
  • 36-month: 1.30% APY
  • 48-month: 1.40% APY
  • 60-month: 2.25% APY

If you’re unfamiliar with certificates of deposit, or CDs, they are timed deposit accounts that allow you to save at competitive rates. You choose the term length that best fits your savings goals, whether short- or long-term, and make your deposit into the account. After that, you cannot touch the account without incurring a hefty penalty until it reaches the end of its term, otherwise known as the maturity date. Then you can renew the account for the same term length or you can withdraw your earnings.

Axos Bank offers seven different CD terms from three to 60 months. Each term has solid rates, especially when compared to the options available at bigger banks. You can still find higher CD rates at other online banks, though.

Axos Bank CDs require a minimum deposit of $1,000. This is a bit of a high amount when compared to the $0 or $500 minimums at other banks. This stipulation still doesn’t reach the heights of some other CD minimum deposits, which can climb as high as $10,000. Plus, having a higher CD deposit means you have more money to grow throughout its term and more money to withdraw at maturity.

Once your Axos CD reaches maturity, you have 10 days to make any changes or withdrawals. If you don’t take any action within this grace period, your CD will automatically renew for the same term length.

Axos Bank High Yield Money Market Account

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile, over the phone and debit card
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates 1.05% APY

Axos Bank also offers its High Yield Money Market account, a sort of mix between a standard savings account and a checking account. Money market accounts typically have higher interest rates than their standard savings account counterparts. The Axos Bank High Yield Money Market account earns at a solid APY, although it’s a lower rate than the bank’s High Yield Savings account.

The High Yield Money Market account offers customers a little more flexibility in accessing their account with an Axos Visa Debit Card and check-writing capabilities. You are still limited to six outgoing transactions, however, including transfers and withdrawals.

Unlike the High Yield Savings account, this account includes free bill pay abilities and free online check images.

Axos Bank Rewards Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile, over the phone and debit card
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • With monthly direct deposits totaling at least $1,000: 0.4166% APY
  • Use your Axos Bank Visa debit card at least:
  • 10 times per month (minimum $3 per transaction): 0.4166% APY
  • 5 more transactions, totaling 15 times per month (minimum $3 per transaction): 0.4166% APY
  • Meet all conditions: 1.25% APY

The Rewards Checking account is the first of Axos Bank’s interest-earning checking accounts. You can earn interest on this account via a condition-based system. For every requirement you meet, you earn at a 0.4166% APY. If you meet two conditions, you can earn at a 0.8332% APY. Should you meet all three, you’ll unlock the highest rate of 1.25%.

Luckily, you can focus your energy on meeting the above rate conditions rather than any balance minimums or monthly fees, since the Rewards Checking account doesn’t implement either. Without any ATMs of its own, Axos Bank allows you to use any ATM nationwide. Axos Bank will also reimburse all domestic ATM fees for the Rewards Checking, Cashback Checking and Essential Checking accounts, and up to $8 a month for Golden Checking account holders.

You can access your account on Axos’ mobile apps and online banking website. You can also set up email and text alerts. Axos checking accounts also include the Green Dot® Reload @ the Register feature. This makes it easier to deposit money into your internal accounts by allowing you to initiate deposits using your debit card at cash registers.

Axos Bank CashBack Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile, over the phone and debit card
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Average daily collected balances below $1,500: 0.50% cash back
  • Average daily collected balances of $1,500 and over: 1.00% cash back

This checking account from Axos focuses on earning cash back on purchases instead of interest on your balance. You can simply use your Axos Visa debit card to make signature-based transactions to earn your cash back. There is a balance tier that determines how much cash back you earn. If your average daily collected balance falls below $1,500, you’ll earn just 0.50% cash back. But if you can maintain a balance over $1,500, the bank will afford you 1.00% in cash back. You are limited to $2,000 in cash back per month.

As always, this Axos checking account includes free access to Green Dot® Reload @ the Register™, online bill pay and mobile check deposit.

Axos Bank Golden Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile, over the phone and debit card
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates 0.20% APY

The Axos Bank Golden Checking account is meant for customers aged 55 and older. All customers can earn interest at a 0.20% clip regardless of their account balance. Although there are higher rates at Axos, the ease required to receive this APY is unmatched.

Since spending can be tough for seniors with limited income, this account doesn’t charge a monthly fee or require any minimums. GoldenChecking customers can also take advantage of Green Dot® Reload @ the Register™ which allows you to deposit cash into your account with your Axos Visa debit card.

Axos Bank Essential Checking Account

Key Features Details
Minimum Deposit $0
Access to Your Account Online, mobile, over the phone and debit card
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates Not interest-bearing

This is Axos Bank’s simplest, no-hassle checking account. Essential Checking account customers will not earn any interest or cash back. There are, however, absolutely no fees or minimums. You can also benefit from unlimited domestic ATM reimbursements. You won’t have to worry about overdraft or non-sufficient funds fees with this account. Plus, you’ll still benefit from the Green Dot® Reload @ the Register™ program.

