Most FDIC Bank Insurance Coverage
Our take: Axos Bank offers competitive savings rates, unlimited ATM reimbursements, and expanded FDIC insurance. It’s a great fit for digital-savvy savers, though its app glitches and high balance requirements may frustrate some users.
Online Banking
- No monthly account fees
- Higher APY than many competitors on some accounts
- ATM reimbursements
- Phone support available 24/7
- Early direct deposit available
- Expanded FDIC insurance on some accounts
- Some users report that the app is glitchy
- High average balance required for top rewards
- No physical branches
- No Zelle
- Low CD rates
- Does not offer a credit card
- Several requirements needed to earn top rates
- Negative reviews reported on the BBB and Reddit
| Type of bank | Online-only |
| Products | Checking accounts (6), Savings accounts (3), CD |
| FDIC insurance | Yes, up to $250,000 per depositor; expanded insurance up to $265 million available with Insureguard+ |
| Minimum deposit | $0 |
| Mobile app | Axos All-In-One Mobile Banking app |
| BBB rating* | 1.07/5; Accredited, A+ |
| Trustpilot rating* | 4.1/5 |
Using a digital bank is commonplace these days, but when Axos Bank started back in 2000, the idea was revolutionary. Since its founding days, when it was known as the “Bank of Internet USA,” this all-digital bank has continued to grow. It now has nearly $25 billion in assets and numerous different product offerings, but it isn’t without its drawbacks or controversies.
In this Axos Bank 2025 review, we’ll cover what Axos Bank is and the pros and cons of using the bank. We list the checking and savings accounts that Axos offers and explain the differences between them. We’ll also share customer reviews and ratings and shed light on recent news that might affect Axos’s financial strength in the future.
Table of Contents
- What is Axos Bank?
- Axos products
- Axos ONE Checking account (Bundled checking + savings)
- Axos Bank Essential Checking (No-frills account)
- Axos Rewards Checking (High APY)
- Axos Bank First Checking (For teens)
- Axos CashBack Checking (For big spenders)
- Axos Golden Checking (For seniors)
- Axos ONE Savings (Bundled savings + checking)
- Axos Summit Savings (HYSA)
- Axos First Savings (For teens)
- Axos CDs (Low APY)
- Other Axos products
- Pros and cons
- Is Axos Bank legit? Customer reviews
- Alternatives
What is Axos Bank?
Axos Bank was one of the first all-digital banks, designed to allow customers to bank at any time, day or night. Axos is best known for its high savings account rates, which is what attracts many customers, but it still didn’t make our list of best savings accounts.
Here’s more about Axos bank accounts. Each account offers unique benefits and might serve specific customers better than others.
Axos Bank products
Axos ONE Checking account
Bundled Checking + Savings
| APY | 0.51% (checking portion) |
| Monthly fees | $0 |
| Account setup fees | $0 |
| ATM fees | Unlimited domestic ATM fee reimbursements |
| Minimum balance requirement | Must meet direct deposit and balance requirements for highest APY |
What to know
The Axos ONE Checking account is actually a bundled checking and savings account. The checking account portion earns well above the national average, at 0.51% APY. (The savings portion earns an excellent 4.61% APY.) Some of the other features this account offers include getting paid two days early, no monthly maintenance or overdraft fees, and expanded FDIC insurance.
You’ll need to meet a minimum deposit amount and maintain a daily balance of $1,500 or $5,000 (depending on how much you receive in direct deposits) to earn the higher interest rate.
- Option 1: Receive at least $1,500 in total monthly qualifying direct deposits and maintain an average daily balance of more than $1,500.
- Option 2: Receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.
Who it’s best for
The Axos ONE Checking account is a great fit if you want to earn better interest rates than a typical checking account and can maintain a specific daily balance.
Axos Bank Essential Checking
No Frills, No Fees
| Monthly fees | $0 |
| Account setup fees | $0 |
| Overdraft fees | $0 |
| ATM fees | Unlimited domestic ATM fee reimbursements |
| Min. opening deposit | $0 |
What to know
The Axos Bank Essential Checking account is the most basic checking account Axos offers. The account has no fees, including no overdraft fees. You won’t earn a high interest rate, but there are no daily balance requirements. Like other accounts, it offers early direct deposit and unlimited ATM fee reimbursements.
Who it’s best for
The Axos Bank Essential Checking account is a great fit if you want a straightforward, no-frills bank account with no fees.
Axos Rewards Checking
High APY for Using Axos Products
What to know
| APY | Up to 3.30% |
| Monthly fees | $0 |
| Account setup fees | $0 |
| Overdraft fees | $0 |
| ATM fees | Unlimited domestic ATM fee reimbursements |
The Axos Reward Checking account earns a 3.30% APY, which is similar to many banks’ high-yield savings account offerings. You can use the account like a regular checking account, but earn interest like a savings account. Like other Axos accounts, this account offers unlimited ATM fee reimbursements and does not charge any fees.
