Name: Axos Bank Rewards Checking
Brand: Axos Bank

The Axos Bank Rewards Checking Account has a maximum APY that bests some of the top savings accounts we've reviewed. But its tiered APY system means that not everyone will qualify for this high rate. That said, there's still plenty to love about this account. Read our full review to learn about all its perks.

Ratings Methodology

Rates as of Dec 20, 2024

Axos Bank Rewards Checking

Member FDIC.

Rating image, 4.25 out of 5 stars.

4.25/5

Rating image, 4.25 out of 5 stars.

4.25/5

offer alert

Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

APY

0.40% (up to 3.30%)

Min. To Earn APY

Monthly direct deposits totaling at least $1,500

Pros/Cons

High checking account APY
Unlimited ATM fee reimbursements
No monthly maintenance, NSF, or overdraft fees
No monthly balance requirements
Cash back checking option

Must meet certain requirements to earn the highest interest tier
Low savings and CD APYs compared to competitors

Bottom Line

A solid checking account with an APY that far outpaces the competition. The fact that it also has no maintenance fees and no overdraft or NSF fees are the cherries on top.

Disclosure

Rewards Checking disclosure:

To be eligible to earn all or a portion of the cash incentive as part of the promotional offer "RC500," an application for a Rewards Checking account must be submitted between 06/20/2024 at 12:00 am PT and 07/31/24 at 11:59 pm PT.

Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. 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 initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

Rewards Checking bonus up to $500: You must be approved for your new Rewards Checking account and fund it within 60 days of account opening. An incentive of up to $500 can be earned during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.

$100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.

Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.

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. Account transactions may take one or more business days from the transaction date to post to the account.

Full Axos Bank Rewards Checking Account Review

Top perks

Earn 0.40% (up to 3.30%) APY: The Axos Bank Rewards Checking Account's APY makes it one of the most lucrative checking accounts we've seen. Interest-bearing checking accounts are still relatively rare, and those that exist usually have APYs that fall far short of the rates of savings accounts. But with this account, you only earn interest on balances up to $50,000.

There's a tiered system that determines your APY. You must meet all the requirements for all tiers to get the highest potential APY. Keep in mind, though, that account holders won't receive any interest during the statement cycle if they're not meeting the base requirements.

APY tier	Requirements
0.40% APY	Receive monthly direct deposits totaling $1,500 or more
Get an additional 0.30% APY	Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction)or sign up for Account Aggregation/Personal Finance Manager in Online Banking
Get an additional 1.00% APY	Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Account
Get an additional 1.00% APY	Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Account
Get an additional 0.60% APY	Use your Rewards Checking account to make your full monthly Axos consumer loan payment

Limited-time welcome offer: New customers can use promo code RC500 and apply by July 31, 2024 to earn up to a $500 bonus. Terms apply.

Unlimited domestic ATM fee reimbursements: Axos Bank doesn't have a network of fee-free ATMs, but this shouldn't concern you because it does offer unlimited domestic ATM fee reimbursements. Few banks do this, and it's a nice option if you don't want to worry about finding a fee-free ATM near you. Note that your ATM may still charge you a fee that could temporarily reduce your balance until Axos Bank reimburses you for it. You could also get slapped with ATM fees if you take your Axos Bank debit card abroad, so plan accordingly.

No minimum balance requirements: You need at least $50 to open your Axos Bank Rewards Checking Account, but after it's open, it doesn't matter how much you keep there. You're still eligible to earn interest on your purchases and you don't have to worry about monthly maintenance fees if your balance drops too low.

Unlimited free mobile deposits: Axos Bank doesn't charge you fees for mobile deposits or restrict how many mobile deposits you can make in a month. This is ideal for people who still get paid with physical checks and don't want to run to a branch location or incur extra fees for doing what's most convenient.

FDIC insured: Finally, Axos Bank accounts are covered by the same FDIC insurance as traditional bank accounts. This covers you for up to $250,000 per depositor, per institution, in the event of a bank failure.

