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.
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.
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.
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.
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 offers a selection of banking products for everyone from teens to seniors. See which account features fit your needs.
| Account name | Best for | Opening deposit | Monthly fee | APY | Features |
|---|---|---|---|---|---|
| Axos Bank First Checking | Teens needing spending limits and ATM access | $0 | $0 | 0.1% |
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| Axos Bank Essential Checking | Free banking with fast direct deposits | $0 | $0 | N/A |
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| Axos Bank Rewards Checking | Get rewarded for qualifying activities | $0 | $0 | Up to 3.3% APY | Unlimited US ATM reimbursements |
| Axos Bank CashBack Checking | Cash back on signature-based purchases | $0 | $0 | N/A |
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| Axos Bank Golden Checking | Customers age 55+ who need check-writing | $250 | $0 | 0.1% |
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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.
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
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 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.
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.
| 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 |
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| Axos Bank Certificates of Deposit | Locking away savings for three to 60 months | $1,000 | 0.2% APY no matter the term |
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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%.
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.
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.
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.
| Account name | Best for | Opening deposit | Monthly fee | APY | Features |
|---|---|---|---|---|---|
| Axos Bank Basic Business Checking | Unlimited electronic or ATM transactions | $0 | $0 | N/A |
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| 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 |
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| Axos Bank Analyzed Business Checking | Customized reporting and payment processing | $100 | $15 | N/A |
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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.
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.
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.
| 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 |
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| Nonprofit Money Market | Nonprofits needing customized tools | $1,000 | $5 or $0 when you maintain a $2,500 balance or more | 0.2% APY |
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| 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 |
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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.
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.
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.
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.
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.
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.
An online teen account with no monthly fees and a vast ATM network.
An interest-bearing checking account with no maintenance, overdraft or insufficient funds fees.