Axos Bank Review 2022: CD Rates, Checking, & Savings

Written by Justin EstesUpdated: 30th Dec 2021
Share this article

Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.

Online banking is becoming more popular as technology, and consumer behavior evolve.

Axos Bank Is one of the oldest online-only banks. They have a reputation for offering streamlined fee-free online banking.

In this Axos Bank Review, we’ll dive into what makes them unique and if they make sense for you to bank with.

Axos Bank Overview

Minimum Deposit:$0
High Yield Savings APY:0.61%
Rewards Checking APY:1.25%
CD Term Lengths:Up to 60 Months
Products Offered:CDs, Money Market Acct, Savings, Checking, Loans, Business Solutions
Year Founded:1999

What is Axos Bank?

Axos Bank is an Internet-only bank that was founded in 2000 as Bank of Internet USA. In 2018 they rebranded as Axos Bank, and they have become one of the leading thanks for high-yield savings accounts and high-yield checking accounts.

Customers love the flexibility of the different accounts, certificates of deposit, and most importantly, fee-free banking.

From no overdraft fees on checking accounts to a massive ATM network that reimburse fees, Axos Bank has something for everyone looking to optimize their banking experience and save money on fees.

What Does Axos Bank Offer?

Axos is one of the best banks on the market. It is a full-service bank that offers checking accounts, savings accounts, certificates of deposit, money market accounts, and various loans, including auto loans.

Since Axos Bank is an online-only bank, they do not have high operating overhead as traditional brick-and-mortar banks. This key difference is what separates Axos bank from the rest.

They pass these savings on to their customers in the form of higher interest and high yield rates on savings and other interest-bearing accounts.

Whether you need a home loan, a high-yield savings account, or a fee-free checking account, Axos has something for you.

Axos Checking Accounts

#1. Rewards Checking

Most consumers associate rewards with credit cards; however, Axos Bank offers a rewards checking accountthat earns interest up to 1.25% APY if certain conditions are met.

To earn the highest interest rate of 1.25%, account holders are required to meet three criteria:

  1. Receive monthly direct deposits totaling $1,000 or more (0.4166% APY)
  2. use their Axos Visa Debit Card for a total of 10 transactions per month (with a $3 transaction minimum) (0.4166% APY)
  3. Use their Axos Visa Debit Card 5 more times, a total of 15 transactions per month (with a $3 transaction minimum) (0.4166% APY)

If they meet all three of these criteria, the account will generate 1.25% APY, which is a much higher return for a checking account than average.

#2. Essential Checking

Consumers who want the most flexible and forgiving checking account should look no further than the Axos Essential Checking Account.

The essential checking account has no overdraft or NSF fees, account maintenance fees, or monthly balance requirements. They even reimburse ATM fees for over 90,000 in-network ATMs.

These features make his account extremely accessible and flexible for anybody who wants a reliable and no-frills banking experience.

The essential checking account also has direct deposit Express, which allows their account holders to get paid up to 2 days early with their direct deposit for free.

#3. Cashback Checking

Axos offers cashback checking for account holders who want to earn while they spend.

Customers with the cashback checking account earn up to 1% cash back on signature-based purchases, and there are no monthly maintenance fees.

Account-holders with the cashback checking account will also receive unlimited free reimbursement for domestic ATMs and unlimited check writing privileges.

#4. First Checking (Ages 13 – 17)

Axos Bank is a firm believer in financial education, which is why they offer a teen checking account for customers between 13 to 17 years old.

The accounts earn up to 0.25% APY, have no monthly maintenance fees, overdraft, or NSF fees, and they provide up to $12 in ATM fee reimbursement for domestic ATMs.

Axos makes account management easy for parents by having daily transaction limits of $100 in cash or $500 debit transactions

#5. Golden Checking (Ages 55+)

Axos Offers the golden checking account for their customers who are 55 years old or older, and it is a straightforward checking account that earns interest, does not charge fees, and even has free personal checks.

No matter what the account balance is, as long as it is above the minimum of $50 to open up the account, all balances will earn 0.2% APY.

Axos Bank High Yield Savings

  • Account Minimum: $250
  • APY: 0.61%

The Axos Bank High-yield savings account offers a competitive interest rate currently at 0.61% APY. It is a straightforward and fee-free savings account that can turbocharge your savings goals thanks to compounding interest.

It takes a $250 opening balance to open an account, but once you have the account, there are no maintenance fees, minimum balance requirements, and they will send you a free ATM card if you want one.

Axos Bank High Yield Money Market Account

  • Account Minimum: $1,000 to open
  • APY: 0.6%

The Axos High-yield money-market account offers 0.6% APY on all balances, is FDIC-insured, and does not charge any monthly maintenance fees.

