Axos Bank is an online-only bank that has operated since 2000, long before most fintech competitors existed. Its Rewards Checking account pays up to 3.30% APY — one of the highest rates on any checking account in the US — while charging zero monthly fees and reimbursing all domestic ATM fees. For customers comfortable with online-only banking, Axos is a strong all-in-one option.
Axos is best for: Online banking customers who want high checking APY and don’t need physical branches.
Axos Bank at a Glance
| Feature | Details |
|---|---|
| Founded | 2000 (as Bank of Internet USA) |
| Headquarters | San Diego, CA |
| Charter | Federal savings bank (OCC-regulated) |
| FDIC insured | Yes (#35546) |
| Branches | None (online-only) |
| ATMs | No proprietary network; unlimited reimbursement |
| Routing number | 122287251 |
| Rewards Checking APY | Up to 3.30% |
| High Yield Savings APY | 4.66% |
Axos Checking Accounts
Axos offers multiple checking products at different engagement levels:
Rewards Checking (Flagship)
- Monthly fee: $0
- Minimum balance: $0
- APY: Up to 3.30% on balances up to $50,000
- ATM reimbursement: Unlimited domestic
- Requirements to earn full APY: $1,500+ in direct deposits/month, 10+ debit purchases/month, Axos investment account maintained
The tiered APY means customers who partially meet conditions still earn something — each requirement adds a rate layer. Even without meeting any conditions, the account has no fee.
Essential Checking
- Monthly fee: $0
- Minimum balance: $0
- APY: None (0%)
- ATM reimbursement: Up to $7/month domestic
- Best for: Customers who want a simple, no-fee checking account without rate conditions
CashBack Checking
- Monthly fee: $0
- Minimum balance: $1,500
- Cash back: 1% on signature-based debit purchases (up to $2,000/month in qualifying purchases)
- ATM reimbursement: Unlimited domestic
- Best for: High spenders who prefer cash back over APY
Savings Account
Axos High Yield Savings pays 4.66% APY with no monthly fee and no minimum balance. This is competitive with the best online HYSAs and far exceeds rates at Chase (0.01%), Bank of America (0.01%), or Wells Fargo (0.15%).
See full details in the Axos savings account guide.
ATM Access
Axos has no ATM network of its own. Instead, Rewards Checking and Essential Checking reimburse fees charged by other ATMs:
- Rewards Checking: Unlimited domestic ATM fee reimbursements
- Essential Checking: Up to $7/month in domestic ATM fee reimbursements
- CashBack Checking: Unlimited domestic reimbursements
Reimbursements appear as credits on your statement at the end of the cycle. You can use any ATM in the US — the machine charges you, then Axos refunds it.
Fees
| Fee | Axos Amount |
|---|---|
| Monthly maintenance | $0 |
| Overdraft | $0 (Rewards Checking: no OD fee; transactions may decline) |
| NSF | $0 |
| Wire transfer (domestic outgoing) | $35 |
| Foreign transaction | 1% |
| Paper statements | $5/month |
See the Axos fees guide for full details.
Axos vs. Competitors
| Feature | Axos Rewards Checking | Schwab HYIC | Ally Spending Account |
|---|---|---|---|
| Monthly fee | $0 | $0 | $0 |
| APY on checking | Up to 3.30% | 0.45% | 0% |
| ATM reimbursement | Unlimited US | Unlimited worldwide | No ATM reimbursement |
| Savings APY | 4.66% | 0.48% | 4.20% |
| Branches | None | ~360 offices | None |
Axos wins on checking APY. Schwab wins for international travel (worldwide reimbursement, no FX fees). Ally wins for overall simplicity.
Who Axos Is Best For
- Online banking customers who can meet Rewards Checking conditions for 3.30% APY
- Those who use ATMs frequently and want reimbursement without maintaining a brokerage account
- Customers who want both competitive checking APY and high savings rates in one institution
See also: Axos routing number | Axos fees | Axos ATM limit | Axos vs. Schwab
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