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Axos Review

Range of digital banking tools available

Reviews 181
Axos Rewards Checking
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Axos Rewards Checking
Axos Rewards Checking
Reviews 181
Bestmoney Staff
Mar. 20, 2023
3 min read
BestMoney Staff
Axos Rewards Checking Summary
Axos Bank is one of America’s oldest digital-only banks, having been founded in 2000 under the name Bank of Internet USA. It offers a strong selection of financial products and services, including checking and savings accounts, CDs, and various types of loans. It serves personal, small business, and institutional clients around the United States. All Axos personal accounts are offered free of monthly fees.


  • High APYs for checking accounts
  • $0 monthly fees
  • Dedicated accounts for seniors and teens
  • Assistance with switching from previous bank


  • No interest on most basic checking account
  • Lacks rewards offered by some rival online banks
  • Lack of support for mobile wallets

Axos Rewards Checking at a glance

Editorial score


No fees at all


FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team

Online experience

Excellent user friendly site with transparency of rates and full online banking capabilities

Mobile experience

Basic mobile app that may not be available on all devices

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Advantages Over Regular Bank 

Axos Bank, formerly Bank of Internet USA, was born on July 4, 2000. The bank’s founders purposely set the launch date for the Fourth of July because they wanted to demonstrate their independence from traditional banking. Almost 20 years on, and Axos is still a leader in online banking.

Here are some of the advantages Axos offers over regular banks:

  • 24/7 access to bank accounts and associated services, including evenings, weekends, and holidays
  • Open a new bank account in minutes, from the comfort of your computer or phone.
  • None of those annoying fees the big brick-and-mortar banks charge, such as monthly maintenance and transfer fees.
  • Round-the-clock customer support for all users, via website, secure messaging, or phone.

Cutting-Edge Banking Services 

Throughout almost 20 years in online banking, Axos Bank has had plenty of time to develop and refine its services in accordance with what its customers want. 

Axos Bank highlights include:

  • Access to your paycheck two days early when you sign up with direct deposit.
  • Manage all your regular bills within one dashboard.
  • Step-by-step checklist on moving your old bank account over to your new Axos account.
  • Up to 1% cashback on all transactions that require a signature (with special CashBack Checking account only).
  • Joint checking accounts for 13-17 year olds and parents, with accompanying financial management tools.
  • Visa offers and perks.

Traditional Banking Services 

Axos Bank has made a name for itself as one of the longest-running digital banks, but it by no means neglects traditional banking services. Axos Bank users get access to a range of bank accounts and financial services.

Here’s a breakdown:

  • 5 types of checking accounts, with varying features and requirements
  • 2 types of high-yield savings and money market accounts
  • Range of certificates of deposit, with terms ranging from 3 to 60 months
  • Wide selection of loan products, including: personal loans, auto loans, and home loans
  • Access to global network of ATMs, with unlimited fee reimbursements for some accounts and limited reimbursements for others
  • Financial services for businesses, including: merchant services, business loans and financing, and a range of digital business banking tools
  • Axos Premier, a private program for anyone who opens a deposit account with a minimum opening deposit of $500,000. Includes personal relationship manager, expedited services, and full high-transfer, ATM, and point-of-sale limits

Interest Rates and Fees 

One of the best things about Axos Bank is the fees – or lack thereof. Axos Bank doesn’t charge any maintenance fees. What’s more, most accounts come with the lure of no overdraft fees as well as ATM reimbursements ranging from unlimited for standard checking accounts to $8-12 worth of monthly reimbursements for age-restricted accounts.

Account typeAPYMin. balance
Essential Checking0%$0
Rewards Checking3.30%Varies by tier
CashBack Checking0%$0
Golden Checking (Age 55+)0.10%$50
First Checking (Age 13-17)0.10%$0
High-Yield Savings0.61%
High-Yield Money Market0.25%$0
CDs (3 to 60 months)0.55% to 2.25%$1,000

Customer Service 

With Axos Bank, you don’t only get 24/7 online access. You also get 24/7 customer service via two methods: secure messaging (online or mobile) or phone. In addition, the Axos Bank website has an extensive support section with answers to lots of frequently asked questions. 

Mobile Apps

All Axos Bank customers get access to the free Axos mobile banking app, available for download on iOS and Android devices. Although not as comprehensive as Axos Bank’s online platform, the app does have some pretty useful features.

With the Axos mobile banking app, you can:

  • Check your account balances
  • Transfer funds between your Axos accounts
  • Pay bills
  • View your account transaction history
  • Contact a customer support rep using secure messaging


One of the things we like about Axos Bank is that it’s transparent about security measures. According to Axos, its accounts come with the following layers of protection:

  • 2-step authentication, consisting of questions only you know the answer to or a security code to your mobile device
  • 128-bit SSL encryption to ensure your data remains private and secure
  • Regular updates to detect and prevent viruses and malware
  • Automatic logout when your session is inactive for more than a few minutes
  • Accounts are regularly monitored for potential fraud

Axos Axos Visit Axos


Axos Bank does the basics very well, in fact better than most banks. While it lacks some of the rewards and add-ons found at other online banks, Axos is up there with the best banks when it comes to APYs and fees. If being able to open parallel checking and savings accounts with decent interest, no fees, and the convenience of 24/7 access from your computer or mobile device is your priority – then Axos Bank checks all the right boxes.

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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