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Axos Bank High Yield Money Market account review

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Earn 0.7% APY but lacks the perks of Axos’ other accounts.

Axos Bank’s High Yield Money Market account offers a competitive 0.7% rate regardless of your account balance. But if your account drops to zero at the end of the monthly cycle, your account will close.

0.70%

APY

$0

Fee

$1,000

Minimum deposit to open

Details

APY0.70%
Fee$0
Minimum deposit to open$1,000
Interest compoundingDaily
Monthly transaction limit6
Go to site
More Info

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

Axos Bank’s High Yield Money Market account offers a competitive rate a 0.7% 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 accounts, you won’t get overdraft protection or ATM reimbursements for using an out-of-network ATM.

What are the benefits of a money market account with Axos Bank?

In addition to its free ATM card and check-writing privileges, you can expect the following benefits from your account:

  • No monthly maintenance fees. There is no monthly fee, so you won’t have to worry about meeting strict requirements to avoid it.
  • Competitive rate. You’ll earn a competitive rate at 0.7% APY.
  • Non-tiered rate. Your APY is 0.7% whether you have $1 or $100,000 in your account, which means you don’t have to keep a high balance to get the best rate Axos’ offers.

What should I look out for?

Consider the following drawbacks before you open your account:

  • No ATM fee reimbursement. This account comes with a free ATM card that you can use at any of the 91,000 ATMs, but you won’t get any reimbursements for using out-of-network domestic ATMs — a perk offered to other Axos accounts.
  • No overdraft protection. Most Axos accounts offer overdraft protection, but this account requires you to pay $25 per item and up to $75 a day if you have insufficient funds.
  • Closing requirement. If your account has no funds in it at the end of the monthly statement cycle, you forfeit any accrued interest for that cycle and Axos can close your account.

If you want a money market account with a competitive rate, overdraft protection and reimbursements, you’ll want to keep looking. As always, compare your options when considering a money market account.

Compare with other savings accounts

$
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months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
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Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
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Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $7 per month for Aspiration Plus ($5.75 per month if you pay annually)
$10
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Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Bank Money Market
0.60%
$0
$100
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A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
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A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
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Compare up to 4 providers

How do I open the Axos Bank High Yield Money Market account?

Open your money market account in six steps:

  1. Visit the Axos website and click Open an Account.
  2. Choose whether or not you want to add an additional account.
  3. Create an account and click Start Application.
  4. Photo capture your ID or enter your information manually, then click Save & Continue
  5. Enter your funding details and click Save & Continue.
  6. Review your details, read and accept the disclosures and submit your application.

Eligibility

You must meet the requirements below to open a High Yield Money Market account:

  • At least 18 years old
  • US resident or citizen
  • $1,000 minimum opening deposit

Required information

Have the following information ready before you apply:

  • Social Security number
  • Valid residential address
  • Driver’s license or other state ID

How do I deposit or withdraw my money?

Like most money market accounts, you can only make up to six transactions a month. Use one of the following methods to access your money market funds:

  • ATM. Use an Axos Bank ATM to make deposits or withdraw funds for free. Out-of-network ATM fees are not reimbursed.
  • Checks. Your money market account comes with check-writing privileges, but writing a check counts against your six transactions a month.
  • Mobile deposit. Use your mobile app to deposit checks.
  • Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for domestic and $45 for international wires.
  • ACH transfer. Transfer money between banks over the phone or online for free.
  • Green Dot Network. Deposit cash through a networked retailer for a $4.95 fee.

What other savings options does Axos Bank offer?

Axos offers two personal savings options and three business accounts.

Personal

  • Certificates of deposit. Get 0.25% APY on three and six-month CDs and 0.4% APY on any CD term of a year or more with a $1,000 minimum deposit.
  • High-yield savings account. This account earns 0.81% APY no matter how much you have in the account, and requires a $250 minimum deposit to open.

Business

  • Business savings. Allows you to earn 0.5% APY with a $1,000 minimum deposit. But you must maintain a $2,500 average daily balance to avoid the $5 monthly maintenance fee.
  • Business premium savings. Requires a $25,000 minimum deposit and allows you to earn 0.05% APY on balances over $24,000 with no monthly maintenance fees.
  • Business money market account. Earn 0.5% APY with a $1,000 minimum deposit, but you must maintain a $5,000 balance to avoid the $10 monthly maintenance fee.
  • Business CDs. With a $1,000 minimum deposit, you can earn 0.4% APY, compounded daily, and transfer your interest electronically for free.

How do I contact Axos Bank customer service?

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.

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