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This account checks all the key boxes you'd expect from an online savings account. The Axos High-Yield Savings account has a high APY, no monthly maintenance fee, and user-friendly account management tools. In this Axos High-Yield Savings account review, we'll cover all its perks and drawbacks to help you decide if it's the right savings account for you.
Rates as
of Oct. 12, 2021
| Offer | Our Score | APY | Best For | Next Steps |
|---|---|---|---|---|
Axos High-Yield Savings
Member, FDIC
|
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
APY: Up to 0.61% | Best For: High APY |
Full Axos High-Yield Savings review
The Axos High-Yield Savings account is highly-rated for a reason, but that doesn't mean it's the best account for you. Find out its top benefits and drawbacks below.
Top perks
Up to 0.61% APY. The Axos High-Yield Savings account's APY is among the best rates in the industry. Plus, all balances qualify for the same rate.
No maintenance fees. Axos Bank doesn't charge you a monthly fee just for having one of its High-Yield Savings accounts.
No minimum balance requirements. You don't have to maintain a minimum balance in your Axos Bank High-Yield Savings account to avoid fees or earn interest. However, there is a $250 minimum opening deposit.
Free ATM card upon request. Axos is one of the few banks that gives you an ATM card with your savings account. This lets you withdraw cash whenever you need it without first transferring the money to another account. You must request an ATM card from Axos Bank, though, as it doesn't provide it automatically.
Manage your account online. You can set up account alerts, enable or disable your ATM card, and manage your Axos Bank High-Yield Savings account online. You can also use its mobile app to do any of those tasks.
What could be improved
Minimum opening deposit. The Axos High-Yield Savings account's $250 minimum opening deposit isn't unusually high. However, it could prohibit those with limited savings from opening this account.
How to access your money
Axos offers convenient access to your funds. Here's how you can get money in and out of the Axos High-Yield Savings account.
Deposit options
You can deposit money into your Axos High-Yield Savings account using any of the following methods:
- Electronic transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
Withdrawal options
You may withdraw funds from your Axos High-Yield Savings account via:
- Electronic transfer
- Wire transfer
- Telephone transfer
- ATM withdrawal
As mentioned above, ATM withdrawal is especially convenient and somewhat unusual.
Online savings account comparison
The Axos High-Yield Savings account has a lot going for it, but that doesn't mean it's the best savings account for you. Here are some other options you might consider at other banks.
Rates as of Oct. 12, 2021
The Axos High-Yield Savings account is right for you if:
The Axos High-Yield Savings account is a good fit if you want a high APY without monthly fees or balance requirements. It's also a great fit for those who want to withdraw cash directly from a savings account without first transferring it to a checking account.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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