Axos Bank Review [2025]: Checking More Worthwhile Than Savings

Axos Bank overview

Axos Bank was one of the first digital-only banks, originating in 2000. The technology-driven bank is FDIC-insured and headquartered in San Diego, California, and has over $23 billion in assets.

It offers a wide range of banking products, including:

• Checking
• Savings
• Investment products
• Small business and commercial banking
• Personal and auto loans
• Mortgage loans

Key checking account features

Feature	All accounts	Select accounts
Interest on checking		✅
24/7 app access	✅
Early access to direct deposit		✅
Unlimited reimbursement of domestic ATM fees		✅
$0 monthly maintenance fees	✅
$0 overdraft fees		✅
No balance requirements		✅
24/7 customer support	✅
Digital security	✅

Who is Axos Bank best for?

Axos Bank is best for people who primarily bank from their checking accounts. The checking accounts offer some unique features, and none have a monthly maintenance fee. However, if you need an account for savings, you'll likely find better options elsewhere.

If you use the ATM frequently, check out the ATM locator to ensure there are nearby ATMs. While most accounts reimburse for ATM fees, that's a hassle you shouldn't deal with regularly because you must wait for reimbursement. Fortunately, Axos uses the Green Dot Network, which has over 100,000 locations.

Axos Bank checking accounts

Axos Bank offers six checking accounts, each with different features and requirements. However, none of these accounts have a monthly maintenance fee, and most reimburse unlimited monthly ATM withdrawal fees, which is important when looking for the best checking accounts.

ONE Checking

Axos ONE is actually a checking and savings bundle, not solely a checking account, but we'll put it in this category because it offers a few checking features, including the ability to get your paycheck up to two days early¹ <p>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.</p> and extended FDIC coverage up to $265 million (which other Axos checking accounts offer). You can allocate funds for either everyday spending or saving in one account, which could be more convenient for transferring money and budgeting.

The account also earns up to 0.51% APY on checking balances when you meet requirements, and 4.66% APY on savings balances when you meet requirements.² <p class="">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.</p><p>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.</p><p>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.</p><p>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:</p><p>Option 1</p><p>1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $1,500.</p><p>Option 2</p><p>1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $5,000.</p><p>If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:</p><p>• The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p><p>• 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.</p><p>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. </p><p>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.</p><p>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.</p><p>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.</p> This is a decent rate for rewards checking and an excellent rate for high-yield savings.

To qualify for these rates, you need to either receive at least $1,500 in total monthly qualifying direct deposits and maintain at least this amount as your average daily balance, or receive at least $5,000 in total monthly deposits and maintain this balance. To count toward these requirements, your deposits, direct or otherwise, need to clear by the 25th of each month.

Essential Checking

Essential Checking is a great option if you receive direct deposit and prefer early access to it. Its Direct Deposit Express feature allows access to your paycheck up to two days early, and it's free. Since most "instant pay" features charge a fee, it's nice to see this feature available at no cost, plus there are no overdraft fees.

Rewards Checking

If you're looking for a checking account to carry high balances, you might as well earn a high interest rate. The Axos Bank Rewards Checking account pays some of the highest APYs I've seen on a checking account, but you must meet specific criteria to earn up to 3.30% APY³ <p>APY means Annual Percentage Yield. APY is accurate as of June 7, 2024. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $0.</p> .

For example, you receive a certain APY for monthly direct deposits of $1,500. That's an easier one to meet. You also receive a certain APY for using your Visa® debit card at least ten times a month, which is pretty easy. Each requirement you meet gets you closer to the full 3.30% APY.

The other factors require you to have at least a $2,500 balance in a managed or self-directed investment account (or both) or make loan payments from your Rewards Checking account to pay an Axos loan. These aren't as easily accomplished, so your APY may not be as high as the maximum they advertise.

Cashback Checking

If you're like me and pay everything you can with your debit card, the Cashback Checking may be worthwhile. You can earn up to 1.00% (as of 01/11/25) back on signature-based transactions up to $2,000 per month if you keep at least a $1,500 monthly balance.

I know $20 a month doesn't sound like much, but you receive $240 a year just for using your debit card on regular purchases. If you can't meet the requirements of the Rewards Checking account to get your APY above 1%, this is the next best option.

First Checking

Axos offers a bank account solely for teens. The First Checking account has daily transaction limits and pays 0.10% (as of 01/11/25). Teens must open an account with a parent co-owner. It also includes features my friends with kids love, such as account alerts, sharing a dashboard, and the ability to lock or unlock your teen's card while teaching them financial management skills.

