Axos Bank Review: Many Choices, Withdraw From ATMs for Cheap
Review
Updated
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Axos Bank does its best to make managing your money flexible and easy. It does this by offering fee-free accounts and a variety of checking account options. Additionally, Axos provides domestic ATM fee reimbursements (so you're not tied to a single ATM network). It's also one of the few banks to offer a free ATM card for its savings account.
We gave Axos Bank a 3.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
| Axos Bank accounts | Motley Fool Money's star rating (out of 5) |
|---|---|
| Axos Bank | 3.50 |
| Axos Bank Rewards Checking | 4.25 |
| Axos Bank First Checking for Teens | 4.25 |
| Axos Basic Business Checking | 4.00 |
| Axos High-Yield Savings | 2.50 |
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
Axos Bank offers competitive online savings accounts for adults and teens.
The Axos High-Yield Savings account's primary draw is usually its better-than-average APY. But these days, its rates aren't as high as many competitors we review. The account offers other perks worth a look, like zero monthly maintenance fees and an ATM card.
On Axos Bank's Secure Website.
Member FDIC.
Axos High-Yield Savings
On Axos Bank's Secure Website.
On Axos Bank's Secure Website.
Axos High-Yield Savings gives you a better-than-average APY for balances up to $25,000. The account doesn't charge monthly maintenance fees or have a minimum balance requirement. It also comes with a free debit card for those who request it, so you can quickly withdraw funds directly from your savings account.
The Axos Bank First Savings account gives teens an affordable way to save. The teen savings account reimburses $12 of ATM fees per month, but the APY is low.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ 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 sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ 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.
⁶ 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.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
With Axos Bank, you have the option to have the CD interest you've earned automatically transferred to another bank account if you prefer. You can also leave the money in your CD and earn interest on your interest. Unfortunately, its CD rates are low.
APY = Annual Percentage Yield
| 6 Mo. APY | 1 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|
| 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Axos Bank offers highly competitive checking accounts of all kinds -- more than many online competitors. These cater to different needs.
The Axos Bank Rewards Checking account has no monthly maintenance fee. It also includes unlimited domestic ATM fee reimbursements. On top of these benefits, it has a maximum APY that bests many savings account rates we've come across. How much you'll earn depends on how you use the account and the other Axos Bank accounts you hold.
On Axos Bank's Secure Website.
Member FDIC.
Axos Bank Rewards Checking
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.
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.
An affordable checking account with unlimited domestic ATM fee reimbursements. You get direct-deposited funds up to two days early. The account does not have minimum balance requirements. It comes with a Visa debit card, but checks are not included.
You can earn up to 1% cash back on signature-based debit card purchases. The trade-off: You don't earn interest on money that just sits in your checking account. The account also includes unlimited domestic ATM fee reimbursements and check-writing privileges.
This account doesn't charge a monthly fee or have minimum balance requirements. However, it only offers $8 in domestic ATM fee reimbursements per month. The account makes up for this with free personal checks and an APY that's quite good for a checking account.
An affordable checking account for teens aged 13 to 17. It offers a modest APY and no maintenance, overdraft, or NSF fees. A big downside is the account limits your withdrawals.
The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.
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.
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = 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.
Rating image, 4.50 out of 5 stars.
4.50/5
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.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = 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. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Axos Bank offers a solid money market account for folks who want the perks of both checking and savings accounts rolled into one.
This account also doesn't charge a monthly maintenance fee or have a minimum required balance. It offers an okay APY, as well as a debit card. Plus, with Axos Bank's mobile app, you'll have the ability to pay friends from your money market account directly from your phone.
On Axos Bank's Secure Website.
Member FDIC.
Axos Bank High Yield Money Market
The Axos Bank High Yield Money Market account offers a debit card, check writing, and no maintenance fees. Unfortunately, the APY is much worse than competitors'.
Yes, Axos Bank is FDIC insured. That means your money is protected $250,000 per eligible account in the event something happens to Axos Bank.
Axos Bank has customer service reviews on par with large branch banks; in other words, not so great. But it does respond to most online complaints.
Axos Bank has received poor customer satisfaction ratings, earning just a 1.9 from Trustpilot. But it also maintains an A+ rating with the Better Business Bureau, suggesting that it does its best to respond promptly to customer complaints.
Axos Bank scores low on customer service. Recent Trustpilot reviews indicate that though customers like the banks' rates and low fees, customers are frustrated with poor over-the-phone help. One point of contention might be the automated phone service, which is currently a semi-competent chatbot that this particular reviewer found frustrating.
You can contact Axos Bank for personal banking needs 24/7 by calling 888-502-2967. A secured chatbot called Evo will answer your questions and manage your bank account for you. You can also send secure messages in the banking app.
Recent Google Play reviews indicate the app is workable but not top-tier. Complaints include lag and friction when logging on to the account.
Axos Bank doesn't offer relationship benefits. For other banks, these can include higher APYs for loyal customers. Sometimes, banks offer discounts on loans or other products to customers who have multiple accounts with the bank. Axos Bank relies on its already-high APYs and low fees to draw in customers.
If Axos Bank isn't a good fit for you, here are a couple of other banks to consider.
CIT Bank cannot match the variety of checking accounts Axos Bank offers. However, the CIT Savings Connect account has a super-competitive APY. CIT Bank uses this system to reward customers for keeping more money in their accounts. It also has a much wider variety of CDs with more competitive APYs. It's a better option if you're interested in investing in CDs. The bank's customer satisfaction ratings are also average. Again, this might not bother you if you plan to do most of your banking online.
Ally Bank is one of the best-known online banks. It offers a good mix of products, including an interest-bearing checking account, a competitive savings account, and several types of CDs -- including some less common options like raise-your-rate CDs. It's also branched out into retirement accounts and self-directed trading accounts. It could be a better fit if you're interested in retirement saving or investing.
Axos Bank is a good choice for you if:
Yes, Axos Bank is an FDIC-insured bank with typical account types. It's an online-only bank.
UFB Direct is a division of Axos Bank.
Axos Bank is a safe place to put your money. All bank accounts are FDIC insured up to FDIC insurance limits.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
