Business Insider's personal finance team compared Axos Bank to the best online banks, and it stood out as an industry leader. Its checking account is a superior option for avoiding domestic ATM fees and overdraft fees. The bank also has a variety of banking products and services, so it could be worth exploring if you primarily want to bank in one place.
Axos Bank Pros and Cons
Pros
- Savings account comes with a debit card
- Axos ONE Savings and Checking Bundle has a high interest rate for savings balances
Cons
- Low CD rates compared to other online banks
- $250 minimum opening deposit for savings account if you're not willing to bundle your checking and savings
Open an Account
no monthly service fee
up to 4.66%
$0
- Early direct deposit
- Enhanced FDIC protection
- High interest if you can meet the requirements
- No monthly service fees
- No minimum opening deposit
- 24/7 customer service for banking products
- Large ATM network
- Interest compounds daily
- Low interest rate if you cannot meet requirements
- Cannot overdraft your account
- Online-only bank
- Earn up to 4.66% APY on savings, and 0.51% APY on checking when you meet requirements.
- Get your money up to 2 days early. You’ve earned it, so start earning on it.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
- We’ve got you covered. Access expanded FDIC Insurance for up to $265 million.
- Access a network of over 95,000 fee-free ATMs.
- Manage all your bank accounts from one place in the Axos app.
- Link external accounts in the app to move your money seamlessly.
Compare Axos Bank
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
no monthly service fee
None
$0
- Earn up to 1% cash back on up to $3,000 in purchases per month (See website for details)
- No monthly service fee
- Over 60,000 in-network ATMs
- Get paid early with direct deposit through Early Pay
- Enroll in free overdraft protection
- Debit card can only be used in the US, Canada, Mexico, and the Caribbean
- Only 1 branch location
- Earn 1% cash back on up on up to $3,000 per month in eligible debit card purchases (See website for details)
- 100% US-based customer service available 24/7
- No opening deposit or minimum account balance
- No monthly maintenance fees
- Over 60,000 in-network ATMs
- FDIC insured
no monthly service fee
See website for details
$0
$250
- Earn interest on all account balances
- No opening deposit or minimum account balance
- No monthly service fee
- No foreign transaction fee
- Range of overdraft protection options
- Processes direct deposits up to 2 days early
- Doesn't reimburse out-of-network ATM fees
- Limited access to customer service by phone
Capital One is a strong bank overall. You'll earn competitive interest rates on online savings accounts and CDs.
Capital One 360 Checking- Earn $250 when you open a new account with promo code CHECKING250 and receive at least 2 direct deposits, each of $500 or more, within 75 days of account opening
- Over 70,000 free ATMs nationwide
- Branches in NY, LA, TX, MD, VA, NJ, and Washington, DC
- Interest compounded daily, paid monthly
- FDIC insured
Axos Bank Overview
Axos Bank is an online bank. It doesn't have physical locations, so it isn't the best option for anyone who values a traditional brick-and-mortar experience.
For banking, there are personal and business checking accounts, savings accounts, and CDs, as well as both a personal and business money market account, which you won't find at every bank. Your deposits are FDIC-insured for up to $250,000, or $500,000 for joint accounts.
Axos also offers home loans, personal loans, auto loans, and investment services.
Is Axos Bank Trustworthy?
The Better Business Bureau has given Axos an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Axos also doesn't have any recent public controversies.
Axos Bank Fees and Charges
Axos Bank Monthly Maintenance Fees
At Axos Bank, you typically don't need to worry about monthly bank maintenance fees for most personal and business banking products. The standard checking and savings accounts do not charge any monthly service fees.
There are a few exceptions, though, so check the bank's fee schedule to make sure the account you're interested in doesn't have any fees. For example, Axos Bank Business Interest Checking and the Axos Bank Non-Profit Money Market Account charge monthly service fees when you do not meet certain minimum balance requirements.
Axos Bank Overdraft Fees
Axos Bank is one of the best banks for avoiding overdraft fees. Many of its checking accounts specify that they have zero overdraft and non-sufficient funds fees.
You can get overdraft protection by linking your checking account to a savings account. When you overdraw from your checking balance, Axos will restore your balance by moving over money from your savings account. There is no fee for this service.
Overdraft fees are still common at many financial institutions, particularly brick-and-mortar banks. If your priority is to minimize checking account fees, Axos is a good option overall.
