Refreshed Review
Updated July 13, 2022
This account checks some of the boxes you'd expect from an online savings account. The Axos High-Yield Savings account has no monthly maintenance fee and it provides customers with easy access to their funds through the optional ATM card. But the lack of a competitive APY means most should pass on opening an account. In this Axos High-Yield Savings account review, we'll cover all its benefits and drawbacks to help you decide if it’s the right fit for you.
Member FDIC.
Rates as
of Feb. 3, 2023
Axos High-Yield Savings
Rating image, 3.00 out of 5 stars.
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.
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.
= Best
= Excellent
= Good
= Fair = Poor3.00/5
APY
Up to 0.61%
Min. To Earn APY
$250
- ATM card available
- Minimum opening balance requirement
- Low APY
- Not all balances earn the highest APY
Axos High-Yield Savings packs in a good APY for balances up to $25,000. Importantly, the account also doesn't charge monthly maintenance fees or have a minimum balance requirement. It also comes with a free debit card for those who request it, so you can quickly withdraw funds directly from your savings account.
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
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 the bank's mobile app to do any of those tasks.
What could be improved
Low APY: While this account used to offer a competitive APY, that is no longer the case. We recommend reviewing the best savings accounts for other options to consider.
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.
Not all balances qualify for the same rate: The Axos High-Yield Savings account uses a tiered APY system. Balances up to $25,000 receive the highest APY, but anything over this will earn a lower, though still above-average, rate.
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
Rates as
of Feb. 3, 2023
| Offer |
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|---|---|---|---|
| Account | |||
| Rating |
Rating image, 3.00 out of 5 stars.
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.
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.
= Best
= Excellent
= Good
= Fair = Poor3.00/5 |
Rating image, 4.00 out of 5 stars.
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.
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.
= Best
= Excellent
= Good
= Fair = Poor4.00/5 |
Rating image, 4.25 out of 5 stars.
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.
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.
= Best
= Excellent
= Good
= Fair = Poor4.25/5 |
| APY | Up to 0.61% | 3.30% | 3.50% |
| Min. to earn APY | $250 | $1 | $100 |
| Next Steps |
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The Axos High-Yield Savings account is right for you if:
The Axos High-Yield Savings account is a good fit if you want an account 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. But the lack of a competitive APY makes other option stand out more than this savings account.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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