Axos Bank First Checking account review
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- Savings
- 0.10% APY
- Fee
- $0 per month
- Age requirements
- 13 to 17 years old
Our verdict
A good starter checking account with no monthly fees and APY.
Designed for teens aged 13 to 17, the Axos Bank First Checking account can offer a great introduction to banking. There are no monthly maintenance or overdraft fees, and the account earns interest at a 0.1% rate on all balances. Parents can rest easy with daily transaction limits of $100 in cash withdrawals and up to $500 in debit card transactions. Teens will have access to the Axos network of over 91,000 ATMs and receive ATM reimbursements of up to $12 per month. Overall, First Checking is a solid starter checking account that converts to an adult account at age 18. However, compared to other top teen accounts, it lacks additional features, such as chore and allowance tracking, custom spending limits and educational content.
Best for: Teens aged 13 to 17.
Pros
-
$0 monthly fee and opening deposit
-
Earns 0.10% APY on all balances
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No overdraft fees
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Massive ATM network
Cons
-
No educational content
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No custom spending limits
Who is Axos Bank First Checking account best for?
Due to its age requirement, the account is best for teens between the ages of 13 and 17 (18 if you’re in Alabama). The account has no monthly fees — a perk compared to many other top kid banking options, which often charge at least $5 per month to maintain. For parents seeking a no-frills, traditional account for their teen, First Checking is a solid choice.
Parents should know that since this is an account for minors, they must be a co-owner of the account. Once the teen turns 18, the First Checking account converts to a regular Axos checking account. However, it’s unclear whether the teen can choose the account or if there is a default account.
What we like about Axos Bank First Checking
There is no cost to open or maintain this teen checking account, which is always a big positive. Teens can use the account without the concern of maintaining a certain balance.
Like other Axos accounts, the Axos Bank First Checking provides access to the extensive Axos network of more than 91,000 ATMs nationwide. Additionally, Axos offers out-of-network ATM reimbursements of up to $12 per month.
Earns interest
Teens can automatically earn 0.1% APY on their balance, with no tricky balance or transaction requirements. While the APY might not seem significant at first, the national average rate is only 0.07% for interest-checking, and most checking accounts don’t offer any APY at all.(1)
Spending limits and controls
With the Axos mobile app, parents can view balances and monitor their teen’s account easily. The First checking account has a daily cash withdrawal limit of $100 and up to $500 in daily debit card transactions.
Additionally, there are no overdraft fees or nonsufficient funds fees. If your teen attempts a transaction without enough funds, the transaction will simply be declined.
Where it falls short
If you’re seeking chore and allowances features, educational content or customizable spending limits with First Checking, look elsewhere. Other options, such as Greenlight and GoHenry, offer those perks and more but come with a monthly membership fee.
Keep in mind that Axos is an online bank, so you won’t have access to physical branches and will need to be comfortable managing the account online. While likely not a huge con for teens, the First Checking account doesn’t include checkwriting privileges.
Axos Bank First Checking’s fees and access
| Type of fee | Fee details |
|---|---|
| Monthly service | $0 |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare Axos Bank First Checking to other kids’ banking options
Narrow down top kids cards by fees, APY and benefits. For a better comparison, tick the Compare box next on up to four accounts to see their features side by side.
Customer experience
Axos Bank holds the highest Better Business Bureau (BBB) rating of A+, is accredited by the BBB and has very few complaints compared to other online banks. Most complaints against Axos involve large deposits taking a while to go through, but that’s rather typical.
On Trustpilot, Axos doesn’t do too super well, holding a 1.8-star rating based on nearly 200 reviews. As expected with an online bank, the majority of negative reviews are about difficulties contacting customer support, struggles to resolve fraudulent charges and deposits taking a while to clear. But overall, these types of complaints aren’t unique to Axos.
Pleased customers are happy with the lack of monthly maintenance fees on checking accounts, the business banking options, the helpful customer service and the convenience of electronic applications for loans and accounts. Overall, they praise a seamless and straightforward banking experience.
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.07 out of 5 stars, based on 142 customer reviews |
| Trustpilot score | 1.8 out of 5 stars, based on 200 customer reviews |
| Apple App Store Score | 4.7 out of 5 stars, based on 13,200 customer reviews |
| Google Play Score | 4.5 out of 5 stars, based on 128 customer reviews |
| Customer reviews verified as of | 15 October 2024 |
Your reviews
Bethany Finder
Editor, Banking
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