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finder.com’s rating: 4.1 / 5.0
★★★★★
Axos Bank’s High Yield Money Market account offers a middling 0.25% rate regardless of how much money is in your account. But if your balance drops to zero before the end of your monthly statement cycle, your account will close.
0.25%
APY
$0
Fee
$1,000
Minimum deposit to open
Annual percentage yield (APY) | 0.25% |
---|---|
Fee | $0 |
Minimum deposit to open | $1,000 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
More info | Go to site |
Review by
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Axos Bank’s High Yield Money Market account offers a decent rate at a 0.25% APY. There are also no tiers, so you don’t need to keep a certain amount of funds in your account to earn interest.
But unlike other Axos Bank savings accounts, you won’t get overdraft protection or ATM reimbursements for using an out-of-network ATM. Overall, you can find other money market or high-yield savings accounts with higher interest and a lower opening deposit while still getting check-writing or debit card privileges.
Axos Bank claims that you can open your money market account in about 15 minutes. Follow these steps to get started.
You must meet these requirements to open your Axos Bank High Yield Money Market account account.
Have this important information ready before you apply.
We gathered a quick comparison of Axos Bank High Yield Money Market account and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more money market savings accounts.
Quontic Bank Money Market |
Axos Bank High Yield Money Market account |
CIT Bank Money Market |
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★★★★★ |
★★★★★ |
★★★★★ |
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|
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Fee $0 |
Fee $0 |
Fee $0 |
APY 1.50% |
APY 0.25% |
APY 0.85% |
Minimum deposit to open $100 |
Minimum deposit to open $1,000 |
Minimum deposit to open $100 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
With Axos Bank High Yield Money Market account account, you won’t have to worry about monthly fees. It also free ATM card and check-writing privileges, like most other money market accounts.
Other benefits to expect:
Get an idea of how much interest you can earn with this money market account. You’ll earn more than usual for a savings account, but not as much as other high-yield accounts available.
APY | Amount in savings | Interest earned in 12 months |
---|---|---|
0.25% | $1,000 | $2.50 |
0.25% | $5,000 | $12.52 |
0.25% | $10,000 | $25.03 |
You’ll want to keep track of your balance when using your money as well as double-check that an ATM is in network with this account.
If you’re looking for savings products with more perks and competitive rates, you could go for the Axos Bank High Yield Savings account with 0.61% APY and a debit card available upon request.
Outside of Axos Bank’s products, you might also try the Quontic Bank Money Market account with 1.5% APY and no monthly maintenance or overdraft fees, or the Quontic Bank High Yield Savings account with one of the highest APYs available at 1.25%.
Use one of a variety of methods to access your money market funds. Like most money market accounts, you can make up to six withdrawals per month.
Fill up the funds in your account in five different ways, including:
You’re not short on options for taking money out of your Axos Bank High Yield Money Market account account.
You can log in to your online account to send a secure message or call customer support at 1-888-502-2967 any time of the week, excluding major holidays.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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