At a glance

4.2

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Axos Bank is good for consumers looking for an online bank with a free checking account and a wide network of no-fee ATMs.

Highlights

24/7 Customer Service
ATM Fee Refunds
Reward Checking

Overall

Axos Bank is an online bank that offers a full range of deposit accounts. Its checking account stands out for its unlimited domestic ATM reimbursements and its lack of fees, yet its savings account earns rates that are lackluster. Check Axos Bank to see if they offer a bank account bonus before opening an account.

Pros

There is no monthly fee or minimum balance requirement for the Essential Checking account.
Essential Checking customers get unlimited ATM reimbursements in the U.S.
24/7 phone support is available.
Axos Bank customers have access to around 91,000 in-network ATMs.

Cons

Like many other online banks, there is no branch access.
It’s easy to find a higher rate on a savings account elsewhere.
Customers don’t have access to peer-to-peer payment tool Zelle.

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Axos Bank banking products

5.0

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.86%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.61% – 4.86% APY

APY last updated between 12/11 and 12/17.

$0 minimum balance for APY

$0 minimum deposit to open

Axos Bank savings overview

Axos’ High Yield Savings account has a tiered APY structure, with some of the rates being higher than the national average savings account rate. The portion of your balance under $25,000 earns the highest rate, while the amount over $100,000 earns the lowest.

A minimum of $250 is required to open the account, but there are no monthly maintenance fees. An ATM card is available upon request.

Pros

An ATM card is available.
The savings account doesn’t charge a monthly maintenance fee.

Cons

The APYs are significantly lower than what you can find elsewhere.
The $250 minimum opening deposit requirement is slightly higher than the minimum amount at some other banks.

Rate history for Axos Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Axos Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Axos Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

2.6

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

0.20%

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,000.00

4/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

3 mos – 5 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Average

3/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

Yes

5/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

0.20% APY

APY last updated between 12/11 and 12/17.

$1,000 minimum balance for APY

$1,000 minimum deposit to open

3 months – 5 years

Axos Bank CD overview

Axos Bank offers seven terms of CDs ranging from three months to five years. You’ll need at least $1,000 to open one of these CDs.

CDs automatically renew when they mature. Early withdrawal penalties vary depending on the length of the term. For example, with a 3-month or 6-month CD, the penalties for early exits are one and a half months of interest and three months of interest, respectively.

Pros

CDs are offered in a wide range of terms.

Cons

Other online banks pay much higher yields.
The $1,000 minimum deposit is higher than what some other banks require.

Rate history for Axos Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Axos Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Axos Bank

APY

APY last updated between 12/11 and 12/17.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.4

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

0.25%

2/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$1,000.00

4/5

The lowest balance an account must maintain in order to earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest amount an account must maintain in order to avoid a fee.

Check writing:

Yes

5/5

The ability to write a certain amount of checks within a statement cycle.

Debit/ATM access:

Great

5/5

The ability to withdraw funds from an account through the use of debit or ATM card.

Axos Bank money market overview

A minimum deposit of $1,000 is required to open the High Yield Money Market account. It earns a paltry yield that’s many times lower than what can be found from many other online banks.

Higher APYs can be found at many other online banks. The account comes with check-writing privileges and a debit card.

Pros

The money market account has check-writing privileges.
A debit card is provided.

Cons

Significantly higher APYs can be found elsewhere.
At least $1,000 is required to open an account.

4.9

Bankrate Score

Compare top checking rates

Axos Bank checking overview

The Essential Checking account carries no monthly service fees, overdraft fees and non-sufficient funds (NSF) fees. What’s more, there’s no minimum amount to open the Essential Checking account. It also offers unlimited domestic ATM fee reimbursement. Account holders who sign up for direct deposit may have access to paychecks up to two days early.

Other checking options include the Rewards Checking and Cashback Checking accounts.

Pros

Essential Checking charges no maintenance or overdraft fees.
There is no minimum balance requirement.
Domestic ATM fees are reimbursed on an unlimited basis.

Cons

You won’t earn any interest with the Essential Checking account.