Golden Checking

The Golden Checking account helps people over age 55 earn 0.10% (as of 01/11/25) without worrying about meeting specific criteria. However, the account only reimburses up to $8 in non-network ATM transactions, so it's important to determine if you'd exceed that limit.

Axos Bank Savings accounts

You won't find as many savings accounts at Axos Bank, but the APYs exceed those at most brick-and-mortar banks. When looking for the best savings accounts, I always choose an online bank because I don't want to touch the funds I deposit in it. Using an online savings account limits my access while paying a higher interest rate, too.

Summit Savings

Summit Savings is Axos's basic high-yield savings account, and it earns a respectable 4.00% APY on any balance without deposit or activity requirements. The account has no minimum deposit or balance requirements and no monthly maintenance fees, so it's a good choice if you're just going for straightforward, high-interest saving.

First Savings

Axos First Savings is a no-monthly-maintenance-fee savings account for teens and a good complement to Axos First Checking. First Savings earns just 0.10% APY, which is far from the best you can find. The account is available to kids between 13 and 17.

High Yield Money Market

The High Yield Money Market offers the best of both worlds between a checking and savings account. I recommend this account if you have a large amount of money to deposit but need access occasionally and don't receive direct deposit. Otherwise, the Rewards Checking pays a higher APY than this account's 0.25% (as of 01/11/25) just for having direct deposit.

CDs

CDs are one product where Axos Bank disappoints. For an online bank, the APYs are low 0.20% (as of 01/11/25), and they don't vary based on length, like most banks' CDs offer. You can open a 3- to 60-month CD with a $1,000 minimum deposit, but I'd look elsewhere to earn a much higher interest rate.

Axos Bank alternatives

When looking for the best online bank, it's important to compare your options. I always compare the features, fees, and interest rates. Also, be sure to read the fine print to determine if the interest rates or other perks are a promotional offer and only temporary.

Here are the top alternatives to Axos Bank.

Chime®

Chime is also online only, but it's not a bank.⁷ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p> Instead, Chime is a financial company that partners with The Bancorp Bank, N.A., or Stride Bank, N.A., to offer financial products.

Chime has one checking account option with no monthly maintenance or service fees, though you may be charged a fee if you use an out-of-network ATM.¹³ <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.</p> If you qualify, Chime's SpotMe® program offers fee-free overdraft up to $200 for eligible members.¹⁴ <p>SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Debit Terms and Conditions</a>.</p>

If you frequently overdraft or only have a small balance to deposit, consider Chime® over Axos. But if you have a large amount of money to deposit, you'll miss out on interest earnings with its low 2.00% (as of Sept. 9, 2024) Annual Percentage Yield,¹⁵ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> on savings and no APY on checking account balances, which likely makes Axos the better choice for you.

Visit Chime | Check out our full Chime review.

SoFi®

SoFi® is a financial technology company, not a bank, and it differs from Axos in that way and several others. Its sole Checking and Savings account, however, is one of the closest alternatives to the Axos ONE. Like Axos ONE, it offers early direct deposits¹⁶ <p>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.</p> and plenty of fee-free ATM access.¹⁷ <p>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.</p> ¹⁸ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do 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. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

You might prefer SoFi Checking and Savings because we'd argue the highest APY for that account is easier to qualify for since any qualifying monthly direct deposit activity makes you eligible for SoFi Plus, which makes you eligible for the highest stated APY, while Axos ONE has a monthly direct deposit minimum of $1,500.

Visit SoFi | Check out our full SoFi Checking and Savings review.

Ally

Ally is another online-only bank, but it works a little differently. They have a single option for checking and savings accounts. This can be favorable because you don't have to pick and choose among features, like early direct deposit access, overdraft protection, or earning interest.

Its interest rates are generally competitive, and the bank offers options like round-ups, which automatically transfer funds to your savings account with each debit card purchase. Ally and Axos are comparable in many ways, but Axos provides many more checking accounts to choose from, while Ally has more savings options.

Visit Ally | Read our full Ally review.

FAQs

Bottom line

Axos Bank may be at the top of your list of eligible online banks if you have a lot of money to deposit, want to avoid monthly fees, or use the ATM frequently. It leaves a lot to be desired with its savings accounts, so I'd recommend looking elsewhere for better options, but I think most people can find something valuable out of the five checking accounts Axos Bank offers.

If you're thinking about switching banks to Axos or any other online bank, the process is simple and can be rewarding.