![]() Compare the account’s features with other banking options to determine if it fits your needs. ![]() This includes the high balance requirement for maximum cash-back rewards and the lack of physical branches. However, it’s important to consider the potential disadvantages before opening an account. The account is a great option if you want to earn cash back on debit card purchases, avoid monthly maintenance fees and have access to unlimited ATM fee reimbursements. Whether you should open an Axos CashBack Checking account depends on your individual needs and preferences. Should you open an Axos CashBack Checking account? While the Axos CashBack Checking account has a lot going for it, its drawbacks make this step especially prudent. It’s always good practice to explore other products to see if there is one that better suits all of your banking needs. You might consider pairing the Axos CashBack checking account with a high-yield savings account. With the current high rate of inflation, your money is losing value just sitting in the bank. This means customers are missing out on potential returns from high-yielding accounts. While the account can be managed entirely online, some customers may prefer to have the option to visit a physical branch for assistance or to make deposits.įurther, the account also doesn’t earn interest like some of the other Axos checking accounts do. The 7 best high-yield savings accounts of April 2023Īnother potential disadvantage of the Axos CashBack Checking account is its lack of physical branches. This is worth noting if you plan on making a large deposit, since most banks are eager to acquire such customers and provide high cash bonus incentives. Meanwhile, banks like Citi offer upwards of $2,000 if you can meet the deposit requirements. ![]() While the Axos CashBack Checking account offers generous ongoing rewards, it doesn’t offer new customers a bonus for opening their accounts. It’s a free checking account with no minimum balance requirement that earns 1% cash back on up to $3,000 in debit card purchases every month. If you do find yourself routinely dipping below the $1,500 required balance, then you might want to consider a Discover checking account. Customers who do not meet this requirement will only earn 0.5% cash back on signature-based purchases. One significant disadvantage of the Axos CashBack Checking account is that it requires a $1,500 balance to earn the maximum 1% cash-back rewards. You'll earn cash back on your purchases, but funds in the Axos CashBack Checking account do not earn interest. Related: American Express checking account earns rewards with a debit cardĭisadvantages of the Axos CashBack Checking account This is a massive advantage for people who travel frequently and don’t want to be restricted to using one bank’s ATM network. Axos Bank will reimburse customers for any fees that other ATM operators charge them. Whatever you spend is automatically deducted from your checking account.Īnother benefit of Axos CashBack Checking account is that it has no monthly maintenance fees and unlimited ATM fee reimbursements. You also don’t have to worry about paying your monthly bill on time in order to avoid late fees and interest. As such, a rewards-earning debit card can be a great way to earn cash back while enjoying the convenience of using a debit card. Some consumers are averse to credit cards because of the potential to accrue debt. ![]() The maximum you can earn with your debit card is $2,000 per month, which is a very high limit that most people won’t exceed. One of the key advantages of the Axos CashBack Checking account is that it earns up to 1% cash back on purchases made with its debit card. You can earn up to 1% cash back on debit card purchases with the Axos CashBack Checking account. Your CNN account Log in to your CNN account
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