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Axos Rewards Checking Account

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  • Our Rating 5/5 How our ratings work
  • APYUp to 3.30% More Info

    Earn up to 3.30% APY for completing qualifying activities.

  • Minimum
    Deposit Required
  • Intro Bonus Up to $300Expires December 31, 2023 More Info

    Use promo code SUNNYBONUS and apply by December 31st, to earn up to a $300 bonus!

Axos Bank Rewards Checking gives customers the chance to earn up to a 3.30% APY on their deposits with no monthly fees. These are all terrific features for a checking account, but Axos is digital-only, so if you deal with cash regularly it’s probably not the best fit for you.

Unlock Impressive Interest Rates with Qualifying Activities

High interest rates are typically reserved for high-yield savings accounts, but in most cases, you won’t get much interest with a checking account — and that’s if you earn any interest at all. With Axos Bank, however, you’ll earn up to a 3.30% annual percentage yield (APY) with its Axos Bank Rewards Checking account.

What’s more, for a limited time, new accountholders can earn a welcome bonus of up to $300 when they complete qualifying activities.  

Here’s what you need to know to determine if this rewards checking account is a good fit for you.


  • Strong APY compared to similar accounts
  • No monthly maintenance fee or monthly minimum balance
  • No overdraft or non-sufficient fund fees
  • Unlimited domestic ATM fee reimbursements


  • Minimum deposit required for account opening
  • Several qualifying activities required to earn maximum interest
  • No physical branch locations

Axos Rewards Checking Review

Axos Bank, Member FDIC, is a leading online bank with several impressive banking products, and its Rewards Checking account is one of them. This Axos checking account beats out some of the best high-yield savings accounts with its 3.30% APY, and you don't have to worry about dealing with pesky fees.

That said, it takes some work to maximize the account's APY. So it's important to understand your banking habits to determine whether the account is a good fit for you.

It's also important to keep in mind that the rewards the account's name is referring to aren't cash back like you might expect.

There are some bank accounts that offer cash-back checking (and Axos Bank has one), but the Rewards Checking account take on rewards is its high-yield APY.

$300 Axos Rewards Welcome Bonus

From now until December 31, 2023, new Axos Rewards Checking customers can earn a welcome bonus worth up to $300 when they apply for a new account using the partner link on this page and include promo code SUNNYBONUS on their application.

Once your account is open, you'll need to meet two requirements to be eligible for the bonus. First, you need to receive qualifying direct deposits that total at least $5,000 per month. Additionally, you'll need to maintain a minimum average daily balance of $7,000 from September 2023 until March 2024.

For each statement cycle that your account receives the above direct deposit while maintaining a minimum average daily balance of at least $7,000, you'll receive a $50 payout. This continues for the first seven statement cycles from account opening, or until you receive six bonus payouts totaling $300.

Bonus payouts arrive within 10 business days of the end of each statement cycle. It's also worth noting that you'll need to keep your account open for at least 210 days (or about seven months) to earn this bonus; if you close your account early you forfeit any bonuses you've earned.

Interest-Earning Checking: Up to 3.30% APY

This interest-bearing checking account offers up to 3.30% APY, which stacks up well against some of the best high-yield savings accounts. However, it's worth noting that you cannot allow your balance to exceed $50,000 to earn interest with this account.

To earn that maximum APY on the account, though, there are three requirements you need to satisfy.

Tier APY

Receive monthly direct deposit of $1,500 or more


Use your Axos Visa® Debit Card for a total of 10 transactions of $3 or more per month or sign up for Account Aggregation/Personal Finance Manager (PFM) in online banking


Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account


Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account


Use your Rewards Checking account to make your full monthly Axos consumer loan payment


Customers who satisfy all these requirements will earn the maximum 3.30% APY on balances of up to $50,000.

The monthly direct deposit requirement must be met to be eligible to earn any interest during the statement cycle, regardless of whether the other interest-earning requirements are met.

For each of the other tiers you satisfy, you’ll earn an APY consistent with the schedule above on your balance for the month. This means you’ll need to do some legwork to make sure you qualify for the full APY each month. However, if you regularly use a debit card as your primary payment method and you can easily meet the direct deposit requirement with your paychecks, you may not have to keep track.

