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Axos Bank®
Rewards Checking: 2022 Review

Axos Bank is an online-only bank that offers rewards on checking and many other benefits. Axos’ online banking platform provides a wide range of features in a secure, user-friendly method.

Axos was founded in 2000 and has made a name as one of the leading online banking platforms out there. They have one of the best high-yield savings accounts available and offer a variety of lending, investment, business, and commercial banking services.

Leila Cohen writer
Leila Cohen
Jun 09, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.


Pros
  • Competitive rates and rewards
  • No monthly fees
  • No ATM fees
  • No minimum monthly balance
Cons
  • No physical location

Axos Bank® Rewards Checking at a glance

Essential Checking
Access funds immediately
Rewards Checking
Up to 1.25% APY + Zero ATM fees
Cashback Checking
Earn up to 1.00% cashback
Golden Checking
2 free boxes of checks per year + No fees
First Checking
Zero-cost joint checking account for children

About Axos Bank®

Axos Bank, formerly called Bank of Internet USA, is an online-only bank that offers rewards on checking and many other benefits. Axos’ online banking platform provides a wide range of features in a secure, user-friendly method. The sign-up process is simple and straightforward; all you need is a valid ID, your Social Security Number, and 15 minutes.

Axos was founded in 2000 and has made a name as one of the leading online banking platforms out there. They have one of the best high-yield savings accounts available and offer a variety of lending, investment, business, and commercial banking services.

Account-holders at Axos bank have 24/7 online support through Axos’ employees across the US a nd know they are working with a FIDC-insured, publicly-traded company.

At Axos, there are five checking options

Essential Checking
Direct Deposit Express - Account holders can skip the routine hold period when depositing a paycheck in order to access funds immediately.

Rewards Checking

Cashback Checking
Account holders who make frequent debit card purchases can earn up to 1.00% cashback.

Golden Checking
2 free boxes of checks per year. No fees.

First Checking
Zero-cost joint checking account for children.

Rewards checking offers five interest levels, with a total percentage reaching 1.25% on accounts with balances up to $50,000. A significant benefit of signing up for Rewards Checking is that no minimum balance is required to maintain the account, and no monthly fees. Axos itself does not charge ATM fees and provides customers with unlimited reimbursements for any domestic ATM fees charged by the operators. Use the promo code RC100 when you apply for a Rewards Checking account by 12/31/22. Then have qualifying direct deposit(s) to earn up a $100 welcome bonus!

“Axos is one of the leading online banking platforms out there, with one of the best high-yield savings accounts available”

APY Requirements - How to earn interest

Direct deposit: of $1,500 or more. 0.40% APY

Debit Card Spending or Personal Finance Manager: use your Axos debit card for over 10 transactions per month, with a minimum of $3 per transaction. 0.30% APY

Managed Portfolios: maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account. 0.20% APY

Self Directed Trading: maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account. 0.20% APY
$200 bonus when you pair a Self-Directed Trading account with our exclusive Rewards Checking account.

Loan Payment: use your Rewards Checking account to make your full monthly Axos Bank consumer loan payment. Mortgage, personal, and auto loans are eligible. 0.15% APY

Total: 1.25% APY

“Axos Bank lives up to its incredible reputation as one of the leading online banks”

Axos bank lives up to its incredible reputation as one of the leading online banks. While the fact that there is no physical branch might have been an issue a few years ago, it’s becoming significantly less problematic as the world evolves. There are 24/7 online services available to meet all customer needs. Customers can easily make all transactions through online banking or mobile phone.

Axos does not charge Rewards Checking accountholders overdraft or nonsufficient funds fees; the transactions are simply declined. This only changes if you specifically request to enroll in one of Axos’ overdraft programs. You have the option to set up free automatic transfers from an existing savings account or create an overdraft line of credit.

Forbes put Axos on their Best Online Savings Accounts and Best Money Market Accounts and explains that they are among the best online banking services with account options for almost every customer. Axos is considered one of the best online banking choices for full-service banking.

How does Axos Bank® compare?

  • APY: up to 1.25%
  • Monthly fees: $0
  • Minimum deposit: $50
  • APY: up to .70%
  • Monthly fees: $0
  • Minimum deposit: $0

Axos Bank is best for customers who want high-yield savings and checking accounts, would benefit from zero ATM fees, and don’t mind having online-only customer service.


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