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Many people may think online banking consists of managing their accounts through their brick-and-mortar bank’s website. However, online banks have few, if any, physical branches and provide all their financial services online.

Meet Axos Bank. It’s a full-service online bank that allows you to bank, borrow, and invest at your convenience. You’ll never have to step foot inside of a branch location to receive the same level of service to which you’re accustomed.

Also, because Axos doesn’t have the overhead associated with traditional banks, it’s able to offer perks like zero maintenance fees, unlimited domestic ATM fee reimbursements, and the opportunity to earn high interest rates on your balances.

Banking Evolved

Axos Bank is committed to providing worry-free banking for customers. With several of the bank’s accounts, you won’t pay fees for:

  • Monthly account maintenance
  • Overdrafts
  • Non-sufficient funds

Several accounts come with either a free debit card or ATM card.

91,000 Network ATMs

Customers who regularly use cash will appreciate access to approximately 91,000 ATM locations across the U.S.

Rewards Checking allows you to earn up to 1.25%* Annual Percentage Yield (APY), and comes with unlimited domestic ATM fee reimbursements.

Rewards Checking

While Axos Bank offers a variety of banking services, one of its most popular accounts is Rewards Checking.

This high interest checking account offers you the chance to earn up to 1.25% APY on your balance.

You’ll need to jump through a few hoops to earn the full 1.25% APY. Doing so will require deepening your relationship with the bank by using its investment and lending services.

Here’s how this interest-earning account works:

  • Earn 0.40% APY for monthly direct deposits totaling $1,500 or more.
  • Earn 0.30% APY for either:
    • Using your Axos debit card 10 times each calendar month ($3 minimum transaction).
    • Linking a non-Axos account by signing up for the bank’s Personal Finance Manager, a tool that allows you a comprehensive view of your finances.
  • Earn 0.20% APY for maintaining a $2,500 average daily balance each month in an Axos Invest managed portfolio account.
  • Earn 0.20% APY for maintaining a $2,500 average daily balance each month in an Axos Invest self-directed trading account.
  • Earn 0.15% APY for using your Rewards Checking account to make a monthly consumer loan payment on a mortgage, personal loan, or auto loan.
  • Total: 1.25% APY.


Other Rewards Checking Features

The benefits of Rewards Checking don’t stop with the chance to earn interest on your checking balance. This account sets the standard for digital banking — so you won’t need to worry about maintenance fees, ATM fees, or overdraft fees.

What Types of Accounts Does Axos Offer?

Axos Bank provides a diverse selection of deposit and lending products, and also allows customers to access investment accounts on the Axos Invest platform.

Axos Checking Accounts

  • Essential Checking: The bank’s basic checking account doesn’t offer rewards or the chance to earn interest on your balance, but it does feature perks like early direct deposit1, no monthly fees or NSF fees, and unlimited domestic ATM fee reimbursements. There is no minimum deposit required to open an Essential Checking account.
  • Rewards Checking: The bank’s flagship deposit account offers the opportunity to earn up to 1.25% APY on your balance
  • CashBack Checking: Enjoy up to 1.00% cash back with debit card purchases2, no monthly maintenance fee, unlimited check-writing privileges, and unlimited domestic ATM reimbursements. However, this account is not interest-bearing, and it requires a $50 minimum opening deposit.
  • Golden Checking: Designed for adults 55 and older, this deposit account offers the chance to earn 0.10% APY** on all balances, free personal checks3, no fees, and up to $8 in domestic ATM fee reimbursements every calendar month.
  • First Checking: Kids ages 13 to 17 can begin to learn money management with this interest-earning checking account. They’ll enjoy online banking without worrying about fees and receive up to $12 in domestic ATM fee reimbursements each month.

Axos Savings Accounts

  • High Yield Savings: The primary appeal of this account is its robust rate. Earn up to 0.61% APY***
  • High Yield Money Market: Earn a solid 0.25% APY**** on all balances and enjoy features like a free debit card and check-writing privileges.
  • CDs: Since rates for certificates of deposit may not be competitive, it’s generally a poor time to open CDs due to the current low-rate environment.

Other Financial Services

In addition to deposit accounts for everyday banking, Axos also offers a full suite of financial solutions for investors, home buyers, homeowners, borrowers, and small business owners.

Other Axos Bank products include:

  • Mortgage loans
  • Mortgage refinancing
  • FHA loans
  • VA loans
  • Home equity loans
  • Home equity lines of credit (HELOC)
  • Auto loans
  • Personal loans
  • Business banking services

Website and Mobile App

Because customers conduct their banking online, customer experience and mobile development are crucial for online banks. Axos allows you to bank, borrow, and invest in a single mobile app for easy access.

Axos offers secure encryption through its website and mobile app, which is available for both Android and iOS.

Google Play and App Store users give the Axos app high marks with average ratings of 4.7 stars out of 5.


In addition to the security measures you expect from an online bank, such as biometric authentication and account activity alerts, safeguarding your money is a top priority for Axos. You’ll enjoy the peace of mind that comes with security features such as:

  • SSL encryption
  • Two-step authentication
  • Automatic logout
  • Malware and antivirus protection
  • Fraud monitoring

Bottom Line: Who Should Open an Axos Account?

Axos Bank is best suited for those who want to earn a competitive interest rate without having to worry about fees.

With 24/7 customer service, Axos provides all the features of a traditional brick and mortar on your own schedule.

