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Review of Axos Bank Online Checking Accounts, Savings Accounts and Loans

Axos Bank is legit with full-service digital banking products from interest free checking to high-yield savings, money markets and loans.
axos-bank-reviews
axos-bank-reviews

Axos Bank’s reviews prove that Axos Bank is legit with full-service banking products. In fact, Axos Bank may not be well-known but it’s actually an innovator in the digital banking world. With headquarters in San Diego, CA, Axos Bank was founded in 2000 under the name “Bank of the Internet” (BofI).

As one of the first digital banks, Axos offers customers access to a wide range of competitive interest rates and fee-free accounts.

With nearly $18.7 billion in assets, Axos Bank is a thriving, primarily digital bank with a growing number of physical branches. Axos Bank offers many banking products from high interest checking accounts, high-yield savings account as well as personal loan products, business banking, and commercial loans.

Axos Bank Pros

  • Axos Bank has no monthly maintenance fees on its checking or savings accounts, and there are no overdraft fees for certain types of accounts.
  • Unlimited reimbursement on ATM fees nationwide.
  • Convenient online banking to perform transactions online.
  • Wide range of financial product such as mortgages, auto and personal loans, small business services and investment services.

Axos Bank Cons

  • The biggest drawback of Axos Bank’s checking, savings, and money market accounts is they don’t cater to people that need a bank account for bad credit. For most of their accounts, average to good credit is required.
  • Axos Bank uses ChexSystems to verify new customers.
  • Very few branch locations. For the most part Axos Bank is an online-only bank.

5 Axos Bank Checking Account Options

This review focuses on Axos Bank’s checking accounts, high-yield savings accounts, and personal loans.

Axos Bank currently offers five checking account options that are easy to manage with real-time updates and alerts via text, push notifications, or email. All Axos Bank checking accounts are available online and accessible with computers and mobile devices. The mobile app, available on both iOS and Android, offers features like:

  • Mobile check deposits
  • Mobile bill pay
  • Funds transfers
  • Account balances
  • Transaction history

1. Essential Checking

One of the highlights of the Essential Checking account is account holders can get paid 2 days with direct deposit but for the most part, Axos Essential checking is a no-frills, no-fees basic checking account. It doesn’t earn interest or rewards.

  • Opening deposit. You can open an account with as little as $1.
  • Zero Fees. There are no monthly fees, no overdraft or non-sufficient funds fees.
  • ATM Reimbursement. Axos Bank doesn’t have its own ATMs, so it will reimburse you for all fees associated with using other domestic machines.
  • Early paycheck. Early direct deposit is available to account holders with direct deposit.

2. Rewards Checking

Axos Bank Rewards Checking account requires a minimum initial deposit of $50 to open an account. There are no monthly maintenance, overdraft, or minimum balance fees. Axos Bank refunds unlimited domestic out-of-network ATM fees for rewards checking customers. The Rewards Checking is a high-interest checking account that earns up to 3.30% APY if certain requirements are met. Get a $100 welcome bonus if certain requirements are met.

  • Use the promo code RC100 by June 30, 2023.
  • Have qualifying direct deposit(s).

3. CashBack Checking

Axos Bank Cashback Checking account requires a minimum initial deposit of $50 to open an account. Customers can earn up to 1% cash back on all signature-based purchases. That means the debit card must be run as a credit card (online and in-person). There’s a $2,000 limit on how much cash back you can earn per month. This account does not charge a monthly Service Charge.

  • No ATM fees. Axos Bank Cashback Checking does not charge fees on ATM transactions and customers get unlimited domestic ATM fee reimbursement.
  • ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).
  • Check writing. Unlimited check-writing privileges.
  • Online Bill Pay. Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services. Axos Bank Cashback checking allows you to manage your money online or with a mobile app.

4. Golden Checking

Axos Bank Golden Checking account is designed for individuals 55 years with perks like interest earning on all balance amounts, free box of checks every six months, and no minimum monthly balance requirements. The minimum amount required to open an account is $50. You won’t pay a dime to maintain this account.

  • Interest-Checking. The Golden Checking is an interest-bearing account that earns 0.17% APY on all balances.
  • ATM Reimbursement. Customers also get up to $8 in domestic ATM reimbursements each month.
  • No minimum balance requirement. You’ll earn interest no matter how much you have in the account.
  • No overdraft fees. If you overdraft on your account, you won’t pay an insufficient funds fee.

5. First Checking

Axos Bank Teen Checking account is an interest-earning checking account for kids, ages 13-17 that helps to teach children good money management skills. The minimum amount required to open an account is $50 and there are no monthly maintenance fees or overdraft fees attached to this teen checking account. Your teen will earn 0.17% APY on all balances.


  • Daily transaction limit. Daily transaction limits of $100 cash and $500 debit.
  • No monthly fees. The First Checking Account for kids doesn’t have any monthly fees.
  • Earns interest. Your teen earns a 0.17% APY on their total account balance.
  • ATM reimbursements. Axos Bank reimburses up to $12 in out-of-network ATM fees each month, giving your teen the flexibility to withdraw cash when they need it.

