Axos Bank^®
High Yield Savings: 2022 Review

At Axos Bank, you are liberated from the constraints of traditional banking because it functions as a wholly-online banking system. Axos has one of the best high-yield savings accounts available.

Axos was founded in 2000 and has made a name as one of the leading online banking platforms out there. They have one of the best high-yield savings accounts available and offer a variety of lending, investment, business, and commercial banking services.

Leila Cohen

Jun 09, 2022

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Axos Bank^® High Yield Savings at a glance

About Axos Bank^®

At Axos Bank, you are liberated from the constraints of traditional banking because it functions as a wholly-online banking system. Axos was founded in 2000 and quickly became one of the leading online banks due to its wide range of features and benefits provided through a secure, user-friendly platform.

You can quickly and easily open checking accounts, savings accounts, money market accounts, and CDs. All you need is a valid ID, your Social Security Number, and 15 minutes. Axos has one of the best high-yield savings accounts available and offers various lending, investment, and commercial banking services.

All account-holders have 24/7 support through Axos’ online customer service employees. They are spread across the US, and account-holders have the comfort of knowing they are working with a FIDC-insured, publicly-traded company.

At Axos, there are three savings options

High Yield Savings

Up to 0.61% APY. Grow your savings faster with interest compounded daily. No monthly maintenance fees. No minimum balance requirements. Plus a free ATM card upon request.

High Yield Money Market

0.25% APY. Get the security of traditional savings with higher interest rates and limited check-writing privileges. No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.

Certificate of Deposits (CDs)

Higher returns, zero risk. With a $1,000 minimum deposit, you can choose terms between 3 and 60 months. All CDs are FDIC-insured to the maximum allowable limits.

"The High Yield Savings account checks all the necessary boxes when it comes to expectations for an online savings account"

High Yield Savings

The High Yield Savings account checks all the necessary boxes when it comes to expectations for an online savings account. There are no monthly fees, quick access to funds through an ATM card, and a competitive APY. Axos requires a $250 deposit to open a High Yield Savings account, but there are no further financial requirements after. Account-holders will even be able to receive a free ATM card which is unusual amongst many savings accounts.

• $0 – $25,000 : APY of 0.61%
• $25,000 to $100,000 : APY of 0.25%
• $100,000 and up : APY of 0.15%

Pros

ATM withdrawals: this is highly unusual for savings accounts, which makes it a wonderful perk Axos offers. Account-holders are able to withdraw funds without first needing to transfer funds to a checking account.

Competitive APY: the Axos High Yield Savings account has one of the best interest rates in the market.

Zero Minimum Balance: there is no minimum requirement needed to have in the account once the initial deposit has been made.

Zero Monthly Maintenance Fees: Axos Bank does not have any hidden fees that pop up once the account has been opened.

Full Online Bank Management: account-holders can access and manage all of their accounts from Axos’ mobile application.

Cons

Minimum Opening Deposit: while the amount required to open a High Yield Savings account isn’t remarkably high, it can prevent people with limited funds from creating an account who might otherwise have wanted to.

Tiered APY System: Axos Bank has different APY rates depending on the account holder’s balance. Any account with a balance over $25,000 will receive a significantly lower APY rate

"Low prices and a variety of savings and checking options. Axos Bank, one of the best banking platforms"

Axos Bank delivers low-cost banking solutions while also providing options to account-holders with personal and business accounts, loans, and other benefits. Many financial institutions strive to offer low fees but fail to meet other banking services the majority of customers need. Axos bank provides low prices and a variety of savings and checking options, which is why Go Banking Rates considers Axos Bank to be one of the best banking platforms.

How does Axos Bank^® compare?

• APY: up to 1.25%
• Monthly fees: $0
• Minimum deposit: between $50 – $250

• APY: up to .70%
• Monthly fees: $0
• Minimum deposit: $0

If you’re looking for high yield savings checking accounts, would benefit from zero ATM fees, and don’t mind having online-only customer service, Axos bank is for you.