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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.
0.61%
APY
$0
Fee
$250
Minimum deposit to open
APY | 0.61% |
---|---|
Fee | $0 |
Minimum deposit to open | $250 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Fee per transaction over the limit | $10 |
Go to site More Info |
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.
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.
Open your savings account online in six steps:
You must meet the requirements below to open a High Yield Savings account:
Have the following information ready before you apply:
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
★★★★★
Go to site |
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Fee $0 |
APY 0.61% |
Minimum deposit to open $250 |
Minimum balance to earn interest $0 |
American Express® High Yield Savings
★★★★★
Go to site |
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Fee $0 |
APY 0.50% |
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
Aspiration Spend & Save Account
★★★★★
Go to site |
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Fee $0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually) |
APY
|
Minimum deposit to open $10 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
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 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.
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:
Axos offers two personal savings options and three business savings accounts.
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.