- Earn up to 3.30% APY.
- No monthly maintenance, NSF, or overdraft fees.
- Only $50 to open, then no minimum balance requirement.
- Unlimited domestic ATM fee reimbursements.
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Axos Bank is one of the longest-running digital banks in America. Itโs been in business since the beginning of the century and provides full-service banking, including several loan types.
But what may distinguish Axos Bank from the competition most are its investment options. The bank offers both self-directed trading and a managed portfolio to accommodate a wide range of investors.
If youโre looking for an online bank that pays some of the highest interest rates in the industry, you wonโt find it at Axos Bank. Most of its accounts pay rates well below what the top online banks offer.
The one exception is Axosโ Rewards Checking account. This account currently pays an annual percentage yield (APY)* of up to 3.30%, although itโs a tiered rate arrangement, meaning you must comply with five separate accounts/activities to earn the maximum rate. If that is not an issue, Axos Bank can be an excellent choice for your checking account.
Otherwise, Axos may be a good choice if you also invest with the company and would like to bank with the same institution.
Axos Bank offers different checking accounts, but the star of the lineup is Rewards Checking.
The Rewards Checking pays up to 3.30% APY*. The return you get depends on how many of the following boxes you tick.
If you participate in all five steps, youโll earn 3.30% APY.
There are $0 monthly fees and no overdraft or non-sufficient funds (NSF) fees. You can open an account with $50, but there is $0 minimum monthly balance requirement thereafter. The account also provides unlimited domestic ATM fee reimbursements.
Axos Bank offers other checking accounts, which are summarized in the table below:
Title | Min. deposit | APY* | Monthly fee | Description |
---|---|---|---|---|
Axos Essential Checking | $0 | N/A | $0 | Unlimited domestic ATM fee reimbursements |
Axos Cashback Checking | $50 | Earn up to 1% cash back on signature transactions | $0 | Unlimited domestic ATM fee reimbursements |
Axos First Checking | $0 | 0.10% | $0 | Joint account with parent or guardian; up to $12 in domestic ATM fee reimbursements per month |
Axos Golden Checking | $250 | 0.10% | $0 | Up to $8 domestic ATM fee reimbursements per month |
Axos Bank Basic Business Checking | $0 | N/A | $0 | Unlimited domestic ATM fee reimbursements |
Axos Bank Business Interest Checking | $100 | 1.01% (on balances under $49,999.99), then 0.20% or 0.10% | $10 (can be waived) | Unlimited domestic ATM fee reimbursements |
Axos World Checking | $75,000 | N/A | $30 monthly maintenance fee, which is waived with an average daily balance of $150,000 or more |
How Axos checking stacks up
Sofi Online Checking Account | Discoverยฎ Cashback Debit | |
---|---|---|
APY* | 0.50% (though Up to 4.00% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period.) | 1% cash back on up to $3,000 in debit card purchases each month.** |
Min. deposit | $0 | $0 |
Monthly fee | $0 | $0 |
Axos Bankโs High Yield Savings account currently pays 0.61% APY* on balances up to $24,999.99, 0.25% APY on balances between $25,000 and $99,999.99, and 0.15% APY on balances of $100,000 or more.
There is a $250 minimum opening deposit, then $0.01 minimum balance requirement. Axos charges $0 monthly maintenance fee on the account, and it comes with a free ATM card as well as a suite of digital money management tools.
Axos Bank offers this account as a premium savings account. It pays interest of 0.25% APY and waives the first outgoing international transfer fee. The minimum opening balance requirement is $0.01, and there is a monthly maintenance fee of $30, waived with a minimum $150,000 average daily balance.
Axos Bank Business Savings pays 0.20% on all account balances, up to $4,999,999.99. You can open an account with as little as $1,000 and take advantage of online and mobile banking, as well as remote check deposits. There is a very reasonable monthly service fee of just $5 monthly maintenance fee (waived with $2,500 minimum Average Daily Balance). Account deposits are FDIC insured for up to $250,000, but can be expanded up to $200 million under the Axos Bank Insured Cash Sweep program.
