Axos Rewards Checking
Fees
Our Rating
Promotion
APY Checking
Axos Rewards Checking
Fees
Our Rating
Promotion
APY Checking
Axos Bank is a full service bank with a solid reputation for its impressive product line including savings accounts.
While the Rewards Checking account has not been around for long, it has become a welcome addition to the Axos line up and provides customers with an impressive rate and the potential to earn even more on their balance with rate bonuses for qualifying activities.
You can not only access all the features you’d expect from a checking account, but you’ll accumulate interest on your balance. Axos also periodically has welcome bonuses for new customers, making this account even more appealing. So, here we’ll delve into this account in more detail to help you determine if it is a good fit for you.
Axos Rewards Checking: Best Features
Here are the main features to know about the Axos Rewards Checking account:
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Potential to Earn Up to 3.30% APY on Account Balance
The Axos Bank Rewards Checking is an interest bearing account with a tiered system to determine how much you’ll earn on your balance. You can earn interest on balances up to $50,000.
The base requirement to get the maximum rate is to receive a monthly direct deposits of $1,500 (0.40% APY), 10 transactions on your debit card (+0.30% APY), an average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account (+1.00% APY) and make a full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY)
If you meet all of these requirements, the current highest possible rate is 1.25%, which stands up favorably against many competing accounts.
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Banking Tools
As you would expect with a solid checking account, the Axos Bank Rewards Checking account has a suite of banking tools to enhance your user experience. This includes:
- Online Bill Payment: You can set up regular bill payments with utility companies and lenders individually, or manage them in one place via Axos.
- Mobile Banking: We’ve touched on this above, but Axos Bank has a highly rated app, which is available for Android and iOS devices. You can download the app to your mobile device and use it to manage your day to day account transactions including initiating transfers and depositing checks.
- Switch Kit: If you want to move your checking account from your current bank to Axos Bank, Axos provides a switch kit. This is essentially a step by step checklist, which can help you to move all your banking activity to your new account.
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ATM Fee Reimbursement
Axos Bank does not actually have its own ATM network, but this doesn’t mean that you’ll be racking up ATM fees whenever you want to access your cash. In fact, Axos Bank offers unlimited fee reimbursement for domestic ATMs.
This means that you don’t need to search around for a network ATM, you can simply use the one in the nearest vicinity. Just be aware that you may still be charged a fee to your account, which will reduce your balance temporarily until Axos Bank issues a reimbursement.
However, this fee free ATM use does not apply to foreign ATM charges. So, if you’re planning on using your Axos debit card abroad, check your machine options to minimize the fees.
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Free Mobile Deposits
Axos Bank also provides unlimited mobile deposits without incurring a fee. There are also no restrictions on how many mobile deposits that you can make in any month.
So, if you tend to get paid with a physical check regularly, you won’t need to waste time heading to a local bank branch or counting up how many mobile deposits you’ve made so far this month.
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Is the Axos Bank Rewards Checking Account Good?
There is no clear cut answer to this question, since every customer’s needs are unique.
However, there are some pros and cons of the account, which should help you decide if the account would be a good choice for you.
Pros | Cons |
|---|---|
No Minimum Balance Requirements | Qualifying Requirements to Earn Interest |
Welcome Offer | Minimum Opening Deposit Requirement |
FDIC Insurance | Online Only |
Solid Customer Service | |
Minimal Fees |
- No Minimum Balance Requirements
Unlike many checking accounts having interest, you don’t need to maintain a minimum balance to qualify for interest on your balance.
- Welcome Offer
This is a limited time offer, but Axos Bank runs promotions periodically.
This requires use of the appropriate code when you open your account, but you can get a cash welcome bonus if you make the appropriate qualifying account activity.
- FDIC Insurance
While Axos Bank is an online financial institution, you can enjoy the same federal protections you would receive with a traditional bank account.
This means that you’ll have coverage for up to $250,000 should the bank have a financial failure.
- Minimal Fees
The account has no monthly maintenance fees, overdraft fees or insufficient funds fees, makes it a good choice if you're looking for free online checking account
- Qualifying Requirements to Earn Interest
Although there is the potential to earn an impressive APY on your balance, you’ll need to meet a number of qualifying activities.
This includes having minimum balances in self directed trading and managed portfolio accounts, which may be beyond the reach of the typical checking account customer.
