Axos Bank Review: The Future of Full Service Banking

Advertiser Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.
Last updated on May 26, 2022

Axos Bank was formerly called BofI Federal Bank and is an online-only bank with its headquarters in San Francisco. Founded in 2000, its premise is to help customers with a way to do banking and access financial products from anywhere in the U.S.

Given the sheer amount of online-only banks out there, it can feel confusing to figure out which one is best. That’s why our Axos Bank review aims to cut through the fluff and offer insight into whether it’s the best bank for you.

Types of Accounts Offered at Axos Bank

Axos Bank offers many products and services, much of what you’d expect from a full-service brick and mortar bank. Here’s a closer look at their checking and savings accounts.

Essential Checking

Axos Bank’s Essential Checking is a basic account that doesn’t earn any rewards or interest, but it’s also pretty much free — there are no monthly maintenance, overdraft or non-sufficient funds fees. Other perks include no minimum balance requirements, unlimited ATM fee reimbursements nationwide, and Direct Deposit Express, where you can get paid up to two days earlier.

All this to say, if you’re interested in a no-frills account and don’t care about earning interest, this could be a good choice for you.


Rewards Checking

The Rewards Checking account offers opportunities to earn interest at up to 1.25% APY, depending on your deposit amount. All you need to open the account is a $50 minimum deposit and there are no minimum balance requirements or monthly fees.

To earn the maximum amount of interest, you’ll need to use your Axos Visa® Debit Card for a minimum of 10 transactions per month (at least $3 each) and have totaling $1,500 or more in monthly direct deposits. Also, you will have to maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account, maintain an average daily balance of $1,500 per month in an Axos Self Directed Trading Invest Account, and use your Rewards Checking account to make your full monthly Axos consumer loan payment. Otherwise, having $1,500 or more in monthly direct deposits will get you around only 0.40% APY.

This account is a good choice if you want an everyday account that earns you some interest.

CashBack Checking

Yes, you can earn cash back just for using this account. You can earn a cash back rate up to 1% when you use your debit card for signature-based purchases. Plus, there are no monthly maintenance fees, unlimited ATM fee reimbursement throughout the U.S. and unlimited check writing.

Golden Checking

Golden Checking is another free checking account that offers 0.10% APY on all balances, no monthly fees, and up to $8 in ATM fee reimbursements each month at domestic ATMs. Plus, you get two free boxes of personal checks every year, no overdraft fees and no minimum balance requirement. All you need is $5 to open an account.

First Checking

Axos Bank’s First Checking account is for teens under 18 years old. You can open one with them and they’ll get to earn 0.10% APY, with no maintenance or overdraft fees. Plus, your teen can receive up to $12 in reimbursements for domestic ATMs each month. Your teen can only withdraw up to $100 in cash or spend $500 in debit card purchases–this is a good feature to keep them from completely draining their account.

Axos Bank Business Interest Checking

This business checking account offers a competitive rate at 1.01% APY. Other perks include your first set of 50 checks free, unlimited ATM fee reimbursements nationwide, free image statements and more. There is a $10 monthly maintenance fee but you can get that waived by meeting the $5,000 minimum average daily balance requirement.

To open the account, you’ll need to make an initial deposit of $100.

Axos Bank also offers two other business checking accounts: Basic Business Checking and Business Interest Checking. The Basic Business Checking account doesn’t earn interest but there are no monthly fees and the minimum balance requirements are perfect for smaller businesses. The Business Interest Checking account offers potential for higher earnings in the form of a credit to your account, but there is no monthly maintenance fee with an average daily balance of at least $5,000.

High-Yield Savings

This high-yield savings account earns 0.61% APY which is much higher than what you’ll find at a traditional bank. There are no monthly minimum balance requirements or monthly maintenance fees, but you do need a minimum of $250 to open the account. Account holders also get a free ATM card.


High-Yield Money Market

Axos Bank’s money market account offers a decent APY at 0.25%, a debit card and check writing privileges. You do, however, need at least $1,000 to open an account. There are no monthly maintenance fees or minimum balance requirements.


Other Products Offered

Axos Bank also offers certificate of deposit, or CD, accounts that offer you the chance to earn interest over a predetermined amount of time at a set rate of return. There are no setup or maintenance fees.

In addition, the bank also offers lending products such as mortgages (purchase and refinance), auto loans, home equity loans and HELOCs, as well as FHA, VA and personal loans. There also various types of investing choices, as well as ones for business and commercial banking and lending.

Pros and Cons

Take a look at some of the potential benefits and pitfalls of opening an account with Axos Bank.


  • ATM fee reimbursement – Depending on the account you open, you can get a certain amount of reimbursements from domestic ATMs, and unlimited in some cases.
  • Fewer fees – Most of Axos Bank accounts don’t charge monthly fees or have minimum balance requirements.
  • Wide range of products – Think of this bank as an online bank that offers full services, with a wide variety of banking, loan and investment account options.


  • Rates are average – You’re not going to find the highest rates here, at least not what you could find at other online banks. However, it is higher than the national average.
  • Online only – While the thought of not having a physical branch might seem a bit dated, know that if you want in-person customer service, you won’t find it at Axos Bank.

Who Axos Bank is Best For

Axos Bank is a great fit for those who are comfortable with technology and are fine with conducting their banking online or via a mobile app. Plus, those who want to do all their banking in one place will appreciate the bank’s wide variety of offerings.

Let’s not forget those who want to save money on fees. Most of Axos Bank’s checking and savings accounts don’t have monthly or non-sufficient fund fees. Plus, if you regularly use U.S. ATMs, Axos Bank’s ATM fee reimbursement is a definite perk.

All in all, there’s a lot to like about Axos Bank, unless you’re insistent on finding a bank with a brick and mortar location. Otherwise, it’s worth giving this bank a try — at the very least head to their website to look at their offerings in more detail.

Article comments