Regardless, compare several banks, credit unions, and other financial institutions before making a commitment.



© 2022 

Axos Financial, Inc., All Rights Reserved. © 2022 Axos Bank, All Rights Reserved. © 2022 Axos Invest LLC. Member FINRA & SIPC. All Rights Reserved. © 2022 Axos Invest, Inc. All Rights Reserved.

Bank products and services are offered by Axos Bank®.

All deposit accounts through Axos Bank brands are FDIC insured through Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. For more information read Axos Bank’s FDIC Notice.

Advisory services are offered by Axos Invest, Inc., an investment adviser registered with the Securities and Exchange Commission (“SEC”). For information about our advisory services, please view our ADV Part 2A Brochure, free of charge. Brokerage services and securities products are offered by Axos Invest LLC, Member FINRA & SIPC. YOU MAY FIND MORE INFORMATION ABOUT OUR FIRM ON FINRA’S BROKERCHECK. View the background of this firm, or REVIEW OUR FORM CRS HERE. All cash and securities held in Axos Invest client accounts are protected by SIPC up to $500,000, with a limit of $250,000 for cash. Read more information about SIPC on the SIPC web page.

Securities and other non-deposit investment products and services are not deposits, obligations of or guaranteed by Axos Bank, are not insured by the FDIC or any governmental agency, and are subject to investment risk including possible loss of the principal invested. Past performance of a security does not guarantee future results or success.

Axos Invest LLC, Axos Invest, Inc., and Axos Bank are separate but affiliated companies.

*APY = Annual Percentage Yield effective as of 4/5/2022. The Rewards Checking Account allows you to control your interest rate reward based on the products/services used during the month. This is a tiered, interest-earning variable rate account. All daily collected balances up to and including $50,000 will earn interest based on the combined rate rewards. All daily collected balances greater than $50,000 will not earn interest. Your annual percentage yield can be as high as 1.25% based on the following combined rate rewards: direct deposits (not including intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for normal everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%; maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 0.20%; maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 0.20%; and making a monthly payment to an open Axos Bank consumer loan (commercial and business loans excluded) via transfer from your Rewards Checking account will earn a maximum of 0.15%. Limit of one Rewards Checking account allowed per customer. Qualifying transactions must post and clear the account during the monthly qualification cycle. Account transactions may take one or more business days from the transaction date to post to the account. At the time of your statement cycle date, we will determine the combined products and services used since the previous cycle date to determine the aggregate interest rate to apply to your current statement cycle. We will use the daily balance method to calculate the interest on your account. We may change the interest rate paid for products and services used and the annual percentage yield at the Bank's discretion any time without notice. Fees may reduce earnings.

**The APY is accurate as of 4/5/2022. Interest rates and corresponding APY are variable, set at our discretion, and may change as often as daily without prior notice. Fees may reduce earnings. Tier one $0-$9,999.99 earns 0.10% APY; tier two $10,000-$24,999.99 earns 0.10% APY; tier three $25,000-49,999.99 earns 0.10% APY; tier four $50,000-$99,999.99 earns 0.10% APY; tier five >$100,000 earns 0.10% APY

***The APY is accurate as of 4/5/2022. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Tier one $0-$9,999.99 earns 0.61% APY; tier two $10,000-$24,999.99 earns 0.61% APY; tier three $25,000-$49,999.99 earns 0.25% APY; tier four $50,000-$99,999.99 earns 0.25% APY; tier five >$100,000 earns 0.15% APY

****The APY is accurate as of 4/5/2022. The interest rate and corresponding APY for savings is variable and is set at our discretion. This is a tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Tier one $0–$9,999.99 earns 0.25% APY; tier two $10,000–$24,999.99 earns 0.25% APY; tier three $25,000–$49,999.99 earns 0.25% APY; tier four $50,000–$99,999.99 earns 0.25% APY; tier five >$100,000 earns 0.25% APY.

1 Get paid up to two days early. Faster access to funds is based on a comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.

2 Earn up to 1.00% cash back on signature-based transaction purchases. Earn up to $2,000.00 per month in cash back on your signature-based transactions. Maintain a $1,500.00 average daily collected balance to earn 1.00% cash back on signature-based transaction purchases. If your average daily collected balance falls below $1,500 you will earn .50% in cash back for the month. Cash back is calculated on net purchases (purchases minus returns or credits). Cash back will be calculated and paid on your monthly statement cycle date. Cash back is paid in the form of a deposit to your Axos Bank CashBack Checking account. Your total cash back earnings may be reported as miscellaneous income to the IRS on a 1099-MISC form. Merchants who accept Visa/MasterCard cards are assigned a merchant code which is determined by the merchant or its processor in accordance with Visa/MasterCard procedures based on the kinds of products and services they primarily sell. Axos Bank cannot control how merchants choose to classify a transaction; Axos Bank cannot guarantee a transaction will qualify. Purchases made at Super Markets, Super Stores, Grocery Stores, Wholesale Stores, Discount Stores, USPS, and financial or money transfer institutions are not eligible. Purchases made using virtual wallets, funds transfer services, or other similar technology are not eligible. The Bank has the right to change or cancel this program at any time.

3 One free box of Colonial Classic 40 pack every six months, limit 2 per year


Slickdeals Money Staff

The Slickdeals Money editorial team is dedicated to helping readers navigate the personal finance space. We’re passionate about educating our readers on the very best financial tools & products on the market today.