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Axos High Yield Savings Account

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  • Our Rating 3/5 How our ratings work
  • APYUp to 0.61% More Info

    Earn 0.61% APY on balances of $24,999.99 or less. Balances of $25,000 or more earn reduced APY.

  • Minimum
    Deposit Required
  • Intro Bonus N/A

The Axos High Yield Savings account offers a maximum APY of 0.61%, which is well over the national average, and no monthly fees. However, there are many more high-yield savings accounts out there with considerably higher APYs, most of which have no monthly fees as well. Axos is also an online bank, so it’s not a good option for people who frequently handle cash.

Earn The Top Rate on Balances Below $25,000

Savings accounts are an excellent place to store your emergency fund and other short-term savings, but the average savings account interest rate in the U.S. is a measly 0.21% APY, according to the Federal Deposit Insurance Corporation.

That’s what makes the Axos High Yield Savings account APY so special. This online bank offers a solid rate, and you don’t have to worry about meeting certain balance requirements or paying a monthly fee.

Here’s what you need to know about the account to determine whether it’s a good fit for you.


  • No monthly balance requirements or maintenance fees
  • Free ATM card upon request


  • APY is low compared to similar accounts
  • Minimum deposit required to open account
  • APY decreases with higher balances


Axos High-Yield Savings is an FDIC-insured online savings account that allows you access to your cash through its mobile app and secure website, as well as a network of roughly 91,000 ATMs across the country.

This account also has no monthly maintenance fees and no monthly minimum balance requirements. The only thing to keep in mind is that you need an opening deposit of at least $250 to open this high-interest account.

Annual Percentage Yield

The Axos High-Yield Savings account offers a 0.61% APY, with interest compounded daily. While this certainly isn't the highest rate on the market, the nice thing is you don't have to jump through hoops to get it.

In many cases, high-yield savings accounts offer different rates based on your balance, and this one is no different. However, the APY doesn't drop until your balance exceeds $25,000.

Balance Tier APY









$100,000 or greater


It's important to keep in mind that annual percentage yields (APYs) fluctuate as financial institutions adjust their rates with the market. It's one of the primary reasons to shop around for the account that best suits your goals.

If you're interested in locking in your money at a specific APY, consider a certificate of deposit (commonly referred to as a CD). The CIT Bank No-Penalty CD is a popular option with risk-averse investors who want flexibility with their savings.

No Monthly Fees

The Axos High-Yield Savings account charges no monthly fees for maintenance. Additionally, it has no monthly minimum balance requirements.

Minimum Opening Deposit

A $250 minimum deposit is required to open this high-interest savings account. Once you've opened the account, though, there is no minimum balance that you need to meet to keep the account open or avoid fees.

Benefits and Tools

With the Axos High-Yield Savings account, you'll get some valuable features that are relatively standard for online banks.

  • Switch Kit: This step-by-step checklist can help you make a smooth transition from your current bank to Axos and its checking and savings products.
  • Online Bill Pay: If you decide to also get a checking account with Axos or you want to pay your bills from your savings account, this feature makes it easy to manage all your recurring charges in one place.
  • Mobile Banking: Download the Axos Bank mobile app on an iPhone or Android device, and you'll have the ability to manage your account everywhere you go. You can also deposit checks into your savings account with the app.
  • Other Financial Products: In addition to the High-Yield Savings account, Axos Bank also offers several impressive checking accounts, a money market account, mortgage, auto and personal loans, and even investment management.
  • Money Management Tools and Resources: Axos Bank offers a range of articles and tools to help you educate yourself and manage your money better.

ATM Access

If you want to be able to access your cash in your Axos Bank High-Yield Savings account, you can request an ATM card from the bank. That way, you don't have to transfer money from your savings account to a checking account to gain access to it.

Axos has a network of approximately 91,000 ATMs, which means it'll be easy to avoid an ATM fee. However, if you open one of the bank's checking accounts, you'll also get unlimited domestic ATM fee reimbursements, regardless of where you withdraw your money.

One thing to note for the savings account, though, is that ATM withdrawals aren't included under Regulation D, which limits you to six withdrawals and transfers per billing cycle. Excess withdrawals may incur a fee.

Other Financial Products

Axos Bank offers a long list of financial products, include banking, loans and investments for consumers, as well as for small business owners. One exclusion to keep in mind is that Axos bank doesn't offer credit cards.

If you're thinking about getting this online savings account, you'll also want to consider getting one of the bank's checking accounts. The bank also offers a high-yield money market account if you want some more flexibility with how you can access your funds.

Axos Bank CashBack Checking

Axos CashBack Checking account offers up to 1% cash back on all of your transactions that are signature-based, which means you don't enter your PIN to complete the transaction. Account holders can earn up to $2,000 per month, which is an extremely high limit — you'd have to spend $200,000 per month to max that out. However, you'll need to maintain an average daily balance of at least $1,500. Otherwise, you'll get just 0.5% back. This account also offers no monthly fee and unlimited domestic ATM fee reimbursements.

Axos Bank Rewards Checking

With the Axos Rewards Checking account, you can earn up to 3.30% APY on your balance — an interest-bearing checking account is a rarity in general, so getting a high-interest one may be worth your while. The amount you earn depends on how much you have direct deposited into the account each month and how often you use your debit card. The account requires just a $50 minimum deposit to open, and it also offers unlimited domestic ATM fee reimbursements. You can read our full review here.