Axos Bank Savings Account Options

Axos Bank High Yield Savings

Axos Bank’s High Yield Savings account currently earns 0.61% APY for balances under $25,000; 0.25% APY for balances between $25,000 and $100,000; and 0.15% APY for balances of more than $100,000.  Customers have access to 100% of their money because Axos Bank High Yield Savings account does not charge a monthly maintenance fee.

  • Earn 0.61% APY. Up to 6x the national average APY.
  • Monthly Fees. No monthly maintenance fees.
  • Minimum opening deposit. $250 but once you make the initial deposit, you do not have to maintain it to earn the 0.61% APY.
  • ATM fee. Axos Bank doesn’t charge any monthly service fees or any fees for using out-of-network ATMs (but the ATM provider may charge you).

Axos Bank High Yield Money Market

Axos Bank’s High-Yield Money Market account currently earns 0.25% APY on all balances. Customers have access to 100% of their money with check-writing privileges and a free ATM card. One major drawback is the account requires a $1000 opening deposit but it pays off by offering a higher interest rate than the other banks. Account holders are not subject to monthly maintenance fees.

  • Annual Percentage Yield (APY). Earn 0.25% APY on all balances.
  • Monthly Fees. No monthly maintenance fees.
  • Minimum opening deposit. $1000 but once you make the initial deposit, you do not have to maintain it to earn the 0.61% APY.
  • Excessive transaction fee. Up to 6 free withdrawals or transfers per statement cycle but it will cost $10 per excessive transaction due to the federal government’s REgulation D rule.
  • ATM fee. Axos Bank doesn’t charge any monthly service fees or any fees for using out-of-network ATMs (but the ATM provider may charge you).

Axos Bank Personal Loan

What is a Benefit of Obtaining a Personal Loan?

There are numerous benefits of obtaining a personal loan starting with lower interest rates than using credit cards, a fixed monthly payment that stays the same, and a fixed loan term that a borrower can budget for each month. Plus, unsecured personal loans don’t require collateral to get approved. This means you don’t have to put your car, home, or another asset up as a guarantee that you’ll repay the loan.

Reasons to obtain a personal loan

Personal loans can be used for a variety of reasons like:

  • Debt consolidation. Consolidate credit card and other debt with a personal loan for a lower interest rate. With lower rates, you can reduce the amount of interest you pay and the amount of time it takes to pay off the debt.
  • Emergencies. Personal loans typically offer a quick turnaround once you’re approved. They are a good source for unanticipated car repairs, home repairs, medical or dental costs.
  • Large purchase. Appliance purchases are often unexpected. If your washer or dryer breaks down, often it can be cheaper to replace than to repair. Personal loans allow you to purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.
  • Vacation expenses. As COVID cases decrease, traveling costs have increased. People are eager to get out and go. Your vacation might cost more than usual with airfare, hotel and car rental rates rising. A personal loan can help you get to your dream destination.
  • Alternative to a payday loan. Personal loans come with lower interest rates than a payday loan. According to the Federal Reserve Bank of St. Louis, the average APR for a payday loan is 391 percent, while the maximum interest rate on a personal loan is typically 36 percent.

What are the requirements for a personal loan with Axos Bank?

Axos Bank makes it easy to apply online for a low rate personal loan unless you need a personal loan for bad credit.  Axos Bank is a direct lender but you’ll need at least a 700 credit score for the possibility of approval. You can check your rate with no impact your credit score. Here’s a look at Axos Bank personal loans:

  • Loan amounts. from $5,000 to $50,000
  • Loan rates. Rates range from 7.99% – 14.99% APR (Annual Percentage Rate). Rates are fixed with no prepayment penalties.
  • Timeline. Funding within 2 days of acceptance of final loan offer and funds deposited directly into checking or savings account.
  • Term options. 36 to 72 months (3-6 years)*.
  • Fees. A one-time fee of 1-2% of your loan amount based on your credit rating and deducted from the funded amount when you receive your loan.
  • Check your rate. Preliminary offers have no impact on credit score.
  • No pre-payment penalties. Axos personal loans do not have an early payoff fee meaning you can pay your loan off early and save tons in interest.
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Axos Bank Headquarters – San Diego, CA

Headquarters Address Axos Bank, San Diego, CA 4350 La Jolla Village Drive, Suite 140 San Diego, California 92122

Axos Branch Locations

Branch Locations

  • Laguna Hills, California
  • Los Angeles, Californi
  • Overland Park, Kansas
  • Omaha, Nebraska
  • Las Vegas, Nevada
  • New York, New York
  • Columbus, Ohio
  • Salt Lake City, Utah

Lastly, Is Axos Bank Legit?

Axos Bank is legit and accounts are insured by the FDIC up to $250,000 per depositor, for each account ownership category, in the event of a bank failure. Axos Bank is a solid company with approximately $14 billion in assets and trades on the New York Stock Exchange under the ticker symbol “AX”.

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