This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Disclosure, visit this page.
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.
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. Plus, there is no initial deposit requirement. 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.
Axos Bank Rewards Checking Bonus
Beginning 06/20/2024, you can cash in on up to a $500 bonus and up to 3.30% APY with a new Axos Bank Rewards Checking account. Just use promo code RC500 before July 31, 2024.
To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “RC500,” an application for a Axos Bank Rewards Checking account must be submitted between 06/20/2024 (at 12:00 am PST) and 07/31/2024 (at 11:59 pm PST).
Note that Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year. Promotional terms and conditions are subject to change or removal without notice. Additionally, this incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:
- Be approved for a new Axos Bank Rewards Checking account
- Fund it within 60 days of account opening
- Earn an incentive of up to $500, beginning during the first six (6) statement cycles, starting in the statement cycle thirty (30) days after the account is opened (a statement cycle is a calendar month consisting of at least one day your account was open during that month). You can earn a maximum of five (5) payouts during the six (6) statement cycles, and the incentive will be deposited into the qualifying account within 15 business days following the end of the statement cycle in which the requirements were met.
- $100 will be earned for each statement cycle, up to $500, when you meet two requirements during that statement cycle: 1) your Rewards Checking account receives qualifying direct deposits of at least $1,500.00 in total, and 2) the average daily balance in your Rewards Checking account is at least $3,000.
Your Rewards Checking account must remain open and in good standing at the time the incentive is paid to be eligible.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit. Account transactions may take one or more business days from the transaction date to post to the account.
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:
- There is no initial deposit fee
- 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.
Related Articles:
