This High-Yield Savings Account Pays an Incredible APY of up to 4.51%
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Savings account rates have been slipping since the Federal Reserve lowered interest rates in September. Annual percentage yields (APYs) of 4.00% or more are vanishing.
Yet one savings account recently raised its rate to an impressive APY of up to 4.51%: Axos ONE®.
You need to meet a requirement to earn that APY, but it's a low hurdle for most people who earn a paycheck. Here's everything you need to know about this high-yield savings account.
How to get up to 4.51% APY
Axos ONE® is a checking and savings bundle; you open both accounts together.
The savings account pays up to 4.51% APY, and the checking account pays 0.51% APY, if you meet one of these requirements:
- Direct deposit at least $1,500 per month and maintain an average daily balance of more than $1,500
- Deposit at least $5,000 per month and maintain an average daily balance of more than $5,000.
Note: Qualifying transactions must post and clear the account by the 25th of the month.
So if you direct-deposit your paychecks, and your take-home pay is at least $1,500 per month, then you can easily earn up to 4.51% APY on savings.
If you don't meet those requirements, then you'll earn 1.00% APY on savings and 0% APY on checking.
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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.
Other perks of Axos ONE®
Not only does this account pay a top-tier APY, but it has all the other features that we look for in the best high-yield savings accounts -- and more.
- No monthly fees: You don't need to pay anything just to keep your account open.
- Fast and easy access to cash: Transfers between Axos Bank accounts are instant, and the checking account comes with a debit card and access to over 95,000 fee-free ATMs.
- Early payday: Get your paychecks up to two days early.
- Highly rated mobile app: 4.5 stars on Google Play and 4.7 stars in the Apple Store
- Extra FDIC insurance: FDIC insurance covers $250,000 in deposits per person, per bank. But with InsureGuard+ Savings, offered by Axos Bank, up to $265 million is FDIC-insured. You don't need to open multiple accounts, and the service is free.
Should you open an account?
If you can meet the requirements for the max APY, then Axos ONE® is absolutely worth it. I review bank accounts on a daily basis, and no offer that I've seen recently beats this one.
There are only two things this bank account doesn't offer that you might want:
- A new member bonus. A cash bonus for opening an account is nice, but in the long run, a high APY is worth more.
- Physical bank branches. These aren't necessary for most savers today, but if you frequently handle large amounts of cash, then you might want a local branch. Even then, you could maintain two bank accounts -- one for in-person deposits and withdrawals, and Axos ONE® for high-yield savings.
Moving savings from a low-APY savings account to Axos ONE® could earn you hundreds of dollars more every year. As an example, here's how much interest $10,000 in savings could earn in a year:
- Axos ONE® savings account (4.51% APY, as of writing): $451
- Chase Savings account (0.01% APY): $1
Savings account rates are variable, and the Federal Reserve is expected to cut interest rates again in 2025. That means this APY may not last long.
But when interest rates drop, it's even more important to get the highest APY you can. My advice: open this account now, and check on your interest rate every few months. If you find that you can get a better rate elsewhere, it's easy enough to switch banks these days.
Ready to start earning up to 4.51% APY? See our full Axos ONE® review to learn more and open an account.
Our Research Expert
James McClenathen is a full-time Managing Editor and Personal Finance Writer at Motley Fool Money, overseeing the production and quality of editorial content while also writing about credit cards, investing, and everyday money management. He has worked at The Motley Fool since 2012 and brings extensive experience as an editor, reporter, and finance expert. A graduate of the University of Michigan, James has spent more than a decade of his career helping readers make smarter financial decisions.