Review
Updated
Fact Checked
Eric McWhinnie
This account checks some of the boxes you'd expect from an online savings account. The Axos High-Yield Savings account has no monthly maintenance fee and it provides customers with easy access to their funds through the optional ATM card. But the lack of a competitive APY means most should pass on opening an account.
In this Axos High-Yield Savings account review, we'll cover all its benefits and drawbacks to help you decide if it’s the right fit for you.
Member FDIC.
Ratings Methodology
Rates as
of May 18, 2024
Axos High-Yield Savings
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 2.50 out of 5 stars.
2.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Best
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= Excellent
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= Good
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= Fair
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= Fair = Poor- ATM card available
- Minimum opening balance requirement
- Low APY
- Not all balances earn the highest APY
Axos High-Yield Savings packs in a good APY for balances up to $25,000. Importantly, the account also doesn't charge monthly maintenance fees or have a minimum balance requirement. It also comes with a free debit card for those who request it, so you can quickly withdraw funds directly from your savings account.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.00% APY for balances of $5,000 or more
Rate info
5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.25%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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Axos High-Yield Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Axos High-Yield Savings | Up to 0.61% | $250 |
Data source: Axos Bank.
To call this Axos Bank savings account "high yield" might be overstating things just a bit. Yes, the APY offered is higher than the current national average, but you can easily find banks offering yields seven times higher -- or more. Plus, you need $250 to open the account and only earn the highest APY on balances up to $25,000.
Full Axos High-Yield Savings review
The Axos High-Yield Savings account is highly-rated for a reason, but that doesn't mean it's the best savings account for you. Find out its top benefits and drawbacks below.
Top perks
No maintenance fees: Axos Bank doesn't charge you a monthly fee just for having one of its High-Yield Savings accounts.
No minimum balance requirements: You don't have to maintain a minimum balance in your Axos High-Yield Savings account to avoid fees or earn interest. However, there is a $250 minimum opening deposit.
Free ATM card upon request: Axos is one of the few online banks that gives you an ATM card with your savings account. This lets you withdraw cash whenever you need it without first transferring the money to another account. You must request an ATM card from Axos Bank, though, as it doesn't provide it automatically.
Manage your account online: You can set up account alerts, enable or disable your ATM card, and manage your Axos High-Yield Savings account online. You can also use the bank's mobile app to do any of those tasks.
High FDIC insurance limit: The standard FDIC insurance limit is $250,000 per person, per institution. Axos participates in a banking network that essentially spreads your account across several banks to multiply your insurance limit. While most people won't need nearly this much, Axos claims it can protect as much as $175 million in deposits in a single Axos account.
What could be improved
Low APY: While this account used to offer a competitive APY, that is no longer the case. We recommend reviewing the best high-yield savings accounts for other options to consider if maximizing yield is a priority for you.
Minimum opening deposit: The Axos High-Yield Savings account's $250 minimum opening deposit isn't unusually high. However, it could prohibit those with limited savings from opening this account.
Not all balances qualify for the same rate: The Axos High-Yield Savings account uses a tiered APY system. Balances up to $25,000 receive the highest APY, but anything over this will earn a lower rate. If you have a high-balance savings account, you may want to look elsewhere.
How to access your money
Axos offers convenient access to your funds. Here's how you can get money in and out of the Axos High-Yield Savings account.
Deposit options
You can deposit money into your Axos High-Yield Savings account using any of the following methods:
- Electronic transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
Withdrawal options
You may withdraw funds from your Axos High-Yield Savings account via:
- Electronic transfer
- Wire transfer
- Telephone transfer
- ATM withdrawal
As mentioned above, ATM withdrawal is especially convenient and somewhat unusual.
The Axos High-Yield Savings account is right for you if:
The Axos High-Yield Savings account is a good fit if you want an account without monthly fees or balance requirements, especially if you're already an Axos customer for a checking account or other banking products. It's also a great fit for those who want to withdraw cash directly from a savings account without first transferring it to a checking account. But the lack of a competitive APY makes other options stand out more than this savings account.
Keep reading about Axos Bank:
- Axos Bank Review
- Axos Bank Rewards Checking Account Review
- Axos Basic Business Checking Account Review
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Axos Bank offers the Axos High-Yield Savings Account, but it doesn't offer an APY that is competitive with most other high-yield savings accounts from online banks. However, the account has no minimum balance requirement and no monthly fees, and is one of the few online savings accounts that gives account holders ATM access to their money.
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With the aggressive raising of interest rates by the Federal Reserve since early 2022, many online high-yield savings accounts are paying APYs in the 5% range. You'll need to shop around to find out which FDIC-insured online bank has the best rates, but a 5% APY isn't out of the question.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
American Express is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. Matt Frankel has positions in American Express. The Motley Fool has positions in and recommends Axos Financial and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.