Axos High-Yield Savings might be for you if: You want an easy-to-use savings account that gets better than the national average APY for balances under $25,000. But this savings account has a few big drawbacks. For starters, the best savings accounts can give you a much higher yield.
In this Axos High-Yield Savings review, we'll dive into the details on whether this savings account is a good choice for your money.
Open Account for Axos High-Yield Savings
OnAxos Bank'sSecure Website.
Member FDIC.
Ratings Methodology
Rates asof Sep 15, 2024
Axos High-Yield Savings
Open Account for Axos High-Yield Savings
OnAxos Bank'sSecure Website.
Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5Our 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
Rating image, 2.50 out of 5 stars.
2.50/5Our 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
Open Account for Axos High-Yield Savings
OnAxos Bank'sSecure Website.
APY
up to 0.61%
Min. To Earn APY
$0.01
- ATM card upon request
- No minimum balance requirements
- Comprehensive mobile app
- APY is not competitive with the best savings accounts
- Higher balances get lower APYs
Axos High-Yield Savings gives you a better-than-average APY for balances up to $25,000. The account 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 |
|---|---|---|---|
Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our 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. | up to 4.50%² Rate infoYou 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 | New customers can earn up to a $300 bonus with qualifying direct deposits!¹ | Open Account for SoFi Checking and Savings OnSoFi'sSecure Website. |
Open Account for CIT Platinum Savings OnCIT'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our 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. | 4.85% APY for balances of $5,000 or more Rate info4.85% APY for balances of $5,000 or more; otherwise, 0.25% APYMin. to earn: $100 to open account, $5,000 for max APY | N/A | Open Account for CIT Platinum Savings OnCIT'sSecure Website. |
Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our 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. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings OnCapital One'sSecure Website. |
Full Axos High-Yield Savings review
Axos Bank made our list of best checking accounts, but unfortunately this bank's high-yield savings account doesn't measure up as one of the best places to keep your savings.
Axos High-Yield Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Axos High-Yield Savings | up to 0.61% | $0 |
Data source: Axos Bank.
Axos High-Yield Savings is a tiered-rate savings account, which means different amounts of savings account balances receive different rates. Unfortunately, this savings account actually pays lower APYs on higher balances. If you have less than $25,000 in your Axos High-Yield Savings account, you can get the top rate, but higher balances will earn lower rates.
The best rate from Axos High-Yield Savings is slightly better than the national average savings rate (0.45% as of June 17, 2024), but much lower than the best savings accounts (5.00% APY or higher).
Fees
One good thing about the Axos High-Yield Savings account is that it doesn't charge fees. This account has no maintenance fees, and it provides a free ATM card upon request. ATM transactions are free, but other financial institutions may impose charges, so be aware of that if withdrawing cash from non-Axos Bank ATMs.
Minimum balance
Axos High-Yield Savings has no minimum balance requirements. This is another "pro" for this Axos Bank savings account compared to other savings accounts; some of the best high-yield savings accounts also require high minimum balances. With Axos High-Yield Savings, you aren't getting the best APY in the banking industry. But no minimum balance means this account is easy to use -- and could be a good place to park a small emergency fund.
Withdrawal limit
Axos Bank may choose to impose some limits on the number of certain types of withdrawals you can make from your savings account or money market account per month. Each month or monthly statement cycle, you are limited to no more than six of any of the following types of "convenient" transfers or withdrawals from your Axos Bank savings account:
- Preauthorized transfers (including overdraft transfers)
- Telephone transfers or other electronic transmissions
- Online banking and mobile banking transfers or bill payment transfers
- Transfers by check, draft, or debit card (if allowed on your savings account)
If you exceed this limit of six transactions per month, Axos Bank may charge you an excess withdrawal fee ($10 per transaction). If you exceed the withdrawal limits too often, the bank may choose to convert your savings account to a different type of account, or even close your account.
This six withdrawals per month limit is part of Regulation D, a federal government rule for how bank customers are allowed to use their savings accounts. Not every bank enforces this Regulation D limit, but Axos Bank is a bit more strict compared to some banks. If you need to move money out of your Axos High-Yield Savings account a few times per month, be careful not to exceed that six transaction limit.
Mobile app
Axos Bank has a mobile banking app with a wide range of money management features, called the Axos Bank All-In-One Mobile App. You can use this app to manage your Axos High-Yield Savings account with direct deposits, online transfers, and more. The Axos Bank app also provides special tools and perks like free credit score monitoring and spending trackers -- you can even track your spending with linked accounts from other banks.
