Axos ONE Savings and Checking Review
- Fee
- $0 per month
- APY
- Up to 4.86%
- Minimum deposit to open
- $0
Our verdict
A hybrid account with early direct deposit and high APYs.
Axos Bank offers a variety of checking and savings accounts, but there may be only one you need: the Axos ONE account. It’s a hybrid checking and savings account with no monthly maintenance fees, minimum balance requirements or overdraft fees. It also provides early direct deposit, where you can get paid up to two days early. Axos also boasts a fee-free network of over 95,000 ATMs. One of the account’s biggest perks is the ability to earn up to 4.86% APY on your savings balance and up to 0.51% APY on your checking balance. But to earn those high rates, you must meet specific direct deposit and balance requirements.
Best for: Those who want an online, hybrid account with high APYs.
Pros
-
$0 monthly fees
-
Up to 4.86% APY on savings and 0.51% on checking
-
Large fee-free ATM network
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Early direct deposit
-
24/7 customer support
Cons
-
Online only
-
Requirements to earn best rates
Who is Axos ONE best for?
The Axos ONE account is best for those who don’t mind online banking and can meet the requirements to earn those juicy checking and savings APYs. The ONE account combines a checking and savings account into “one,” allowing you to earn interest on both.
By setting up direct deposit of $1,500 and maintaining an average daily balance greater than $1,500 in your checking account, you can earn 4.86% APY on your savings balance and up to 0.51% APY on checking. If you can’t meet these requirements, the savings APY drops to 1.00% and checking doesn’t earn anything.
What we like about Axos ONE
Axos Bank, a subsidiary of Axos Financial, is an FDIC-insured online bank, so your deposit accounts are protected up to $250,000. With over $22 billion in assets, it’s among the 100 largest banks by asset size in the US.
We also found that Axos fees for its personal accounts are very clear and easy to locate — which is always a plus in our book.
High APYs, but there are requirements
The biggest selling point of the Axos ONE account is its high APYs on both checking and savings balances.
By meeting the deposit and balance requirements, you can earn a very high 4.86% APY on your Axos ONE Savings balance. This rate is significantly higher than the average, which currently sits at 0.43% for savings accounts.(1)
The Axos ONE Checking account can earn up to 0.51% APY, which is also much higher than the average interest-checking rate of just 0.08%.(1)
However, if you don’t direct deposit at least $1,500 each month and hold an average daily balance of at least $1,500, your checking rate drops to 0.00% and savings to 1%. Axos considers eligible direct deposits to include paychecks or government benefits, and deposits must clear by the 25th of each month to count.
Few fees
The hybrid Axos ONE account has no monthly maintenance fees, overdraft fees or balance requirements to keep the account open. Even if you can’t meet the balance or direct deposit requirements to earn the account’s high APY, it’s still a solid hybrid bank account with no fees to open or maintain.
Early direct deposit and cash deposits
A common perk with online banks and fintechs, early direct deposit means your direct deposits can clear up to two days early with the Axos ONE account.
Axos accepts cash deposits, which isn’t a given with an online bank. Through its partner, Green Dot, you can deposit cash at various retail locations, such as 7-Eleven, Walmart, Rite Aid and many others, for a fee of up to $4.95.
Very large ATM network
While Axos doesn’t have its own brand of ATMs, it offers fee-free access to more than 95,000 ATMs nationwide, which you can locate within the Axos app. This network size outclasses Chase Bank’s ATM network of just 15,000 and SoFi®’s network of 55,000.
Axos’ other accounts — Rewards Checking, Cashback Checking and Essential Checking — also get unlimited out-of-network ATM reimbursements.
Where it falls short
Axos falls short where other online banks do — you won’t get branch access. However, if you haven’t been to a physical bank in years, this may not matter to you. In lieu of branch access, Axos offers in-app chat support and 24/7 phone support at 888-502-2967, except on Thanksgiving and Christmas.
Might be better hybrid accounts out there
The Axos ONE hybrid account is very similar to SoFi’s Checking and Savings account. Just like the ONE account, SoFi’s hybrid account has no monthly, overdraft or account opening fees, and you earn interest on both savings and checking balances.
To earn SoFi’s highest rate of up to 4.00% APY on savings, you only need to set up direct deposit, with no requirements around amounts like Axos stipulates. Checking also earns interest — up to 0.50% APY — which is automatically earned.
Compared side by side, Axos offers a higher 4.86% savings APY and a slightly higher 0.51% on checking, but you must direct deposit a minimum of $1,500 each month and maintain an average balance of $1,500. If you can’t meet Axos’ requirements, SoFi’s hybrid account might be the better option.
Axos ONE 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 ONE to other checking accounts
Narrow down top checking accounts by monthly fees, opening deposits and APYs. For a better comparison, tick the Compare box to see products next to each other.
What is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.07 out of 5 stars, based on 141 customer reviews |
| Trustpilot score | 1.7 out of 5 stars, based on 203 customer reviews |
| Apple App Store Score | 4.7 out of 5 stars, based on 13,300 customer reviews |
| Google Play Score | 4.5 out of 5 stars, based on 6,200 customer reviews |
| Customer reviews verified as of | 08 November 2024 |
Axos reviews lean negative, with the most common complaints being customer support issues and long check hold times.
However, it has the highest A+ rating from the Better Business Bureau (BBB) and is accredited, which means it takes time to respond to and resolve customer complaints. On top of that, the bank has received fewer than 60 BBB customer complaints in the last three years, which is astoundingly low, as most banks receive thousands.
Unhappy reviews on Trustpilot are similar to those on the BBB, frequently mentioning long phone support hold times, long check hold times and app issues. Some express disappointment in getting denied for business accounts. Axos takes time to respond to Trustpilot reviews to further conversations and resolve issues, which is rather uncommon for a financial institution, as we see a lot of banks leave Trustpilot reviews alone.
What do people on Reddit say?
Frequently asked questionsIs Axos Bank a legitimate bank?
Yes, Axos is a legit FDIC-insured online bank. It was founded in 2000 and was previously known as Bank of Internet USA.
What are the cons of Axos Bank?
Axos’ biggest con is the lack of physical branches. To manage your account, you must do so online or by phone. Another downside of Axos is that many of its interest-bearing accounts come with requirements, such as maintaining a certain balance or setting up minimum direct deposits.
Your reviews
Bethany Finder
Editor, Banking
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