If you are looking to boost your return on your savings, the high-yield money-market account may be a happy medium since account holders also can write checks and use a debit card discount.

>> More:What Is a Money Market Account?

Axos Bank CD Rates

3 Months:0.20%
6 Months:0.20%
1 Year:0.20%
2 Year:0.20%
3 Year:0.20%
4 Year:0.20%
5 Year:0.20%

Unfortunately, the Axos CD Rates are not the best. Currently, its certificate of depositsearns a 0.20% APY. That said, a CD is still a great place to store your money and earn an interest rate that is higher than a traditional savings account.

>> More: How Do CDs Work?

Additional Financial Products Offered by Axos Bank

Depending on what you need from a bank, Axos has plenty of lending options, including:

  • VA loans
  • Mortgages
  • Personal loans
  • Auto loans

Axos Bank Review: Fees, Customer Support, & Experience

Banking Experience

Opening an account is very easy. Applicants need a valid driver’s license or state ID, social security number, and they need to provide a valid U.S. mailing address (cannot be a PO Box).

Customer Support

Axos prides themselves on their customer service experience. You can reach them by phone, online chat, mail, or through the mobile app.

Overdraft Fees

Moreover, Axos offers a suite of fee-free accounts. Only the cashback and golden checking accounts have overdraft and NSF fees. This feat is hard to come by in the finance industry and is worthy of our recognition.

Axos Bank Pros and Cons


  • Simple and straightforward terms
  • An extensive list of fee-free and interest-bearing accounts
  • Strong reputation as one of the oldest online-only banks


  • CD rates are not very competitive
  • You may be able to find better savings account rates elsewhere
  • Lack of credit card options`

How Does Axos Bank Compare to Other Banks?

#1. CIT Bank vs. Axos Bank

CIT Bank is an online only bank that offers customers low-fees and a myriad of financial products that are worth considering.

Currently, CIT Bank offers multiple checking accounts, interest bearing savings accounts, and competitive CD rates.

>> More: Full CIT Bank Review

#2. Axos Bank vs. Chime Bank

Chime Bankis a financial technology that is revolutionizing the financial industry. With no-fees, Chime offers a credit building credit card, savings accounts, and checking accounts.

Chime has partnered with The Bankcorp Bank and Stride Bank, members FDIC to bring you a no-fee banking experience.

>> More: Full Chime Bank Review

#3. BBVA Bank vs. Axos Bank

BBVA Bank offers customers low fee checking accounts, savings accounts, money market accounts, various investment products, and loans.

Put simply, BBVA is a one-stop shop for your banking needs and is worth considering if you are looking for a holistic banking experience.

>> More: Full BBVA Bank Review

Axos Bank FAQs

Is Axos Bank Legit?

Axos is One of the oldest and most reputable online banks. They have thousands of satisfied customers and positive reviews.

Is Axos Bank FDIC Insured?

Axos Bank is insured by the FDIC. The Federal Deposit Insurance Corporation insures each depositor’s account up to $250,000.

Thankfully, this coverage reaches each account a customer may have, for example, a checking and a savings account. The FDIC number is #35546 for reference.

Does Axos Bank Have Local Branches?

Axos Bank Built its reputation as one of America’s most prominent and reliable internet Banks. Since it’s an online-only bank, it does not have any local branches or physical locations.

However, if you need to make a deposit, they have a network of over 90,000 ATMs for their customers to use that are fee-free.

How Do I Contact Axos Bank?

Contacting Axos Bank Is very straightforward and easy to do. Customers can contact customer service through the mobile app, online chatting, or by phone at (888) 502 – 2967.

Although they are online, they are accessible to their customers 24 hours a day, 7 days a week, excluding Thanksgiving and Christmas Day.

Bottom Line: Axos Bank Review

As online banks become more popular and offer more products and customer incentives than ever before, Axos remains extremely competitive since they are among the oldest and most established online-only banks in America.

From its humble beginnings as Bank of Internet USA, Axos Bank has experienced a surge in popularity as customers love the simplicity and benefit heavy offerings for savings accounts, checking accounts, money markets, and certificates of deposit.

Keep Reading:

Justin Estes
Justin Estes

Justin Estes is a Senior Personal Finance Writer who is a recognized small business accountant, consultant, and credit card expert. His background in accounting and finance led to a passion for helping people make the most of their money and matching them with financial products that enhance their lifestyle. Justin attended Charleston Southern University where he double-majored in Finance and Accounting. Justin’s areas of expertise are credit cards, small business finance, accounting, and taxes.