Axos Bank Essential Checking

With Axos Essential Checking account, you’ll get the same no-fee benefits with many of the same features. Instead of interest, though, you’ll get your direct deposits up to two days in advance. Read our full review of Essential Checking.

Axos Bank High-Yield Savings

Savings accounts are an excellent place to store your emergency fund and other short-term savings, but the average savings account interest rate in the U.S. is typically nothing consumers get excited about. That’s what makes the 0.61% APY offered by Axos High-Yield Savings so special. Read our full review of this savings account.

Axos Bank High-Yield Money Market

If you want a hybrid of checking and savings, a money market account could be a good fit. With Axos High-Yield Money Market, you’ll get a 0.25% APY, no matter what your balance is — some money market and high-yield savings account will give you tiered rates instead of a flat rate like this. You'll also get check-writing privileges and a debit card as you would with a checking account. But because of the savings component, withdrawals and transfers are limited to six per month. You'll need a minimum deposit of $1,000 to open the account.

Axos Bank First Checking

Axos First Checking is designed specifically for teenagers between 13 and 17. It offers a 0.10% APY, and account holders can get up to $12 in domestic ATM fees reimbursed every month. The account also has some controls that limit your child's access to the cash in the account to help curb overspending.

Axos Bank Golden Checking

If you're 55 or older, this account is tailored for you. Axos Golden Checking account is an interest-bearing account that offers a 0.20% APY, as well as up to $8 in domestic ATM fee reimbursements monthly. You'll also get free personal checks, which may be more appealing to older consumers who prefer that method of payment. There’s a minimum deposit of $50 to open this account.

About Axos Bank

Axos Bank (member FDIC) was formerly Bank of the Internet USA, one of the first digital banks in the world when it was founded in 1999. The bank has no physical branches but provides all of your banking needs online and through its mobile app.

Because the FDIC-insured bank saves money on the overhead costs associated with brick-and-mortar branches, it can provide higher bank account interest rates to its customers.

Is the Axos Bank High Yield Savings Account Right for You?

With so many bank accounts available, it can be challenging to find the right one. That's especially the case with savings accounts with a high APY because the interest rate can change over time, and one may not always offer the best rate on the market.

As a result, it's a good idea to compare multiple savings accounts before you settle on one. Some of the best high-yield savings accounts come from online banks like Axos Bank, Vio, Synchrony Bank and Radius Bank.

You may also be able to find solid savings options with local or even national credit unions. One drawback with many credit unions, though, is that they're regionally focused, so if you travel, your options to access ATMs can be limited.

As you research your savings account options, here are some questions to ask yourself:

  • How high is the interest rate?
  • Is there a fee for monthly maintenance?
  • Is there an overdraft fee or other fees?
  • Will you get an ATM card?
  • Is the bank online-only, or can you visit brick-and-mortar branches? (Think about which one suits your needs better)
  • Does the bank offer other solid products, such as checking accounts, credit cards and investment accounts?

If you don't plan on using your savings anytime soon, you may also be considering a CD. But it's important to note that CD rates don't always be the interest rate you can get with a high-yield savings account.

As you take the time to read through this Axos Bank review and research alternatives, you'll have a much better chance of finding the right account.

Bottom Line

Visit the Axos Bank website to start the process of applying for the High-Yield Savings Account. You'll need to provide your Social Security number, a valid ID and other personal information. And remember, if your application is approved, you'll need to fund the account with at least $250 from another bank account. According to Axos Bank, this process takes just 15 minutes.

Earn More Interest on Your Savings

Ready to open an Axos High-Yield Savings Account? Start here.

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Frequently Asked Questions

As you search for a savings account with a high yield, here are some questions that may come up in the process.

  • This means that the bank is a member of the Federal Deposit Insurance Corporation, an independent government agency that insures consumer deposits against bank failure. If a bank lists member FDIC after its name, it means your deposits will be insured up to $250,000 per bank, per depositor, per ownership category.

  • Banks often pay yields on their savings accounts in exchange for using that money to run their business and lend to other customers. It's not possible for an APY to drop below 0%, so there's no way to lose money. That said, the yields on these accounts typically don't keep up with inflation. So while your balance won't go down, your spending power will.

  • There aren't a lot of drawbacks to using a high-yield savings account to stash your short-term cash. However, it's generally not a great place to keep money that isn't reserved for emergencies and that you don't need in the next few years.

    For example, if you're saving for a child's education, a 529 plan may be a better choice. If you have enough emergency savings and no other short-term savings goals, consider investing that money instead, so it'll work harder for you.

  • Yes, the money you earn in a savings account is considered interest income, and it is taxable. If you earn at least $10 in a year on your savings account, your bank will send you a tax form, which you'll use to report the income you received. The bank will also send the form to the IRS, so if you don't report it, the agency will know.

    If you earned less than $10, you won't get a form in the mail, but you're still required to report that income on your tax return.

  • Look at online banks, traditional banks, credit unions and other financial institutions to find the best fit for you. And if you're not concerned about having multiple savings accounts, you can open more than one to take advantage of each APY as it goes up and down.

  • Maintenance fees are charged by financial institutions to customers when certain requirements aren’t met. For example, some banks may charge a monthly maintenance fee if your account balance is under a certain threshold.

  • An overdraft occurs when you do not have enough money in your account to cover a payment, electronic transfer or withdrawal. Some banks charge a non-sufficient fund fee, or an overdraft fee, when an overdraft occurs.


Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.