Is Axos Bank a good bank?

Axos Bank is a highly rated online bank. GOBankingRates has ranked it among the Best Checking Accounts for 2024. The mobile app also has a rating of 4.7 stars on the App Store and 4.0 stars on Google Play.

What are the cons for Axos Bank?

Axos Bank is an online-only bank. So if you prefer to do your banking in person, this may not be the best choice for you as it has not physical branches.

Which is better: Ally bank or Axos Bank?

Axos and Ally are closely matched, with both having a low number of fees. Axos Bank has more account options than Ally. Ally is best when you'd like to open a bank account with no minimums. Choosing between the two would depend on your specific banking needs.

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Axos Bank Review: Competitive Rates on Checking and Savings Accounts

Name: Axos Bank Review: Competitive Rates on Checking and Savings Accounts
Item: Axos Bank
Rating: 4.6

January 17, 2024

8 min Read

Written by Cynthia Bowman

Edited by Caitlyn Moorhead

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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GOBankingRates Score

Axos Bank

4.6

SCORE

Our Take: Axos Bank is a good choice for keeping bank fees down but also for delivering when it comes to options. You'll have access to business accounts, personal loans, investing and more through the highly-rated mobile app. It is an online-only bank so it does not have branches, but it does offer rewards checking which is a rare find.

Checking Account

4.9
Savings Account

4.7
CD Account

4.5
Money Market Account

4.4
Banking Experience

4.3

How did we calculate this?

Pros

No monthly maintenance or overdraft fees
Excellent checking rewards and rates
Highly rated mobile app

Cons

No physical branches
Lower rates for CDs and savings
No in-person customer service

Axos Bank Overview

Axos Bank began in 2000 with an early goal of providing customers with banking access 24/7. It took a few years to develop a comprehensive online customer platform, but it was worth it. Axos Bank has ranked among the Best Banks on GOBankingRates’ comprehensive bank study for Best Checking Accounts of 2024.

Axos Bank has one office in Las Vegas, Nevada, and expanded its financial services by partnering with H&R Block and providing mortgages to Costco members. Besides banking and loans, Axos Bank offers business, commercial and industrial banking services as well as retirement planning and other trading and investment accounts.

Axos Bank Review: Key Features

When deciding which bank is right for you, it’s important to know the details of all the financial products and services that are available. Here are some key features to consider when looking into Axos Bank.

Checking Accounts

GOBankingRates has ranked Axos Bank among the Best Checking Accounts of 2024. Axos Bank’s different checking accounts are each designed for a specific type of banking customer. They all come with minimal fees and ATM fee reimbursements for a nearly free banking experience.

Essential Checking: The bank’s basic account and the GOBankingRates pick as one of the Best Checking Accounts of 2024. It includes no overdraft fees, unlimited domestic ATM reimbursements and supports early direct deposit, which gets you paid up to two days sooner.
Private Client Checking: Individuals with $250,000 in cash qualify for this account which comes with Visa card benefits and a variety of travel perks.
Rewards Checking: A checking account that offers users the potential to earn high APYs.
Cashback Checking: This might be Axos Bank’s most unique account as you can get 1% back on account transactions that require a signature, such as writing checks.
Golden Checking: Provides free banking for adults 55 and older.
First Checking: Accounts for young adults 13 to 17 years of age.

Axos Bank Savings Account

Axos Bank high-yield savings account is highly rated based on its low fees and high interest yield which pays APY. Here are some key takeaways:

You need at least $250 for the minimum opening deposit.
You can receive an ATM card if requested, which you can monitor with the mobile app.
There are $0 monthly maintenance fees and no minimum balance requirements.
Accounts are FDIC-insured for individuals with balances over $250,000.

CD Accounts

A certificate of deposit is a good way to save a set amount of money at a guaranteed interest rate. The rate typically varies based on the money you’re willing to invest, so you’ll need to shop around to find the best CD rates.

Axos Bank provides CDs with seven different term lengths and a minimum deposit of $1,000. All terms, ranging from three to 60 months, earn up to a competitive APY. Here are other things you should know about the CD account.

Electronic interest transfers are free.
No setup or maintenance fees.
Auto-renewal options are available with a 10-day grace period.

Axos Bank Money Market Account

Axos Bank’s money market will earn you APY while still being able to write checks. Keep in mind that the rate isn’t as competitive as the rewards checking account or a high-yield savings account. Here are other things you should know about the account.

Interest is compounded daily and there is a $1,000 minimum to open an account.
No monthly maintenance fees.
No minimum balance requirements.

Banking Experience

Customers seem to be pleased with the banking experience in general. Some of the selling points include the following.

Customer Service

Axos Bank may not have branches and in-person tellers available but you can still get help from a customer service representative by calling 1-844-999-2967 to speak with a representative about your personal banking matters. You can also try reaching out to Evo, Axos Bank’s virtual assistant.

Mobile Banking

It is possible to handle basic and advanced tasks through the Axos website or mobile app. It works across all its services and account types so you can manage your accounts, access your investment portfolios, review your loan and bank account balances and transfer funds between qualifying accounts. Axos is highly rated for its mobile app.

Google Play: 4.0 out of 5 stars
App Store: 4.7 out of 5 stars

Some of the top Axos Bank mobile app features are:

Customizable dashboard
Mobile app check deposits
Access and download documents
Two-factor authentication for the utmost security

Convenience and Ease of Use

Online banking allows you to handle most of your bill payments and banking anytime day or night, including holidays. The Axos Bank app and website load quickly and are simple to navigate for a user-friendly experience.

How Axos Bank Compares

Axos Bank’s standout features earned it a place in GOBankingRates’ Best Banks study for Best Checking Accounts. Here’s how Axos Bank compares to other online low-fee banks.

Axos Bank vs. Chime®

Chime* goes neck-in-neck with Axos. Both banks have full-featured, user-friendly platforms and no-fee¹ banking. Axos beats Chime on financial services, which Chime is pretty limited on.

Axos Bank vs. Varo

While both Axos and Varo offer a mobile-first experience, Varo savers get a higher APY on their savings accounts, if all requirements are met. However, the account options Axos offers have far more variety.

Final Take To GO

Axos is a great online bank with enough account options for many customers. Whether you’re just starting with a basic checking account or you’d like to manage a larger balance, you’ll be able to grow with Axos which is why GOBankingRates has ranked it among the Best Checking Accounts of 2024 for its Best Banks list.

Finding a bank that offers rewards checking alone is worth considering. In addition, accounts are free, with no maintenance fees, overdraft charges or ATM transaction costs. Sign up for an Axos bank account today.

Compare to Other Banks

Axos Bank FAQ

Here are the answers to some of the most frequently asked questions about Axos Bank.

Is Axos Bank a good bank?
- Axos Bank is a highly rated online bank. GOBankingRates has ranked it among the Best Checking Accounts for 2024. The mobile app also has a rating of 4.7 stars on the App Store and 4.0 stars on Google Play.
What are the cons for Axos Bank?
- Axos Bank is an online-only bank. So if you prefer to do your banking in person, this may not be the best choice for you as it has not physical branches.
Which is better: Ally bank or Axos Bank?
- Axos and Ally are closely matched, with both having a low number of fees. Axos Bank has more account options than Ally. Ally is best when you'd like to open a bank account with no minimums. Choosing between the two would depend on your specific banking needs.

Caitlyn Moorhead, Cynthia Bowman and Melanie Grafil contributed to the reporting for this article.

To determine rankings for the Best Checking Accounts, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1), (2) and (5) were weighted 0.5 times, and factor (4) was weighted 1.5 times.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 2, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

¹There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.