Axos Bank High Yield Money Market account review
Earn 0.25% APY but lacks the perks of Axos’ other accounts.
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.
Minimum deposit to open
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 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 accounts, you won’t get overdraft protection or ATM reimbursements for using an out-of-network ATM.
How do I open the Axos Bank High Yield Money Market account?
Open your money market account in six steps:
- Click Apply now.
- From the Axos website, click Open an Account.
- Choose whether or not you want to add an additional account.
- Create an account and click Start Application.
- Photo capture your ID or enter your information manually, then click Save & Continue
- Enter your funding details and click Save & Continue.
- Review your details, read and accept the disclosures and submit your application.
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
Have the following information ready before you apply:
- Social Security number
- Valid residential address
- Driver’s license or other state ID
Compare Axos Bank High Yield Money Market account to similar accounts
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.
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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.
- Decent rate. You’ll earn a respectable rate at 0.25% APY. That’s above the national average but not competitive compared to other money market accounts.
- Non-tiered rate. Your APY is 0.25% 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.
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.
- Certificates of deposit. Get 0.2% APY on three and six-month CDs and 0.2% APY on any CD term of a year or more with a $1,000 minimum deposit.
- High-yield savings account. This account earns up to 0.61% APY depending on how much you have in the account, and requires a $250 minimum deposit to open.
- Business savings. Allows you to earn 0.2% 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 0.2% APY on balances over $24,000 with no monthly maintenance fees.
- Business money market account. Earn 0.2% 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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