Axos Bank Review

FT Contributor
An image of the exterior of a bank.

Axos Bank offers every type of financial product you’d expect to find in a traditional bank. You have account options such as checking, savings, money market accounts, and certificates of deposit (CDs). Plus, you may borrow through their mortgage, auto loan, and personal loan programs.

Your deposits are safe with Axos. The financial institution partnered with Nationwide Bank to insure your accounts through the government’s FDIC program. Your money is covered up to $250,000.  

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What Is Axos Bank?

Axos Bank is headquartered in San Diego, California, and started out on July 4, 2000, as Bank of Internet USA. Its initial offering was simple — Axos provided customers with a basic checking account.

The company expanded its banking products between 2009 and 2014 by adding more account options, partnering with H&R Block, and offering Costco members personal mortgage loans. In 2018 they partnered with Nationwide Bank, added Universal Digital Banking, a mobile banking platform for customers, and changed their name to Axos Bank.

How Does Axos Bank Work?

Axos is an online-only bank with very low fees (if any). You may not miss having local bank branches thanks to the robust digital banking feature. The Universal Digital Bank is an online banking platform that you access through the mobile app or desktop. It allows customers to monitor and manage all their accounts and loan products in one place, make deposits, and pay bills. Withdraw money from the ATMs of your choice — Axos will reimburse a certain amount of ATM fees; the reimbursement varies according to the account type. 

Axos Bank’s Types of Accounts

The core of Axos Bank is its customer accounts. You have plenty of account options to meet your banking needs:

Checking Accounts

Axos offers five types of checking accounts, based on the depositor’s age and needs. All accounts have no monthly maintenance fees and zero non-sufficient funds (NSF) charges. If you’re considering opening a checking account, here’s a closer look at each:

  • First Checking: A joint account for teens ages 13 to 17 years old and their parent(s). Axos will reimburse up to $12 per month in ATM fees.
  • Golden Checking: Adults 55 and older could earn 0.20% APY on all balances. Free personal checks are included, plus Axos will reimburse up to $8 in domestic ATM withdrawal charges.
  • Essential Checking: A basic no-fee checking account option. You’ll get unlimited ATM fee reimbursements and will receive direct deposits up to two days early.  
  • Rewards Checking: You’ll earn an interest rate of up to 1.25% annual percentage yield (APY), depending on your balance, and get an unlimited amount of domestic ATM fees reimbursed.
  • CashBack Checking: Earn up to 1% cash back on eligible purchases if you maintain a $1,500 balance. You’ll also get unlimited check-writing privileges and unlimited national ATM fee reimbursements.

Savings Accounts

Axos savings accounts are high yield, meaning you’ll earn a higher interest rate than you would at a traditional brick-and-mortar bank. The current 1.30% APY interest rate compounds daily. There are no fees or minimum balance requirements, but you’ll need to deposit at least $250 to open the account.

Money Market Accounts

Axos Bank’s money market accounts earn a 1.05% APY. Unlike the high-yield savings account, an Axos money market account comes with limited check-writing privileges. There are no fees or minimum balance requirements, but you’ll need to deposit at least $1,000 to open the account.

Traditional and Roth IRAs

Build your savings for retirement with an IRA. Axos Bank offers traditional and Roth IRAs, so you have options when it comes to tax benefits. Invest in a traditional IRA to get tax deductions the year you contribute to the IRA. Invest in a Roth IRA so you get tax-free benefits when you withdraw the funds at retirement.

CD Options

To invest in a CD, you’ll need a $1,000 minimum deposit. Term lengths start at three months with a 0.55% APY, all the way up to 60 months, earning a 2% APY.

Other Axos Bank Financial Services

There are many other products and features when you bank with Axos. Among the most popular include:


You may withdraw money at any domestic ATM. Depending on your type of bank account, Axos will reimburse you for the ATM charges. In many cases, you’ll receive unlimited reimbursements, although some accounts are limited to a dollar amount.

Auto Loans

Axos provides new auto loans and auto loan refinancing if you’re interested in switching loan companies.

Business Banking Options

Keep things simple and do all your personal and business banking with one bank. Axos offers business banking and lending for all sizes of businesses, from small startups to larger commercial entities.

Cash Back Rewards

If you’re a fan of getting cash back, Axos Bank’s CashBack checking account gives you 1% cash back on eligible purchases, as long as you maintain an average monthly balance of $1,500 or more.


There are no monthly maintenance fees or non-sufficient funds fees. In most cases, Axos will even reimburse an unlimited amount of ATM withdrawal fees.

Mortgage Loans

Axos started in the mortgage loan industry by selling Costco members mortgage loans. Today, the bank provides conventional, Federal Housing Association (FHA), jumbo, and VA mortgage loans and refinancing. They also offer home equity lines of credit (HELOC).

Personal Loans

If you need a loan to finance a purchase or help you consolidate your debt, an unsecured personal loan is available for borrowers with good credit who are able to meet the bank’s eligibility requirements.

Should You Bank With Axos?

Finding a bank that checks all the boxes of what you’re looking for can be challenging. If you’re comfortable with online banking, Axos banking has something for nearly everyone. Axos is a robust banking package for growing families. Do your business and personal banking in one place, save for short-term goals and retirement, get a mortgage loan, finance a car, and even set up a bank account for your teens to manage jointly.

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