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Axos Bank is a popular online-only banking platform offering various personal and business banking accounts. It’s possible to earn rewards and not pay any monthly maintenance fees. However, you might wonder if Axos is a legitimate bank or if Axos checking products are too good to be true.

Drinks at St Regis Bali Nat King Cole Lounge. Credit: Johnny Jet

Is Axos Bank FDIC Insured?

Axos Bank is registered with the Federal Deposit Insurance Corporation (FDIC) and banking deposits are insured up to $250,000. Axos Bank has FDIC Certificate 35546 since its establishment in July 2000. So, yes, Axos is a legitimate bank.

Before rebranding as Axos Bank in 2018, the institution was publicly known as Bank of Internet USA. It is the oldest online-only bank in the United States.

In addition to offering banking products, customers can sign up for an Axos Invest account. These accounts are SIPC-insured up to $500,000 (including up to $250,000 in cash deposits).

Axos Bank Rewards Checking

For instance, you might be interested in an Axos Bank Rewards Checking account. It’s a personal account with no monthly maintenance fees or ongoing account minimums, although a minimum $50 opening deposit is necessary. Some of the perks you can look forward to include:

  • Unlimited domestic ATM fee reimbursements
  • Earn up to 3.30% APY on deposits
  • Zero maintenance fees or balance requirements
  • No overdraft fees or non-sufficient funds (NSF) fees
  • Online bill pay

You will also receive an Axos Visa® Debit Card for in-person and online purchases.

You can earn a $300 welcome bonus with Axos Bank Rewards Checking in a few minutes. Use promo code AXOS300 when applying for an Axos Bank Rewards Checking account by 11:59 PM PT on June 30th, 2024. Then have qualifying direct deposit(s) to earn up to a $300 bonus!

Related: Axos Bank Rewards Checking Review

Is Axos Bank Trustworthy & Safe?

Yes, Axos is a legitimate bank. Yes, Axos Bank is a safe place to hold your funds as the first $250,000 in checking and savings balances are eligible for FDIC Insurance. It is a member of the FDIC.

The platform also uses industry-standard security practices to protect your data. However, no bank is risk-free, and you may take safeguards to optimize your privacy and you may keep funds at a secondary bank to hedge against system outages.

Additionally, you won’t pay account service fees and can earn rewards for completing certain monthly activities. The lack of fees and the ability to earn cash back or interest make this institution one of the best checking accounts.

One potential downside is that Axos is online-only and you must call or visit the online platform to access your account.

Are There Fees and Charges?

Savers and individuals seeking to avoid bank fees can easily enjoy free banking with Axos Bank.

Customers can enjoy benefits like:

  • No monthly maintenance fee
  • No overdraft fee or insufficient funds fees
  • Zero minimum balance requirements
  • Unlimed domestic ATM reimbursements
  • Free bill pay

Is Axos Bank Worth It?

It’s easy to enjoy free checking or savings with Axos Bank, even when you have a small account balance. However, earning the most banking rewards isn’t worth the effort for some depositors as you may need to use your account frequently.

Depending on which account you use, you may also need to have an Axos-issued loan and an Axos Invest account to earn the highest interest rate tier. These requirements are a hassle if you don’t want to keep all of your funds on the same platform.

You may prefer using SoFi Bank which offers a Checking and Savings product that earns a competitive rate just by receiving qualifying direct deposits. This online platform doesn’t charge monthly fees and offers several banking, lending, and career planning benefits, plus up to $2 million in FDIC Insurance.

Quontic Bank is also a worthy online bank with fee-free banking. There are different checking and savings accounts with member perks that can be easier to earn.

Summary on whether Axos Bank is Legit

In conclusion, Axos is a legitimate bank. Axos Bank is FDIC-insured and the oldest online-only bank with over 20 years of experience. It offers many free banking products that also make it easy to access your funds. No bank is without risk, but you can have peace of mind if you make Axos your primary bank.

You can earn a $300 welcome bonus with Axos Bank Rewards Checking in a few minutes. Use promo code AXOS300 when applying for an Axos Bank Rewards Checking account by 11:59 PM PT on June 30th, 2024. Then have qualifying direct deposit(s) to earn up to a $300 bonus!

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