Axos Bank Traditional/Roth IRA Savings Account

Key Features Details
Minimum Deposit $250
Access to Your Account Online, mobile and over the phone
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • Account balances below $1,000: 0.15% APY
  • Account balances of $1,000 and above: 0.70% APY

Axos Bank’s Traditional/Roth IRA Savings account is the most prominent of the bank’s IRA options. You need to start the account with at least $250, unlike the bank’s regular savings account. From there, you’ll start earning interest depending on your balance. When your balance is below $1,000, you’ll earn at a 0.15% APY. Any accounts with a balance above $1,000 earn at the higher rate of 0.70%. In that case, it would benefit you and your retirement savings to set up automatic deposits to get yourself to that higher APY more quickly.

Axos Bank Traditional/Roth IRA Certificate of Deposit (CD)

Key Features Details
Minimum Deposit $1,000
Access to Your Account Online and mobile
Security FDIC insurance up to the maximum amount allowed by law
Fees None
Current Terms and Rates
  • 12-month: 0.60% APY
  • 18-month: 0.70% APY
  • 36-month: 0.75% APY

Axos Bank offers three IRA CDs in 12-month, 18-month and 36-month terms. Each term offers a decent interest rate, especially when it comes to competing IRA CDs. Just like the standard CD offerings, you’ll need at least $1,000 to open and fund an Axos IRA CD. This ensures your account has something to base its growth on.

Where Can I Find Axos Bank?

Axos Bank is based entirely through its online and mobile platforms. Therefore, instead of visiting a physical location for customer service, you’ll need to use over-the-phone or internet-based methods. You can still access your accounts with an Axos Visa debit card at any ATM or even at a cash register with the Green Dot® Reload @ the Register™ program.

What Can You Do Online With Axos Bank?

You can do anything you need to do with your Axos accounts online. This includes simply checking on your balances, sending or receiving money transfers, opening a new account and more. If you don’t have an account, you can find all the bank’s information on its website. That way you can find the right account for you and your financial situation.

There is also a live chat feature on the bank’s website that’s open from 8 a.m. - 6 p.m. PST, Monday through Friday. This feature is available to both customers and non-customers. Live chat is perfect for talking to a professional representative in the event you have a quick question about the bank’s offerings.

How Do I Access My Money?

You can most easily access your deposited funds online or through Axos’ Apple and Android mobile apps. These are the best ways to go for deposits and transfers, although you obviously cannot deposit cash. In that case, you can use any ATM in the U.S. or take advantage of the Green Dot® Reload @ the Register™ feature so you can deposit cash into your account with your Axos Visa debit card at a cash register. You can also deposit checks with your smartphone as long as you have set up mobile check deposit.

How Can I Save More Money With a Axos Bank Account?

You can definitely save more money with an Axos Bank account due to its competitive interest rates and free accounts. Its interest rates grow your money at faster rates than many of its big bank competitors, especially because it compounds interest daily. You can keep those earnings with Axos, too, since you don’t have to worry about paying or avoiding a monthly fee for any of its accounts.

What’s the Process for Opening an Account With Axos Bank?

To open an account with Axos Bank, you can start by clicking the “Open an Account” button on its website for the specific account you want. You’ll then need to provide your Social Security Number, a valid U.S. driver’s license, and contact and personal information. This includes your physical address, email address and phone numbers. You’ll also have to provide details of how you plan to fund your new account, whether it’s a wire transfer or cash deposit.

If you plan to open a Axos account as a joint account, you’ll need to provide all the above information for each account owner.

What’s the Catch?

Axos Bank is entirely online. While its online and mobile features make accessing your money convenient, it may not be enough for those who value having a nearby branch. Axos doesn’t have its own ATMs, either, but it does implement a rather extensive set of ATM fee reimbursements.

Another downside to Axos is that you can still find better interest rates at other online banks. Online financial institutions are known for having more favorable rates than big banks with thousands of branches. Axos Bank certainly offers better rates than the largest American banks, but it doesn’t necessarily keep up with its online-only competitors.

Bottom Line

Axos Bank is a solid choice in the online bank scene. Its rates aren’t the highest, but they still outperform many other banks. Plus, the bank doesn’t charge monthly fees and keeps its nearly nonexistent minimum balance requirements low. It’s a great option if you don’t mind banking mostly through your computer, mobile phone, tablet or all three. Still, the bank makes up for its lack of branches with nationwide ATM access and convenient deposit options.

Tips for a Better Banking Experience

  • When you're searching for a new bank to join, it's important not to discount any possible choices based on preconceived notions. This is especially true of banks like Axos Bank, which are totally online, but often have some of the best interest rates around.
  • Following a holistic plan throughout all of your financial decisions is incredibly important, as it gives you a direction to plan for. This is even true of bank accounts, as they can play an integral part in future financial success. The SmartAsset financial advisor matching tool can set you up with as many as three advisors in your area that have the ability to help you flesh out these plans.
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure

Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

Worse
Better
Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study