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Axos Bank High Yield Money Market account review

Earn 0.25% APY, but you'll earn more and get more perks from other Axos Bank savings 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.

0.25%

APY

$0

Fee

$1,000

Minimum deposit to open

Details

Annual percentage yield (APY)0.25%
Fee$0
Minimum deposit to open$1,000
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
More infoGo 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.

Expert review

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.

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

Axos Bank claims that you can open your money market account in about 15 minutes. Follow these steps to get started.

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

Eligibility

You must meet these requirements to open your Axos Bank High Yield Money Market account account.

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

Required information

Have this important 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.

Quontic Bank Money Market

Axos Bank High Yield Money Market account

★★★★★

Finder rating 4.6 / 5

★★★★★

Finder rating 4.1 / 5

Go to site
on Quontic Bank's secure site
Go to site
on Axos Bank's secure site

Fee

$0

Fee

$0

APY

1.50%

APY

0.25%

Minimum deposit to open

$100

Minimum deposit to open

$1,000

Minimum balance to earn interest

$0

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

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:

  • No monthly maintenance fees. There is no monthly fee, so you won’t have to worry about meeting strict requirements to avoid it.
  • Decent interest. 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 that you don’t have to keep a high balance to get the best rate Axos’ offers.
  • Debit card locking. Control when you use your debit card by locking or unlocking it via your online account. That way you can focus on saving or having access to funds, whichever suits your current situation.

How much interest you can earn

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.

APYAmount in savingsInterest earned in 12 months
0.25%$1,000$2.50
0.25%$5,000$12.52
0.25%$10,000$25.03

What should I look out for?

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.

  • 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 at the end of the monthly statement cycle, you forfeit any accrued interest for that cycle and Axos can close your 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%.

How do I deposit or withdraw my money?

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.

Deposits

Fill up the funds in your account in five different ways, including:

  • ACH transfer. Transfer money between banks over the phone or online for free.
  • ATM. Use an Axos Bank ATM to make deposits for free. Out-of-network ATM fees are not reimbursed.
  • Green Dot Network. Deposit cash through a networked retailer for a $4.95 fee.
  • Mobile deposit. Use your mobile app to deposit checks.
  • Wire transfer. Incoming wire transfers are free of charge.

Withdrawals

You’re not short on options for taking money out of your Axos Bank High Yield Money Market account account.

  • ACH transfer. Initiate a bank-to-bank withdrawal via phone or online without paying extra.
  • ATM. You can also withdraw funds from an ATM for free, but you’ll pay for out-of-network ATMs.
  • Checks. Your money market account comes with check-writing privileges, but writing a check counts against your six-transaction limit.
  • Wire transfer. Outgoing transfers cost $35 for domestic and $45 for international wires.

    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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