As is typical with bank deposit accounts, there is a limit of six withdrawals per statement cycle. If you exceed this limit, Axos Bank charges an excess withdrawal fee of $10 per withdrawal.
The other business savings account from Axos is the Business Premium Savings account. This account offers an APY of 4.01% and there are no daily account average minimums.
As noted above, if you need a bank with local options for depositing cash, Axos Bank isnโt right for you. Business Premium does include many app- and web-based features, however, including remote check deposit and free image statements.
Axos also offers an insured cash sweep program that expands FDIC insurance coverage for up to $225 million in deposits. This product is targeted at businesses, government entities, institutional investors, and others who handle a lot of cash.
Why we donโt recommend it: Itโs possible to earn much higher interest with competing institutions. Make sure to compare the best savings accounts in the market today to make an educated choice.
Axos savings alternatives
Axos High Yield Savings | SoFi Savings | |
---|---|---|
APY* | 0.61% | Up to 4.00% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period. |
Min. deposit | $250 | $0 |
Min. balance to earn APY | $0.01 | $0.01 |
Monthly fee | $0 | $0 |
Axos Bankโs High Yield Money Market pays 0.25% on all balances with $0 monthly maintenance fees. The account comes with check-writing privileges and can be accessed with a debit card. A minimum of $1,000 is required to open an account, but there are $0.01 minimum balance requirements thereafter.
Why we donโt recommend it: Other banks pay much higher returns on money market accounts.
Axos Bank Money Market pays0.20% on all account balances, up to $4,999,999.99. You can open an account with as little as $1,000. There is a $10 (waived with a minimum balance of $5,000). You can take advantage of both online and mobile banking, as well as remote check deposit.
Similar to Business Savings, there is a limit of six withdrawals per statement cycle, after which you may be charged an excess withdrawal fee of $10 per withdrawal.
Why we donโt recommend it: Itโs possible to earn much higher interest with competing institutions.
Axos money market alternatives
Axos High Yield Savings | Quontic Money Market Account | |
---|---|---|
APY* | 0.61% | 4.75% |
Min. deposit | $250 | $100 |
Min. balance to earn APY | $0.01 | $0 |
Monthly fee | $0 | $0 |
Axos Bank offers CDs in terms, ranging from 3 months - 60 months. The current APY is 0.20% on all balances and terms. The minimum investment is $1,000, and there are $0 setup or maintenance fees.
Why we donโt recommend it: The interest paid is well below what the competition offers.
Axos CDs alternatives
Axos Certificates of Deposit | Valley Direct CD Account | Discoverยฎ 1-Year CD | |
---|---|---|---|
APY* | 0.20% | 4.00% | 4.10% |
Term | 3 months - 60 months | 12 months | 1 Year |
Min. deposit | $1,000 | $500 | $0 |
Monthly fee | $0 | $0 | $0 |
You can open an Axos Self-Directed Trading account with no money and begin investing as you add funds. You can trade stocks, options, and exchange-traded funds (ETFs) commission-free (options trades require a $1 per contract fee). More than 10,000 mutual funds are available on the platform, at a commission of $0 per trade (no-load). Axos also offers margin investment accounts to increase your buying power.
Available accounts include individual and joint taxable accounts, and traditional, Roth, and rollover IRAs.
Why we recommend it: The fact that there are no funds required to open an account, and their commission-free trading of stocks, options, and ETFs make Axos Invest a good option amongst the online brokerage trading platforms available.
Axos Managed Portfolios provide automated investment management that includes periodic rebalancing and dividend reinvesting. A portfolio will be created for you based on your risk tolerance, time horizon, and investment goals. The portfolio will be constructed with up to 30 asset classes, each represented by a single ETF. You can open an account with a minimum of $500, with an annual fee of 0.24%. Available accounts include individual and joint taxable accounts, as well as traditional, Roth, and rollover IRAs.