To earn the full 3.30% APY, you’ll need to use multiple Axos products, like managed portfolios and loan payments, in addition to setting up direct deposit.
Who it’s best for
Customers who want to enjoy a checking account with a high APY and don’t mind using multiple Axos products to get it.
Axos Bank First Checking
Great for Teens
What to know
| APY | 0.10% |
| Monthly fees | $0 |
| Account setup fees | $0 |
| Overdraft fees | $0 |
| ATM fees | Domestic ATM fee reimbursements up to $12/month |
| Transaction limits | $100 cash; $500 debit (daily limits) |
| Age restrictions | Must be at least 13 |
The Axos Bank First Checking account is designed for teenagers who want to learn how to manage their finances. It’s ideal for parents who want to monitor their children’s spending while also allowing their kids to make financial choices on their own.
These accounts don’t charge any fees, including overdraft fees. You can earn 0.10% APY and get up to $12 in monthly ATM fee reimbursements. Teens have daily transaction limits with this account, which include $100 in cash transactions and $500 in debit card transactions.
Who it’s best for
Teenagers who need to open their first checking account and don’t want to pay fees, including overdraft fees.
Axos CashBack Checking
Great for Big Spenders
What to know
| Cash back | 0.50% – 1.00% on every purchase, up to $2,000/month |
| Monthly fees | $0 |
| Account setup fees | $0 |
| Overdraft fees | $25/item |
| ATM fees | Unlimited domestic ATM fee reimbursements |
The Axos CashBack Checking account allows you to earn money back on everyday purchases.
You can earn up to 1.00% cash back on your purchases if you meet specific requirements. For example, you need at least $1,500 in your checking account to earn the full 1.00% cash back. If your account falls below this, you’ll earn 0.50%.
Who it’s best for
Consider this account if you plan to spend a high amount using your checking accounts, especially if you’ll keep a minimum balance of $1,500 in the account.
Axos Golden Checking
Great for Senior Citizens
What to know
| APY | 0.10% |
| Monthly fees | $0 |
| Account setup fees | $0 |
| Overdraft fees | $0 |
| ATM fees | Domestic ATM fee reimbursements up to $8/month |
| Age restrictions | Must be at least 55 |
The Axos Golden Checking account is designed for customers aged 55 or older. It features complimentary checks, $8 in monthly ATM fee reimbursements, and no monthly maintenance fees. These accounts earn 0.10% APY.
Who it’s best for
Those aged 55 and older, especially those who write personal checks.
Axos ONE Savings
Bundled Checking + Savings
What to know
| APY | Up to 4.51% (savings portion) |
| Monthly fees | $0 |
| Account setup fees | $0 |
| ATM fees | Unlimited domestic ATM fee reimbursements |
| Minimum balance requirement | Must meet direct deposit and balance requirements for highest APY |
The Axos ONE Savings account goes with the Axos ONE Checking account. Axos bundles these accounts, and it’s the bank’s highest-earning APY account. You could earn 4.51% APY on Axos ONE savings accounts, and that money is protected with expanded FDIC bank insurance.
No minimum amount is required to open the account, but you must maintain an average daily deposit amount. (If you don’t meet these minimums, your APY on the savings portion of the account is 1.00%.)
- Option 1: Receive at least $1,500 in total monthly qualifying direct deposits and maintain an average daily balance of more than $1,500.
- Option 2: Receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000.
Who it’s best for
The Axos One Savings account is a great way to earn a high APY if you can maintain the direct deposit and daily balance minimums.
Axos Summit Savings
HYSA, No Balance Requirements
What to know
| APY | 4.00% |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| ATM card availability | Free card on request |
The Axos Summit Savings account is a high-yield account without balance requirements. You can earn 4.00% APY, and it’s easy to transfer money between Axos accounts quickly if you need to withdraw money from savings.
See why we picked Axos Summit Savings as the Best for Babies in our round-up of the best savings accounts for kids.
Who it’s best for
You might like this account if you want to enjoy the benefits of a high-yield savings account without worrying about account balance requirements.
Axos First Savings
Great for Teens
What to know
| APY | 0.25% |
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Age restrictions | Must be at least 13 |
The Axos First Savings account is designed for teens. It pairs well with the Axos First Checking account and allows teens to transfer money back and forth between the accounts as needed.
.Before you decide on the First Savings account, check out: 10 Best Long-Term Savings Accounts to Set Up for Your Children and Best Savings Accounts for Students Based on APY, Perks, and More.
