Axos Bank
Axos Bank First Checking
By Alex Compton · Last verified
A free, no-overdraft-fee teen checking account from a real bank
Insurance: Axos Bank is FDIC insured directly; standard $250,000 coverage, no fintech middleman
Account Terms History
A dated record of APY, fees and opening requirements. New changes append to this table; prior terms remain visible.
| Observed | APY / yield | Monthly fee | Minimum | Evidence |
|---|---|---|---|---|
| 2026-10-12 | Not stated on the official product page | $0 | Not stated on the official product page | Axos First Checking product page →Confirmed $0 monthly fee, no overdraft fees, ages 13-17 (18 in Alabama) with adult co-owner, and $100 cash / $500 point-of-sale daily limits; the page no longer states the 0.10% APY, opening deposit or ATM reimbursement, so those claims were withdrawn |
| 2026-06-11 | 0.10% | $0 | None ($50 initial deposit suggested) | Archive record · no attached snapshotLegacy snapshot before event-level evidence attachments |
Primary-source verification log
Append-only evidence ledger- confirmed
Guide-only check: 13-17 or through 18 in Alabama, adult joint owner, no monthly or overdraft fee, $100 cash and $500 purchase daily limits. APY and ATM reimbursement not published; neither asserted. Full-record date retained.
Axos First Checking → - changed
$0 fee, no overdraft fees, ages 13-17 and $100/$500 daily limits confirmed; the page no longer states the 0.10% APY, opening deposit or ATM reimbursement, so those claims were withdrawn
Fields: apy, minimumOpen, features, atm, pros, cons, ourTake, tagline
Axos First Checking product page →
Features
- ▸Joint checking account for teens 13-17 (18 in Alabama) with an adult co-owner
- ▸Free Visa debit card with parental spending controls
- ▸Built-in guardrails: $100 daily cash and $500 daily debit limits
- ▸No monthly fees and no overdraft fees
- ▸Mobile deposit and transfers in the Axos app
Pros
- +No subscription fee for features Greenlight charges $72+/year for
- +Direct FDIC insurance from a chartered bank, not a partner-bank arrangement
- +Hard-coded daily limits prevent big mistakes without parent micromanagement
Cons
- −The product page no longer advertises an interest rate or ATM fee reimbursement
- −No chores, allowance automation, or financial literacy content
- −13+ only; families with younger kids need Chase First or Greenlight
- −Axos's app is built for adults, with less kid-focused polish
Our Take
Axos First Checking is the no-nonsense pick: a free, real bank account with no overdraft fees that caps daily spending so a teen can't get into trouble. What you give up versus the fintech apps is the gamified layer, with no chores, no savings goals, and no investing. For a 15-year-old with a job who just needs somewhere for a paycheck and a debit card, this beats paying Greenlight. For teaching an 8-year-old about money, it isn't built for that.
Best for: Teens 13+ who need a free, real bank account for paychecks and everyday spending
Open at Axos Bank →Last verified 2026-10-12
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