Our quick take: The Axos Bank Rewards Checking account is an FDIC-insured online checking account with no monthly fees or minimum deposits. Customers who meet specific balance requirements can earn highly competitive interest rates on their deposits, making it a solid contender for a wide range of consumers.

Pros:

Cons:

Best for: Axos Bank Rewards Checking may be best suited for those living outside of a major bank network who make frequent ATM withdrawals. It’s also ideal for those who want a fee-free checking account that earns interest.

Click here to apply for the Axos Bank Rewards Checking account.

The Axos Bank Rewards Checking account is an online checking account offered by Axos Bank. As the bank has very few physical branches, Axos reimburses all ATM fees incurred by customers. The bank also offers a competitive APY, though the highest tier is reserved for customers with multiple account types and minimum balances.

To open an Axos Bank Rewards Checking account, you need to make a minimum $50 deposit. That’s a pretty low entry point for a checking account and a requirement most customers can meet easily. If you want to earn the $100 welcome bonus, you’ll need to make $1,500 in deposits within a single calendar month.

You have three months to meet this requirement and the welcome offer is valid through June 30, 2023. You also need to keep your account open for at least 180 days or be subject to a $100 account closure fee. You must use code RC100 when opening an account to be eligible for the bonus.

Apply for the Axos Bank Rewards Checking account with a $100 bonus.

The main advantage of the Axos Bank Rewards Checking account is that it requires just a $50 deposit and imposes no minimum balance requirements. Customers also pay no fees for monthly maintenance, overdraft, insufficient funds or withdrawals at domestic ATMs. This is ideal for those who want a free checking account that earns rewards without requiring a minimum balance.

While there is a minimum balance requirement for earning the highest APY, you can still earn at least 0.30% so long as you use your debit card ten times per month or by signing up for Personal Finance Manager (PFM).

Plus, you can earn another 0.40% APY by receiving monthly direct deposits of $1,500 or more. These are pretty typical checking account activities that most banks don’t reward you for, giving Axos a definite advantage. You can continue to level-up your APY by opening select Axos brokerage accounts and fulfilling other requirements.

Finally, the Axos Bank Rewards Checking account is FDIC insured up to $250,000 per depositor and up to $500,000 for joint accounts. This should provide some peace of mind in case of a bank failure, and is a standard feature of most US bank accounts.

Learn more and apply for the Axos Bank Rewards Checking account.

While the Axos Bank Rewards Checking account has a lot of positives going for it, it does have a few notable disadvantages. For starters, the highest APY is only reserved for those with multiple Axos accounts and qualifying banking activity. These requirements can be difficult to meet unless you move all of your banking to Axos Bank.

The average customer might not earn more than 0.40% in rewards from their checking account. In that case, you might be better off putting extra funds into a high-yield savings account, like the Bask Bank Interest Savings Account which earns 4.75% APY.

Further, Axos is also an online bank with only five physical branches spread across California, Kansas, Nevada and Utah. This can be a drawback if you prefer in-person banking services or need assistance with certain transactions that are more easily done in person.

For example, if you collect tips at work or frequently deal with cash transactions, it can be difficult to deposit those funds without visiting a branch. If you think you’ll need in-person assistance, you should consider going with a traditional bank that offers physical branch locations.

It’s also worth noting that the Axos Bank Rewards Checking account imposes a fee when you use your debit card for purchases abroad. This isn’t unusual for debit cards, but worth noting if you don’t have a credit card that waives foreign transaction fees and depends on your debit card for purchases.

Related: Use the Axos CashBack Checking account to earn rewards with your debit card.

Deciding whether to open an Axos Bank Rewards Checking account depends on your individual needs, preferences and financial goals. If you want an online checking account with virtually no fees or minimum balance requirements, then it can be a good option.

The interest you’ll earn on your account is a nice added bonus, though you should keep in mind that there are several criteria you need to meet in order to qualify for the full 3.30% APY. And you frequently use ATMs and don’t live within a major bank network, Axos could be a great option since it reimburses all domestic ATM fees.

However, the Axos Bank Rewards Checking account isn’t ideal if you frequently require in-branch banking support. The last thing you want is to have a bunch of cash lying around with no way to deposit it. If that describes you, then you may want to opt for a traditional checking account that provides in-person support when you need it. If you have at least a $1,500 average daily balance, then many major banks will waive monthly maintenance fees anyway.

Ultimately, the decision to open an Axos Bank Rewards Checking account should be based on a thorough evaluation of your personal financial circumstances, preferences and banking habits. Be sure to explore your options by comparing this account against other checking accounts to find one that best fits your needs.

Learn more and apply for the Axos Bank Rewards Checking account with a $100 bonus.

Looking for a new savings account? Read our guide to the best high-yield savings accounts.

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