Axos ONE®

Axos ONE® is a powerhouse "combo" account designed for people who want high yields on both checking and savings without jumping through the hoops of debit-card usage required by the standard Axos Rewards Checking account. By meeting a reasonable deposit requirement ($1,500/month), you unlock a massive 4.31% APY on savings and 0.51% APY on checking. If you have a steady income and want a unified, fee-free banking hub with unlimited ATM rebates, this is arguably one of the best digital banking bundles available.

At a Glance

• Account Type: Online Checking & Savings Bundle
• Monthly Fee: $0
• Minimum Opening Deposit: $0
• APY (Interest): Up to 0.51% (Checking) and 4.31% (Savings) if requirements are met; Base rates are 0% / 1.00%.
• Overdraft Fees: $0 (No overdraft or non-sufficient funds fees)
• ATM Access: Unlimited Domestic ATM Fee Reimbursements (Use any ATM in the US, and Axos refunds the fees).
• Key Feature: High-Yield Bundle (Earn interest on both checking and savings)
• Requirements: Receive $1,500/mo in direct deposits AND maintain $1,500 average daily balance to unlock top rates.

Overview

Axos ONE® is a bundled banking product that combines a checking account and a savings account into a single ecosystem. It differs significantly from the famous Axos Rewards Checking.

• Rewards Checking is for Spenders (Requires debit card swipes to earn yield).
• Axos ONE is for Earners (Requires direct deposit + balance to earn yield).

If you use a travel rewards credit card for all your purchases and rarely touch your debit card, Axos ONE is the superior choice because you don't need to swipe your debit card 10 times a month to earn your interest.

Features & Benefits

• The Rate Structure:
  • Tier 1 (Base): If you open the account but don't meet requirements, you earn 1.00% on Savings and 0% on Checking.
  • Tier 2 (Premium): If you receive $1,500 in direct deposits AND keep a $1,500 average balance, you earn 4.31% on Savings and 0.51% on Checking.
• Unlimited ATM Rebates: Unlike banks that cap reimbursements at $10 or $20, Axos covers unlimited domestic fees. This effectively makes every ATM in America a free Axos ATM.
• One App: You can view both accounts in a single dashboard and move money instantly between them.

Fees & Requirements

• Monthly Fee: $0.
• Overdraft Fee: $0.
• Minimum Opening Deposit: $0.
• Wire Fees: Incoming wires are free; outgoing wires typically incur standard fees ($35 domestic).

Borrower Experience

• Mobile App: The Axos app is functional and secure, offering mobile check deposit, bill pay, and peer-to-peer transfers. It includes "Evo," a virtual financial assistant.
• Onboarding: Account opening is fully digital and takes about 5-10 minutes.

Who It’s Best For

• The "Credit Card User": If you put all your spending on a Chase Sapphire or Amex Gold to earn points, you will hate accounts that force you to use a debit card. Axos ONE lets you use your credit cards while still earning high interest on your bank balance.
• The $1,500+ Earner: If your take-home pay is at least $1,500/month, hitting the direct deposit requirement is automatic.
• ATM Heavy Users: If you withdraw cash frequently in high-fee locations (like bars or festivals), the unlimited reimbursement saves you $5–$10 per withdrawal.

Who Should Skip It

• Gig Workers: If your income fluctuates and you might not hit $1,500 in deposits every month, you will lose the high interest rate. SoFi (no minimum balance for 4.60% if you have a direct deposit) might be safer.
• Cash Depositors: If you get paid in cash, you have no easy way to deposit it here.
• Max Rate Chasers: While 4.31% is great, some savings-only accounts (like UFB Direct or Bread Savings) might offer slightly higher rates without the checking requirement.

Bottom Line

Axos ONE® is the perfect "set it and forget it" banking hub for the employed professional. If you can automate your paycheck to hit the $1,500 threshold, you get a premium banking experience with high yields and unlimited ATM access for free. It eliminates the need to juggle separate checking and savings accounts, provided you maintain that critical $1,500 buffer.