Axos Bank review: Earn high interest rates and use a great rewards checking account

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  • Axos Bank (Member FDIC) pays high interest rates on savings, checking, and money market accounts, but the CD rates are just so-so.
  • The Axos Bank Rewards Checking account is one of the best rewards checking accounts out there.
  • Axos Bank makes it easy to access your savings by sending you a free debit card with your savings account, and a free card and paper checks with your money market account.
  • See Business Insider's picks for the best rewards checking accounts »

Should you use Axos Bank?

You might like Axos Bank if you … You might not like Axos Bank if you …
  • Are comfortable banking digitally
  • Want to earn a high APY on savings or a money market account
  • Want a checking account that earns interest
  • Would like a savings account with a debit card
  • Aren't comfortable banking digitally
  • Are looking for competitive CD rates
  • Can't afford the minimum deposits
  • Don't qualify to earn the highest APY on your checking account

The bottom line: Axos has strong high-yield savings, checking, and money market accounts. But you can find better CDs at other online banks.

Axos High Yield Savings review

Axos High Yield Savings Account

Axos Bank Axos High Yield Savings Account

Axos pays a high interest rate, and it doesn't charge monthly service fees. You can also request a free debit card. It's rare that savings accounts include debit cards, so this makes Axos a great option if you want quick access to your savings but don't necessarily want to open a checking account.

Axos Bank Rewards Checking review

Axos Bank Rewards Checking

Axos Axos Bank Rewards Checking

Axos Bank Rewards Checking is a great option if you want to earn a high 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 three goals, which earn increasingly more interest as you advance:

  1. Receive at least $1,000 in direct deposits in a month.
  2. Make 10 debit card transactions in a month (minimum $3 per transaction).
  3. Make an additional five debit card transactions, or 15 total, in a month (minimum $3 per transaction).

If you accomplish all three goals in a month, you earn the maximum available APY.

If you aren't necessarily looking for a high-interest checking account, then you can check out one of Axos' several other checking accounts.

Axos CD review

Axos Certificate of Deposit

Axos Bank Axos Certificate of Deposit

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 Money Market Account review

Axos High Yield Money Market Account

Axos Bank Axos High Yield Money Market Account

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.

Axos Bank features

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 3.4 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.

How Axos compares to similar banks

We've compared Axos to two other online banks that have high-yield savings accounts and rewards checking accounts: Discover and Radius.

Axos Rewards Checking
Discover Bank
Radius Bank

Savings APY

0.81% APY

Savings APY

0.60% APY

Savings APY

0% to 0.25% APY

Type of rewards checking

Earn interest

Type of rewards checking

Cash back

Type of rewards checking

Earn interest and cash back

Open an account Open an account Open an account

Axos Bank review vs. Discover review

Axos and Discover both pay competitive savings rates. Each has a strong rewards checking account, 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. Radius Bank review

If you're looking for a high APY on your savings, then Axos is the way to go. But if you're looking for a rewards checking account, then your choice will come down to which is the best fit.

The Radius 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% to 0.15% 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 Radius 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 Radius only compounds it monthly.

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