What could be improved

APY qualification requirements: The Axos Bank Rewards Checking Account uses a tiered system where the highest APY is only available when meeting the deposits and transactions monthly requirements. The most restricting requirements are that accountholders must also have an Axos Invest Managed Portfolios account and a Axos Invest Self Directed Trading account, and an Axos bank loan. While the base tier is still high, the tiered structure is complex overall and most people won't receive the maximum APY.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. Our Head of Coverage, Matt Koppenheffer, uses the Axos Bank Rewards Checking Account himself.

Here's Matt's review:

As a customer of Axos Bank for several years, I have had a positive overall experience with their checking account. Axos is especially convenient for mobile folks on the go as you don't have to worry about branches being near you or finding specific ATMs. The account is also easy to use from outside the US. If you aren't comfortable with digital banking and not having a brick and mortar storefront to go to, this is not the product for you.

Fees

Fees	Monthly Maintenance	ATM Withdrawal	Overdraft	Stop Payment	Insufficient Funds
Axos Bank Rewards Checking Account	$0	$0 after Axos Bank reimbursement	$0	$10 if you make your request online, or $35 if you require assistance from an Axos Bank representative	$0 for items generating a negative balance of less than $25, otherwise $25 per item with a maximum $75 per day

Data source: Axos Bank

How to access your money

Axos Bank gives you several ways to access your funds. Here's a closer look at how to deposit and withdraw money from your Rewards Checking Account.

Deposit options

You can deposit money into your Axos Bank Rewards Checking Account in any of the following ways:

ACH transfer
Mobile check deposit
Wire transfer
Mailed checks

You'll need $50 to open your account, and Axos Bank will prompt you to fund your Rewards Checking Account in one of these ways when you sign up. Axos Bank does not charge fees for incoming wire transfers, but the bank you're transferring the money from may charge you an outgoing wire transfer fee if you're funding your account in this way. Use one of the other methods if you don't want to worry about running into extra costs.

Withdrawal options

You can withdraw money from your Axos Bank Rewards Checking account in any of these ways:

ACH transfer
Wire transfer
Requesting a mailed check
ATM withdrawal
Point-of-sale cash withdrawal

Note that with any method other than an ATM withdrawal, it could take a little while to receive your funds. Plan accordingly by withdrawing the money in advance to avoid running into problems.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account	APY	Promotion	Next Steps
Open Account for Discover® Cashback Debit On Discover Bank's Secure Website. Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	0% Min. to earn: N/A	Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')	Open Account for Discover® Cashback Debit On Discover Bank's Secure Website.
Open Account for Quontic High Interest Checking On Quontic's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 1.10% Min. to earn: $1	High APY when you complete 10 or more qualifying debit card purchases each month	Open Account for Quontic High Interest Checking On Quontic's Secure Website.

Axos Bank Rewards Checking is right for you if:

The Axos Bank Rewards Checking Account is a great option for those who deposit more than $1,500 to their account every month and use their debit cards frequently. Its APY bests most savings accounts, and even those who don't qualify for this rate can still earn an APY that's far above average. The account's unlimited ATM fee reimbursements also make it a good fit for those who don't want to go out of their way to get their cash for free.

The account's main drawback is that its tiered interest model disadvantages those with small balances and those who rarely use their debit cards. If either of these apply to you, there are better checking accounts out there that offer a high interest rate with fewer strings.

If Axos Bank Rewards Checking isn't right for you, check out our full list of Best Checking Accounts.

Keep reading about Axos Bank

Our checking account methodology

At Motley Fool Money, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

Brand and reputation: 40%
APY and rewards: 30%
Fees and minimums: 15%
Other perks: 15%

Learn more about how Motley Fool Money rates bank accounts.

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Axos Bank Rewards Checking Account Review: A Hard to Ignore Checking Account