Average percentage yields (APY) fluctuate as financial institutions adjust their rates with the market. It’s one of the primary reasons to shop around for the account that best meets your goals. If you’re interested in locking in your money at a specific APY, consider a certificate of deposit (commonly referred to as a CD). The CIT Bank No-Penalty CD is a popular option with risk-averse investors who want flexibility with their savings.

CIT Bank No-Penalty Certificate of Deposit

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Member FDIC.

  • Our Rating 4.5/5 How our ratings work Read the review
  • Minimum
    Deposit Required
  • 11-Month APY4.90% More Info

    Annual Percentage Yield is accurate as of May 9, 2023. Interest rates for CIT Bank's No-Penalty CD are variable and subject to change at any time without notice.

CIT Bank's No-Penalty CD offers one of the most competitive rates with no early withdrawal penalty on the market. With this account, you can earn a 4.90% APY, and the CD matures in just 11 months, which is shorter than average.

Just make sure you compare CD rates to what you can get with this and other interest-bearing accounts before you pull the trigger on a new account.

No Monthly Fees

In addition to a high interest rate, the account also offers:

  • No monthly maintenance fee
  • Unlimited domestic ATM fee reimbursements
  • No overdraft or non-sufficient fund fees
  • No monthly minimum balance requirement

It’s pretty easy to find other checking accounts with no monthly fee, especially with online banks and credit unions. However, the ATM fee reimbursements and no overdraft and non-sufficient fund fees are impressive, especially considering the account’s APY on top of it.

Keep in mind, though, that you will be charged an ATM fee every time you withdraw cash — Axos Bank doesn't have in-network ATMs; so they're technically all out-of-network ATMs. But every ATM fee will be reimbursed by the bank, as long as it was incurred in the U.S.

International ATM fees are not reimbursed, but the account still maintains its no-fee status because those fees are charged by the financial institutions that own the ATMs.

Having no overdraft fees is also a huge plus. While more and more online banks are skipping overdraft fees, it's still a major moneymaker for the banking industry.

Minimum Deposit to Open Account

You're required to make a minimum deposit of $50 when you open your account. However, after that, there's no minimum balance requirement.

Benefits and Tools

The account's interest rate and fee structure is its main value proposition, but you'll also get some other important (but standard) banking features:

  • Switch Kit: If you're planning to open an account with Axos, you'll get a step-by-step checklist to help you move all of your banking over from your current account.
  • Online Bill Pay: You can set up your monthly bill payments with each lender and utility company individually, or you can manage them all in one place with Axos.
  • Mobile Banking: Download the Axos Bank mobile app and you can manage your account and deposit checks anywhere, anytime.
  • Other Financial Products: In addition to the Rewards Checking account, Axos Bank also offers several other checking accounts, savings and money market accounts, mortgage, auto and personal loans, and even investment management.

One notable exclusion, though, is that you can't make cash deposits.

Customer Service

Axos Bank has an A+ rating from the Better Business Bureau (BBB), but that doesn't mean the customer service is always stellar. As of May 2021, customer reviews on the bank's BBB profile average 1.09 out of 5 stars.

If you have questions about this or other Axos Bank accounts, you can reach customer service by calling 844-999-2967.

FDIC Insurance

Axos Bank is a Member FDIC bank, which means that if the bank fails, your deposits are insured up to $250,000 per depositor, per ownership category. In other words, if you have a joint account with someone at Axos Bank and another account where you're the sole owner, you're insured up to $250,000 on each account for a total of $500,000.

Online-Only Bank

A major perk of opting for an online-only bank is that all major bank resources, from debit card management and replacement to related services like borrowing and investing, can be handled from the comfort of your home.

One thing to keep in mind, though, is that because Axos is an online bank, it doesn’t have any physical branches. If you prefer in-person service or the ability to make cash deposits, switching to an online bank may not be appealing to you.

Other Axos Deposit Accounts

Axos Bank is a full-service bank that offers other checking accounts, savings accounts, mortgage loans, personal loans, auto loans and even investment accounts. The bank also offers some banking products for small businesses.

If you want to compare this checking account to the other ones that Axos offers, here's a quick summary of each.

