Is Axos Bank Legit? Safety, FDIC Insurance and What to Know
Axos Bank is an FDIC insured online bank in San Diego that has been open since 2000, formerly known as Bank of Internet USA. Here is how your money is protected, what Axos ONE pays and the trade offs to know.
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Yes. Axos Bank is a real, FDIC insured bank (certificate 35546) based in San Diego, California, that opened as an online bank on July 4, 2000. Deposits are insured up to $250,000 per depositor, per ownership category. Its parent company, Axos Financial, trades on the New York Stock Exchange as AX. Axos ONE Savings pays up to 4.21% APY when you meet monthly checking rules (as of Oct 27, 2026).
Axos is one of the older online banks in the US, but many people still know it by its earlier name. Here is who stands behind it, how your money is protected and what to watch for.
Limited time at Axos Bank: New customers can earn 5.00% APY on the first $49,999.99 for their first 6 statement cycles, in each cycle they meet the monthly direct deposit and balance rules. Anyone who has held an Axos or UFB Direct account before does not qualify. Open by Oct 31, 2026. After the promo, savings earns 4.21% APY in months you meet the rules and up to 1.00% in months you miss them. (Terms as of Oct 27, 2026.) How the promo works.
Who is Axos Bank?
Axos Bank launched as a digital bank on July 4, 2000. It operated as BofI Federal Bank, using the consumer brand Bank of Internet USA, and rebranded as Axos Bank on October 1, 2018. On the same day, its holding company, BofI Holding, became Axos Financial and moved its stock listing from Nasdaq to the New York Stock Exchange under the ticker AX.
FDIC records list Axos Bank in San Diego, California, with about $28.9 billion in total assets as of June 30, 2026. Its primary federal regulator is the Office of the Comptroller of the Currency. Axos also has offices in Las Vegas, Nevada, where its holding company is based.
Is my money FDIC insured at Axos?
Yes, up to $250,000 per depositor, per ownership category, under certificate 35546. We confirmed it in the FDIC BankFind database. Axos says deposits held through any of its brands are combined under that one certificate, so they share the same limit.
For larger balances, Axos offers up to $2.5 million in extra FDIC coverage through its Insured Deposit Program. See how to insure more than $250,000.
What does Axos pay?
| Account | APY | Condition |
|---|---|---|
| Axos ONE Savings, up to $249,999.99 | 4.21% | Monthly checking rules met |
| Axos ONE Savings, $250,000 and up | 3.50% | Monthly checking rules met |
| Axos ONE Savings, rules missed | Up to 1.00% | Any month you miss the rules |
| Axos ONE Checking | 0.51% | Monthly checking rules met (0.00% otherwise) |
Rates as of Oct 27, 2026 from Axos’ website. Rates are variable.
The rules: each month, Axos ONE Checking needs $1,500 in direct deposits and a $1,500 average daily balance, or $5,000 in qualifying deposits and a $5,000 average daily balance. New customers who open by October 31, 2026 can also get a promo rate; see how the Axos promo works.
What is good about Axos?
- A top savings rate when you meet the rules.
- No monthly maintenance, minimum balance or overdraft fees on Axos ONE.
- 95,000+ fee free ATMs and early pay on direct deposits, up to two days early.
- 24/7 phone support, except Thanksgiving and Christmas.
- Strong app ratings: 4.7 on the App Store and 4.6 on Google Play (checked Sep 28, 2026).
What to watch for
- The top rate has monthly rules. Miss them and savings drops to up to 1.00% APY that month.
- You need checking too. Axos ONE is a bundle, so your paycheck and a $1,500 balance live in checking.
- Promos are for new customers. Past Axos or UFB Direct customers are excluded from the current boost.
- Rates can change. Axos says rates may change as often as daily.
How Axos compares
At our latest check, Axos ONE Savings is rated 4.4 out of 5 on our best high yield savings accounts page. If you do not want monthly rules, Pibank Savings pays 4.40% APY with none. See Axos ONE vs. Peak Bank and SoFi vs. Axos.
How to check you are dealing with the real Axos
- Type axosbank.com into your browser instead of clicking links in texts or emails.
- Search FDIC BankFind for certificate 35546 and confirm the name Axos Bank.
- Never share a password or one time code with someone who contacts you.
Our verdict
Axos is legitimate: an FDIC insured bank that has operated online since 2000, owned by a company listed on the New York Stock Exchange. It is a strong pick if you want checking and high yield savings in one place and can meet the monthly rules. If you want a high rate with no strings, look at a no rules account instead. Read our full Axos ONE Savings review.
Rates are variable and can change at any time. Each rate shows the date the bank says it applies; we check every figure against the bank’s own website.
Frequently asked questions
Is Axos a real bank?
Yes. Axos Bank is an FDIC insured bank in San Diego, California (certificate 35546), operating online since July 4, 2000.
Is Axos Bank FDIC insured?
Yes. Deposits are insured up to $250,000 per depositor, per ownership category, and Axos offers up to $2.5 million more through its Insured Deposit Program.
What was Axos Bank called before?
BofI Federal Bank, which used the consumer brand Bank of Internet USA. It rebranded as Axos Bank on October 1, 2018.
Who owns Axos Bank?
Axos Financial, Inc., which trades on the New York Stock Exchange under the ticker AX.
Do you need a branch to bank with Axos?
No. Axos is a digital bank. You bank through its app, website and 24/7 phone support, and use its fee free ATM network for cash.
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