- Minimum Opening Deposit Requirement
Unlike most top-rate checking accounts, you will still need $50 or more to open your account, which may be a barrier for some customers.
- Online Only
Since Axos Bank is an online financial institution, you won’t have access to a physical branch location.
This means that you need to be comfortable with resolving any issues online or by phone.
Which Type of Customer is Best Suited to the Axos Rewards Checking?
While we’ve highlighted the key features, along with pros and cons, you may still be wondering if the Axos Bank Rewards Checking is a good option for you. There are several scenarios where you would be the type of customer who is best suited to this account.
- You’re moving all of your banking and financial activity: Since there are a number of tiers to earn the maximum APY on this account, you’ll only benefit if you meet all the criteria for the tiers. This will be far easier if you’ve decided that you want to use Axos Bank for your day to day banking and investments.
- You don’t want to be tied to one ATM network: Whether you tend to travel to different areas or simply don’t tend to pay attention to which type of ATM you use, if you don’t like being tied to one ATM network, you’ll benefit from this account, as you’ll be reimbursed for your domestic ATM fees with no cap.
However, if you prefer face to face customer support and don’t have $1,500 or more in direct deposits each month, you’re not likely to get the most from this bank or this account.
Is Axos a Good Bank to Work With?
The main benefits of Axos Bank include a reputation and and a fairly comprehensive product line. So, even if the Rewards Checking is not the right choice for you, there are four other checking account options.
Axos also has savings accounts with decent APYs, CDs, personal loans, auto loans and mortgages. This makes it a good “all rounder” bank if you want to move all of your banking under one roof.
How to Open an Axos Bank Rewards Checking Account?
Since Axos Bank is an online financial institution, it is simple to open a Rewards Checking account from the comfort of your own home. You can open the account in a few simple steps.
- Visit the Product Page: The first step is to visit the Axos Bank official website and look for the Rewards Checking product page, which you’ll find under the “Bank” tab on the right hand side of the page. You’ll find all the account details on this page and if you’re ready to proceed, click on the “Get Started” button.
- Confirm if You Want a Savings Account: You’ll be directed to a page which will ask you to confirm if you’d also like to open a savings account along with your Rewards Checking account. If you’re planning on getting a savings account at some point, this could be a good time, as you’ll only need to complete one application. The next screen will also ask you to confirm if you’re a new or existing customer.
- Complete the Application Form: This is fairly standard, but if you’re an existing Axos Bank customer, a number of the fields will be pre filled from your existing profile. New customers will need to provide details such as full name, address, contact details and Social Security Number.
- Provide a Copy of your Valid Driver’s License or State ID: To comply with federal regulations, Axos Bank needs to confirm the identity of all account applicants. So, you’ll need to have your driver’s license or state issued photo ID on hand.
- Await Confirmation: Once you submit your application, you’ll simply need to wait for Axos Bank to confirm the status of your new account.
FAQs
Does Axos Bank Rewards Checking earn interest?
Yes, the Axos Bank Rewards Checking is an interest bearing account, but you do need to meet different criteria to determine your APY.
Does Axos Bank Rewards Checking offer a promotion?
Yes, there are usually limited time offers available for new customers. As of September 2024, you can Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account.
How do you close Axos Bank Rewards Checking account?
If you want to close your account, the quickest way is to call the Axos Bank customer support line. An Axos Bank representative can guide you through the process.
How We Review Checking Accounts: Our Methodology
The Smart Investor team has conducted a comprehensive review of checking accounts offered by various banks, taking into account several key factors to provide a thorough evaluation. Here's how we rated them across four important categories:
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Checking Account Features (60%): We meticulously assessed the features and benefits associated with each bank's checking accounts. Factors considered include account fees, minimum balance requirements, ATM access, overdraft protection, online and mobile banking functionalities, and additional perks such as rewards programs. Higher ratings were awarded to banks offering a wide range of features and benefits that cater to diverse customer needs, ensuring convenience and flexibility in managing finances.
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Customer Experience (20%): A positive customer experience is essential in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Diversity of Other Financial Products (10%): We also considered the diversity of other financial products offered by each bank, such as savings accounts, loans, credit cards, and investment options. Higher ratings were given to banks with a comprehensive suite of financial products, allowing customers to meet their various banking and financial needs in one place.
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Bank Reputation (10%): The reputation of a bank is a crucial factor in decision-making. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were assigned to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when selecting a checking account
