Axos Bank Rewards Checking Review: A Simple, No-Fee Solution for Introverts

The Axos Bank Rewards Checking account is a digital checking account that offers fee-free banking and an opportunity to earn interest on your balance. Axos is fully digital, making it an excellent choice for introverts who prefer avoiding in-person banking.

With a potential rate of 3.30% APY, earning a little money on balances sitting in your checking account is attractive if specific requirements are met. This is opposed to some banks requiring you to meet similar criteria to avoid fees.

The full APY is earned by adding additional services through Axos and meeting criteria such as minimum transaction or daily balance requirements, but more on those in a bit. The Axos Bank Rewards checking account has zero monthly fees and periodically offers sign-up bonuses, making it worth considering.

Why Axos Rewards Checking Works for Introverts

Since Axos is an entirely digital bank, there is no expectation that you will ever have to visit a physical branch in person. This is a massive plus for introverts who prefer to avoid the energy-draining branch experience.

Axos also provides a straightforward app that allows you to take control of your finances and approach them thoughtfully from the comfort of your couch. Since Axos also offers multiple other services, including saving, loans, credit cards, and trading, you can keep all your banking inside a single app.

This setup is highly advantageous to introverts who prefer to avoid dealing with the hassles of maintaining accounts and relationships across multiple vendors.

Key Features of Axos Rewards Checking

Rates and Fees

As I mentioned, Axos Rewards Checking is completely fee-free, with no monthly maintenance fees, overdraft fees, or minimum opening amount. Axos also offers reimbursement of ATM fees for all domestic ATM usage.

Earning up to 3.30% APY is a great perk. Still, the list of qualifications is lengthy: $1,500 monthly in direct deposits, ten debit card transactions monthly, and an average daily balance of $2,500 in both managed and self-directed trading accounts.

This is a higher bar for earning the top-tier interest rate than many banks.

• No monthly maintenance fees
• Up to 3.30% APY with qualifying activities
• Unlimited ATM fee reimbursements
• No overdraft fees

Rating: ⭐⭐⭐⭐☆ (4/5)

Fast, Simple Sign-Up Process

In about ten minutes, I completed the online signup process on my mobile device from the comfort of my couch. The process was simple and intuitive. I was required to upload a copy of my driver's license, which I had never been asked to do for a checking account but have done for other accounts.

There was a glitch at the end of the submission process where it just hung on a white screen before erring out. I wanted to know if my application had been submitted, as I received no email acknowledgment. The following day, I received an email stating my account had been approved.

• Fully digital sign-up with no in-person interaction required
• Quick and straightforward: Takes just a few minutes
• No need for branch visits or phone calls to set up your account
• Debit card option included for everyday banking needs
• Sign-up can be glitchy and confusing

Rating: ⭐⭐⭐⭐☆ (4/5)

Transaction Speed: What to Expect

The transaction speed for Axos Rewards Checking has been average for the most part. The biggest drawback is that there is no support for early direct deposit.

Strangely enough, this feature is available on Axos Essential Checking, another Axos account that doesn't offer interest but maintains several other features of Rewards Checking. Axos also offers Pay It Now for P2P transfers, which took several days and was much more challenging than other options. I prefer Zelle, which has become the industry standard for bank-based P2P.

• No early direct deposit feature
• Bank-to-bank transfers average three days
• Two-day mobile check deposit for checks up to $100
• P2P transfers via Pay It Now
• Same-day transfers between Axos accounts

Rating: ⭐⭐⭐⭐☆ (4/5)

Notifications and Tracking

Transaction notifications and tracking in the Axos Rewards Checking account are sufficient, with granular controls to customize how and when you receive specific alerts.

Some default notifications go directly to email for events such as external transfers. These only get sent when the transfer is complete, and I prefer these go out when the transaction is scheduled, in progress, and complete to keep me informed. The alert I configured for direct deposits works well and arrives promptly.

• Customizable alerts: Set alerts for low balances, significant transactions, statements, and more
• Not real-time, but timely enough to keep track of account activity

Rating: ⭐⭐⭐☆☆ (3/5)

Mobile Banking Experience

The Axos app is simple and intuitive and keeps you informed about the state of your money. The app features robust security to help keep your data secure. Integration with other Axos services is seamless, and the Personal Finance Manager functionality allows you to get an overview of your total financial picture, but I'll touch on this later.

The app has little customizability, so you are out of luck if you want to move around features for quicker access. For introverts, the app's no-frills design makes managing your finances straightforward and stress-free.

• Biometric login and robust security features
• User-friendly navigation that is simple and intuitive
• Uncluttered interface designed for efficiency

Rating: ⭐⭐⭐⭐☆ (4/5)

Extra Features and Perks: Axos Bank's Built-in Tools

Axos Rewards Checking has various additional features and perks, making it an account worth looking into. The Personal Finance Manager (PFM), which Axos also refers to as the "I-Have-My-Act-Together" app, includes a suite of tools located in the Plan tab of the app to give you a complete financial snapshot.

Like many tools, PFM allows you to aggregate external accounts into the app. This is a handy feature for introverts who prefer a streamlined approach to financial management but always consider these products' privacy and security tradeoffs.

Credit score monitoring is also provided via a partnership with TransUnion as a nice bonus. Although I received a $500 sign-up bonus when I opened my account, Axos is not currently offering one. At the time of this post, a $50 cash-back offer is available through Rakuten. The app also includes functionality to lock and unlock a debit card as needed, a feature not all banks offer.

• Financial Wellness Hub: A budgeting tool that helps track spending and cash flow
• Credit Score Monitoring: Free access via TransUnion
• Account Aggregation: Link external accounts for a complete financial view
• Debit Card Management: Lock and unlock your card from the app

Rating: ⭐⭐⭐⭐☆ (4/5)

Why Axos Rewards Checking Aligns with Introvert Values

Axos allows introverts to manage their banking with complete autonomy. The digital-first nature of the bank, combined with the app's ease and lack of fees, makes it ideal for introverts who prefer quiet control over their finances. There's no need for uncomfortable conversations or face-to-face interactions.

Personal Experience with Axos Rewards Checking

The Axos Rewards Checking account met my expectations for simplicity and convenience. The low fees and the potential for a competitive APY are great features. I found the app to be intuitive, and I appreciated the quick internal transfers.

However, the lack of an early direct deposit feature is a minor drawback worth noting.

Final Thoughts and Overall Rating

The Axos Bank Rewards Checking Account is a solid option for those seeking a no-fee, digital-first banking experience. While it lacks features like early direct deposit, its lack of fees and unlimited ATM fee reimbursements make it ideal for introverts who prefer handling their banking quietly and independently.

Axos Rewards Checking

• Pros: Fee-free digital banking with up to 3.30% APY, perfect for introverts who prefer managing finances independently.
• Cons: High requirements to earn top APY, and no early direct deposit feature available.

Learn More

Considering Axos Rewards Checking? The fully digital setup, straightforward app, and zero fees make it an attractive choice for introverts. If you’re already using Axos, feel free to share your experience in the comments; your insights could help others make the right choice for their banking needs. For more reviews of financial tools that work well for introverts, check out my other posts