Bank fees

Fee	Charged?
Overdraft fee*	None
Non-sufficient funds fee*	$0
Monthly maintenance fee**	None
Out-of-network ATM fee	None
Excessive transaction fee	$10

*for Essential Checking

**There may be some exceptions. For instance, the World Checking and World Savings accounts have a $30 monthly service fee if requirements to waive it aren’t met.

About Axos Bank

Axos Bank is a digital bank founded in 2000 and is based in San Diego. It is the banking subsidiary of Axos Financial Inc. and holds more than $20.8 billion in assets. Perks the bank provides include 24/7 phone support as well as a free checking account with unlimited domestic ATM fee reimbursement.

Bank experience

Axos Bank provides Essential Checking customers with quite a nice perk: unlimited ATM reimbursements in the U.S.

Customers can access their accounts through the Axos website or its mobile app to do things like pay bills, deposit checks and transfer funds, as well as check balances and account history. The bank’s mobile app is rated well on Google Play and on the Apple App Store.

Phone support is conveniently available on a 24/7 basis.

How Axos Bank compares to other banks

Compare different account types offered by Axos Bank. Annual percentage yields (APYs) shown were updated between Dec. 11, 2024 and Dec. 17, 2024.

Selected bank Axos Bank savings account Member FDIC Bankrate score Rating: 5 stars out of 5 5.0 Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Vio Bank savings account Member FDIC Bankrate score Rating: 3.3 stars out of 5 3.3 Bankrate Savings rating = 3.3/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 11, 2024 and Dec. 17, 2024.
4.86%	1.10%
Minimum balance for APY
$0.00	$100.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,430	$550

Axos’ High Yield Savings account has a tiered APY structure, with some of the rates being higher than the national average savings account rate. The portion of your balance under $25,000 earns the highest rate, while the amount over $100,000 earns the lowest. A minimum of $250 is required to open the account, but there are no monthly maintenance fees. An ATM card is available upon request.	Vio Bank is known as the online banking division of MidFirst Bank. The Vio Bank Cornerstone Money Market Savings Account earns a very competitive yield, requires only $100 to open and doesn’t charge a monthly maintenance fee. The account doesn’t include check-writing privileges or a debit card.

An ATM card is available The savings account doesn’t charge a monthly maintenance fee	The Vio Bank Cornerstone Money Market Savings Account earns a top-notch yield. A minimum of only $100 is needed to open the account. There’s no monthly service fee when you choose e-statements. Vio Bank has phone customer service hours seven days a week.	N/A
The APYs are significantly lower than what you can find elsewhere The $250 minimum opening deposit requirement is slightly higher than the minimum amount at some other banks	Neither check-writing privileges nor a debit card are provided. A $5 monthly maintenance fee is charged to those who opt for paper statements.	N/A

APY offering: 4.86% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Great 5/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 1.10% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $100.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Axos Bank CD Member FDIC Bankrate score Rating: 2.6 stars out of 5 2.6 Bankrate CD rating = 2.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Chase Bank CD Member FDIC Bankrate score Rating: 3 stars out of 5 3.0 Bankrate CD rating = 3.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 11, 2024 and Dec. 17, 2024.
0.20%	0.01%
Minimum deposit
$1,000.00	$1,000.00
Term
1 yr	1 yr

Axos Banks offers a decent amount of CDs, ranging from three months to five years, but they all earn very low yields. $1,000 is required to open an account.	Chase’s one-year CD pays a competitive yield for its relationship rate CDs. But its standard rates are well below the national average for one-year CDs. You’ll need at least $1,000 to open a Chase CD.

Axos Banks offers a handful of terms.	Chase pays a relationship rate on its one-year CD. While the standard rates are not competitive, the relationship rates are on a few select terms.	N/A
All CDs earn very low yields. Some banks require less than $1,000 to open a CD.	The Chase one-year CD has a yield that’s much lower than the national average. You’ll need an eligible Chase checking account to earn a competitive APY on a Chase one-year CD. You need $1,000 to open a Chase CD, which is more than the minimum at some other banks.	N/A

APY offering: 0.20% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 4/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 0.01% - 1 yr 1/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $1,000.00 4/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 mo - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Average 3/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Axos Bank money market account Member FDIC Bankrate score Rating: 3.4 stars out of 5 3.4 Bankrate Money Market rating = 3.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable CIT Bank money market account Bankrate score Rating: 0 stars out of 5 N/A Bankrate Money Market rating = 0.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Dec. 11, 2024 and Dec. 17, 2024.
0.25%	N/A
Minimum balance for APY
$1,000.00	N/A
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$125	N/A

A minimum deposit of $1,000 is required to open the High Yield Money Market account. It earns a paltry yield that’s many times lower than what can be found from many other online banks. Higher APYs can be found at many other online banks. The account comes with check-writing privileges and a debit card.	CIT Bank’s Platinum Savings account earns a competitive yield on balances of $5,000 or more. Lower balances earn an APY that’s below the national average. The account requires a low minimum opening deposit, and it doesn’t charge monthly maintenance fees.

The money market account has check-writing privileges A debit card is provided	The Platinum Savings account earns a competitive rate on balances of $5,000 or more. There’s no monthly maintenance fee.	N/A
Significantly higher APYs can be found elsewhere At least $1,000 is required to open an account	With a balance under $5,000, you’ll earn an APY below the national average. The account doesn’t come with ATM access.	N/A

APY offering: 0.25% 2/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $1,000.00 4/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Great 5/5 The ability to withdraw funds from an account through the use of debit or ATM card	Bankrate does not currently track additional product details for this bank.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Axos Bank vs. Ally Bank

As online-only banks, neither Axos nor Ally have branches you can visit. Moreover, both banks offer a full suite of deposit products, ranging from CDs to money market accounts. That’s where the similarities stop, though.

Ally Bank generally offers much higher yields on its deposit products, including its CDs and its savings and money market accounts. And those high yields come without the hefty minimum deposit requirements you sometimes find at Axos Bank. That noted, Axos Bank offers unlimited ATM rebates, while Ally only reimburses up to $10 per month.

Axos Bank FAQs

Axos Bank is best for customers who are comfortable banking solely online. Moreover, it may be a good choice for those looking to consolidate their banking under one roof. But while most accounts don’t come with monthly fees, some of the minimum deposit requirements are high and yields tend to be low.
Yes. Axos Bank is FDIC-insured up to the amount allowed by law: $250,000 per depositor, per account type.
The former name of Axos Bank was Bofi Federal Bank.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Axos Bank APY APY last updated between 12/11 and 12/17. APY last updated between 12/11 and 12/17	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/12/2024	0.61%	0.57%
11/05/2024	4.86%	0.57%
10/01/2024	0.61%	0.57%
09/03/2024	0.61%	0.61%
07/16/2024	0.61%	0.59%
07/10/2024	0.81%	0.59%
05/07/2024	0.61%	0.59%
04/02/2024	0.61%	0.58%
03/05/2024	0.61%	0.57%
01/02/2024	0.61%	0.58%
12/26/2023	0.61%	0.57%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Axos Bank APY APY last updated between 12/11 and 12/17. APY last updated between 12/11 and 12/17	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
12/03/2024	0.20%	1.40%
10/01/2024	0.20%	1.42%
09/03/2024	0.20%	1.43%
08/06/2024	0.20%	1.44%
07/02/2024	0.20%	1.42%
06/04/2024	0.20%	1.43%
04/02/2024	0.20%	1.42%
03/12/2024	0.20%	1.43%
02/06/2024	0.20%	1.42%
01/02/2024	0.20%	1.43%
12/26/2023	0.20%	1.42%

Axos Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Axos Bank

Axos Bank banking products

Axos Bank savings overview

Pros

Cons

Rate history for Axos Bank's Savings account

Axos Bank CD overview

Pros

Cons

Rate history for Axos Bank's CD accounts

Axos Bank money market overview

Pros

Cons

Axos Bank checking overview

Pros

Cons

Bank fees

About Axos Bank

Bank experience

How Axos Bank compares to other banks

Axos Bank vs. Ally Bank

Axos Bank FAQs

Who is Axos Bank best for?

Is Axos Bank safe?

What was the former name of Axos Bank?

Review methodology

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