Axos Bank has been a prominent player in the digital banking sector in the United States since the early 2000s. Offering a wide range of banking services, including loans, what truly sets Axos Bank apart is its investment options. With both self-directed trading and managed portfolios, Axos Bank caters to investors of all kinds.
Who is Axos Bank for?
If you’re searching for an online bank that offers the highest interest rates in the industry, Axos Bank may not be your best bet. Most of its accounts provide rates that are lower than those offered by the top online banks. However, Axos’ Rewards Checking account is an exception. With an annual percentage yield (APY) of up to 3.30%, this account can be an excellent choice for your checking needs. Keep in mind that earning the maximum rate requires meeting certain criteria outlined by Axos Bank. If you are an investor who wants to bank with the same institution, Axos Bank can be a good choice for you.
Axos Checking: Rewards Checking Account
Axos Bank offers various checking accounts, but the star of its lineup is the Rewards Checking account. This account offers up to 3.30% APY*, depending on your banking habits.
To earn the maximum APY, you need to fulfill the following requirements:
- Receive monthly direct deposits of at least $1,500 to earn 0.40%.
- Sign up for Personal Finance Manager or make at least 10 transactions per month using your Axos Visa debit card to earn 0.30%.
- Maintain an average daily balance of at least $2,500 per month in an Axos Invest Managed Portfolios account to earn 1%.
- Maintain an average daily balance of at least $2,500 per month in an Axos Invest Self-Directed Trading account to earn 1%.
- Use your Rewards Checking account to make full monthly payments on an Axos loan to earn 0.60%.
By fulfilling all five steps, you can earn the maximum APY of 3.30%. The Rewards Checking account comes with no monthly fees, overdraft fees, or non-sufficient funds (NSF) fees. You can open an account with just $50, and there is no minimum monthly balance requirement. Additionally, the account provides unlimited domestic ATM fee reimbursements.
Sign up now and use promo code AXOS300 to enjoy a sign-up bonus of up to $300! To qualify for the bonus, your account must have at least $7,000 in direct deposits each calendar month for the first seven months your account is open, and you must maintain a minimum average daily balance of $15,000 from September 2023 through March 2024.
Other Axos Checking Accounts
Aside from Rewards Checking, Axos Bank also offers other checking accounts to suit different needs:
Essential Checking Account
- General-purpose checking account
- No monthly service, overdraft, or NSF fees
- Unlimited domestic ATM fee reimbursements
Cashback Checking Account
- Earn up to 1% cash back on signature transactions
- No monthly service fee
- Unlimited domestic ATM fee reimbursements
Golden Checking Account
- Earn up to 1% cash back on signature transactions
- No monthly maintenance fees
- Up to $8 domestic ATM fee reimbursements per month
World Checking Account
- Earn up to 1% cash back on signature transactions
- $30 monthly maintenance fee, waived with an average daily balance of $150,000 or more
- Unlimited U.S. ATM fee reimbursement; four ATM foreign currency conversion fee reimbursements per month; unlimited incoming international wire fee waivers
Open the right Axos Bank checking account that matches your financial goals and lifestyle!
Axos Savings: High Yield Savings Account
Axos Bank’s High Yield Savings account offers competitive interest rates:
- 0.61% APY* on balances up to $24,999.99
- 0.25% APY on balances between $25,000 and $99,999.99
- 0.15% APY on balances of $100,000 or more
This account requires a minimum opening deposit of $250 and a minimum balance requirement of $0.01. Axos Bank does not charge a monthly maintenance fee for this account. It also provides a free ATM card and a suite of digital money management tools.
More Axos Bank Products
In addition to checking and savings accounts, Axos Bank offers the following products and accounts:
- Loans: Mortgages, personal loans, and auto loans
- Investing: Managed portfolios and self-directed trading
- Commercial: Loans, leasing programs, commercial real estate and construction financing, and treasury management
- Small business: Savings, money market, CDs, payroll services, and loans
Time-Stamped Review: Axos Bank’s Competitive Rates for Checking Accounts
After reviewing all the accounts and products offered by Axos Bank, the best overall account is the Rewards Checking account, which offers an industry-leading APY of 3.30%. However, to earn the highest rate, you must meet certain requirements outlined by the bank. While Axos Bank’s other accounts, including savings, money market, and CDs, may offer lower interest rates compared to the competition, the Rewards Checking account remains a compelling choice. If you decide to open a Rewards Checking account, it may be beneficial to keep the majority of your savings at another bank that offers higher interest rates.
Frequently Asked Questions (FAQs)
How to close an Axos Bank account?
To close an account with Axos Bank, simply send a secure message through your online banking account, indicating the account you wish to close. A team member will promptly assist you with your request.
Where is Axos Bank located?
Axos Bank is headquartered in San Diego, California, and also has offices in Las Vegas, Nevada, and Grandview Heights, Ohio.
Is Axos Bank FDIC insured?
Yes, each account holder is FDIC-insured for up to $250,000.
For a more comprehensive review of Axos Bank and its features, let’s dive into the article!
Disclaimer: Rates are subject to change. Check the official Axos Bank website for the latest rates and terms.
This article is for informational purposes only and does not constitute financial advice. Please consult with a qualified financial advisor before making any financial decisions.