Why we recommend it: Itโs an excellent choice if you lack the time or experience to manage your own investments. All you need to do is fund your account and Axos handles all the details for you.
Axos Invest alternatives
J.P. Morgan Self Directed Investing | Robinhood Traditional & Roth IRA | Public App | |
---|---|---|---|
Fees | $0 stock & ETF trades; $0.65/contract options trades; $0 mutual funds trades |
| $0 stock & ETF trades; 1.25% crypto fee |
Min. deposit | $0 | $0 | $0 |
Bonus | Get up to $700 when you open & fund an account with qualifying new money. Offer expires 1/23/2025. | Get a 3% match on IRA contributions each year with Robinhood Gold (subscription fee applies), or 1% without. IRA transfers and 401(k) rollovers also get a 3% match through April 30 with Robinhood Gold, or 1% without. | N/A |
Axos Bank offers the following additional products and accounts:
Axos Bank is an online bank with no local branch network. But you can take advantage of 91,000 in-network ATMs located across the nation. There is no fee for using these ATMs.
Axos Bank imposes the following fees:
Early withdrawal penalties on CDs:
Axos Bank provides 128-bit secure socket layer (SSL) encryption to protect your personal information. The bank also employs anti-virus and malware protection across its systems and accounts are protected by two-step authentication, automatic logout, and regular account monitoring.
Deposits are protected by FDIC insurance for up to $250,000 per depositor.
Customer service for personal banking can be reached by toll-free phone at (844) 999-2967. Itโs available 24 hours a day, seven days per week, except Thanksgiving Day and Christmas Day.
You can also take advantage of the Axos Bank virtual financial assistant, Evo. Evo can be accessed via text message or on Axosโs website and mobile banking app and provides answers to most basic questions.
Axos Bank offers both online and mobile banking. Mobile banking is available on both Android and iOS devices. The mobile banking app offers all the functionality of online banking. That includes the ability to check balances, review transaction history, deposit checks, transfer funds, and pay bills.
Axos accounts come with the Personal Finance Manager feature, which syncs all your external accounts so you can view them in one place. It also automatically categorizes transactions and displaced spending patterns.
Axos Bank is owned by Axos Financial, Inc., a publicly held company listed on the New York Stock Exchange under the ticker โAXโ.
Axos Bank is based in San Diego, California, and was launched in 2000 as a digital bank providing services to customers nationwide. The bank has over $20 billion in assets.
The bank has a Better Business Bureau rating of A+ and has been accredited by the agency since 2011. Customer reviews are less encouraging. Trustpilot shows Axos with a rating of two stars out of five.
The mobile app has a rating of 4.4 stars out of five from Android users on Google Play, and 4.7 stars out of five from users on the App Store.
Axos Bank has just three physical locations. The bankโs headquarters is in San Diego and it has offices in Las Vegas, Nevada, and Grandview Heights, Ohio. However, bank customers can access more than 91,000 fee-free ATMs nationwide.
After reviewing the various accounts and products available with Axos Bank, the best overall account offered is Rewards Checking. The APY is perhaps the highest in the industry for a checking account, at 3.30%. However, youโll only get a good rate if you are prepared to comply with most or all of the five requirements needed to get the maximum rate.
The other accounts offered by Axos Bank, including savings, money market, and CDs, pay lessโsometimes much lessโinterest than the competition. If you do open a Rewards Checking account, you may be best served by holding the largest share of your savings at a competing bank.
To close an account held at Axos Bank, you must send a secure message through online banking, notifying the bank which account you wish to close. Once you do, a team member will begin working on your request.
The bank is headquartered in San Diego and also has offices in Las Vegas and Grandview Heights, Ohio.
Yes, each account holder is FDIC-insured for up to $250,000.
SoFi Disclosures: 1. Up to $300 Bonus Tiered Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures: SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
3. Fee Policy: We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
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