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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.
Up to 0.61%
APY
$0
Fee
$250
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+ |
---|---|
Fee | $0 |
Minimum deposit to open | $250 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Fee per transaction over the limit | $10 |
More info | Go 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, Credit.com 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.
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.
Open your savings account online in seven steps:
You must meet the requirements below to open a High Yield Savings account:
Have the following information ready before you apply:
As with most savings accounts, there is no monthly maintenance fee. You can also expect the following benefits:
Consider the following drawbacks before you open your account:
If you plan on using this account to house a nest egg over $25,000, you might want to compare other savings account options.
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 |
Lemmata Savings Bank Money Market Account |
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★★★★★ |
★★★★★ |
★★★★★ Finder rating 4.6 / 5 |
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Fee $0 |
Fee $0 |
Fee $0 |
APY 0.61% 0.25% 0.15% |
APY 4.21% |
APY 3.95% |
Minimum deposit to open $250 |
Minimum deposit to open $0 |
Minimum deposit to open $1 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
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:
You can speak to an Axos Bank representative in three ways at any time of the week: