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Axos Bank High Yield Savings account review

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Earn 0.61% APY regardless of your account balance.

With this account, you don’t have to meet a dollar threshold or maintain a balance to get the highest rate offered. You’ll earn 0.61% APY and you have the option of requesting an ATM card. But you won’t have any overdraft protection.






Minimum deposit to open


Minimum deposit to open$250
Minimum balance to earn interest$0
Interest compoundingDaily
Fee per transaction over the limit$10
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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

What makes Axos Bank’s High Yield Savings account an attractive option is that it’s quite straightforward. Where other accounts might come with a high minimum balance to maintain to get the highest interest rate, this account offers 0.61% APY no matter how much money you have in your account.

What’s more, you’ll get an ATM card, unlimited out-of-network fee reimbursements and you don’t have to worry about a six monthly transaction limit as Axos waived this due to the coronavirus pandemic.

But if you think you’ll be making a lot of transactions, you’ll want to watch out for overdraft fees. Unlike some of Axos’ other 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

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 0.61% APY. This interest rate beats what you’ll typically find at traditional banks and it’s currently higher than the national interest rate average.
  • 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.
  • No monthly transaction limits. Due to the coronavirus pandemic, Axos is currently waiving it’s six monthly transaction limit.

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.

Compare with other savings accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
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)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
CIT Bank Money Market
A savings account with a higher-than-average rate and minimal fees.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.

Compare up to 4 providers

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 0.25% APY on 3- and 6-month CDs and 0.4% 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 0.61% 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 0.5% 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 $25,000 minimum deposit, and allows you to earn 0.5% APY on balances over $24,000 with no monthly maintenance fees.
  • Business money market account. You can 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. 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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