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How Axos Bank products compare
Overall bank rating
Pros and cons
Axos High Yield Savings Account
4.25/5
Annual Percentage Yield (APY)
0.15% to 0.61%
Minimum Deposit Amount
$250
Fees
no monthly service fee
Axos High Yield Savings Account
4.25/5
Annual Percentage Yield (APY)
0.15% to 0.61%
Minimum Deposit Amount
$250
Fees
no monthly service fee
On Axos Bank’s site. Axos Bank, FDIC Insured
Axos High Yield Savings Account
On Axos Bank’s site. Axos Bank, FDIC Insured
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.15% to 0.61%
Minimum Deposit Amount
$250
Pros & Cons
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
High APY
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No monthly service fees
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Axos has strong high-yield savings, checking, and money market accounts. if you’d like to avoid monthly service fees.
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
up to 3.30%
Minimum Deposit Amount
$50
Pros & Cons
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High APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Unlimited out-of-network ATM reimbursements
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly maintenance fees
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No overdraft fees
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No non-sufficient funds fees
$50 opening deposit
No APY if you can’t meet qualifications
Few mobile app reviews
Highlights
Use promo code SUNNYBONUS and apply by December 31st, to earn up to a $300 bonus!
Zero monthly maintenance fees
Zero overdraft or NSF fees
Zero minimum monthly balance reqs
Unlimited domestic ATM fee reimbursements
Online debit card management
Simple, 3-step process for direct deposit
Only $50 to open an account
Additional Reading
Read our review
Axos Bank Rewards Checking is a great option if you want to earn a solid interest rate on your checking balance. Not all checking accounts pay interest, and those that do typically pay relatively low rates. But with Axos, you can earn a relatively high rate.
With the Axos Bank Rewards Checking account, you earn interest in stages — with each goal you accomplish, you earn a little more interest. Here are the goals, which earn increasingly more interest as you advance:
Receive at least $1,500 in direct deposits in a month. You have to meet this requirement to be able to earn any additional interest.
Make 10 debit card transactions in a month (minimum $3 per transaction) or you need to sign up for Account Aggregation/Personal Finance Manager.
Keep at least a daily average of $2,500 in an Axos Managed Portfolios Invest Account monthly.
Keep at least a daily average of $2,500 in an Axos Self Directed Trading Invest Account monthly.
Make a monthly Axos consumer loan payment with your Reward Checking account.
If you accomplish all goals in a month, you earn the maximum available APY.
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Higher APY than brick-and-mortar banks
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Interest compounded daily
Lower APY than other online banks
$1,000 minimum deposit
Few mobile app reviews
Standard-to-high early withdrawal penalties
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalties: 1.5 months interest for terms of 3 to 5 months; 3 months interest for terms of 6 to 11 months; 6 months interest for terms of 12 to 23 months; 12 months interest for terms of 24 to 35 interest; 18 months interest for terms of 36 to 47 months; 24 months interest for terms of 48+ months
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
The Axos CD is fine, but it’s not nearly as strong as Axos’ other accounts. Axos pays better rates than brick-and-mortar banks, but if you want to bank online, you can find higher rates elsewhere. You’ll need $1,000 to open a CD with Axos. Some banks require more, but some ask for less. Axos charges relatively high penalties for withdrawing funds before your CD matures, especially for longer terms.
Axos High Yield Money Market Account
4.5/5
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$1,000
Fees
no monthly service fee
Axos High Yield Money Market Account
4.5/5
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$1,000
Fees
no monthly service fee
On Axos Bank’s site. Axos Bank, FDIC Insured
Axos High Yield Money Market Account
On Axos Bank’s site. Axos Bank, FDIC Insured
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$1,000
Pros & Cons
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
High APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Paper checks
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Debit card
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No fees for using an out-of-network ATM
$1,000 minimum opening deposit
Doesn’t reimburse any fees charged by out-of-network ATM providers
Few mobile app reviews
Highlights
Access your savings with a debit card or paper checks
One advantage of a money market account over a savings account is that the former usually makes it easier to access your savings. Axos offers a debit card with both its savings account and money market account, but the money market account also includes free paper checks.
How Axos Bank works
Axos Bank is an online bank that offers a high-yield savings account, money market account, CDs, and a variety of checking accounts.
To speak to a customer service representative, you can call Axos 24/7. You can also chat online with the automated representative, Evo, which will direct you to a live agent if it can’t answer your question.
There are fewer than 1,000 reviews of the mobile app in the Apple and Google Play stores. The existing reviews have resulted in 4.7 out of 5 stars in the Apple store, and 3.5 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or $500,000 for joint accounts.
Axos Bank trustworthiness and BBB rating
The Better Business Bureau has given Axos an A+ rating. A great BBB rating signifies the company is transparent in how it handles business, has honest advertising, and responds effectively to customer complaints.
Not all banks have great BBB ratings. For example, Ally has a C because it has numerous customer complaints and hasn’t marked all of them as “closed.” More alarmingly, Wells Fargo used to have an F, possibly due to its history of predatory lending to racial minorities and creating fake bank accounts. (Wells Fargo isn’t rated by the BBB right now as there’s an ongoing investigation of the bank’s profile.)
But Axos doesn’t have any public scandals, and it’s closed a high percentage of its online customer complaints.
Make sure to also hear from friends and family to see if a bank will be a good fit. Online reviews can also be very helpful.
Axos Bank review vs. Discover review
We’ve compared Axos to two other online banks that have high-yield savings accounts and rewards checking accounts: Discover and LendingClub Bank.
Axos and Discover both have strong rewards checking accounts, but the accounts’ structures are different.
With Axos, you can earn interest on your checking balance. You won’t earn any interest on the Discover Cashback Debit Account
, but you will earn cash back when you make a purchase with your debit card. You’ll earn 1% cash back on up to $3,000 in purchases. One type of rewards account isn’t necessarily better than the other — it depends on what you want out of a checking account, and whether you make purchases with your debit card.
Your choice between Axos and Discover could also come down to whether you can afford the minimum deposits. Discover doesn’t require any money to open a savings or checking account, while Axos does. But Discover requires $2,500 to open a CD or money market account, and Axos only asks for $1,000.
Axos Bank review vs. LendingClub review
The LendingClub Rewards Checking Account is a good rewards account if you can maintain a $2,500 balance — you’ll need $2,500 to qualify for the 0.10% APY and to earn cash back. If you can keep that much in your account, then you’ll earn interest and 1% to 1.5% cash back on an unlimited amount in purchases, which can be a good deal. If you can’t keep a $2,500 balance, then you’re better off going with Axos.
Banking with LendingClub can be a good way to get the best of both worlds with your checking account: interest and cash back. But if you care more about earning interest, then you might prefer Axos, which is currently offering a significantly higher interest rate. Axos also compounds interest daily, but LendingClub only compounds it monthly.
See Insider’s list of the best savings accounts »
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
As the in-house writer for GallantCEO.com I prefer to remain anonymous as I do not seek anything from my writing only the self gratification of writing for a good cause such as this.
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