Who it’s best for
Teens who want to build financial independence and money skills (and their parent or guardian).
Axos Certificates of Deposit (CDs)
What to know
Axos also offers CDs, but the rates are not competitive. Axos offers terms ranging from three to 60 months, but the maximum APY remains 0.20% regardless of the term. You’ll need $1,000 minimum to open a CD.
Given the low interest rates, it’s more worthwhile to open an Axos savings account with this bank.
Want a higher-earning certificate of deposit? Check out our list of Best CDs With the Highest Interest Rates.
Other Axos products
Axos Bank offers several other financial products, including:
- Mortgages
- Personal loans
- Auto loans
- Marine loans
- Axos Premier Banking for high net-worth individuals
- Small Business Banking
- Commercial Banking and Lending
- Managed investing portfolios and Self Directed Trading
- Debit cards
Pros and cons
Pros
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No monthly account fees
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Higher APY than many competitors on some accounts
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ATM reimbursements
-
Phone support available 24/7
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Early direct deposit available
-
Expanded FDIC insurance on some accounts
Cons
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Some users report that the app is glitchy
-
High average balance required for top rewards
-
No physical branches
-
No Zelle
-
Low CD rates
-
Does not offer a credit card
-
Negative reviews reported on the BBB and Reddit
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Several requirements to earn top rates
Is Axos Bank legit? Customer reviews
| Source | Customer rating | Number of reviews |
| Trustpilot | 4.1/5 | 606 |
| Better Business Bureau (BBB) | 1.07/5 | 121 |
Axos Bank is a legitimate online bank with thousands of online reviews. It earns the best reviews on Trustpilot, with poor feedback on BBB (though it is BBB-accredited, and BBB rates it an A+). A review of Reddit posts shows many customers are dissatisfied with customer service and the app experience:
Though Axos Financial is FDIC-insured, a recent CNBC article reports that Axos Financial has a high proportion of NDFI loans, which are riskier accounts. A forensic research firm, Hindenburg Research, also reports several instances of lax underwriting with respect to Axos’s commercial real estate loans.
In 2022, a San Diego jury ruled in favor of a former Axos auditor, awarding the auditor $1.5 million in damages. The auditor alleged that Axos fired them for bringing financial misconduct to light. For these reasons, we recommend carefully researching Axos Bank and recent controversies before becoming a customer.
Alternatives
Wondering how Axos compares to other banks? Here’s a quick look at how it stacks up against Capital One, Barclays, and SoFi.
Axos Bank vs. Capital One
Axos and Capital One both offer strong online banking experiences with no monthly fees and competitive savings rates. Axos stands out for unlimited domestic ATM reimbursements and expanded FDIC coverage through InsureGuard+. Capital One, however, has a more polished app, full-service checking, and physical cafés for in-person support.
If you want flexible ATM access and higher savings potential, Axos is appealing. But for everyday banking with a smoother mobile experience, Capital One wins.
Axos Bank vs. Barclays
Barclays keeps things simple with just a few high-yield savings and CD products. Its Online Savings earns 3.70% APY. Axos offers more variety, from teen and senior checking to bundled checking-and-savings accounts that can earn a higher APY (often by meeting certain deposit requirements).
While Barclays may appeal to minimalists who want a straightforward savings account, you might prefer Axos if you want more account options and ATM flexibility.
Axos Bank vs. SoFi
SoFi combines checking and savings into one account with up to 3.80% APY (with direct deposit) and as much as $3 million in FDIC coverage. It also offers perks like signup bonuses, financial tools, and lending products under one roof.
Axos doesn’t require direct deposit to open an account and provides a wider range of niche accounts, such as options for teens and seniors. But SoFi’s all-in-one experience and modern app make it a stronger fit for everyday banking, while Axos could be better for savers who prioritize flexibility and high APYs without activity requirements.
How we rated Axos Bank
We designed LendEDU’s editorial rating system to help readers find companies that offer the best bank accounts. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared Axos to several banks, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.
| Company | What to know | Rating (0-5) |
|---|---|---|
| Most FDIC Bank Insurance Coverage |
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- CNBC, ‘The Tide Went Out’: How a String of Bad Loans Has Bank Investors Hunting for Hidden Risks
- Hindenburg Research, Axos: Glaring Commercial Real Estate Loan Problems and Lax Underwriting Beneath This Priced-For-Perfection Bank
- Courthouse News Service, Whistleblower Fired for Job Abandonment, Axos Bank Tells Ninth Circuit
About our contributors
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Written by Catherine CollinsCatherine Collins is a personal finance writer and author with more than 10 years of experience writing for top personal finance publications. As a mother to boy/girl twins, she is passionate about helping women and children learn about money and entrepreneurship. Cat is also the co-host of the Five Year You podcast.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.