At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Axos Bank
Axos Bank was originally launched in 2000 as Bank of Internet USA, which made it one of the first FDIC-insured institutions built entirely without branches. The 2018 rebrand to Axos was strategic: "Bank of Internet" sounded like a phishing scam to enough potential customers that it was actively suppressing growth. The name change to a neutral, fintech-adjacent brand immediately improved acquisition metrics, and Axos has since grown to over $22 billion in assets. What makes Axos unusual is its revenue model. While most online banks fund operations primarily through consumer deposits deployed into standard lending, Axos Financial (the parent company) generates substantial revenue from warehouse lending, which means providing short-term credit lines to mortgage originators. This commercial operation is highly profitable and allows the consumer bank to offer above-market deposit rates as a depositor acquisition tool rather than a primary profit center. The practical result for consumers: checking APYs that other banks cannot match sustainably because Axos does not need to earn a traditional spread on those deposits. The risk: if the mortgage origination market contracts severely, the economics that fund those generous rates could shift.
Key Features
High-Yield Checking with Conditions
The headline checking APY (up to 3.30%) requires meeting ALL of these: direct deposit of $1,500+/month, minimum 10 debit card transactions per month, maintaining a $2,500 average daily balance, AND using Axos Invest with a $500+ balance. Miss any single requirement and the rate drops to 0.10%. Read the qualification matrix carefully before assuming you will earn the advertised rate.
Unlimited Domestic ATM Reimbursement
Axos reimburses every domestic ATM surcharge with no monthly cap, which effectively turns every ATM in America into a free Axos ATM. Few competitors match this: most "free ATM" programs cap reimbursements at $10-15 per month or limit you to a specific network.
Full-Service Product Suite
Axos is one of the few online-only banks offering checking, savings, CDs, mortgages, personal loans, auto refinancing, business banking, AND self-directed investing under one roof. Most digital banks offer three or four of these at most. The mortgage rates are typically 0.10-0.25% below big bank rates due to zero branch overhead.
Self-Directed Trading Platform
Axos Invest offers commission-free stock and ETF trading with a $500 minimum. It is functional but bare-bones compared to Schwab or Fidelity. The real utility is that holding an Axos Invest balance is one of the requirements for the top checking APY tier, so it serves a dual purpose.
How It Works
Evaluate Rate Requirements
Before opening, confirm you can meet all four requirements for the top-tier checking APY: $1,500+ direct deposit, 10+ debit transactions, $2,500 average balance, and $500+ in Axos Invest. If not, the rate drops to 0.10% and you may be better served elsewhere.
Open Online in Minutes
The application is entirely digital with no minimum opening deposit for checking. You will need your SSN, a government ID, and a funding source.
Set Up Direct Deposit and Debit
Link your payroll for the $1,500 monthly direct deposit requirement and start using your debit card for everyday purchases to hit the 10-transaction threshold.
Fund Axos Invest
Open an Axos Invest account with $500 to satisfy the final APY qualification requirement. Even a conservative ETF position will meet the threshold.
What They Do
- Checking Accounts
- Savings Accounts
- CDs
- Mortgages
- Personal Loans
- Auto Refinancing
- Self-Directed Investing
- Business Banking
Debt Types They Take On
- Rewards Checking
- Essential Checking
- CashBack Checking
- High Yield Savings
- High Yield Money Market
- CDs
- Business Interest Checking
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Maximizing the Checking APY Stack
Customer met all four qualification tiers by routing payroll ($3,200/month direct deposit), using the debit card for daily coffee and groceries (12-15 transactions), maintaining $8,000 in the account, and holding $1,000 in an S&P 500 ETF through Axos Invest.
Mortgage Rate Comparison
Homebuyer compared 30-year fixed rates from Chase, Wells Fargo, and Axos Bank for a $400,000 mortgage with 20% down payment.
Pros & Cons
Pros
- Highest checking APY available when all qualification tiers are met
- Unlimited domestic ATM fee reimbursement with no cap
- Most complete product suite of any online-only bank
- Mortgage rates consistently undercut branch-based lenders by 0.10-0.25%
Cons
- Top checking APY requires meeting four separate conditions simultaneously
- Brand recognition is low, which can cause friction with employers and billers
- Warehouse lending revenue model introduces indirect interest rate risk to deposit economics
User Reviews (9)
ATM reimbursement is the best perk
They refund ATM fees from any ATM. ANY ATM. I travel a lot for work and this saves me a surprising amount each month. Plus the interest rate on checking is actually competitive.
Solid online-only bank
If you're comfortable with no branches this is a good pick. Good rates across the board and the app does everything I need. Been here about 18 months.
Business banking is surprisingly good
Opened a business checking and they have great features for small businesses. No monthly fee if you keep a reasonable balance. The wire transfer process is way easier than what I dealt with at BofA.
Good online bank but nobody knows them
Whenever I tell people I bank with Axos they look at me funny. But the rates are great and everything works fine. Just wish they had more brand recognition so I don't have to explain it every time.
Customer service is hit or miss
Sometimes I get someone helpful, sometimes I get someone who clearly doesn't care. Had a transfer issue that took 4 calls to resolve. The rates are good but the support needs work.
Closed my account with no warning
Logged in one morning and my account was restricted. Called and they said it was under review for "suspicious activity" which was... me paying my rent?? Took two weeks to get my money out. I moved everything to Ally and never looked back. Terrible experience, wouldn't recommend.
Checking account that actually pays interest
The rewards checking gives me a legit APY on my checking balance. No other bank does that at this rate. Been with them two years and zero issues.
Great for savings
High-yield savings rate is always near the top. App is basic but functional. Customer service has been fine the couple times I've needed them.
ok
Nothing wrong with it. Nothing amazing either. It's a bank.
Write a Review
Frequently Asked Questions
Embed This Badge on Your Website
Axos Bank has earned a Best High-Yield Checking designation from Zogby. Display this badge on your website to showcase your rating.
Paste this code anywhere in your website's HTML. The badge links back to your full Zogby review.
Related Companies
Important Banking Disclaimers
- Annual Percentage Yields (APYs) shown are accurate as of the date of publication and are subject to change without notice. APYs may vary by region and account tier. Contact the bank directly for the most current rates.
- FDIC insurance covers deposits up to $250,000 per depositor, per insured bank, for each account ownership category. NCUA insurance provides similar coverage for credit union deposits. Coverage limits are set by federal law and are subject to change.
- Bank bonuses and promotional offers may require minimum deposits, direct deposit setup, or other qualifying activities. Bonuses may be considered taxable income. Consult a tax professional regarding potential tax obligations.
- Fees, minimum balance requirements, and account terms vary by institution and are subject to change. Always review the account agreement and fee schedule before opening an account.
- Zogby does not provide banking services. We are an independent comparison service. We do not manage accounts, process transactions, or hold deposits on your behalf.
This page is informational, not financial or legal advice. Talk to a qualified professional before making any big money decisions.
Editorial Independence
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.