Axos Bank Review: Checking, Savings and CDs

No fees. The ONE Checking account from Axos is part of the bank’s combined checking and savings bundle. It's a more straightforward offering compared to the bank’s rewards checking account. With ONE Checking, there is no monthly fee and no minimum balance requirement. There’s also no minimum deposit required to open an account.

Potentially challenging requirements to earn interest. To earn the 0.51% APY, you’ll need to meet a couple minimums each statement cycle: You must receive at least $1,500 total in direct deposits and your average daily account balance must be at least $1,500.

The Axos ONE account is the checking account factored into our overall rating of the bank.

A free account with unlimited ATM fee reimbursements. You don't have to worry about keeping a minimum balance with Axos' Rewards Checking. As with the bank's other checking accounts, there are no monthly fees, and all fees charged by domestic ATM operators are reimbursed. Axos doesn't charge any ATM fees itself.

A high APY if you can meet the requirements. Rewards Checking earns an annual percentage yield of up to 3.30% on balances up to $50,000, if certain requirements are met.

When you receive $1,500 or more in monthly direct deposits, you earn 0.40% APY. If you complete that requirement, you can earn additional interest in the following ways, for a total of 3.30% APY:

• Make 10 qualifying debit card purchases per month or activate the Personal Finance Manager tool: 0.30% APY.

• Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios investing account: 1% APY.

• Maintain an average daily balance of $2,500 per month in an Axos self-directed trading investment account: 1% APY.

• Make a monthly Axos consumer loan payment using Rewards Checking: 0.60% APY.

Alternatively, customers can earn cash back instead of interest with one of the bank’s other checking accounts. The CashBack Checking account gives you up to 1% cash back (depending on your balance) on debit card transactions that require a signature. And while we did rate the Rewards Checking account, it did not factor into our overall rating of the bank.

A free account with a good APY. This savings account is part of the Axos ONE combination account. Like its checking counterpart, the ONE savings account doesn’t charge a monthly fee and doesn’t have a minimum opening deposit requirement.

Must meet checking account requirements to get the higher-tier APY. The ONE savings account’s higher-tier 4.86% APY is on par with the best savings accounts. But you’ll need to meet the same requirements necessary to earn interest with the checking account: Receive at least $1,500 total in direct deposits and maintain an average daily account balance of at least $1,500. Without meeting the requirements, your balance will earn 1.00% APY. That’s higher than what traditional big banks offer, but not competitive with the best savings accounts.

The Axos ONE account is the savings account factored into our overall rating of the bank.

A free account that earns a little interest. The High Yield Savings account charges no monthly fees and doesn't have a minimum balance requirement, though you’ll need a $250 deposit to open the account. It also has a middling 0.61% annual percentage yield for balances under $25,000. You can find better rates at other online banks, but this APY is better than the national average rate of 0.43%.

A wide range of CD term lengths. You can open Axos CDs with terms from three months to five years. But the bank’s rates are low; you can find better CD yields at other online banks.

A somewhat high minimum opening deposit. Axos CDs also have a $1,000 minimum opening deposit. Although this amount is in line with national banks, many online banks have lower minimums. Synchrony, for example, doesn't require a minimum balance to open a CD and offers better rates.

Convenient remote customer service options. Axos Bank’s call center provides around-the-clock phone support. Because Axos doesn’t have any branches, you’ll have to handle your banking online, over the phone or via automated chat.