Axos Bank CashBack Checking

Axos CashBack Checking account offers up to 1% cash back on all of your transactions that are signature-based, which means you don't enter your PIN to complete the transaction. Account holders can earn up to $2,000 per month, which is an extremely high limit — you'd have to spend $200,000 per month to max that out. However, you'll need to maintain an average daily balance of at least $1,500. Otherwise, you'll get just 0.5% back. This account also offers no monthly fee and unlimited domestic ATM fee reimbursements.

Axos Bank Rewards Checking

With the Axos Rewards Checking account, you can earn up to 3.30% APY on your balance — an interest-bearing checking account is a rarity in general, so getting a high-interest one may be worth your while. The amount you earn depends on how much you have direct deposited into the account each month and how often you use your debit card. The account requires just a $50 minimum deposit to open, and it also offers unlimited domestic ATM fee reimbursements. You can read our full review here.

Axos Bank Essential Checking

With Axos Essential Checking account, you’ll get the same no-fee benefits with many of the same features. Instead of interest, though, you’ll get your direct deposits up to two days in advance. Read our full review of Essential Checking.

Axos Bank High-Yield Savings

Savings accounts are an excellent place to store your emergency fund and other short-term savings, but the average savings account interest rate in the U.S. is typically nothing consumers get excited about. That’s what makes the 0.61% APY offered by Axos High-Yield Savings so special. Read our full review of this savings account.

Axos Bank High-Yield Money Market

If you want a hybrid of checking and savings, a money market account could be a good fit. With Axos High-Yield Money Market, you’ll get a 0.25% APY, no matter what your balance is — some money market and high-yield savings account will give you tiered rates instead of a flat rate like this. You'll also get check-writing privileges and a debit card as you would with a checking account. But because of the savings component, withdrawals and transfers are limited to six per month. You'll need a minimum deposit of $1,000 to open the account.

Axos Bank First Checking

Axos First Checking is designed specifically for teenagers between 13 and 17. It offers a 0.10% APY, and account holders can get up to $12 in domestic ATM fees reimbursed every month. The account also has some controls that limit your child's access to the cash in the account to help curb overspending.

Axos Bank Golden Checking

If you're 55 or older, this account is tailored for you. Axos Golden Checking account is an interest-bearing account that offers a 0.20% APY, as well as up to $8 in domestic ATM fee reimbursements monthly. You'll also get free personal checks, which may be more appealing to older consumers who prefer that method of payment. There’s a minimum deposit of $50 to open this account.

Take your time to compare these checking accounts, as well as accounts from other banks and credit unions, to find the right option for you.

About Axos Bank

Axos Bank was formerly Bank of the Internet USA and BofI Federal Bank, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches but provides all of your banking needs online and through its mobile app.

Because the FDIC-insured bank saves money on the overhead costs associated with brick-and-mortar branches, it can provide higher bank account interest rates to its customers, as well as more fee-free features.

The Bottom Line: Is Axos Bank Rewards Checking Right for Me?

In this Axos Bank review, we've covered all of the benefits the bank offers with its Rewards Checking account, as well as some of the other financial products the bank offers.

The ability to get your ATM fees reimbursed and to earn a high yield on your balance. It also has no monthly maintenance fee or any other fees, which gives it a big advantage over most competing checking accounts.

But Axos Bank is an online-only bank, so there are some limitations, especially if you use cash regularly.

Before you apply, take some time to compare other banks to make sure you find the best fit for you.

If you want to take advantage of all the features the Axos Rewards Checking account provides, visit Axos Bank’s website. You’ll need your Social Security number, a valid ID and other personal information to create an online account and submit an application. You’ll also need an existing bank account you can use to transfer money to fund your new checking account.

After you open the account, you’ll need to change your direct deposit information and all of your recurring charges from your old checking account over to the new one. Make sure you don’t forget subscriptions and premiums that occur less frequently, such as auto insurance and annual subscriptions.

Also, consider opening an Axos Bank High-Yield Savings account. The interest rate isn't as good at 0.61% APY, but there are no hoops to jump through to get that rate.

Earn More Interest on Checking Balances

Ready to open an Axos Rewards Checking Account? Start here.

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Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.