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Axos Bank High Yield Savings account review

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

The Axos bank High Yield Savings account offers an impressive interest rate of up to 0.61% APY. That’s over 10 times the national average of 0.07% APY. And you have the option of requesting a free ATM card. But customers with higher balances may find more competitive rates elsewhere.

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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 and personal loans. 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 MediaFeed, 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 earned 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 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.

But unlike most banks that require you to transfer funds to a linked checking account to access your savings via an ATM, Axos Bank High Yield Savings offers an ATM card linked directly to your savings.

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

Open your savings account online in seven steps:

  1. Select Apply now.
  2. Go to High Yield Savings account from Axos Bank’s website and select Open an Account.
  3. Choose whether or not you want to add a checking account.
  4. Create an account login and select Start Application.
  5. Photo capture your ID or enter your information manually, then select Save & Continue.
  6. Enter details of how you want to fund the account and select 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

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.
  • 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. Keep in mind that ATM withdrawals count against your six monthly transfers limit.
  • Overdraft protection. If you have an Axos Bank checking account, you can link your Axos Bank High Yield Savings account to cover a transaction that may put drop your account below zero and avoid the $25 overdraft fee.

What should I look out for?

Consider the following drawbacks before you open your account:

  • Lower APY for high balances. While its interest rates are still competitive for balances over $25,000, you won’t earn the advertised 0.61% APY. For account balance between $25,000 and $99,999.99, you earn 0.25% APY, and anything $100,000 and over earns 0.15%.
  • No ATM reimbursements. While Axos Bank doesn’t charge ATM fees, you might incur a fee from the ATM operator. And unlike other Axos accounts with monthly ATM reimbursements, the Axos Bank High Yield Savings doesn’t have this perk, so you’re responsible for all your ATM fees.

If you plan on using this account to house a nest egg over $25,000, you might want to compare other savings account options.

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 is best for you. To keep looking, select “Compare accounts” to compare even more savings accounts.

Axos Bank High Yield Savings

UFB Best Savings


Finder rating 4 / 5


Finder rating 5 / 5

Go to site
on Axos Bank's secure site
Go to site
on UFB Direct's secure site






0.61% 0.25% 0.15%



Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


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:

  1. ATM. Use its ATM Locator to find a networked ATM to make deposits or withdraw funds for free.
  2. Mobile deposit. Use your mobile app to deposit checks.
  3. Wire transfer. Incoming wire transfers are free, but outgoing transfers are $35 for a domestic wire and $45 for international wires.
  4. ACH transfer. Transfer money between banks over the phone or online for free.
  5. Cash deposits. Visit a networked cash deposit ATM to fund your account for free or a networked retailer for a fee. Typically, the retail store charges $4.95 per deposit. There is no additional fee from Axos.

    How do I contact Axos Bank customer service?

    You can speak to an Axos Bank representative in three ways at any time of the week:

    1. Select the messaging icon to live chat with an agent.
    2. Log in to your online account to send a secure message
    3. Call customer support at 888-502-2967

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