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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.
Axos High-Yield Savings
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.
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.
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.
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.
Axos offers convenient access to your funds. Here's how you can get money in and out of the Axos High-Yield Savings account.
You can deposit money into your Axos High-Yield Savings account using any of the following methods:
You may withdraw funds from your Axos High-Yield Savings account via:
As mentioned above, ATM withdrawal is especially convenient and somewhat unusual.
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.
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