Axos Essential Checking: Get Paid Earlier and Never Worry About Banking Fees

Free checking with express direct deposits and no monthly fees, overdraft fees or non-sufficient fund fees.

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Finding an online checking account with no monthly fee is easy, but getting one with no account fees at all? That’s where Axos Essential Checking comes in. The financial institution makes banking more accessible, regardless of how much cash you have on hand. Moreover, Axos won’t even charge you some of the fees that other top online banks still maintain.

If you’re looking for a mostly fee-free checking experience, here’s what you need to know about the Axos Essential Checking account.

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 Axos Essential Checking

Axos Essential Checking Details

Axos Bank was one of the first digital banks in the world when it was founded in 1999, originally as Bank of the Internet USA. You can do all of your banking through your online account and from the bank’s mobile app, but it doesn’t have any brick-and-mortar branches.

The lack of a branch network may be unappealing for people who prefer in-person service. But it also reduces overhead costs, making it easier for institutions like Axos Bank to offer the same checking services at lower costs. The bank also offers a Rewards Checking Account with a 1.25% annual percentage yield (APY) and a High-Yield Savings Account with a 1.30% APY.

What makes the Axos Essential Checking account stand out is that you don’t ever have to worry about account fees. That includes:

  • Monthly maintenance fees
  • Overdraft fees
  • Non-sufficient funds (NSF) fees
  • No bill pay fee

You also don’t have to worry about using in-network ATMs to avoid withdrawal fees because Axos offers unlimited domestic ATM fee reimbursements.

While there are many other banks and credit unions that won’t charge you a monthly fee, a lot of them still hold onto fees for overdrafts, NSFs and out-of-network ATM withdrawals.

Keep in mind, though, that having no account fees doesn’t necessarily mean no costs at all. For example, there’s no fee for your first order of checks, but you will need to pay for shipping and handling, and subsequent check orders aren’t free. Also, if you perform certain actions like make international purchases or request a debit card replacement, there may be a fee involved.

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Other Axos Essential Checking Benefits and Tools

The primary reason to consider the Axos Essential Checking account is its lack of fees. However, the bank also provides some other nice perks that can make it worth your while.

Direct Deposit Express If you receive your paycheck via direct deposit, Axos Bank can get your cash into your account up to two days early, automatically.
Switch Kit If you decide to open an account, this checklist will let you know everything you need to do to make a smooth transition from your current bank account.
Mobile Banking You can download the Axos Bank mobile app on an iPhone or Android device, and use it to manage your account wherever you go.
Other Financial Products Axos isn’t quite as full-service as big banks like Chase and Bank of America. But in addition to its Axos Essential Checking account, it also offers an impressive set of other checking and savings accounts, mortgage, auto and personal loans and even investment management options.
Exclusive Visa Offers and Perks Get special offers and benefits through your Visa debit card to enhance your banking experience.

How to Open an Axos Essential Checking Account

You can apply for an Axos Essential Checking account through the bank’s website. To qualify, you must be a U.S. citizen or a resident alien, and you must be at least 18 years old to get an account on your own — teens ages 13 to 17 can open an account but must have a joint account holder who is 18 or older. You’ll need to share your Social Security number, a valid ID (U.S. drivers license or state ID), a valid physical U.S. address and other personal information to get started.

You’ll create a username and password at the beginning of the process, so you can access your application later if needed. According to Axos Bank, this process takes just 15 minutes.

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Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.

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