Axos Bank ATM Fees
If you regularly travel throughout the U.S. and need to use ATMs, you may like Axos Bank. It's one of the best banks for avoiding ATM fees. You can get unlimited domestic ATM fee reimbursements with Axos checking accounts. This is a unique perk seldom offered by banks.
Axos Bank's Mobile and Online Banking
Axos Bank's Mobile App Features
Axos mobile banking offers a hub for managing personal bank accounts, business bank accounts, loans, and investment accounts. The app includes standard features common among big bank mobile apps. For example, you can make mobile check deposits, check your credit score for free, set up a direct deposit, open new bank accounts, set balance alerts, add stocks to your brokerage account, and apply for a loan.
The Axos mobile app has 4.7 out of 5 stars in the Apple store, and 4.4 out of 5 stars in the Google Play store.
Axos Bank's Online Banking Tools
Axos online banking has many of the same features as the mobile app. To use Axos online banking, you have to sign in through the bank's website.
Axos Bank Customer Service and Support
To speak to a customer service representative, you can call Axos. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can't answer your question.
Axos customer service hours vary depending on the product. For example, representatives are available 24/7 to answer questions about personal banking but loan service support is only available for 8 a.m. to 5 p.m. PT on weekdays.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Axos Bank ranked lower in overall customer satisfaction than the segment average for online-only checking providers. Other online-only institutions like Charles Schwab and Capital One ranked the highest in this study.
Axos Bank Accounts
Axos Bank ONE Savings and Checking Bundle
The Axos ONE Savings and Checking Bundle is a combination checking and savings account.
It comes with strong perks, such as a high savings interest rate, early direct deposit, enhanced FDIC protection, $0 minimum deposit, and no monthly service fee.
This account comes with a high interest rate for your savings account balance if you can meet the requirements — significantly higher than what you could get with the Axos High Yield Savings Account. Your checking balance also earns interest if you meet the requirements, but you'll get significantly more interest with the Axos Bank Rewards Checking if you can meet its requirements.
To earn any interest on your checking balance and a high rate on your savings balance, you'll need to get at least $1,500 each month in direct deposits before the 25th day. You'll also need to maintain an average daily balance of $1,500. Alternatively, you could also receive at least $5,000 in qualifying deposits and maintain an average daily balance of at least $5,000 in your checking account.
If you don't meet those requirements, you'll only earn 1.00% APY on your savings balance — still more than the Axos High Yield Savings Account's rate, but much lower than what other online banks offer.
Axos High Yield Savings Account
Axos High Yield Savings Account is a solid savings account with no monthly service fee. Your interest rate will vary depending on your account balance, though. The best high-yield savings account also pay significantly higher interest rates overall; as does one of Axos Bank's other savings accounts, the Axos ONE Savings and Checking Bundle.
Axos Bank Rewards Checking
Axos Bank Rewards Checking is a great option if you want to earn a solid interest rate on your checking balance. Not all checking accounts pay interest, and those that do typically pay relatively low rates. But with Axos, you can earn a relatively high rate.
With the Axos Bank Rewards Checking account, you earn interest in stages — with each goal you accomplish, you earn a little more interest. Here are the goals, which earn increasingly more interest as you advance:
- Receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
- Make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
- Keep at least a daily average of $2,500 in an Axos Invest Managed Portfolios Account monthly.
- Keep at least a daily average of $2,500 in an Axos Invest Self Directed Trading Account monthly.
- Make a monthly Axos consumer loan payment with your Reward Checking account.
If you accomplish all goals in a month, you earn the maximum available APY.
If you aren't necessarily looking for a high-interest checking account, then you can check out one of Axos' several other checking accounts.
Axos Bank CD
The Axos CD rate is low, and it's not nearly as strong as Axos' other accounts. You can find higher rates elsewhere. You'll need $1,000 to open a CD with Axos. Some banks require more, but some ask for less. Axos charges relatively high penalties for withdrawing funds before your CD matures, especially for longer terms.
Axos High Yield Money Market Account
The Axos High Yield Money Market Account pays a low APY, so you'll likely prefer a different money market account if you want a high interest rate.
One advantage of a money market account over a savings account is that the former usually makes it easier to access your savings. Axos offers a debit card with both its savings account and money market account, but the money market account also includes free paper checks.
Axos Bank Loans and Mortgages Review
Axos has a variety of loan options. You can get a personal loan or auto loan. The bank also offers conforming loans, non-conforming loans, FHA loans, portfolio loans, VA loans, jumbo loans, super jumbo loans, and home equity lines of credit. It wasn't a top pick for any of our guides, though.
