Axos ONE Checking and Savings Account 2024 Review

Axos ONE bundles savings and checking together for simplicity and convenience. You can earn interest on savings and checking balances when certain requirements are met. There are no monthly fees to detract from your interest earnings. 

Axos ONE streamlines banking by giving you access to checking and savings in the same place. You can manage your accounts through the Axos mobile banking app and easily link external accounts to make deposits or withdrawals. 

Banking with Axos could make sense if you:

• Are comfortable with online checking and savings accounts
• Prefer a bank account with no monthly maintenance fees
• Would like to earn a competitive APY on savings while also earning interest on checking balances
• Appreciate the simplicity of keeping checking and savings in one place

This is an online checking account so there are no branches to visit but you can access funds using your debit card or at more than 95,000 ATMs. You can also get paid up to two days early when you enroll in direct deposit.

Compared to Other Checking Accounts

SoFi Checking and Savings

SoFi Checking and Savings is another combination banking option that offers a competitive rate on balances. There are no monthly maintenance fees or minimum deposit requirements and you can get paid up to two days early when you enroll in direct deposit. SoFi also offers FDIC insurance coverage of up to $2 million through its network of partner banks. 

Read our full editorial review of SoFi Checking and Savings

Axos Bank Rewards Checking

If you're just looking for a checking account but still want to earn interest you might consider the Axos Bank Rewards Checking account. This account earns an exceptional APY compared to other interest checking options with no monthly fees. Axos also reimburses you for all foreign ATM surcharges with this account. 

Read our full editorial review of the Axos Bank Rewards Checking account

Ally Bank Interest Checking

Ally Bank Interest checking earns a lower APY than other interest checking options but it's still worth a look thanks to its low fees and large ATM network. There are no minimum deposit requirements to open this account and you can add an Ally high-yield savings account if you'd like to earn even more interest. Ally doesn't charge monthly maintenance fees or overdraft fees. 

Read our full editorial review of the Ally Bank Interest Checking account

LendingClub Rewards Checking

LendingClub Rewards Checking earns unlimited 1% cash back on eligible transactions, putting money back in your pocket. There are no monthly maintenance fees or overdraft fees, and no minimum balance requirements to open this account. LendingClub also offers unlimited ATM fee rebates to sweeten the deal. 

Read our full editorial review of the LendingClub Rewards Checking account

Interest and Rewards

Some bank accounts offer interest, while others offer rewards. And some give you a little of both. 

Axos ONE Checking and Savings pays interest but it doesn't have a separate rewards program. Again, you could check out Axos Rewards Checking for that. 

You'll earn one APY for checking balances and another for savings balances. The checking APY is much lower than the savings APY, but still better than what some banks pay. 

To qualify for the highest advertised rate with checking or savings, you'll need to:

• Receive qualifying direct deposits of $1,500 or more into your Axos ONE Checking account each statement cycle
• Maintain an average daily balance of $1,500 or more in your Axos ONE Checking account each statement cycle

The requirements are typical of what other banks expect for interest or rewards checking accounts. However, it's important to consider whether you can meet each one to help decide if Axos ONE makes sense for you. 

If you don't get paid via direct deposit, for instance, then you might want to look elsewhere for an interest checking account. You can still earn interest on savings if you don't meet both requirements but the APY is much lower. 

Fees

Online banks like Axos tend to charge fewer fees than traditional banks. They can do this because they have lower overhead costs so they can afford to pass savings on to their customers. 

Still, this account isn't fee-free. Here are some of the most important fees to keep in mind.

Other Service Fees - Axos One Checking and Savings

Most of these fees should be easy to avoid if you don't need to stop a payment, get an official check or send an outgoing wire transfer. There are no requirements you need to meet to avoid a monthly maintenance fee since Axos doesn't charge one for this account. 

Branch and ATM Access

Axos ONE includes a debit card that you can use to withdraw cash fee-free at more than 95,000 ATMs. Since this is an online bank there are no branches. 

If you're considering an online bank, it's important to check the size of the ATM network and whether the bank will reimburse foreign ATM fees. Those fees can easily add up if you're making frequent stops for cash at out-of-network ATMs. 

Axos ONE Checking reimburses up to $10 in foreign ATM fees per month. 

Also, consider whether you're comfortable with online banking in general. While you may not visit a branch that often, you may prefer having the option to do so. 

Account Access

Axos offers mobile banking and online banking access to help you manage your money. And again, you can visit more than 95,000 ATMs nationwide. Some of the options you have for depositing money to your account include:

• ACH transfers from an external linked account
• Direct deposit (for paychecks, government benefits and other payments)
• Incoming wire transfer
• Mobile check deposit

You can also deposit cash at ATMs. The daily limit for ATM withdrawals is $310. 

Axos doesn't partner with Zelle so you won't be able to use it to make person-to-person payments through online or mobile banking. You can, however, link your Axos ONE accounts to the Zelle app to send and receive funds with friends and family. 

If you'd like to pay bills with your Axos ONE accounts you can do that online or through the Axos app. There's no fee to use online bill pay. 

FDIC Insurance

When shopping for a new place to bank it's important to make sure that it's FDIC-insured. The FDIC offers deposit account coverage to member banks; this coverage protects the bank's depositors in case of failure. 

Bank failures don't happen that often but when they do, the FDIC steps in to prevent customers from losing their money. Your deposits at Axos Bank are FDIC-insured up to $250,000, which is the standard coverage limit. 

You don't need to do anything to sign up for this coverage. It applies automatically when you open an eligible account at an FDIC-member bank. 

What You Need to Open

Axos makes it easy to open new accounts online. You'll need to fill out a simple application and give Axos some basic information, including your: 

• Name
• Date of birth
• Social Security number
• Mailing address
• Email address
• Phone number

You'll also need your bank account number and routing number to link an external account for your opening deposit. There's no minimum deposit you're required to make but you will need to fund your account eventually so that it's not closed down. 

That account opening process takes just a few minutes and you can upload all of the required documentation online. Once your account is approved, Axos will issue a debit card and ship to your address. You'll just need to activate your card once you receive it to start using it. 

Frequently Asked Questions

Is Axos Bank a good bank?

Axos Bank has a solid reputation for being a good and trustworthy online bank. The bank offers a variety of products, including personal checking and savings accounts as well as business accounts. Axos is a member FDIC so you can feel confident that your deposits are protected in the worst-case scenario. 

Is an interest checking account worth it? 

An interest checking account could be worth it if you're able to earn a competitive APY while paying minimal fees. Axos ONE lets you earn interest on checking and savings together, as long as you meet the minimum balance and direct deposit requirements. The APY is well above what you might find at some competitor banks. 

What are the pros and cons of online banks? 

Online banks have some advantages over traditional banks since they often pay higher rates on deposit accounts while charging fewer fees. Some online banks offer added features or benefits like savings buckets or money management tools that add to their value. The biggest con, of course, is that online banks typically don't offer access to branch banking.