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Axos Bank High Yield Savings account review

Earn 0.61% APY on balances below $25,000.

Balances below $25,000 earn 0.61% APY and you have the option of requesting an ATM card. But you won’t have any overdraft protection, and higher balances earn lower interest rates.

Up to 0.61%





Minimum deposit to open


Annual percentage yield (APY)0.61% on balances of $0 to $24,999
0.25% on balances of $25,000 to $99,999
0.15% on balances of $100,000+
Minimum deposit to open$250
Minimum balance to earn interest$0
Interest compoundingDaily
Fee per transaction over the limit$10
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, and, 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 Savings account offers an attractive interest rate of 0.61% APY, but that rate is only applicable to balances below $25,000. Higher balances earn diminishing returns, but those returns are still decent.

If your balance is between $25,000 and $99,999.99, you’ll earn 0.25%. And if your balance exceeds $100,000, you’ll earn 0.15%. Both of those rates are well above the national average, but other banks offer high APYs regardless of your balance. For instance, Chime’s high yield savings account earns 0.5% APY on any balance of $0.01 or more.

Keep in mind, though, that Axos Bank High Yield Savings offers an ATM card linked directly to your savings. Most other banks, including Chime, require you to open a linked checking account if you want to access your savings from an ATM.

Also, if you think you’ll be making a lot of transactions, you’ll want to watch out for overdraft fees. Unlike some other Axos accounts, this one doesn’t come with overdraft protection. If you overdraw on your account you’ll pay $25 for every item — up to $75 a day.

How do I open an Axos Bank High Yield Savings account?

Open your savings account online in six steps:

  1. Click Apply now.
  2. From Axos Bank’s website, go to High Yield Savings account and click Open an Account.
  3. Choose whether or not you want to add a checking account.
  4. Create an account login and click Start Application.
  5. Photo capture your ID or enter your information manually, then click Save & Continue.
  6. Enter details of how you want to fund the account and click Save & Continue.
  7. Review your details, accept the disclosures and submit to apply.


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

  • At least 18 years old
  • US resident or citizen
  • $250 minimum deposit to open the account

Required information

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 Savings to similar accounts

We gathered a quick comparison of Axos Bank High Yield Savings and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more savings accounts.

Axos Bank High Yield Savings


Finder Rating: 4 / 5

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0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+

Minimum deposit to open


Minimum balance to earn interest


What are the benefits of a savings account with Axos Bank?

As with most savings accounts, there is no monthly maintenance fee. You can also expect the following benefits:

  • Earn up to 0.61% APY. This interest rate beats what you’ll typically find at traditional banks, and it’s significantly higher than the national interest rate average. But you’ll only earn this rate if your balance is below $25,000. If your account balance is between $25,000 and $99,999.99, you’ll earn 0.25%. And if your balance exceeds $100,000, you’ll earn 0.15%.
  • No minimum balance. You don’t need to maintain a certain balance to earn interest on this account, and the same APY applies to all account balances.
  • ATM card. Unlike most savings accounts that don’t come with a debit or ATM card, this one does. You can request a free ATM card and according to a rep, this account qualifies for unlimited reimbursements on out-of-network ATM fees.

What should I look out for?

Consider the following drawbacks before you open your account:

  • No overdraft protection. Unlike with other Axos accounts, you have to pay $25 per item, up to $75 per day, when you have insufficient funds and an ACH transfer or bill pay takes your account overdraft.

If you think you’ll be tempted to make a lot of transactions and risk overdrafting on this account, you’ll want to keep looking. As always, compare your options when considering a high-yield savings account.

How do I deposit or withdraw my money?

This account typically has a six transaction limit each month. But due to the coronavirus pandemic, Axos has waived this limit. You can access your money in five ways:

  • ATM. Use an Axos Bank ATM to make deposits or withdraw funds for free.
  • Mobile deposit. Use your mobile app to deposit checks.
  • Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for a domestic wire and $45 for international wires.
  • ACH transfer. Transfer money between banks over the phone or online for free.
  • Green Dot Network. Allows you to deposit cash through a networked retailer for a fee. Typically, the retail store charges $4.95 per deposit. There is no additional fee from Axos.

What other savings options does Axos Bank offer?

Axos offers two personal savings options and three business savings accounts.

Personal savings

  • Certificates of Deposit. Get 0.2% APY on 3- and 6-month CDs and 0.2% APY on any CD term of a year or more with a $1,000 minimum deposit.
  • High-yield money market account. Similar to the High Yield Savings, this account earns 0.25% APY no matter how much you have in the account, but the account requires a $1,000 minimum deposit to open.

Business savings

  • 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 $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. You can 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. You can also write checks on this account, and your first set of checks is 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 888-502-2967 any time of the week, excluding major holidays.

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