Read Business Insider's Axos Bank Personal Loans Review.
Axos Bank Business Banking Review
You may like Axos Bank if you're a small business owner. Axos has one of the best business checking accounts.
You can also choose from several business savings accounts, including a high-yield business savings account, money market account, and a variety of CDs.
Read Business Insider's Axos Business Banking Review.
Axos Bank Investment Services Review
Axos Self-Directed Trading is best for people who have other Axos products. For example, one of the ways to earn a higher interest rate on Axos Bank Rewards Checking is by keeping a daily average of $2,500 or more in an Axos Invest Self Directed Trading Account monthly.
Other institutions will be more appealing for investing, though. Some of the best online brokerages also have bank accounts, so you can find more suitable options if you want more investment selection or lower contract option fees.
Read Business Insider's Axos Bank Invest Review.
Axos Bank Alternatives
Axos Bank vs. Discover Bank
Axos and Discover® both have strong rewards checking accounts, but the accounts' structures are different.
With Axos, you can earn interest on your checking balance. You won't earn any interest on the Discover® Cashback Debit Account, but you will earn rewards when you make a purchase with your cash-back debit card. You'll earn 1% cash back on up to $3,000 in purchases (see website for details). One type of rewards account isn't necessarily better than the other — it depends on what you want out of a checking account, and whether you make purchases with your debit card.
Discover® doesn't require any money to open a savings account, while Axos does if you don't want to bundle your savings and checking accounts. Also Discover® has a $0 minimum deposit to open a CD, but Axos asks for $1,000.
Discover® Bank (Member FDIC) Review
Axos Bank vs. Ally Bank
Ally savings rates are significantly higher than what Axos pays if you're not willing to bundle your savings and checking accounts, and you won't need to meet any requirements. Ally will also be the better choice for CDs, because it pays much better rates and has a variety of CD types to choose from.
But the Axos Bank Rewards Checking account is stronger than Ally's checking option, especially if you can qualify for the highest rate.
Why You Should Trust Us: How We Reviewed Axos Bank
At Business Insider, we rate savings, checking, CD, and money market accounts using our banking methodology.
Each account receives a rating between one to five stars. We evaluate a bank's ethics, security, miscellaneous features, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs. Meanwhile, we'll look at term lengths for loans and investment selection for online brokerages.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's Axos Bank Rating
| Feature | Rating (out of 5) |
| Personal Banking | 3 to 4.5 |
| Business Banking | 3 to 4.25 |
| Personal Loans | 4 |
| Investment Services | 4.2 |
| Trustworthiness | 5 |
| Total | 4 |
FAQs
Is Axos Bank legit?
Yes, Axos Bank is a legitimate financial institution. It is FDIC-insured. When a bank is federally insured, your insured deposits — up to $250,000 per person, per account category — are secure in a bank account even if a bank fails.
Who owns Axos Bank?
Axos Financial, Inc. is the parent company of Axos Bank. The company was previously known as Bofl Holding, Inc prior to 2018.
What services does Axos Bank offer?
Axos Bank includes many services common among big national banks. You can apply for personal and business checking accounts, savings accounts, money market accounts, and CDs. The bank also offers loans and investment services.
What are the fees associated with Axos Bank accounts?
There are minimal fees associated with Axos Bank accounts. You won't have to be concerned with monthly service fees, overdraft fees, or out-of-network ATM fees on any standard Axos personal or business checking and savings accounts. The premium bank accounts may have monthly service fees, though.
How can I contact Axos Bank customer service?
You can contact Axos Bank customer service by phone. Personal banking support is available 24/7. If you have questions about other Axos Bank products, customer support hours may vary.
What are the pros and cons of banking with Axos Bank?
The pros of banking with Axos Bank include top-tier business and personal checking accounts and savings accounts with minimal bank fees. The cons of banking with Axos are that there are no physical locations and low CD rates compared to other banks.
Bonus 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 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures: SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Fee Policy: SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does 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. SoFi's fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
ATM Access: We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the"30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Axos ONE Savings and Checking Bundle: The Annual Percentage Yield (APY) is accurate as of 04/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings. Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below. The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY. Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period: Option 1 1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total. 2. The average daily balance of your Axos ONE Checking account is at least $1,500. Option 2 1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total. 2. The average daily balance of your Axos ONE Checking account is at least $5,000. If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period: The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met. The Axos ONE Savings account will earn a promotional rate of up to 4.66% APY for the statement cycle in which the requirements are met. The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder's Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds. Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
