Axos Bank is a full-service online bank offering one of the best high-yield savings accounts available. The popular online bank was founded in 2000 under the name Bank of Internet USA. In 2018, it changed to its current name. Along with banking products, its services include various lending options, investment portfolios, and business and commercial banking solutions.

This review focuses on Axos Bank’s personal banking products and services. Here’s a detailed look at Axos Bank and how it compares to other online banking institutions. Annual percentage yields (APYs) and account details are accurate as of March 30, 2021.

Account Basics


Checking accounts abound with Axos Bank. There are currently five checking account options:

  • Essential Checking
  • Rewards Checking
  • CashBack Checking
  • Golden Checking
  • First Checking

Here’s a quick overview of each account.

Essential Checking. This is a no-frills, non-interest-bearing checking account with no monthly fees. Accounts come with unlimited domestic ATM reimbursements. Essential Checking has no minimum deposit requirements.

Rewards Checking. Rewards Checking offers three tiers of interest, earning up to 1.25% APY total. Balances above $150,000 do not earn interest. The checking account only requires a $50 initial deposit and charges no monthly maintenance fees. Customers also receive unlimited domestic ATM reimbursements.

CashBack Checking. It’s rare to find a checking account that earns cash back, but that’s what you’ll find at Axos Bank. Customers earn up to 1% cash back on all signature-based purchases. CashBack Checking accounts also feature no monthly fees, unlimited domestic ATM reimbursements and unlimited check-writing privileges.

Golden Checking. Designed for individuals 55 years and older, Golden Checking is an interest-bearing account that earns 0.20% APY on all balances. It comes with free checks and only requires a $50 initial deposit to open an account. Customers also get up to $8 in domestic ATM reimbursements each month.

First Checking. As the name suggests, this checking account is designed for kids ages 13-17 years old to serve as an introduction to banking. This checking account earns 0.25% APY on all balances and features up to $12 in domestic ATM reimbursements each month. First Checking doesn’t have any monthly fees, but it does have daily transaction limits of $100 cash and $500 debit.


Axos Bank’s High Yield Savings account offers higher rates than you find at many brick-and-mortar banks. This savings account currently earns 0.61% APY on all balances.

Opening an account requires a $250 deposit, but there are no balance requirements beyond that initial amount. There are no monthly maintenance fees either. Customers can even request a free ATM card, a rarity among savings accounts.

Money Market

Axos Bank’s High-Yield Money Market account requires an initial deposit of $1,000. The account offers 0.60% APY on all balances. It offers check-writing privileges and a free ATM card. Plus, it doesn’t charge monthly maintenance fees.


While Axos Bank offers CDs, its rates don’t match up well against other top online banks. CD terms range from three months to five years, paying a rate of 0.20% APY.

You’ll need $1,000 to open a CD account with Axos Bank. As with most CDs, there are no monthly fees.

Axos Bank CDs automatically renew when they reach maturity. There is a 10-day grace period in which customers can take other actions penalty-free, like closing your CD account, withdrawing or adding more funds or changing your CD’s term.

Customers who pull their funds out of a CD before maturity could see early withdrawal penalties up to 24 months’ worth of interest, depending on the CD term.

UFB Direct Bank Accounts

It’s worth noting that there are two more bank accounts to consider, although they don’t technically fall under the Axos Bank name.

UFB Direct is a division of Axos Bank and offers a high-yield savings account and a high-yield money market account. Unfortunately, both accounts have lower rates than most online banks and high balance requirements to earn at the highest interest tier of 0.20% APY.

Other Accounts and Services

Axos Bank offers a host of other services outside of its personal bank account offerings:

  • New mortgages
  • Mortgage refinancing
  • Home equity loans
  • Home equity lines of credit (HELOCs)
  • FHA loans
  • VA loans
  • Auto loans
  • Personal loans
  • Managed investment portfolios
  • Business and commercial banking and lending solutions

Access on the Go

As an online bank, customers of Axos mainly access their accounts online or through its mobile app. The mobile app, available on both iOS and Android, offers features like:

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

The mobile app has a rating of 4.7 stars out of 5 in the App Store and 2.7 stars out of 5 on Google Play.

Most accounts also come with ATM cards. Customers have access to over 90,000 fee-free ATMs across the U.S. Many Axos Bank deposit accounts feature some form of ATM fee reimbursements for out-of-network ATM use.

Customers also have access to Evo, Axos Bank’s virtual financial assistant, through the mobile app or online account. Evo provides answers to common banking questions and can help you quickly manage your accounts.


  • Competitive rates on savings and money market accounts
  • No monthly fees on deposit accounts
  • Multiple checking account options
  • Unlimited ATM fee reimbursements on many accounts


  • Below average CD rates for an online bank
  • No physical branches

How Axos Bank Stacks Up

Axos Bank lives up to its reputation as one of the top online banks. With a multitude of account options, there’s something for almost every customer need. It doesn’t have any local branches for in-person services, but that’s becoming less of a necessity today. Customers can perform most banking transactions online or by mobile phone.

Rates on its high-yield savings and money market accounts earn Axos a spot on Forbes Advisor’s Best Online Savings Accounts and Best Money Market Accounts. Axos also is named one of the Best Online Banks and Best Checking Accounts. Overall, Axos is one of the best choices for online full-service banking.

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