Most Banks Are Cutting Savings Account APYs After the Fed's Move. This One Just Raised Its Rate
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If you've been watching savings account rates lately, you've probably noticed a depressing trend. The Fed cut rates in September, and almost every bank responded by trimming what they pay on deposits.
That's why Axos Bank's latest move feels almost unbelievable. Instead of cutting, it raised the APY on its Axos ONE® savings and checking bundle to up to 4.51%.
Why this stands out in 2025
Savings accounts don't usually fight the Fed. So while competitors are lowering payouts, Axos Bank is going the other way, and it's a big deal for savers.
At up to 4.51%, a $10,000 balance could earn about $461 in a year (compounded daily). Compare that with the near-zero rates still offered by the biggest banks, and you see how much money could be left on the table. Read our full review to learn more and open an Axos ONE® account now.
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Axos ONE®
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- Earn a competitive APY on checking and savings
- Pay no monthly maintenance or account fees
- No cap on how much you can save
- Access to fee-free ATM network
- Extra conditions required to earn the advertised rate
- No physical branches for in-person help
The Axos banking bundle offers the potential for very competitive rates and a simple banking experience that puts all of your accounts in one place. The mobile app may have issues, however, and online user reviews raise some concerns about access and customer service.
The Annual Percentage Yield (APY) is accurate as of 10/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE® Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE® Savings is variable and is set at our discretion. Axos ONE® Savings is a tiered variable rate account. Axos ONE® Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.
Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.
The Axos ONE® Checking account will earn a base rate of 0.00% APY. The Axos ONE® Savings account will earn a base rate of up to 1.00% APY. Axos ONE® accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE® Checking and Axos ONE® Savings, the Axos ONE® Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:
Option 1
- Your Axos ONE® Checking account has received monthly qualifying direct deposits of at least $1,500 in total.
- The average daily balance of your Axos ONE® Checking account is at least $1,500.
Option 2
- Your Axos ONE® Checking account has received monthly qualifying deposits of at least $5,000 in total.
- The average daily balance of your Axos ONE® Checking account is at least $5,000.
If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:
- The Axos ONE® Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.
- The Axos ONE® Savings account will earn a promotional rate of up to 4.51% APY for the statement cycle in which the requirements are met.
The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month.
A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.), or person-to-person payments are not considered a direct deposit.
Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.
Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.
Everyday checking earns, too
Qualified Axos ONE® checking balances can earn 0.51% APY, which is a rare perk in checking, where the standard is 0%. That means even the cash you keep handy for bills and daily spending can actually grow.
What you need to qualify
Axos Bank keeps it simple. To unlock the boosted APYs, you'll need to meet one of these paths:
- At least $1,500 in monthly direct deposits and a $1,500 daily balance, or
- At least $5,000 in monthly deposits and a $5,000 daily balance
No monthly fees. No minimum opening deposit. Just keep up the requirements, and the rates are yours.
Why waiting could cost you
This is the kind of move you don't see often when the Fed is cutting rates. Banks change rates quickly, and there's no guarantee Axos Bank keeps up to 4.51% APY on the table for long.
If your savings are still earning less than 4.00%, now's the time to make a move. I've seen too many people wait and watch rates slide away -- this is one of those chances where acting fast could pay off big.
If the Axos ONE® doesn't sound like a fit, check out our list of the best high-yield savings accounts to compare options and open an account today.
Our Research Expert
Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.