The Axos Bank All-in-One Mobile App gets great reviews for iOS (4.7 out of 5 stars on the App Store) but less favorable ratings for Android (3.3 out of 5 stars on Google Play).
How to access your money
Axos High-Yield Savings doesn't offer the highest APYs in America, but it has a wide range of convenient options for putting money into (and taking money out of) your savings account.
Deposit options
- ATM deposits
- Branch deposits (only at select locations in California and Nevada)
- Check sent by mail
- Direct deposits (ACH transfers)
- Mobile check deposit (via mobile app)
- Wire transfers
Withdrawal options
- ATM withdrawals
- Online transfers
- Mobile app transfers
Online user reviews
Axos Bank is accredited by the Better Business Bureau, and has been since October 2011. The bank gets an A+ rating on BBB.org. Like most banks, Axos Bank has received some complaints on BBB.org, and only gets 1.07 stars based on customer reviews -- but none of the recent customer complaints or negative reviews seem to be focused on the High-Yield Savings account.
The bank also gets negative reviews on Trustpilot, with 1.9 stars based on customer reviews. Only one complaint on Trustpilot seemed to be about the Axos Bank savings account, and it was quickly resolved. In fairness to Axos Bank, its customer support teams are proactively responding to customer feedback on BBB.org and Trustpilot, even if the customer complaints are harshly negative or confusingly-worded.
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.
Free ATM card upon request: Axos Bank 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.
What could be improved
Low APY: While higher than the national average, this account's APY is nowhere near as competitive as what other high-yield savings accounts are offering. We recommend reviewing the best high-yield savings accounts for other options to consider if maximizing yield is a priority for you.
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.
Is Axos High-Yield Savings FDIC insured?
Yes. Axos Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and has been FDIC insured since July 2000. Your deposits with Axos High-Yield Savings (or other qualifying Axos Bank deposit accounts) are protected against bank failure and automatically insured to at least $250,000.
Axos High-Yield Savings is right for you if:
You're so impressed by the Axos Bank mobile app (which does have some impressive tools and free perks) that you're willing to miss out on a much higher APY from the best savings accounts or money market accounts.
Keep reading about Axos Bank:
- Axos Bank Review
- Axos Bank Rewards Checking Review
- Axos Basic Business Checking Review
Review sources
- https://www.axosbank.com/Personal/Savings/High-Yield-Savings
- https://www.fdic.gov/resources/bankers/national-rates/index.html
- https://www.axosbank.com/-/media/Axos/Documents/Legal/Personal-Deposit-Account-Agreement-and-Schedule-of-Fees--Axos.pdf
- https://www.axosbank.com/Tools/Payment-Apps/Mobile-App
- https://apps.apple.com/us/app/axos-all-in-one-mobile-banking/id1396586421
- https://play.google.com/store/apps/details?id=com.axos.udb&hl=en_US
- https://www.bbb.org/us/ca/san-diego/profile/bank/axos-bank-1126-172002332
- https://www.bbb.org/us/ca/san-diego/profile/bank/axos-bank-1126-172002332/complaints
- https://www.bbb.org/us/ca/san-diego/profile/bank/axos-bank-1126-172002332/customer-reviews
- https://www.trustpilot.com/review/axosbank.com
- https://www.axosbank.com/Legal/FDIC-Notice
- https://banks.data.fdic.gov/bankfind-suite/bankfind/details/35546
- https://www.fdic.gov/resources/deposit-insurance/
- https://www.fdic.gov/resources/deposit-insurance/faq/
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
Axos Bank is a member of the FDIC, so your Axos High-Yield Savings account would be protected by FDIC insurance. This covers up to $250,000 per FDIC-insured bank, per depositor, per ownership category. Money market accounts, checking accounts, and certificates of deposit (CDs) with Axos Bank are also protected by FDIC insurance.
The Axos High-Yield Savings account is not as "high-yield" as the best savings accounts and money market accounts. Some other banks and credit unions can offer 5.00% APY (and higher) right now.
Check out The Ascent's picks for best savings accounts to find banks and credit unions offering 5.00% APY (and higher). The best money market accounts could also be a good choice for your savings. Or if you're willing to commit your cash for a specific length of time, some of the best CDs can also give you 5.00% APY.
